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From the standpoint of flexibility, it usually makes sense to go for the most land you can get. And that's doubly true in Silicon Valley, where lots are scarce and vacant land suitable for building often sells for more than $1 million an acre. Older homes can be remodeled and expanded; but that's not really a possibility if you have a dinky lot. "You can change the size of the house, but you can never change the size of the land," says Don Orason, a San Jose real-estate agent.
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Steve Roddel was walking through a house in Fort Wayne, Ind., when he wondered aloud if there were any sex offenders living in the neighborhood. Instead of commenting on her own, the real estate agent showing the home quickly pulled out her cell phone, connected to its Web browser and brought up Family Watchdog, a national sex-offender registry Web site. Little did she know that she was standing with the site's founder and CEO. A real estate agent can be a wealth of information about a house. So a home buyer who asks what crime is like in the neighborhood might be surprised when the agent defers the question, directing a client to the Web or the local police instead.
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The Web just keeps coming up with new ways to help make buying or selling a house easier. But the focus has gone from information to conversation; many sites are designed to enable users to freely exchange knowledge and opinions about places to live and homes for sale.
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If you've never bought a house before, much of the jargon and terminology could prove daunting. After all, who would give "discount points" or "5-1 adjustables" the slightest thought unless they absolutely had to? We've arranged this short primer on the basics of buying a home as a series of questions and answers that try to address the basic issues with which every home buyer must grapple.
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Traditionally, banks are more conservative with their investment dollars. Unlike many venture capitalists or angel investors, they are far more likely to approve a loan for an established business over a startup or emerging company. This is largely due to the fact that they are investing the money of their depositors. However, thanks to government agencies such as the Small Business Administration (SBA), which work with many banks, small business owners can get business loans from banks with a strong business plan and well-prepared business loan request.
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Lenders are squeezing U.S. consumers for as much as $4.2 billion annually in the steep fees charged for payday loans, according to an end-of-year study released by the Center for Responsible Lending and other consumer advocacy groups. To pay back a $325 loan, the average payday-loan borrower pays a total of $793. The average annual interest rate on such loans runs about 400%, according to the study.
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It's never easy to say no to someone you love, especially when they come to you in need of cash. But lending a financial hand can leave you out of money and out of sorts with your friends and relatives. I often hear from people who have loaned money to someone they care about deeply, only to have to deal with the fallout when they don't get repaid.
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When a preferred loan officer moves on, small-business owners should treat it as an opportunity to step back and re-evaluate their loan relationships. Most small business owners, at least once in their professional careers, find themselves in a situation when their lender -- a lending officer, loan officer, or account officer -- leaves the bank. If this hasn't happened to you yet, chances are it will. For businesses just starting out, your relationship may be too small for a lending institution to provide a dedicated lender. But as your business and loan relationship grows, you will eventually work with a "personal" lender and then fully appreciate the benefits of having one.
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Where can you get the best terms on a new loan? Often, it's the family bank, meaning Mom and Dad, your successful big brother or your great aunt Doris. You can usually get away with a low interest rate, or perhaps no interest at all. Trouble is, loans among family members touch on two areas about which the IRS is especially sensitive: gifts and interest income. To avoid a tax nightmare later, be sure to follow these rules.
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If you're in the market for a small business loan, you'll need to understand the services the Small Business Administration (SBA) does -- and does not -- provide. SBA Overview Established in 1953, the SBA is an independent Agency of the Executive Branch of the Federal Government charged with the responsibility of providing four primary areas of assistance to American small business, which include: Advocacy, Management, Procurement, and Financial Assistance. Financial Assistance is delivered primarily through SBA's Investment Programs, Business Loan Programs, Disaster Loan Programs, and Bonding for Contractors. The SBA's Business Loan Program is one of its significant areas of financial assistance.
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