How Long Does it Take to Buy a House?

If you’ve ever run through or are currently running through the steps to buy a house, you know that sometimes the process takes longer than expected.


Real estate


If you think about it, as long as you are the high bid on a house, you wouldn’t expect it to take that long. That’s the easy part, though. It’s all the steps before that which can prolong the home-buying process.


Factors that Affect Buying Time


There are many pre-agreement factors that could affect how long it takes to buy a house. Most times it is something out of your control. There are a lot of people involved in the process of real estate, so just stay calm and let things work themselves out.


Let’s take a look at some of those factors that can prolong the process.


Competitive Market


Chances are you’re not the only one interested in a great property. There are likely other interested buyers who are vying for the same house. This can definitely draw the process out.


The seller and real estate agent will likely field the offers as long as they can and then come back to each party with the new high bid. If a bidding war starts it could take a bit to complete, especially because it has to happen over the phone or text.


Loan Approval Process


Finding the right lender could be a nightmare. You could get turned down for some unforeseen reason or you may not be happy with the interest rate you were given.


If this happens, you will likely shop around. You want to find the lender that best fits your needs, but also with a decent interest rate so you will save money long-term.


Current Landlord Problems


This situation doesn’t affect everybody, but oftentimes before buying a house many individuals or couples are renting. The problem here is you can’t control when a house that fits everything you want pops onto the market. That could be right in the middle of a lease agreement you signed. 


More likely than not, the landlord won’t let you out of the agreement. The only stipulation may be that YOU have to find someone to take over the rented property or lease. IF you have a friend or know someone who would, great, but if you don’t this could throw a wrench into your home-buying process.

Trading and Storing Bitcoins - The Risks and Ways to Safeguard Them

The cryptocurrency market has been on a bullish run for quite some time now, with several cryptocurrencies hitting all time highs and breaking several resistance zones. At the time of writing this article, Bitcoin has surpassed 60,000 US Dollars, a 1200% increase from the 5,000 US Dollars range that it was trading at this time last year.


bitcoins


Despite the security and immutability of the blockchain ledger which cryptocurrency transactions are conducted upon, bitcoins aren’t exactly 100% safe and they do not guarantee financial success. 


Risks Associated with Trading Bitcoins


Highlighted below are few risks associated with trading and storing Bitcoins:


  • They are volatile: Sudden market sentiment by power brokers or world events can lead to a sharp change in market price which can go in either direction. A move in the opposite direction which the trader is in can lead to partial or total loss of assets.

  • Wallet hacks: Just like normal currency, Bitcoins are stored in digital wallets. These wallets are hosted by a provider who is trusted with the safety of these assets. Users are expected to implement security protocols on their end too but things could go wrong on either end. In this eventuality, assets can be lost.

  • They are unregulated: Bitcoins and other cryptocurrencies are at the moment, not regulated by any central bank or government. They exist in a decentralized marketplace, with no issuer or authority body. This means that nobody can be held responsible for anything that happens to the cryptocurrency. 

Although the above look scary, there are several financial pieces of advice available online that can help you manage your assets the right way. 


How to Safeguard Your Bitcoins


This article is focused on highlighting risks and also showing you ways to secure your bitcoins. A few of them are outlined below:


  • Use Multi-Signature Wallet: Also called a multisig wallet, this kind of wallet is good for storing bitcoins for a long time. The security measure implemented here is to require the digital signature of more than one authorized user to be able to access the wallet. Getting the signature of one might be easy for hackers but it will definitely be difficult to get all in order to hack the wallet. 

  • Use Unique Authentication Method: The phone number, email address and password you use for creating and accessing your wallet should be different from the one you use for your other daily tasks. This is so that if they get hacked during your daily activities, the one you use for your wallet would remain safe. 

  • Use a Secure Network: Public Wi-Fis are unsecure and are notorious for having the highest rate of man-in-the-middle attacks. Cyber attackers stay on these networks to snoop through network data as they run through to the Internet, in order to steal sensitive user data. This may include but are not limited to financial data, social security number, personal accounts, etc. When trading or performing financial transactions, it is better to use mobile data or home Wi-Fi for added security.

Conclusion


Because bitcoins transactions are conducted on a highly secure network doesn’t make their wallets impenetrable by hackers. Securing your bitcoins with multi signature wallets, 2FA, secure networks are only some of the many ways to keep your financial assets safe.

When Is Bankruptcy the Best Answer for Your Debt Problems?

There are a variety of reasons why you might be in a significant amount of debt. Perhaps you lost your employment, accrued large medical bills, or made some poor financial decisions.


Bankruptcy

When your revenue is insufficient to meet your debt obligations on a monthly basis, bankruptcy is always the first choice that comes to mind.

Take a Look at the Following Facets of Bankruptcy

1.    The advantages of declaring bankruptcy. Filing for bankruptcy has some real advantages.

      You won't have to give up your house or car.

      If you declare bankruptcy on your own as an individual, your spouse's assets are not affected, and your pension is covered.

     You can also apply for credit and maintain a bank account.

2.    Some things that aren’t protected by bankruptcy. There may be certain assets that won’t be safeguarded if you declare bankruptcy.

     Any secured debt, such as a home loan, is not covered, for example. Bankruptcy does not automatically result in the loss of your home. You must, however, continue to make your monthly mortgage payments.

     Alimony and child support aren't forgiven by bankruptcy, and you're also liable for paying off your student loans in most cases.

Consider These Alternatives To Declaring Bankruptcy

1.    Talk to the creditors and try to come to an agreement. You should try to hammer out a payment agreement with your creditors. They may be willing to lower your interest rates or change your monthly payments so you can afford them.

     You may also choose to extend the term of any loans you have, which will lower your monthly payments and allow you more time to pay them off.

2.    Consolidate your debts by taking out a loan. A debt consolidation loan combines many smaller debts into a single larger loan at a lower interest rate than the other debts.

     The monthly contributions would then be far lower than the sum of the individual debts.

3.    Get a credit counseling session. Credit counseling will assist you in analyzing your income and spending patterns in order to identify the source of your financial problems. Despite the fact that these organizations do not lend money, they will assist you in determining how to allocate your funds to your creditors and pay off your debts.

Is Bankruptcy the Best Option for You?

It's a huge step to declare bankruptcy. You may want to consider one or more of the non-bankruptcy options instead of filing for bankruptcy. However, there are times when you will be unable to fulfill all of your monthly commitments, and you may continue to fall deeper into debt with each passing month.

How To Figure Out if Bankruptcy Is Your Best Option

1.    Consider all of your choices carefully. If you have any doubts about filing bankruptcy, don't make a hasty decision.

     There's no going back once you've decided to file for bankruptcy. Bankruptcy would have a long-term effect on you and your credit.

2.    Seek legal counsel. If you're certain that bankruptcy is your only choice, talk to a lawyer, financial advisor, or other financial professional to learn more about the various forms of bankruptcy.

Since each situation is unique, bankruptcy is not the best option for everyone. It isn't a magic bullet that can solve all of your financial problems. With that in mind, filing for bankruptcy may be the best choice for you. After weighing all the factors you should now be able to decide if it's the best option for your specific circumstances.