Buying a Home Through Online Auction!

I was scared out of my wits when I first heard about it. But gradually it dawned on me that it is not that difficult a task, as most people believe it is.




My research in online auction business in general and buying homes at online auctions in particular has resulted in innumerable points, I thought would be beneficial, if I could share with you all.




The new millennium ushered in technology at our doorstep making life comfortable to live. And to live we all need a home. With the advancement of technology, real estate business or property buying and selling over the years has undergone a dramatic change with at the click of the mouse you can see amazing homes around the country .For more details visit to www.auction-o-matics.com. What more, homes like any other household products are available at online auctions? The popularity of buying homes at online auctions has grown to such proportions that more and more homebuyers than ever before are buying homes at auction.




Buying a home is a tedious task, more so when it???s done at online auction. But with some meticulous planning and carefulness you could well end up buying one, which could save a lot of money, time and effort.




First and foremost, before the auction, you need to know your budget and have it in your bank account ready. Then come the location, size, and condition. It???s important to check the ownership history of the proposed home. Making comparison is a great idea; compare the cost involved with similar homes in the area, the number of rooms. Also look into the price difference due to decks, carpeting, windows and treatments.




Probably you won???t be able to make an inspection, perhaps buying home ??~as is???. If the repairs work or can???t hire it done within budget, you may not end up getting a good bargain at the end. This needs to be remembered .For more information logon to www.auction-professional.com. And finally when you make it to auction, don???t succumb to temptations in the ??~bid war???. Stay within your budget limits. Remember you came to buy a home and make savings not to ??~defeat the other guy at bidding???. If you are not successful this time, there is always a next home next time.




Prior to actually bidding for a home at, make a check list of all the cost details including loan balance (if foreclosed), any back taxes owned, legal fee and other expenses in foreclosing the proposed property. This helps you get the facts right and know exactly the total costs involved.




Be careful and with proper planning, you could well end up getting your ??~Dream Home??? and make great savings.

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Florida Real Estate - Why Incompetent Florida Landlords Ruin it for Everyone

As a Florida landlord I have several homes currently for rent in the South Florida real estate market.




Each day, phone calls come in from Florida tenants asking about one of the homes for rent. With each new phone conversation, prospective tenant provide shocking revelations about how clueless some Florida real estate investors are when they purchase a Florida rental home but don't have the background or experience to rent the home to others as a landlord.




Here are some of the sloppy and unethical business practices used by Florida landlords in today's troubled Florida real estate market:




Collecting advance rent and security deposits while concealing the fact that their Florida rental home is in foreclosure - leaving the tenant without any deposit money to use on another home




Offering below market rent to attract Florida tenants with full knowledge that they intend to let the home slip into foreclosure




Combining security deposits and advance rent in their own personal bank account




Not collecting any security deposit




Failing to pay their Florida property taxes on time




Allowing trampolines, above ground swimming pools, and vicious dogs on the property - dramatically increasing their liability for risks that might not be covered by Florida home insurance




Not having enough or the wrong kind of Florida landlord insurance




Last but not least, not maintaining their Florida rental home




With all of this going on, it is no wonder that Florida tenants seem to have the edge over their Florida landlord when a dispute with their lease arises and the case is heard by a judge in court. If you were a judge hearing a case in your court where a Florida landlord had demonstrated the kind of incompetence and mismanagement described above, wouldn't you be inclined to be on the side of the Florida tenant and not allow that tenant to be evicted?




So what can you do as a Florida landlord to protect yourself in today's volatile Florida real estate market?




Here's the way knowledgeable Florida landlords operate their rental homes:




Always collect a security deposit equal to at least two months rent. In most Florida counties it will take almost two months to evict a tenant that is behind on the rent. Having one additional month of security deposit will provide you with an additional cushion to cover the time required to evict and will give you some additional cash to cover damage to your Florida home. Keep tenant security deposits and advance rent in a separate non-interest bearing bank account




Let current and prospective Florida tenants know if you fall behind on your mortgage payments for any reason. A sheriff showing up at your Florida rental home demanding that your tenants collect their belongings and be out of the house in 15 minutes is not the way your tenant should find out that your rental home is being foreclosed on.




Whether you are paying your Florida property taxes directly or into escrow, make sure they are paid by November 30th each year to get the maximum discount. If your Florida property taxes are paid from escrow, contact your Florida mortgage company and make sure they've received the bill and have it scheduled to be paid on time.




Talk to a Florida home insurance agent about the right kind of insurance to have on your Florida rental home. Usually a rental home will require dwelling fire or Florida landlord insurance.




Put at least $300,000 worth of liability coverage on your Florida dwelling fire insurance policy. Require your tenant to carry Florida renters insurance with another $300,000 worth of liability coverage. That will put a total of $600,000 between a lawsuit and your personal assets.




If your Florida insurance policy prohibits certain high risk activities such as trampolines, spell them out clearly in your lease.




Put all maintenance and rental home safety instructions in writing for your Florida tenant. Give your tenants a written manual on how to operate everything in your Florida rental home.




When you receive maintenance requests from your tenants, respond to them quickly in writing. If you can't fix the item promptly, send your tenant written updates on the status of the item and when you expect the repair to be completed.




Every Florida landlord should become familiar with Florida Statutes Chapter 83 which covers landlord/tenant relationships in Florida.




As the Florida real estate market continues to be depressed, savvy Florida landlords will follow these principles - not just to protect themselves in case they ever have to appear in court, but because it is the right thing to do.




Don't be one of those rental home investors that give all Florida landlords a bad name!

Michael Letcher is a CPA, a former Bank of America executive, and a Florida landlord. Top performing Florida Real Estate agents use his buyer's guide to help their new Florida home buyers find affordable homeowners insurance. Get his free newsletter and don't let anyone else take control of your Florida real estate deal by visiting => http://www.homeinsurancebuyers.org

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