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Top 9 Buying Tips of REO Properties

Buying tips of REO properties needs immediate attention if you opt for buying such a property. REO properties actually mean that Real Estate Owned properties or REO properties that have been confiscated by the lender through an obvious result of the foreclosure. If you are willing to buy such a property you have to brood over the matter that the competition on a REO that is well priced is absolutely keen. You have to vie with the experienced investors all the time and win the bid. In this post I try my best to put forward before you some tips that may be of great use when you opt for buying such a REO property.

9 Essential REO Property Buying Tips

#Tip 1

First of all you have no other way than to establish the down payment, the maximum mortgage amount and the price of your purchase.

#Tip 2

Make yourself acquainted with the bank so that you may take the steps immediately as soon as it comes forward.

#Tip 3

Try to maintain a clear image before the bank that is going to sell the property. If necessary your credit scores should be inspected to make you qualified as a buyer.

#Tip 4

If you think that REO properties are damn cheap you are mistaken. The price varies 10-15% below the rate of other properties. Banks are well aware of the market price. Hence if you take wrong decision to put forward a lower bid you may be baffled.

#Tip 5

The experienced and the worthy competition may be on the offing the moment the property is priced accordingly in the very first place.

#Tip 6

Banks always take immediate decision to sell the REO properties as quickly as possible. If you dilly dally in getting the opportunity you will make a blunder.

#Tip 7

The REO properties are generally sold in the process “As is, Where is”. So you have to inspect the property. Bank will not invite you to inspect the house. You have to take the initiative yourself and assess what amount may be invested to renovate the old house. You may take help of your friends and dear ones in this regard. Proper assessment is required.

#Tip 8

Never be swayed by emotion. You have to take into account the ability of purchasing the property. Again the condition of the property also matters. If it is in a dilapidated state and the bank claims exorbitant price you have no other way than to skid backwards.

#Tip 9

If you are mere novice in this sector you may seek the help of an experienced realtor but before contacting him be frank in your dealings with him. Make him know of your financial status beforehand.

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Business and Culture Complement Each Other – Typical Mutualism!

Business is an integral part of the society; and it influences other elements of the social system, which in turn affect business. The entire sphere of business activities are influenced by the social structure and culture of a society. The social system is influenced by the way the business functions, innovations, transmission and diffusion of information and new ideas etc. Business activities have greatly influenced social attitudes, values, outlooks, customs and traits. However, it is very difficult and, in some cases, almost impossible to change many elements of the social environment in the short run. Hence, a business may have to anticipate and adapt to these uncontrollable external environments.

Socio-cultural environment refers to the influence exercised by certain social factors, which are “beyond the company’s gate”. This includes attitude of people towards

  • Work
  • Wealth
  • Knowledge
  • Family
  • Marriage
  • Religion
  • Education
  • Ethics and social responsibility of business.

Culture is something that is evolved in a society over a long period and it represents the unified belief system of a large group of people. An organization can be distinguished from another by way of its culture, since organizational culture is unique in its perspective and methodology. When people from different social backgrounds are made to work under the same roof, a corporate organization acquires a distinct culture. Culture conveys a sense of identity for the organization. It facilitates the generation of commitment to do something noble than one’s own self-interest.

As business go international, the need for understanding and appreciating cultural differences across countries is essential. Any move from one country to another will create a certain amount of confusion, disorientation and emotional upheaval. Especially, people form Asian countries that migrate to the west are subjected to what is called a “culture shock”, in terms of attitude, working style, language, way of life, dress codes and negotiating styles. Freshers may adapt to these changes quickly, since they are raw and easy to be trained. The problem arises with individuals who had been working under a totally different cultural setup from that of the new cultural environment; they will have to undergo the process of ‘unlearning’, which is more like swapping old ideas for new ideas. This change process is what both the employees and the management find challenging; but ultimately what needs to be done has to be done.

Multi national and Trans national companies, which have business establishments in different parts of the world, must be prepared to cope with the culture shock. Since huge investments go into their projects, they have to think and analyze about all cultural and social aspects that have a definite impact on the working of organisations. For example, the work attitude of employees in the west might lay emphasis on services and results, oriented towards self-improvement; while that of the Asian counterparts may be patience and sacrifice rooted in emotions and loyalty.

Business can be considered as a large social network serving to satisfy economic and social interests; culture acts as the social glue that helps hold the organization together by providing appropriate standards for the behavior of organization members.

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Food Standards And Temperature Control

Frequent food temperature and safety checks are fundamental to the safe operation of food businesses. Some foods will become dangerous if maintained at the wrong temperature. Whether you’re a caterer or retailer, own a five star restaurant, run a mobile hot dog van, sell food privately or publicly, for profit or fund raising, you will need to comply with Food Hygiene Regulations (England 2006), which apply to every type of food business.

If the regulations aren’t met, besides breaking the law, you run the risk of cultivating harmful bacteria or toxins, failing health and safety audits, and seriously jeopardising someone’s health.

What Are These Regulations?

Chilled foods – It’s a legal requirement to ensure fresh produce that’s liable to ‘go off’ is kept at 8°C or below. To ensure this, the air temperature should be between 0°C and 5°C. Food requiring refrigeration can be kept at a higher temperature for no longer than 4 hours. Once this time has elapsed, the food temperature must be lowered to 8°C until sold or discarded. It is recommended that freezers are maintained at -18°C.

Hot Foods – It’s a legal requirement to ensure hot-held foods are kept at 63°c or above. These foods may be held at a lower temperature for up to a maximum of 2 hours. Once this time has elapsed, the food temperature must be raised to 63°C or above until sold or discarded.

Identifying Risk – It’s a legal requirement to identify food safety hazards in your business. Potentially risky foods such as red meat; poultry, and food containing egg, should reach a core temperature of 75°C or above. At this temperature harmful bacteria cannot survive and will be destroyed. If you’re working with liquids, some chemicals are prone to react violently at excessive temperature levels.

Bacteria thrive between 8°C and 63°C. This temperature zone is known as the ‘danger zone’ in catering. In most circumstances, keeping food temperatures for appropriate food at 8°C or below, or at 63°C or above will satisfy government regulations.

How Do I Check On Temperature?

It’s industry standard to use thermometers to measure temperature, however, it’s vitally important to choose the right thermometer(s) to suit your intended application(s). In today’s market, more thermometers are used without firstly being checked for traceable accuracy, or suitability of purpose, yet the accuracy and suitability of your thermometer to its intended application could be the difference between meeting, and failing to meet food hygiene regulations.

When you’re choosing a thermometer, it’s important to understand its associated application, temperature measurement range, resolution, accuracy, and the maintenance required to achieve repeatable measurements. In a professional environment, the accuracy of your reading will ultimately affect the safety of your food.

Fixed probe thermometers – These are designed to deliver instant temperature readings of foods, liquids, and semi-solid samples via a fixed probe, which will be suitable for both immersion and penetration. They are ideal for use in the catering trade for hygiene testing, retail outlets, and laboratories. Being very easy to use and highly portable, probes will vary in size, material, and manoeuvrability.

Wired probe thermometers – These are similar to fixed probe thermometers, the difference being that the probe is attached to the thermometer via a wire. This maximises utility without compromising accuracy.

Traditional bi-metal thermometers – These are ideal for monitoring fridge temperatures and have a spirit level indication. When monitoring fridge temperatures, it is suggested you do it first thing in the morning before the fridge is repeatedly opened and closed.

It’s always best practise to use a thermometer which measures to HACCP regulations.

Cleaning Your Thermometer Probes

It’s very important that your thermometer probe is kept clean and disinfected before use with food. It’s advisable to use anti-bacterial probe wipes to clean the probe. The wipes contain an alcohol solution of polymeric biguanide hydrochloride that is an extremely efficient hard surface and probe disinfectant. It reduces surface and probe microbial contamination, and does not create harmful or unwanted side effects such as taint, odour, handling hazard etc. These wipes are suitable for hand use.

If you can choose the thermometer best suited to your intended application, AND provide traceable instrument calibration to an auditor, you can always be assured of your measurement’s creditability. If you’re unsure of a thermometer’s suitability, always consult the help of a professional body.