Reading Time: 2 minutes Q: What is a foreclosed property? A: A foreclosed property is a house, condo, apartment or another property type whose owner failed to pay their mortgage, and hence defaulted their loan scheme. This results in the lender taking possession of the property who can force a sale of the asset to recover some of the money. Q: Is it then advisable to buy these properties? A: Real estate experts agree that foreclosed properties can be a great investment. The primary reason to consider purchasing a foreclosure is the chance of getting a great deal. The individual lender or the bank who has repossessed the property may not want to hold on to the asset and let go at a very low price. Besides the affordability factor, there are other important aspects of foreclosed properties that are worth thinking about: Lower down payment and lower amortization You can get a foreclosed…

Reading Time: 2 minutes A fire breaking out at home can turn out deadly: in less than thirty seconds a small flame can go out of control. According to the US Fire Administration, thick black smoke can fill out your home within a minute. Bproperty gives you fire-safety tips for your homes to avoid such pitfalls. Kitchen and electrical appliances Leaving the stove on in the kitchen for a long time is one of the leading reason for domestic fire. Even if you are leaving the kitchen for a while, turn them off. Take special care when boiling or frying food and keep inflammable items such as cooking oil away from the fire. Household items such as microwaves, power generators, heater or even iron can do some damage. Use them safely and carefully; a momentary distraction can be a disaster. Keep lighters away from children Matches, lighters or even electrical components can be very…

Reading Time: 2 minutes How long your property is likely to stay on the market entirely boils down to price, location, and condition, say experts. This week, Lamudi addresses the factors that can help you sell your property faster. Consider re-pricing: If you have a real estate agent, they are likely to tell you that prices that are too high in a location that is not much sought will not attract any buyer. All sellers want to get the highest price for their property but setting the right price could help you sell it in less than a month. Your local realtors can best advise you by comparing with properties that are similar to yours. The lower the price, the faster it will sell because your market target will be broader. If you are in a hurry, setting the price just below your property’s market value will attract more buyers. Location factor: Demand of…

Reading Time: 2 minutes It is very easy to get confused when presented with different loan options. To make this process as simple as possible, we give you insight into the difference between fixed-rate and adjustable-rate mortgages (ARM) and their benefits, so that you can choose what suits you best. What is the basic difference between a fixed-rate and an adjustable-rate mortgage? One of the most popular loan types for buying a property is an adjustable-rate mortgage loan. With this type of loan, the interest rate remains the same for a certain period (usually two, three or seven years depending on your lender), then adjusts annually. This means that the rate can rise and fall according to the market situation. Relatively low initial rates, compared with fixed-rate mortgages, is one of the unique, and most favored features. Although rates can take sharp turns up and down, there is a cap on how much the…