房地产英语 金融房地产交易.docx

Financingisthekeytomostrealestatetransactions,soifyouarebuyingrealestateforyourpersonaluse,consumercreditconsiderationsareofparamountimportance.Unlikethestandardstockleveragingscheme,wherethedebtiscappedat50percentoftheprincipalvalueofthetransaction,thestandarddebt-to-assetratioinrealestateorwhatthebankscalltheloan-to-valueratio,is80percent,witha20percentdownpayment.Insuchaninstance,thelenderlooksasmuchtothecreditoftheborrowerastothevalueoftheproperty,tobesureofrepayment.Hence,yourrecordofpaymentofotherdebts,orlackthereof,willbeacriticalfactorinwhetherornotyougetcreditforahomepurchase.Otherfactorsthatcomeintoplayareyouroverallfinancialpicture.Ifyouhavelargeamountsofotherassetssuchasstocks,thatwillhelp.Retirementassetssuchasindividualretirementaccounts(IRAs)cannotbeusedtosecureloans,buteventheymayindirectlycountinaborrowersfavorasevidenceofastuteness. Ifyouarebuyingpropertyforrentalasabusiness,thenmorebusinesslikeconsiderationsapply.Thebankwillstillwanttoevaluateloan-to-valueandincome-to-debtserviceratios,butmaygivelesserweighttoyourpersonalfinancialsituation.Yourpastbusinessexperience,eitherinrealestateorinotherareas,willbetakenintoaccount,aswillyourbusinesscreditrecord.Inunusualcases,thelendermayrequireyoutosignforloanspersonally,inwhichcaseyourpersonalfinancialsituationwillmatter.Thereareseveraltypesoflenders.Themostcommononeisafinancialinstitutionsuchasabankorasavingsandloan.AsecondisgovernmentagenciessuchasVeteransAdministrationortheFederalHousingAuthority.Thethirdsourceoffinancingisownerfinancing. 对于大多数房地产交易来说，关键在于资金问题的解决。一旦你决定买房，重中之重便是考虑消费品信用贷款。与标准存量中要求债务上限为交易本金的50%的平衡计划不同，在房市中，标准负债与资产比率（银行称之为贷款与价值比率）可达80%，只需20%的预付定金。在这种情况下，贷方把借方的信誉和资产看得同样考试&大重要，以确保借方有能力偿还债务。所以，你的其它债务的还款记录（或者记录缺失）将会成为致命因素，直接影响你能否获得购房信贷。当然，还有一些因素在起着作用，它们也会影响你的整个筹资计划。你如果有大量的诸如股票之类的另类资产的话，这会对你的信贷非常有利。个人退休金帐户之类的退休资产虽然不能用来做贷款担保，可即便如此，它们却会证明你很精明，并因此而博得贷方的好感。 如果你购房是为了商业经营，那你就需要一步步深思熟虑。银行仍然会对你的贷款与价值和工资与债务的偿还比率进行评估，但可能会低估你的个人财务状况。你的商业信贷记录也会被纳入评估的考虑范围，以往的经营经验（房地产或是其它领域）也会被予以考虑。特殊情况下，贷方可能要求本人亲自签收贷款，此时，你的个人财务状况就会与此挂钩。贷方分为好多种。最常见的就是银行和信用合作社等金融机构。第二种就是退伍军人管理局和联邦房屋管理局的政府机构。第三种资金来源就是业主融资。Abankwilllookattheborrowersincomerelativetotheproposeddebtservicepayments.Theruleofthumbduringthemiddleofthetwentiethcenturywasthatamortgageshouldnotbemorethantwoandahalftimesincome.Amorecurrentruleofthumbwasthatmortgagepaymentsshouldnotbemorethan28percentofincome,andtotaldebtservicepaymentsshouldnotbemorethan34percentofincome.Inrecentyears,thelatterratiohasbeenrelaxedtoasmuchas40percent,afinancialstretch.Aborrowercanevenapplyforaloanwithnoincomeverification.Typically,however,thebankrequiresalarge-thanusualdownpayment25to35percentormore,andacleancreditrecord. Somewhatdifferentrequirementsapplyforagovernmentloan.Forinstance,theVeteransAdministrationwillmakeloanstowarveteransatlowinterestrates.Othergovernmentagenciestargetotherconstituenciessuchaslow-incomehousing.Ifyouhaveagoodrecordofrunningmulti-familyhouses,youmayqualifyforgovernmentloansforthedevelopmentandmanagementoflow-incomeunits.Insuchcases,yourabilitytogettheloaniscontingentonyourmeetingtheparticularpoliticallyrequirements.Also,governmentloansaremorelikelytohaveoneroustermssuchasprepaymentpenalties. Athirdsourceoffinancing,ifyoufindtherightsellerandarepersuasiveenough,isownerfinancing.AmortgageisnothingmorethananIOUinwhichabuyeragreestopayalenderthevalueofthehouseoveraperiodoftime.Itisreallyawayofborrowingmoneyusingthehouseascollateral.Theborrowerissuesamortgage,andisknownasamortgage,whilethelenderisknownasthemortgage.Inthisparticularinstance,thesellerisalsothelenderofthelastresort.Occasionally,therewillbehomeadvertisementsinthenewspaperthatsayOWC,orownerwillcarry. 针对预定的债务偿还量，银行还会了解借方的收入情况。20世纪中期单纯经验的方法就是抵押最多为工资的二点五倍。更为流行的单纯经验方法就是抵押贷款月供最多为月薪的28%，总偿债支付款最多为还款期间工资总额的34%。在最近几年，后者已经达到了40%，这就是金融延伸。借方甚至没有收入证明也可以申请贷款，可尽管如此，银行却会特别要求一笔25-35%甚至更多的巨额首付和一个无污点的信贷记录。 申请政府贷款要求多少会有些不同。例如，退伍军人管理局会给予曾经参战的退伍军人低息贷款。其它政府机构提供的是一些赞助服务，比如对那些低收入家庭。如果你具有一个经营多户住宅的良好记录，你就可以获得政府贷款以对低收入住宅进行开发管理。在这些情况之下，你能否获得贷款取决于你能否遇到政治上的特殊需要。当然，政府贷款更可能包括一些繁苛的条款，比如说提前预付罚金。 第三种资金来源为业主融资，即通过你的能力，自己发现和说服卖家。其实抵押就是借据，通过这个借据，买方同意在一定的时间范围内偿还房价借款，说到底只是贷款买房方式的一个担保。借方提供了抵押，并将其作为抵押，而且贷方也认可了这个抵押。在这个特例中，卖方其实就是最后贷方。偶尔，新闻上刊登一些房屋广告会提到“业主负责还款”。Thebuyingandborrowingtransactionsarehandledsimultaneouslybyacloser.Shewilltakethedownpayment,typicallyintheformofacertifiedcheckfromthebuyer,andthecheckfromthelenderfortheamountofthemortgage.Shewillthentaketitlefromthesellerandre-registerthepropertyinthenameofthebuyer.Finally,shewillhandoverthemonetaryproceedstotheseller.Ifthepartieswanttomakeabsolutelysureofthevalidityofthetransaction,theywillcloseinescrow.Formosttransactions,suchalevelofdetailisnotnecessary. Itissaidthatthethreebasicsofrealestatearelocation,location,andlocation.Thatistrue,allotherthingsbeingequal.Itmeansthatyoushouldnotbuyinapoorlocation.Butitisalsodoesnotmeanthatyoushouldnecessarily“payup”forthebest.Justaswithstocksyoucanmakemoneyfromanexpandingmultiple,aswellasfromrisingrents.Someofthebestmultipleplaysareinneighborhoodswheretheeconomiesandthequalityofthetenantsisimproving.ThesesituationsaremostoftenfoundinlargemetropolitanareaslikeNewYorkCity. Thebestdealscanbeobtainedfrommotivatedsellers,sometimescolloquiallyas“dontwanters.”Suchapersonmayhaverecentlygottendivorced(ormarried,orhadanewchildborn),andnolongerfindsthehousetherightsize.Otherwise,theymighthavebeentransferredorlostajobandwantahousewithlowerpayments.Theclassiccaseissomeoneonthebrinkofforeclosure.someinvestorscheckcourtrecordsofdivorcesarrearages,andupcomingbankruptcyproceedingstofindsuchpeople.Otherswillgotobanksorsavingsandloansandasktoseealistingofthe“realestateowned”(i.e.repossessedrealestate).Inthelattercase,thebankmaybeholdingpropertythatitiswillingtosellforadiscount,becauseadownpaymentandpartofthemortgagehavebeenpaid,ratherthanholdingandmanagingtherealestate. 买借交易被一个终端同步处理。她以一种从买方获得的保护支票的方式对预付定金进行处理，用从贷方获得的保护支票处理抵押贷款的数目。接着她会处理卖方的所有权，并将其考(试大重新置于买方名下。最后，她会将货币收益划归卖方。如果买卖双方想绝对确保交易的合法性，他们需履行提存手续。对大多数交易来说，没有必要做这么细。 据说房地产的三个基础是地点、地点、还是地点。这话不假，一切都必须讲求对等。意思就是说你不应该买地点不好的房子。可这也并不是说你要尽可能的买最好的房子。这就如同买股票一样，股票的翻番会让你大赚一笔，租金的考(试大上涨也会带来这个效果。最好的翻倍游戏多发生在经济和房客质量提高的区域，比如说像纽约这样的大都市。 最划算的交易也可以被焦急的卖方接受，即口语所谓的“大出血”卖主。他们可能刚刚离婚（或是结婚或是有了孩子），房子的大小已经不太合适；抑或搬家、失业，急需一套还款较低的房子。一个经典案例就是，某人止赎期满，一些投资者对其离婚欠款的法院纪录进行核对，并发现其破产诉讼即将到来。如此一来，投资者们会去银行或者储贷协会要一份其所属的房产清单。在后面这个例子中，银行可能会持有房产并希望对其打折拍卖，因为与其持有和经营房产，不如将其拍卖以偿还预付定金和部分抵押贷款。Therealsecretistobuyonlyinsituationsinwhichdebtservicingcostsarelessthanrentalincomeminusexpenses.Investorsmostoftengetintotroubleinnegativecashflowsituations.Abankruptcyinrealestatetermsisknownasaforeclosure.Thisiswhenthebankorotherlendertakespossessionofthebuildingbecausethebuyercantmeetpaymentsforaperiodoftime.Foreclosuresaretheclosestthingtopersonalbankruptcy,andstayonapersonscreditrecordforsevenyears.(bankruptcystaysforten.)Amoreamicablesituationisoneinwhichtheownerhandstitle(assymbolizedbythekeysanddeed)tothepropertytothelenderinlieuofforeclosure,butthisalsoinvolvesaseven-yearrecord.Oneormoremissedpaymentsfollowedbyacatch-upwillnotleadtoforeclosure,butthisinformationdoesdamageacreditrecordforsomeyears. Tobuyinaturnaround,themostpromisingsituationisoneinwhichtheneighborhoodandpropertiesarealreadybeingimprovedbythecurrentowners.Itisgoodsignifdevelopersaremovingin.(Butthisissmartmoney.)Thelargestprofitsaremadejustbeforethedeveloperstage,whenindividualsarefixinguptheproperty.Thequalityofthepeopleisevenmoreimportantthanthequalityofthebuildings.Ablue-collarneighborhoodwithstableincomesandfamiliesmaybeabetterbetthanoneinhabitedbyyoungsingleswhomoveouteveryfewyears.Seattle,Washington,wasacaseinpointwhentheaerospaceindustrylaidoffpeople. 房地产的秘密就在于只有在这种情况下才可以购房，即债务偿还开销要低于扣除份额中日常开销之后的租金收入。投资者很容易陷入负向现金流动的困境之中。止赎是房地产破产中的著名条款。此即由于买方考试&大一定时期内负担不起还款，该房产便收归银行或其他贷方所有了。止赎权与个人破产的信用记录保留期限最为接近，要保留7年（破产为10年）。一个更为和睦的处境就是所有者将财产所有权（以钥匙和契约表征）交与贷方从而避免破产，可这也要在信用记录中保留7年。一个或多个忘还的款项随后补交之后虽然不会导致止赎，可却会在信用记录中保留多年。 转型期购房，此时最有价值的投资就在那些已被现有业主开发的小区和物业。如果开发者进入，这就是一个好的标志。（可这获利甚微。）要想获得较大利益，就要在开发者进入之前动手，即人们开始解决物业之时。人的因素考试&大要比物的因素更为重要。有稳定收入及家庭的蓝领公寓与那些没几年就搬一次家的单身青年聚居区要更值得搏一把。对此，西雅图、华盛顿在航空和航天工业裁员时就是再恰当不过的例子了。Beforebuyinganyproperty,youshouldgetanengineeringreport,tomakesurethatthemainsystemswork;electric,gas,andwater.Thereshouldnotbeanystructuralproblemswiththese,thefoundation,orthebeams.Theremaybeplentyofminorfaultssuchaschippedpaint,butthereshouldbereflectedinalowersellingprice.Youshouldwelcomesuchdefectsbecauseyoucanincreaseyourprofitsbyfixingthem. Thebankwilldoanappraisal,butitwillbeacursoryone.Insteadoftryingtopinpointtheexactvalueforyourhouse,thebankappraiserwillusethesellingpriceasastartingpoint,andthentestitforreasonableness.Agood(welldone,notnecessarilyfavorable)appraisalwilltellyouwhatthemarketthinksofthehouseandwhy. Cashflowonrealestateisprettymuchdiscretionary,atleastaftertheminimumdebtservicechargesarepaidoff.Youcanreinvestitinthepropertytomaintainorimproveit,youcanprepayyourmortgageoryoucanspendit,eitheronmorerealestate,oronotheritems.Apropertycanevenbe“milked”forshortperiodsoftimebydeferringmaintenance,butthatisnotawiselong-termstrategy.Anywayyousliceit,cashflowiswhatultimatelydrivesthereturnonrealestate.Ifcashflowafterexpensesanddebtserviceisnegative,thepropertyispricedtoohighandlikelytogodowninvalue.Forthisreason,oneshouldnotthinkintermsofsacrificingcashflowfor“appreciation.” Realestateshouldbeboughtforintrinsic(i.e.,cashflow)ratherthanresalevalue.Thisistrueofstocks,butparticularlytoldinnumerousplaces,mostnotablybyJohnPaulGetty,ofFloridaswamplandinthe1920s;inwhich“investors”boughtandsoldbinders,orcontracts,onrealestate;withtheintentionof“flipping”themwithinashorttime.Whenoneskepticalinvestoraskedtheag