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Better Judgements eZine
Terria Judge, Realtor
CRS, ABR, GRI, Broker Associate

Better Judgements is a newsletter on home matters, from Terria Judge, your Garden City, KS real estate agent!

Contact Terria Judge at 620-271-2129!

Terria Judge
Coldwell Banker, The Real Estate Shoppe, Inc.
John P. Judge, Broker
1135 College Dr. Suite E
Garden City, KS 67846

1-877-275-7497 x 223
620-275-7421 x 223
http://terriajudge.com
http://gardencityksrealestate.com
http://gardencityrentals.com

Terria@TerriaJudge.com

Subscription Management at end of newsletter.

Thanks for your subscription to Better Judgements, the newsletter from your Garden City Kansas Realtor, Terria Judge.

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In this Issue
=============

1. Article: Bridging Loans - Fulfilling Financial Shortfall Between Real
Estate Transactions
2. Features at TerriaJudge.com
3. Featured & New Listings
4. Article: Real Estate For Beginners: Residential Property Taxes
5. August Stuff: Interesting Days of the Month

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Bridging Loans - Fulfilling Financial Shortfall Between Real
Estate Transactions
By Natasha Anderson

You are trying to buy a new property and selling the current
one to raise money for the new purchase. It is usually
difficult corresponding sale of one property with the buying of
another. This almost always leads to financial gap. For this
particular circumstance bridging loans are organized.

Bridging loans are another term for short term financing. It is
meant for real estate financing until permanent financing is
secured. Commercial real estate transactions require bridging
loans to \"bridge\" in cash gaps.

Bridging loans can serve to fill up temporary shortfall while
buying property, business or even paying for renovation.
Bridging loans can serve the same function if you are buying
property at an auction.

Bridging loans are secured loans, secured on property. The
borrower would be required to place significant collateral. A
Bridging loans lender would accept the following as security
for the loan –

* Residential properties
* Auction properties
* Commercial and semi-commercial properties
* Development sites
* Sites with planning permission
* Buy to let properties
* Retail shops
* Overseas property

Heavy machinery, business equipment, inventory can also
function as collateral. Bridging loans can be secured by
getting a mortgage on the new property and taking out a second
mortgage on the property being sold.

Bridging loans involve an evaluation of property. Bridging
loans are offered on the value of the property and not the
purchase price. Bridging loan approval process is the beginning
of getting a bridging loan. If this is your first time at loan
borrowing, start looking around for loan lenders that you are
at ease with. Getting pre approved would give you an idea of
how much you can get. Being pre approved, enables you to act
quickly when the property is available. Loan amount on bridging
loans can range from £25,000 to £500,000. The loan amount
usually depends on loan lender so shop around for better deals.
Higher amount can be arranged but usually takes longer time.

Bridging loans, loan term that can be anywhere between a week
and six months. The maximum term is two year. The borrower must
be certain of his situation and that he can repay it within a
short period of time. Speedy finance is probably the most
sought after benefit of bridging loans. Bridging loan can be
made available within 24 hours, if you have all the necessary
documents ready. Most bridging loan lenders do not ask for
upfront legal and arrangement fees. Usually there are no
redemption penalties with bridging loans. Self certification in
the context of bridging loans is also possible.

Be prepared to pay more on bridging loans. A bridging loan
poses a sizeable risk to the loan lender because the old home
may not sell for some time. The interest rate on bridging loans
is comparatively higher than conventional mortgages. The typical
interest rate is one half of a percent. The interest rate is
generally dependent on credit history, value of collateral
placed and loan term. The borrower starts making interest
payment at the end of the term, in case, the old property is
not sold. After the old home is sold, the bridge loan is paid
back. If the house is sold within the term limit, all the
unearned interest is credited back to the borrower.

It is a short term mortgage and bridges in temporary shortage
of finances in the face of a real estate transaction. The
bottom line is bridging loans are for short term financing.
They are devised for a specific purpose and therefore not meant
for everyone. It is also available for bad credit. Thus,
bridging loans can assist in forming a record so that you can
apply for conventional mortgages. Having a trust relationship
with the loan lender makes bridging loans process highly
uncomplicated. However, if you can\'t boast of such an
association, don\'t sign anything related to bridging loans
without completely understanding the loan process. The market
for bridging loans is constantly increasing. Healthy
competition has resulted in keeping the bridging loans interest
rate low. This has made bridging loans a realistic option for
those who need funds quickly.

About the Author: After having herself gone through the ordeal
of loan borrowing, Natasha Anderson understands the need for
good quality loan advice.She works for the UK secured loan web
site uk finance world.To find a Secured or unsecured loan that
best suits your needs visit http://www.ukfinanceworld.co.uk

Source: http://www.isnare.com

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New Features at TerriaJudge.com
====================================

MORTGAGE CALCULATOR: http://terriajudge.com/calculator.html
OPEN HOUSES: http://terriajudge.com/calendar.html

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FEATURED & NEW LISTINGS
========================

*new* http://terriajudge.com/featuredlistings.html


Just visit Terria at http://terriajudge.com/marketevaluation.html to fill out an interest
form if you'd like to list your home!



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Real Estate For Beginners: Residential Property Taxes
By Nicole Soltau

Whenever you own a piece of land, you will be taxed for it.
Whether it is commercial property or residential property,
there is still a tax to pay, whether it is for a village, town,
city, county, or state. Most residential private property taxes
are handled on the local level, going no higher than the
county. Depending on the nature of the business, it may be
handled by a variety of entities, including state and federal
agencies. Each specific area and state has its own way of
levying property taxes. This article is intended as real estate
for beginners and will focus on property taxes as they relate to
residential private property. Your Credit Union financial
advisor can also provide a good deal of valuable information;
call today to schedule your free consultation.

How property taxes are used. Each locale uses the revenue
earned from property taxes for different purposes. It can be
anything from road repairs and utility upkeep to firefighter
salaries and emergency response. Most areas, however, use the
money received from property taxes for school districts. Taxes
are levied and then distributed to schools in a district
according to the amount of money received from property taxes.
This often puts homeowners in a bind, as most of them want
quality education for children, but are reluctant to vote to
pass measures that will result in a property tax increase.

How property taxes are determined. Before buying a home, it is
important for real estate beginners to understand how the
amount you pay in property taxes is decided upon. Everyone pays
a different amount, depending upon how much a home is worth. The
tax rate for an area is the same throughout that area, but due
to varying home values, the property tax you pay may be a
little higher or lower than your neighbors.

If the property tax rate in your area is 9 percent, and your
home is assessed at 250,000 dollars, your yearly property tax
would be 22,500 dollars. If your neighbor\'s home were only
assessed at 235,000 dollars, he or she would pay 21,150 dollars
in taxes per year. Many areas have specified periods of time
required for a new assessment. Most places require a new
assessment every five to seven years. This means that your
taxes could go up or down as your property value changes.

What goes into a property assessment? There are some guidelines
assessors use when determining the value of your home. By being
acquainted with these, you will be more likely to understand
why your home has been given a certain value. Here are the most
common benchmarks taken into consideration when determining a
home\'s value.

* Sale price of similar properties in the area: the assessor
will know how much other homes in your immediate area are
selling for, and will assess your house to reflect the value of
the neighborhood.

* Property\'s historical value: records of the property\'s value
through the years will help the assessor determine whether the
home\'s value keeps with current trends, and whether the home
increases in value over time as a general rule.

* Cost of replacing the property: it is possible to determine
how much the materials to replace the property, or to add
improvements to increase value, would cost. This can figure
into the value of the property.

* Potential value of the property if it is used to make money:
many people use their property as income through rental or
sale, and this value can be used to help the assessor decide
how much he or she should value your property for.

Disputing an assessment. Because home values are subjective, it
is possible to dispute a value. You can speak with neighbors and
realtors to discover what homes in the area are valued at.
Recent home buyers and sellers can give you a good idea of what
others are paying in property taxes. Visit your tax board or the
local tax assessment office to find out what the procedures are
for dispute an assessment you feel is unfair.

Paying your property taxes. As a real estate beginner, you want
to be sure that you are paying the taxes on your property. There
are a number of ways to do this, including paying to the tax
commission quarterly or yearly. However, the simplest way to
pay your taxes is to have them integrated into your home loan.
They can be added to your monthly mortgage payment, making it a
relatively hassle-free way to make sure everything is taken care
of.

With a little savvy, even a real estate beginner can have a
good handle on what it takes to get a fair value assessment and
know the ins and outs of paying property taxes.

About the Author: Nicole Soltau is the President and Founder of
CreditUnionRate.com. The Leading Credit Union Directory. Search,
Find, Join. http://CreditUnionRate.com

Source: http://www.isnare.com


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Weird August Days of the Month

August 1 is . . . . . Friendship Day and National Raspberry Cream Pie Day

August 2 is . . . . . National Ice Cream Sandwich Day

August 3 is . . . . . National Watermelon Day

August 4 is . . . . . Twins Day Festival

August 5 is . . . . . National Mustard Day

August 6 is . . . . . Wiggle Your Toes Day

August 7 is . . . . . Sea Serpent Day

August 8 is . . . . . Sneak Some Zucchini Onto Your Neighbor's Porch Night

August 9 is . . . . . National Polka Festival

August 10 is . . . . Lazy Day

August 11 is . . . . Presidential Joke Day

August 12 is . . . . Middle Child's Day

August 13 is . . . . Blame Someone Else Day

August 14 is . . . . National Creamsicle Day

August 15 is . . . . National Relaxation Day and National Failures Day

August 16 is . . . . Bratwurst Festival

August 17 is . . . . National Thriftshop Day

August 18 is . . . . Bad Poetry Day

August 19 is . . . . Potato Day

August 20 is . . . . National Radio Day

August 21 is . . . . National Spumoni Day

August 22 is . . . . Be An Angel Day

August 23 is . . . . National Spongecake Day

August 24 is . . . . Knife Day

August 25 is . . . . Kiss-And-Make-Up Day

August 26 is . . . . National Cherry Popsicle Day

August 27 is . . . . Petroleum Day

August 28 is . . . . World Sauntering Day

August 29 is . . . . More Herbs, Less Salt Day

August 30 is . . . . National Toasted Marshmallow Day

August 31 is . . . . National Trail Mix Day



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This newsletter is compiled and published by Mitone Griffith, http://BIGad.org