Blog | Lafayette, LA Real Estate

Jan 27 2016

Success is What They Don’t See

How do we point out a successful person? We look at what they do, how they act and react, and what they accomplish. We examine their outward behaviors, rarely delving beneath the surface. But in reality, success is a multifaceted phenomenon that includes those aspects which we can see as well as those we cannot.

Consider an iceberg. Everyone can see the tip, which appears to float on the surface of the water effortlessly; we all know, however, that there is much, much more to an iceberg than what we can see on the surface. Similarly, success can be viewed in the same light.

Superficially, success is just success, a rarity that seems to be the result of luck or a gift from the powers that be.

Now, if we dig a little deeper, we’ll begin to notice some more obscure factors: glacier_iceberg_under_water

There is persistence.

There is failure.

There is sacrifice.

There is disappointment.

There are good habits.

There is hard work.

There is dedication.

None of these characteristics can be visibly measured, yet they do exist, and each one is equally crucial to success—even the less positive ones.

It’s a combination of countless aspects, both good and bad, and that is what deserves appreciation.

Originally posted at: Lafayette Real Estate News

Jan 26 2016

Le Festival de Mardi Gras a’ Lafayette

Who’s ready for the parades, the music, the food and the fun of Carnival season in Southwest Louisiana? That’s right, it’s Party Gras time! And next weekend, the place to be is Le Festival de Mardi Gras a’ Lafayette, a five-day festival dedicated to the continuous celebration of Mardi Gras in a festive and safe environment.

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The Greater Southwest Louisiana Mardi Gras Association will host the annual Le Festival de Mardi Gras a’ Lafayette from Friday, February 5 through Mardi Gras day at UL Lafayette’s Cajun Field. The Festival will include an exciting carnival mid-way, native Cajun foods, and an outstanding line-up of live music. To make the Festival a complete Mardi Gras experience, the route for all of Lafayette’s parades will pass directly through the Festival grounds. This popular festival features a robust line-up of live music, a gigantic carnival midway, ample parking, and terrific viewing spots for all of Lafayette’s parades.

What’s the best part about Le Festival de Mardi Gras a Lafayette? IT’S FREE! There is a $10 charge for parking at Cajun Field. All of the money generated from the Festival will be used by the Greater Southwest Louisiana Mardi Gras Association to develop and promote Lafayette’s Mardi Gras parades and activities.

Originally posted at: Lafayette Real Estate News

Jan 26 2016

Tips for Buying a Foreclosed Home

Buying a foreclosed home is a little different from buying a typical resale.

In many cases:

Only 1 real estate agent is involved.
The seller wants a preapproval letter from a lender before accepting an offer.
There is little, if any, room for negotiation.
The home comes as-is, and it’s up to the buyer to pay for repairs.

On the upside, most bank-owned homes are vacant, which can speed up the process of moving in.

foreclosure

Buying a foreclosure is definitely a bit of a grind. You’re getting fantastic pricing, but sometimes it takes going through a lot of houses and writing a lot of offers to get the home you want. If you’re considering buying a foreclosed home, here are some tips that may ease the process.

Get a realty broker and a lender

The first 2 steps in buying a foreclosure should happen almost simultaneously: Find a real estate broker who works directly with banks that own foreclosed homes and get a preapproval from a lender.

A good way to start searching is to first visit any site with a database of foreclosed homes. You also could look at a local real estate website that lets you filter the results to see only foreclosures. You might find the acronym REO, which means “real estate owned” (owned by a bank, that is). This signifies that a home has been through foreclosure and the lender is selling it.

Get a broker on your side

The goal of combing through foreclosure listings is not to find a house; it’s to find an agent. Banks usually hire one or a few real estate brokers to handle their REO properties in a market. In a lot of cases, the buyer works directly with the bank’s broker instead of using a buyer’s agent. That way, the commission doesn’t have to be split between 2 brokers.

Most of these Realtors have a long-term relationship with these banks, and they know of listings that haven’t even come on the list yet. Call them about the listings that you’re interested in, but also ask them about listings that may be coming up because sometimes it may take a day or two or even a week before a listing actually comes onto the database.

Such a request might not always pan out. In places where thousands of foreclosed properties are for sale, you might not get much one-on-one attention from overloaded agents. To prove that you’re serious about buying, meet with the lender right before or after you meet with the agent.

Get a preapproval letter

preapproved Unless you plan to pay cash, you’ll need a recent preapproval letter from a lender. The letter will describe how much money you can borrow, based upon the lender’s assessment of your credit score and income.

Consider your financing options before you make an offer. All too often, a buyer wants to find the house first, and then they think they’ll work out the financing. But a really good deal on a bank-owned home will go quickly, and the buyer won’t necessarily have time to try to work out the financing afterward.

Some first-time buyers make the mistake of assuming that the bank selling the home will also finance the mortgage as part of the deal. Banks view this as a totally separate transaction, so don’t assume it will be included. The people in the bank’s REO department are not loan officers. They are getting rid of bad assets.

Pricing depends on sales pace

There’s no rule of thumb on what the bank’s bottom line is on price. Just as with any other real-estate purchase, you have to look at the recent sales prices of comparable properties, or “comps.”

You have to look at the comps in today’s current market conditions and write a competitive offer based on that. Sometimes the bank prices the homes really low, and the home will have multiple offers over list price within hours. Other times it’s priced too high, and you can come in lower. However, be reasonable with your offer. If it’s unreasonably lower than the listed price (as much as half price), your offer won’t be taken seriously.

Don’t expect a repair discount

repairs Keep in mind that foreclosed houses generally are sold as-is. That means that you shouldn’t expect to get a discount to compensate for repairs. Consider a house listed for $200,000. All the comps are $200,000, but the home will need to be repainted, re-carpeted and treated for mold damage. Despite the impending repairs, a client’s request to take $15,000 off the price to cover the costs will be denied.

You should also look at the absorption rate for your product class, meaning you should find out how quickly comparable houses are selling. In foreclosure, a 3,500-square-foot house with a pool in a gated community might sell within days or hours, whereas more modest homes might sit on the market for weeks. Or vice versa, depending on market conditions.

If homes in your product class are selling swiftly, the best advice on a bank-owned property is to come in at your highest and best, unless the property has been sitting on the market forever with no activity. If you’re going to be upset because you would have gone $5,000 more, but you lost the property, just bid the higher price in the first place to ensure your chances.

Find tradespeople ASAP

Because repairs are almost inevitable with foreclosed houses, it is recommended that you get to know tradespeople who can assess and repair damage from pests, mold and leaks. Assume that the air conditioning needs to be fixed, and possibly the heating system, too.

It all sounds daunting. But at least you don’t have to wait for the owner to move out of the house.

Originally posted at: Lafayette Real Estate News

Jan 25 2016

Apple’s Next Big Thing is Small

Is it just me, or are is the size of today’s smartphones getting obnoxiously large? It could simply have to do with my small hands, but phones like the iPhone 6 Plus are just too big to use conveniently.

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If you think that over-sized phones are just too much to handle, then Apple’s next big reveal in March may give you solace. The company is planning to introduce the iPhone 5SE (SE standing for Special Edition), which will be a whopping 4 inches tall. The new phone will be an improvement of the iPhone 5S, which will be decommissioned after the release of the 5SE; but internally it will be more similar to the iPhone 6.

small iphone
The iPhone 5SE will also be equipped with NFC, which will allow the use of Apple Pay, a barometric sensor, and Live Photos. However, the device won’t support 3D Touch.

The 5SE is on track to go on sale at the end of March or in early April and will cost the same as a 5S costs now. It will be available in the same colors as the 5S, including Rose Gold.

What do you think about Apple’s latest product? Despite the massive success of the iPhone 6 and iPhone 6 Plus, which reportedly gave Apple its “best year ever”, the tiny phone has major potential for those of us who would prefer to have a phone that fits comfortably in one hand.

Originally posted at: Lafayette Real Estate News

Jan 25 2016

Orange-Rosemary Glazed Salmon

An easy salmon recipe that is full of flavor? Yes please! This skillet salmon makes for the perfect weeknight meal yet it’s something fancy enough to serve to guests on the weekend. It’s full of vibrant orange flavor which pairs perfectly with the fresh rosemary. And the best part – you can easily have this ready in 30 minutes!

This dish is perfect paired with a sweet Moscato. I recommend serving this salmon with a side of rice or couscous and some steamed asparagus or broccoli. It makes quite a bit of sauce so the extra sauce goes perfectly over the rice. Take advantage of orange season this winter; you just might find this on your menu every week! It’s packed with fresh flavor and it’s a perfectly healthy dinner everyone will enjoy.

INGREDIENTS

2 tsp olive oil
4 (6 oz) skinless salmon fillets (1-inch thick), rested at room temperature 10 minutes
Salt and freshly ground black pepper
2 cloves garlic, minced
2 1/2 tsp minced fresh rosemary
5 Tbsp chicken broth, divided
1 1/2 tsp orange zest
2/3 cup fresh orange juice
1 Tbsp fresh lemon juice
1 1/2 Tbsp honey
2 1/2 tsp cornstarch

DIRECTIONS

Heat a large non-stick saute pan over medium-high heat. Season both sides of salmon with salt and pepper. Heat olive oil then add salmon and cook until browned on both sides and cooked through, about 3 minutes per side. Transfer to a plate, leaving oil in pan.

Add garlic and rosemary to pan and saute 20 seconds, then add 1/4 cup chicken broth and simmer until mostly reduced. Stir in orange zest, orange juice, lemon juice and honey. In a small bowl whisk together remaining 1 Tbsp chicken broth with cornstarch. Pour into pan, season sauce with salt and pepper to taste then bring to a boil and allow to boil 1 minute, stirring constantly. Return salmon to pan, spoon sauce over salmon.

Originally posted at: Lafayette Real Estate News

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