Selling off your property without a realtor is a tough deal. However, if you follow the right steps, then things can be easier for you and you may not have to pay any fees/commission to the realtor. You can arrange everything on your own. Take a look at the 6 steps which will help you in selling off your property:

1. Research for your home sale: It is very important to prepare for a home sale. It will help you in becoming familiar with the ins-and-outs of real estate transactions. You can even take a look at the paperwork and contracts on your home and read them. This will give you an idea about the language of used in real estate. Apart from that, you should also gather the required copies of paperwork as well as insurance documents, disclosures and legal documents. Finally, you should also consider how you want to structure the deal.

2. Prepare your property for sale: When you want to sell off the property, take a look at the various house issues: cosmetic problems, functional issues, and things you can’t fix. The first and second problems, if any, should be fixed immediately.  The third problem regarding the property should be addressed with the home pricing. Paint your house, replace the carpets and inspect appliances.  You should also clean the property so that you can remove any clutter that might affect your home sale.

3. Decide your home price: Don’t price your home too high. This might negative affect your home sale. If you don’t know the value of your property, then you can contact a property appraiser. He will appraise the property and let you know the property value.  You can also attend open houses and check out the competition.
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The recent economic crisis has made one thing very clear to us - cash reserves are very important. If you’re financially fragile, you will further fall into debt. So it’s better to follow some easy tips and boost your cash reserves.

Here are 4 ways in which you can boost your cash reserves:

1. Put aside the savings: If you want to really increase your cash reserve, then you should save your savings. Suppose, you bargained and got a beautiful pair of shoes priced $100 for $60. You should immediately put the $40, which you’ve saved, into your savings account. This will actually increase your savings. Instead, if you use the $40 for a matching pair of earrings, you won’t be saving your money.

2. Give yourself a tip: If you did something worthy of reward, give yourself a tip. In the long run, this will help you in saving more money. You must be going to the saloon for the bimonthly manicure and pedicure which will cost your $50 - $70. You can do your own bimonthly manicure and pedicure and save up to $70 a month. You can tip yourself $10 for this and this will help you save up to $1,000 a year.
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The size of mortgages which are eligible for government backing is set to decline in October, 2011. The industry experts fear that this may negatively affect the mortgage market and lower the property prices even further.

Why was the mortgage cap increased?
The mortgage cap was increased as an emergency measure 3 years ago. The cap was raised to $729,750. This was the maximum loan amount which the federal agencies could guarantee. This made things easier and cheaper for borrowers as the government was guarantying that investors would receive payments on those home loans in case the homeowner was unable to make payments.

Why will the mortgage cap decrease now?
The mortgage cap is set to decline in various counties across the U.S. The main reason for this is that the government wants to reduce its presence in the mortgage market and create more ground for private investors.
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The Emergency Homeowners’ Loan Program (EHLP) is intended to offer a zero interest, forgivable bridge loan to homeowners who are experiencing a drop in income of at least 15% directly. This drop in income may result from involuntary unemployment or underemployment due to adverse economic conditions and/or any medical emergency.

Here are list of eligibility criteria which the homeowners’ need to meet in order to qualify for EHLP:

• Mortgage delinquency: The homeowner applying for EHLP should be at least 3 months delinquent on their mortgage payments.

• Chances of foreclosure: The homeowner should have received notification from the lender about his intention to foreclose the property as a result of the delinquent payments.

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Self-employment can be a viable option for all those who have lost their jobs due to the recent economic crisis. The best part of being self employed is that you will be your own boss and you will be able to take your own decisions. However, there are certain dis-advantages of being self employed. Self-employment becomes a huge problem when you apply for a mortgage.

What are the main problems faced by self employed while getting a loan?
The 2 main problems faced by the self-employed people while getting qualified for a mortgage are:

Proving income: It is quite important to prove your income with your tax returns when you apply for a mortgage.  Self-employed people won’t be able to provide this proof.

Declining income: Due to the severe economic crisis, income has declined for everyone. The self-employed people have been badly affected due to this. Though now some of them have stabilized income, the lender will take into consideration the average of two years of tax returns. It will show reduced income for the self employed.

Are stated income loans making a comeback?
Stated income loans are making a comeback in the secondary market. But not all can qualify for this loan.

Who will be eligible for stated income loans?
It will be available for only those borrowers who have credit scores above 720, a down payment of 30% or more and around 6 months of cash reserves to cover all monthly obligations. They’ll have to somehow prove that they’ll be able to pay the loan.

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A rebate credit card or a cash back credit card can be considered as a type of rewards card. However, it is a bit different from any other types of reward cards. In case of reward credit cards, your payments to the card issuer is refunded in kind. In case of other reward cards, the consumer will be rewarded through specific merchandise, points, miles, gift certificates, etc.

While choosing between a rebate credit card and a rewards credit card, here are few things which you should keep in mind:

• Requirements for cards: In order to reach the higher tier, you will have to make more purchases using your rebate cards. It is same with rewards card as well. In order to get to the next increment of points or miles, you will need to use it more. This will lead to unnecessary spending at times. If you don’t plan your purchases properly, it will lead to a financial crisis.

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A large number of people are planning to shift abroad due to slow-moving job market. There are different countries which offer good lifestyle and better job market compared to one’s own country and thus there is no harm in moving abroad. However, before leaving the home country, it’s better to take a stock of the financial implications that it will bring.

Here are 5 financial tips which you can take into consideration before you plan to live abroad:

1. Save money: When you decide to move abroad, never underestimate the importance of saving money. It is better to save money which will last you for at least the initial 7 - 9 months after you move abroad. The amount may vary depending upon a person’s family status, job, lifestyle, etc. This initial finance will actually help you build your life in abroad. In case, you get an opportunity to move abroad immediately, make sure you have funds to at least cover your immediate housing costs, emergency healthcare and repatriation expenses.

2. Plan a budget: Unless you’ve a proper knowledge of the cost of living abroad, you may face problems in building up your life there. Thus, you should research about the costs of housing, food, transportation, entertainment, utilities and insurance in the country where you’re planning to move. You should also figure the costs of going back to the old country in case of any emergency. Depending upon that you should plan a budget. You will find expat blogs and online cost-of-living calculators which will help you in planning a budget.
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In a recent development, some of the top US mortgage servicers, including JP Morgan and Bank of America, have decided to pay $5 billion so that they can settle the ongoing foreclosure probe by the state and the federal government against them.

Why was this probe initiated?
The probe was initiated in all the 50 states due to the faulty foreclosure practices after the collapse in the real estate market. Most of the lenders and mortgage servicers violated state laws while foreclosing properties.

What is the new proposal all about?
In the proposal, a fund will be established, which will, in part pay for principal write downs. This fund will be administered by state and federal officials. This fund could help repay the borrowers whose homes were improperly foreclosed by the banks.

Why was this proposal made?
The State Attorney Generals and the Federal officials, during a settlement talk, offered to revise settlement terms and proposed this option to the banks so that they could fund principal write-downs for homeowners.

Florida launched a billion-dollar mortgage bailout program during mid-April, 2011. It was the last state slated to get the Hardest Hit Funds. This bail-out program is mainly aimed for the unemployed homeowners. It is solely based on the hope that those who get this help will find jobs within the next six months.

Whom to contact for this bail-out program?
The Florida Housing Finance Corp. has already stated taking applications from struggling homeowners for assistance from the federal government’s Hardest Hit funds. The state-owned corporation will be providing around $35,000 over 18 months to each qualified homeowner.
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Credit card debts can create havoc in our lives and may ultimately lead to bankruptcy filing. In order to avoid such a situation, balance transfer method can be very effective. In this process, the balance amount in all the credit cards are transferred to a card which has a low interest rate. However, there are certain things that you should remember about balance transfers. Let’s take a look at them:

1. Good credit is a must to qualify: In order to qualify for a zero interest balance transfer cards you should have good or excellent credit. Unless you have excellent credit scores, none of the creditors will be ready to give you such a card. If they do so, it will become riskier for them.

2. Fees are unavoidable: In order to transfer a balance from a high interest credit card to a low interest one, you’ll always be charged a balance transfer fee. This balance transfer fee is determined as a percentage of the total amount that you’re transferring. These days, there are no caps on the fees charged for balance transfers. For example, on a transfer of $10,000 debt to a balance transfer card, you might have to pay a fee of around $300.

3. Introductory rates will expire: Normally, a balance transfer card will offer you an extra-low APR between 0-5%. However, this rate won’t last forever. After around 9 months – 1 year, the interest rates may change between 8-18%. If you make late payments, then your great rate will disappear even sooner.

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