Frequently Asked Questions

FAQ

What is the definition of government property?

Government property means all property owned or leased by the Government. Government property includes both Government- furnished and Contractor-acquired property. Government property includes material, equipment, special tooling, special test equipment, and real property.

What does REO occupied mean?

Real estate owned “Real estate owned.” An REO property is one that has had its ownership transferred to the bank or another lender. It's a term often used to describe foreclosures.

What does an REO stand for?

The most common definition of an REO (Real Estate Owned) is a property that has gone into foreclosure and didn't sell during auction. If the foreclosed home doesn't sell, the ownership defaults to the original bank or lender.

Which of the following properties is a REO?

Properties become REO when owners default and the bank repossesses them and tries to sell them. The lender, which is often a bank, takes ownership of a foreclosed property when it fails to sell at the amount sought to cover the loan. These properties generally come at a steep discount but may require extensive repairs.

What is considered federal government property?

Government property means all property owned or leased by the Government. Government property includes both Government-furnished property and contractor-acquired property. Government property includes material, equipment, special tooling, special test equipment, and real property.

Who is better homes and gardens owned by?

BHG.com is part of the Dotdash Meredith publishing family, an operating business of IAC. Dotdash Meredith is the largest digital and print publisher in America. From mobile to magazines, nearly 200 million people trust us to help them make decisions, take action, and find inspiration.

Who owns better home?

Better Homes and Gardens Real Estate commenced operating in the United States in 1978 and was relaunched years later in 2008 after Realogy was granted a licence to the brand by owners Meredith Corporation. Sherry Chris was named CEO and President of the newly launched company.

Who is the CEO of Better Homes and Gardens?

Sherry Chris Sherry Chris is president and CEO of Expansion Brands Portfolio at Realogy Holdings Corporation, which includes Better Homes and Gardens Real Estate, and ERA, divisions of Realogy Corporation.

Is better homes and gardens part of Realogy?

Global Connections: As members of an international brand which is part of Realogy, a worldwide leader in the real estate industry, Better Homes and Gardens Real Estate agents are tapped into a huge, global network of real estate professionals.

Does Walmart own the Better Homes and Gardens brand?

Better Homes & Gardens partnered with Walmart in 2008 to bring you a line of home products designed with function, beauty, and style in mind.

How does a beginner invest in real estate?

Buying your own home is a great way to invest in real estate with relatively little money because you can often purchase with as little as 0-3% down. Plus, when you're ready to move or upsize later on, you can either sell your house — typically for a profit — or keep it and rent it out, earning yourself passive income.

How to invest in real estate with $1,000 dollars?

Here are 8 of the best ways to invest $1,000:

1. Real Estate Investment Trusts (REITs)
2. Real Estate Crowdfunding.
3. Real Estate Partnerships.
4. Real Estate Wholesaling.
5. Peer-To-Peer Microloans.
6. Turnkey Rental Real Estate.
7. Tax Liens.
8. Hard Money Loans.

How to invest $100 000 dollars in real estate?

And since your investment goals may be different from other investors, these are listed in no particular order.

1. Residential Property for Long-Term Renters.
2. Short-Term Rental Property.
3. Flipping a House or Condo.
4. Multi-Family Rentals.
5. Commercial Property.
6. Stocks in Real Estate Companies.
7. REITs.
8. Joint Ventures.

How do I become a small real estate investor?

5 Ways to Begin Investing In Real Estate with Little or No Money

1. Buy a home as a primary residence.
2. Buy a duplex, and live in one unit while you rent out the other one.
3. Create a Home Equity Line of Credit (HELOC) on your primary residence or another investment property.
4. Ask the seller to pay your closing costs.

What type of real estate is best for beginners?

REIT Investing Real estate investment trusts (REITs) are a good jumping off point for those new to real estate. Equity REITs, which are the most common type, are essentially companies that own income-generating real estate.

What are the cons of gap insurance?

What are the pros and cons of gap coverage?

Gap insurance pros	Gap insurance cons
Usually affordable	Probably not worthwhile with an older car
Provides peace of mind if you have a new car	Very specific criteria for coverage
No extra deductible	Some high-value luxury cars not covered

Feb 7, 2023

What does $5000 appraisal gap mean?

An appraisal gap is the difference between the fair market value determined by an appraiser and the amount you agreed to pay for the home. An appraisal gap doesn't mean you have to cancel the sale, but it may mean you have to negotiate with the seller or pay the difference for the home out of pocket.

What is gap insurance and what is its purpose?

Gap insurance stands for Guaranteed Asset Protection insurance. It is an optional, add-on coverage that can help certain drivers cover the “gap” between the financed amount owed on their car and their car's actual cash value (ACV), in the event of a covered incident where their car is declared a total loss.

How does gap coverage work?

When you file a qualifying claim, your comprehensive or collision coverage will pay the actual cash value (ACV) of your vehicle, minus your deductible. Your gap coverage may then pay the difference between your vehicle's ACV and the outstanding balance of your loan or lease.

Is gap insurance actually worth it?

Since gap insurance covers the gap between the value of your vehicle and what you own, anyone who might have that gap should consider getting the coverage. This includes anyone who: takes out a car loan for more than five years. puts little to no money down on a car loan.

What is lien theory in real estate?

In lien theory states, the borrower holds the title to the property. Instead of a Deed of Trust, a Mortgage is recorded in the public record and acts as a lien against the property until the debt is paid off. With a mortgage, a homeowner has both legal and equitable title.

What is the lien theory of jurisdiction?

Definition: In lien theory states banks or mortgage lenders never retain title to the property. Instead, the mortgage lender holds a lien against the property. In these states, the deed stays with the borrower, and the lender places a lien on the property using a mortgage.

What states are lien theory states?

Lien Theory States

• Arkansas.
• California.
• Connecticut.
• Delaware.
• Florida.
• Illinois.
• Indiana.
• Iowa.

What is the difference between title theory and lien theory property law?

In lien theory, the borrower gets the title as soon as the purchase is made, while the lender holds a lien against the property. On the other hand, title theory has the lenders retaining the title until the loan is paid in full.

What generally determines the priority of a lien?

Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.

How to limit exposure in real estate investing

How do you fight a bad appraisal?	Can You Dispute Your Home Appraisal? If you believe your home was unfairly appraised, you can go back to the lender and ask for a reconsideration of value or request another home appraisal. A reconsideration of value is the process that allows a buyer or seller to dispute the appraisal value of a home.
How do you negotiate an appraisal gap?	Renegotiate The Offer If the seller is unwilling to lower the price to meet the appraised value, ask them to split the difference. For example, if there's a $10,000 difference, ask the seller to lower the price $5,000 while you contribute the other $5,000.
What happens if the appraisal is higher than the purchase price?	If A House Is Appraised Higher Than The Purchase Price You're in a good situation if this happens. It simply means that you've agreed to pay the seller less than the home's market value. Your mortgage amount does not change because the selling price will not increase to meet the appraisal value.
Can buyer negotiate after appraisal?	Although the seller may have accepted an offer, as a buyer, you can ask the seller to lower the asking price to something closer to the appraised value. This will reduce the seller's profit, but it may be worth it to them to keep the home sale on track.
What happens if seller won't negotiate after appraisal?	If the buyer can't get the seller to adjust the price or come up with the difference in cash, they can walk away from the sale with their earnest money deposit returned to them.
What is the fastest way to build wealth in real estate?	7 Fastest Ways to Make Money in Real Estate. Renovation Flipping. Airbnb and Vacation Rentals. Long-Term Rentals. Contract Flipping. Lease to Buy. Commercial Property Rentals. Buying Land.
How do I start building wealth in real estate?	The most popular way is to buy an investment property and slowly build up your portfolio. Generally, there are two primary ways to make money from real estate assets — appreciation, which is an increase in property value over a period of time, and rental income collected by renting out the property to tenants.
Is real estate the number one way to build wealth?	Of those surveyed, 23% chose real estate investment over stock-picking (16%), starting a business (15%) and pursuing a side hustle (12%) as the best way to build personal wealth.
How do you build generational wealth in 2023?	Earn more. I think one of the first steps for building wealth is to earn as much as possible for a while. Watch your student debt. There are different approaches to debt, but I tend to agree that there's good debt and bad debt. Separate time from money. Buy assets. Build assets. Start saving for retirement. Educate yourself.
How to make $1000000 a year in real estate?	If You're Going to Dream, Dream Big (and Plan Even Bigger) Consider what it would take to make $1 million in gross commissions your first year selling real estate (before expenses and taxes). It would involve selling approximately $50 million of real property with an average salesperson commission of 2%.
Is real estate profitable in Florida?	The Florida real estate market flourished in 2022 and is one of the most profitable in the US.
How do beginners make money in real estate?	Let's dive in and see how you, too, can become a lucrative real estate investor. Leverage Appreciating Value. Most real estate appreciates over time. Buy And Hold Real Estate For Rent. Flip A House. Purchase Turnkey Properties. Invest In Real Estate. Make The Most Of Inflation. Refinance Your Mortgage.
What is the fastest way to make money in real estate?	7 Fastest Ways to Make Money in Real Estate. Renovation Flipping. Airbnb and Vacation Rentals. Long-Term Rentals. Contract Flipping. Lease to Buy. Commercial Property Rentals. Buying Land.
What is the hottest real estate in Florida?	The hottest housing market in Florida isn't Miami — that distinction belongs to Jacksonville. While Miami ranked No. 8 on Zillow's ranking of the hottest real estate markets of 2023, Jacksonville took the No.
What is eminent domain in simple terms?	Eminent domain refers to the power of the government to take private property and convert it into public use, referred to as a taking. The Fifth Amendment provides that the government may only exercise this power if they provide just compensation to the property owners.
What are 3 examples of eminent domain?	4 Famous Eminent Domain Examples. Eminent domain is the government's right to acquire private property for public purposes. Hoover Dam (Arizona and Nevada) Central Park (New York City) City of New London (Connecticut) Dallas Cowboys' AT&T Stadium (Texas)
What does eminent domain mean give an example?	Eminent domain refers to the power of the government to take private land for public use under certain circumstances. For example, the government may sometimes take someone's house to make room for a new highway or a bridge.
How does eminent domain limit one's right to own property?	Eminent domain is the power possessed by governments to take over the private property of a person without his/her consent. The government can only acquire private lands if it is reasonably shown that the property is to be used for public purpose only.
Is eminent domain good or bad?	This public use outweighs private property rights. Homeowners and property owners, though, are entitled to just compensation when the government wants to take their land. Though eminent domain can happen to any homeowner, the benefits of owning a home far outweigh the risks.
What does eminent domain mean in real estate	Eminent domain refers to the process by which the government may seize private property with proper compensation, but without the owner's consent.
How do you explain an appraisal gap?	An appraisal gap is the difference between the fair market value determined by an appraiser and the amount you agreed to pay for the home. An appraisal gap doesn't mean you have to cancel the sale, but it may mean you have to negotiate with the seller or pay the difference for the home out of pocket.
Are appraisal gaps a good idea?	An appraisal gap guarantee clause is a section of the contract that requires the buyer to pay the purchase price regardless of the home's appraised value. This isn't ideal for a home buyer, but it can be an enticing incentive for sellers to accept your offer over others.
How common are appraisal gaps?	While how often home appraisals come in low can depend on market conditions, research by Fannie Mae shows that in a balanced market, around 8% of appraisals come in below the contract price.
What happens if home appraisal is more than sale price?	If A House Is Appraised Higher Than The Purchase Price You're in a good situation if this happens. It simply means that you've agreed to pay the seller less than the home's market value. Your mortgage amount does not change because the selling price will not increase to meet the appraisal value.
Why would a seller want an appraisal gap?	An appraisal gap clause makes your offer more attractive because it assures the seller that the sale can progress even with a low appraisal. This can be especially important in hot real estate markets where bidding wars drive up prices.

• How much do you need to invest in real estate crowdfunding?
  • REIT vs. Crowdfunding

    Real Estate Crowdfunding	REITs
    People can invest with as little as $1,000	Individuals can invest with as little as the cost of one share
    Real estate crowdfunding is a private equity investment	REITs are a public equity investment

• Is investing in crowdfunded real estate a good idea?
  • Hear this out loudPauseReal estate crowdfunding may not be the kind of investment in which to dump your life's savings — or even a substantial percentage of your assets. But you may consider it for a small percentage of your portfolio if you're looking for a high-risk, high-reward opportunity.
• Is $20,000 enough to invest in real estate?
  • Hear this out loudPauseYou can't buy very many houses for $20,000, but that doesn't mean you can't invest in real estate. There are many ways to buy shares of real estate today. For example, you can invest in a real estate ETF, a real estate investment trust (REIT) or you can try real estate crowdfunding.
• What is the average annual return on real estate crowdfunding?
  • Hear this out loudPauseReal Estate Crowdfunding Returns Real estate crowdfunding has done even better than the 10.71% annual return since 2012 due to fragmentation in the space. I'm regularly seeing deals return 12% – 16%, although such drastic outperformance may narrow with more capital flooding to the sector.
• Can you actually make money from crowdfunding?
  • Hear this out loudPauseWhat are the advantages of crowdfunding for an investor? Depending on the type of crowdfunding, you could potentially earn returns on your investment via equity (growth in share value) or interest (if using P2P lending), or you might simply receive other perks or benefits.
• What must be included in a contract to satisfy the requirement that it be in writing choose 3 answers?
  • The writing(s) need only contain the essential terms of the contract: name of the parties, subject matter, quantity, and consideration. Whether price is an “essential” term depends on the type of contract in question.
• Which of the following terms represents an exchange of promises between two or more persons conditioned on certain events?
  • a contract is an exchange of promises by two or more people conditioned on certain events. the essential elements of any valid contract consist of (1) an offer, (2) an acceptance, (3) consideration, (4) parties with capacity, and (5) a lawful purpose.
• Which element of the TREC promulgated contracts is the same across all contract forms?
  • Which element of the TREC promulgated contracts is the same across all contract forms? Paragraph 1 identifies the the parties to the contract. In every promulgated residential contract, Paragraph 1 identifies the the parties to the contract.
• Which of the following could be recognized as consideration in a valid contract?
  • For consideration, itself, to be valid, each party to the contract typically must do one of the following: Make a promise to the other party. Perform an act (such as provide a service). Agree not to do something.
• What are the five elements required for a legally binding contract?
  • The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, elements of consideration can be satisfied by a valid substitute.
• What 1785 act was passed by Congress to raise money through the sale of land?
  • The Land Ordinance of 1785 was passed by the U.S. Congress under the Articles of Confederation. It laid out the process by which lands west of the Appalachian Mountains were to be surveyed and sold.
• What was the money from the Land Ordinance of 1785 going to be used for?
  • One of the primary purposes of the Ordinance was to raise funds for the increasingly insolvent government. Providing land speculators security in their purchases encouraged additional demand for the western lands.
• On what were townships in the Northwest supposed to use the proceeds from the sale of section 16?
  • These now "public lands" were surveyed into six-mile square townships, and a one-square-mile section in each township was reserved for the support of public schools. The land itself was rarely used for school construction but rather was sold off, with proceeds used to fund the school program.
• What did Congress create in the 1780s to sell land land tax land lottery land ordinance land lots?
  • The Land Ordinance of 1785 set aside specific blocks of land to raise money for government use in various actions, including debt reduction. Lots Eight, Eleven, Twenty-Six, and Twenty-Nine were set aside specifically for future sale by the government to further increase the revenue created by new townships.
• How was the land sold with the Land Ordinance of 1785 divided and how much did it cost?
  • The Ordinance of 1785 created the blueprint for dividing the Northwest Territory into rectangular land parcels called townships, which could further be subdivided into areas as small as 640 acres. Each acre was set at a price of $1.00.
• In which of the following does the gap filling provisions uniform commercial code usually come into play?
  • The gap filling provisions Uniform Commercial Code usually comes into play in which of the following? When the parties to a sales transaction have not expressly agreed on certain terms.
• What are the five essential elements that must exist for a real estate contract?
  • The contract usually contains the following: names of buyer and seller, a complete description of the property (including address and legal description, purchase price, and agreed upon earnest money deposit or EMD), closing date or time frame for closing, proof of title insurance and the financial contingencies for
• Which of the following is an essential element of a valid and enforceable real estate sales contract?
  • There are four main elements of a valid real estate contract: The party must be the legal age of 18 or older and deemed legally competent. The contract must be legal or hold a legal purpose. A clear and specific consideration must be included in the agreement.
• What is the ultimate purpose of the closing is to transfer title to the property?
  • During closing the seller signs the deed, transferring the title and ownership of the property. Additionally, the buyer will sign the new note and mortgage and the old loan is paid off.
• How does the UCC act as a gap filler?
  • For example, the parties may not know the price, date of delivery, or payment terms. When certain terms are left out of a contract, Article 2 provides “gap filler” terms that are used to determine each party's responsibilities under the contract.
• What is it called when the government takes private land for public use?
  • The federal government's power of eminent domain has long been used in the United States to acquire property for public use. Eminent domain ''appertains to every independent government.
• What allows for the federal government to take private property for public use?
  • The power of eminent domain is an inherent sovereign power. The eminent domain power allows the government to take private property for the benefit of the public after paying just compensation.
• How is eminent domain abuse?
  • Eminent domain abuse occurs when the government or its entities seize private property for purposes other than genuine public use or fail to provide fair compensation to the property owner.
• Are allodial titles real?
  • Allodial land title is common in the Isle of Man which has laws with Nordic origins. A version called udal tenure exists in the Orkney and Shetland Islands, also of Nordic origin. These are the only parts of the United Kingdom where allodial title exists, with the few exceptions.