(Home mortgage loans) Turkish Jewelry and Turkish Real Estate Make Good Investments

August 5th, 2008 admin Posted in realestate |

By vikram kumar

Buying Turkish jewelry or Turkish Real Estate is a wise investment. Turkey is noted for its naturally beautiful and historical landmarks. It is also famous for its gold deposits which outdistance the puny 19K in the U.S. or Canada; Turkish gold is 22K, 23K, and 24K. Investing in either jewelry or Turkish real estate can double your investments.

Jewelry Industry

Turkey is fast becoming one of the worlds emerging leaders in the export of jewelry and precious metals, rivaling Italy. The country can produce 200 tons of silver and 400 tons of gold annually, but this capacity has not been fully exploited. The top producers of jewelry are in the Anatolia area, Ankara, and Izmir, but the center for jewelry production is found in Istanbul. The growth of the jewelry industry in Turkey has grown to employ some 250,000 people.

Turkish gold and silver jewelry are ornamented with precious and semi-precious stones. These are usually designed with Anatolian or Turkish influences, which make Turkish jewelry distinctive. Expect architectural and textile designs on bracelets, rings, and necklaces. But there are newer designs to cater to modern taste.

With a reputed jeweler, tourists can get the best gold jewelry with less the cost back home and a certificate will be provided for every purchase of jewelry to authenticate its value.

Turkey is also famous for its precious stonesblack amber and iridized opal. Black amber in the Turkish region and nearby areas dates back to 130 million years ago and is prized for the unusual color. Opal, another precious stone, is iridized to give it a shine.

A popular jewelry piece is the silver and gold gilded necklaces and bracelets highlighted with semi-precious stones in varying colors, earrings of black amber and opal set in gold, multi-colored opal bracelets, silver and gold double chokers and bracelets in lacy designs, handcrafted anklets, and Evil Eye bracelets.

Turkey’s Real Estate Industry

Purchase of real estate property is restricted to twenty-four countries; among these are U.S. and Canada. Other countries are mostly European countries and it takes one to two months before the title deed is given to the buyer.

There is an assortment of Turkish real estate properties on the market ranging from golf apartments or villas, hotels, vacation homes, apartments, and land. Prices vary according to upscale and provincial locations for 200,000 or 29,000. Buyers can choose any location and type of property in any part of Turkey.

Properties on sale can be viewed online but before a purchase is made, an ocular inspection is advised to ensure that the property is in good condition and the documents are in order. A reliable online broker can be trusted to handle the transaction. But when personally buying the property, a reservation has to be made. The customer’s passport will be submitted to the Land Registry Office.

The papers of the property will be inspected by the Military Head Office to check if the property is not located in a military zone. Taxes and fees have to be paid to the tax office and the authorized bank. The payments are announced during the final transaction in the office of the land registry before the seller and buyer sign the land registry book.

Turkish jewelry and Turkish real estateare the best buys anytime with DiscoverTurkey.

5 Sizzling Ways To Finance A Home This Summer
By Victor Benoun

Despite the negative press we are pounded with daily concerning the state of the housing market, and the difficulties in the banking system, it is actually a great time to purchase a home. Prices have not been this low in years, interest rates remain at historical lows, and buyers have tremendous bargaining power. Whether you are considering purchasing a house or refinancing an existing property, here are a few helpful hints to make your transaction as smooth as a summer day!

1. Get pre-approved. Pre-approval differs from pre-qualification as pre-qualification is simply a thumbnail sketch of your financial background. A credit report often is not run and no financial documentation is reviewed. Pre-approval requires income tax returns, pay check stubs, bank statements, liabilities, anything that might be required for a lender to make an adequate assessment of your ability to repay a mortgage. In addition, a credit report is requested and reviewed for your credit-worthiness.

2. Improve your credit score if necessary. A credit score is a numerical model of the likelihood of you repaying your debt. It is based on the amount of open credit trades you have, how near you are to your available credit, as well as your paying habits. In the case of credit scores, your past does equal your future. You can improve your credit score by paying down your debts, closing credit cards you no longer use, and of course paying on time.

3. Inquire how much money is required for a down payment and closing costs, and are there restrictions where the money comes from. Often, assumptions are made by the consumer that down payments can come from a credit card, a personal loan, cash on hand, or a small gift. It is wise to discuss this in advance in terms of what is allowable or not. Do not wait until you are under contract to discover the source of your funds can not be used.

4. If you find a home that is right for you, do not wait for the market to drop. Believe it not many homes today still sell with multiple offers. According to an article in The Los Angeles Times, dated June 1, 2008, “Homes in good condition that are listed at $300,000 or less are drawing as many as 15 to 20 bids from home buyers and investors, looking for bargains.” It is very difficult to time the market as to when the bottom has been reached. Prices have already dropped by record amounts, and there is just no way to say how much lower they may go.

5. In financing a home, now is a good time to think long-term. By that I mean to consider a 30 year fixed rate mortgage. Rates are still at low record levels so it is great time to lock something in and not worry about it.

People often make life changing decisions based on beliefs which in reality no longer exist. Loan programs have changed as well as the criteria for being approved. Before ever stepping foot into an open house meet with a lender what programs are available and what you qualify for.

Victor Benoun is President of The Mortgage Source, Inc., and author of Your Castle No Hassle. He has 29 years experience in the mortgage industry and is available for keynote speaking and consulting. For free housing and mortgage reports, visit his website at http://www.yourcastlenohassle.com.

Is “Subject To” for You?
By Iman Yusef-Yahya

Taking a property subject to the existing loan, is one of the ways in which real estate investors make a great deal of money. While the process is quite simple, it seems to be a clouded issue for some people.

First let’s look at how simple the process truly is. The term “subject to” refers to the fact that you will be purchasing the property subject to the financing that is in place at the time. The loan (and any other liens or encumbrances), that is on the property now stays in place. You will be deeded the property by the present owner. You then take over the payments and send the payments to the mortgage company just as the former owner did. They may or may not get any cash in the deal, but they will get rid of their problem.

Now you’re shaking your head! You’re asking why would anyone in their right mind hand over a property? There are many reasons.

Deeding Over the Property

The first reason that comes to mind is that the owners may be behind on the payments. Something has happened in their lives that has forced them into a financial bind. They would much rather deed the property to a real estate investor than go into foreclosure.

Another reason could be a divorce situation. When couples split up, it usually means that where were two incomes, now there is only one. Whoever ends up with the house may not be able to afford the payments.

Job transfer might be another reason for the owner to be looking for a quick, easy sale. If the family has already moved, and they have no buyer prospects, and they are making double house payments, you better believe they are seeking for answers - fast.

The fact is, these can be bargain properties and it provides the perfect way for you to get started in your real estate investing business.

As soon as you can verify if the property is one you are willing to take on, you draw up and sign a sales agreement. Be sure to have an “Authorization To Release Information” form for them to sign as well. This gives you the right to call the mortgage company and get the balance on the loan. Once the agreement is secure, now is the time to do your due diligence checking the title and having an inspection done.

Using a Land Trust

Consider having a “land trust” hold the title to the property. This means the seller will sign a trust agreement with you as trustee of this trust. The seller will be the “beneficiary” of the trust. The seller transfers title to the trustee of the land trust which also means there is no violation of the due-on-sale clause.

Once you determine that the information they’ve given to you is correct, draw up the trust documents which will be signed and notarized. The next step is to file the deed at the courthouse. The property is now yours!

A letter will be sent to the lender explaining the changes. They will be informed that all future correspondence will be sent to the trustee. The insurance can be switched over to the trustee in the same manner.

Cash On Hand

Does this mean you are turning these deals with no cash? The answer is no. This is not an agreement to be entered into lightly. You must always have enough cash reserves to take care of at least three mortgage payments - just in case. (Remember Murphy’s Law!)

First of all the house may need a few repairs. At best it will need cleaning up. Some properties may need a couple payments to be paid just to bring it current. You want to have enough cash on hand to consider these possibilities.

Don’t think of this as a way to get into real estate investing with not a penny in your pocket. That is dangerous thinking that can lead to disaster.

What you will not need in this scenario is perfect credit. That’s another plus for acquiring properties subject to.

Conclusion

Always remember that you have been granted an incredible trust by these homeowners. You hold their credit in your hands. While some real estate investing gurus may teach that you can just “back out” of such an arrangement, don’t do it.

If your goal is to build a legitimate real estate investing business, you want to do it by creating an image of honesty and integrity.

Many real estate investors have obtained dozens (some hundreds) of properties by taking them subject to the existing loan. You can too.

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below market deals in the country.

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