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Slow and Steady Wins the Race - How to Approach the Final Walk-Through

February 19, 2015 8:27 pm

One of the most exciting times in a prospective buyer’s life is when they get ready to move into a new home, however, it’s important to not let the novelty of a new space cloud your judgment when it comes time for the final walk-through.

A critical step in the process, the final walk-through is an important piece of the puzzle when it comes to making sure the house is the way it’s supposed to be and in the condition agreed to for the sale. While most buyers are eager to get the process over with so they can sign their name and move in, real estate professionals across the board caution against taking the final walk-through lightly.

While most walk-throughs are typically conducted on the day of the sale, a few hours before the scheduled closing, some people prefer to schedule the walk-through earlier to build in time for any issues that may need to be fixed.

When it comes to the actual walk-through, it’s important to test all the appliances to make sure they’re in working condition. It’s also a good idea to run faucets and check for leaks, test the air conditioner and heating unit and make sure all items have been removed from the basement, attic and garage.

You’ll also want to examine anything else that was in the contract that the seller was supposed to fix. For these particular items, ask the seller to provide receipts and warranty information in case something does go wrong after you move in.

And while it’s not a requirement, some prospective buyers choose to bring their home inspector to the walk-through. While this typically costs about 25 percent of the original fee, it could be worth it if major items were supposed to be fixed.

If a problem does present itself during the final walk-through, especially a serious matter that could cost thousands of dollars to fix, you can get your real estate lawyer involved and have them try to work with the seller’s lawyer on a proper settlement, or leave it to your agent to renegotiate. Another option is to ask for a credit from the seller, a side document to deal with the problem or an escrow of the sales proceeds. If the seller isn’t willing to work with you, you may need to threaten to walk away.

Remember, a final walk-through is not meant as an opportunity to renegotiate—although that can happen in some cases. Instead, think of it as more of an inspection to not only make sure nothing has changed since the time you agreed to buy the home, but to ensure everything the seller was supposed to repair has been taken care of.

For more information about final walk-throughs, contact our office today.

Published with permission from RISMedia.


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5 Tips to Take the Stress Out of Searching for a Home

February 19, 2015 8:27 pm

As the spring home-buying season approaches, now’s the time to make sure you have everything in order so that you can hit the ground running once the warm weather arrives. To ensure the process is as simple and painless as possible, take the following advice to heart as you search for your new home.

1. Be Willing to Walk Away. You may have found the home of your dreams, but that doesn’t mean you should pay way over asking price or make concessions that you don’t want to make. If the negotiations begin to head in a direction you’re not comfortable with, take a step back and really consider the deal. Always keep an open mind and remember that there are other homes out there—some that might even fit your needs better. Plus, when a buyer walks away from a deal, more often than not, the seller’s agent is more inclined to reach back out and be more willing to work with you.

2. Set Reasonable Expectations. Everyone has an image of the perfect house in their mind, but depending on budget, location and many other factors, finding a home with everything you’re looking for may be impossible. Therefore, it’s always a good idea to make a list of the things you desire in a new home and arrange them from most important to least.

3. Look at Homes You Can Afford. This may seem like a no-brainer, but prospective buyers often house hunt and bid on properties that are way out of their price range. While it’s okay to look at a wide range of homes, including some that may be just above your price range, don’t waste your time looking at homes that are priced anywhere from 25 - 50 percent over what you can afford.

4. Know Your Budget. Before you get too invested in the home search process, figure out exactly what you can afford by making a list of all your expenses, including taxes and insurance. It’s also a good idea to get pre-approved on a loan before you even begin looking at homes. A pre-approval will not only be instrumental in determining the amount you’ll be loaned, it may also help you get a leg up on any competition for the home if there’s a bidding war.

5. Understand Your Financing Options. There are many different types of mortgages available for those looking to buy a home, including several special loans one may qualify for. With so many financing options out there, it’s crucial that you do your homework to ensure you’re getting the best rate. The last thing you want to do is jump at the first offer from a mortgage lender.

Contact our office today for more home-buying tips.

Published with permission from RISMedia.


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Build Equity Fast with the Wealth Building Home Loan

February 19, 2015 8:27 pm

From 15-year loans to 30-year loans and everything in between, prospective buyers have a lot of options at their fingertips when it comes to choosing the loan that’s best for them. And now, buyers can add one more option to the list: the Wealth Building Home Loan (WBHL). Not only does the WBHL help lower-income borrowers build equity fast, it also protects them against any future crash in values. Plus, there’s no down payment, no closing costs and no mortgage insurance.

The Wealth Building Home Loan is the brainchild of Edward Pinto and Stephen Oliner of the American Enterprise Institute (AEI), who sought a way for borrowers to get the equity benefit of a 15-year fixed mortgage with the affordability that comes from a 30-year loan.

The key feature of the WBHL is a sharply reduced interest rate on a 15-year term. Instead of requiring a down payment, banks allow borrowers to use their money to pay interest upfront, a practice that’s often referred to as “buying down” the rate.

In order to keep monthly payments down and maintain home buying power, the AEI notes that a conventional 15-year fixed loan is priced around 0.75 percent below the going rate for a 30-year fixed FHA loan.

The new WBHL also allows for zero down on financing, with only five percent required in down payment funds repurposed for a permanent 1.25 percent rate buy down. This allows borrowers the chance to pay down their mortgages faster.

It’s also important to consider these numbers: In the first three years with a WBHL, 77 percent of the monthly mortgage payments pay off the principal, creating huge amounts of equity, compared to a 30-year loan, where 68 percent goes toward paying interest. During the same three years, the WBHL (with 0 percent down) amortizes to an 82 percent loan-to-value ratio, while a 30-year fixed rate FHA loan with a 4 percent down payment amortizes to a 91 percent LTV.

Candidates for the new loan are those classified as low- and moderate-income borrowers seeking to buy modestly priced homes. This includes many millennials who will get more out of buying a smaller home on a 15-year term than a larger house on a 30-year loan.

As far as requirements for obtaining a WBHL, borrowers cannot own any other existing home. In addition, the space must be a one-to-four-unit property, and they must live in it themselves after purchase.

While this may not appeal to borrowers looking to lower their taxable income with interest deductions, the loan is a good option for those who don’t benefit greatly from writing off their mortgage interest come tax time.

With the WBHL, you own your home free and clear in 15 years, so it’s definitely something all homebuyers should look into.

To learn more about the Wealth Building Home Loan, contact our office today.

Published with permission from RISMedia.


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In this Edition: Lockboxes

February 19, 2015 8:27 pm

Our lead story in this month’s Home Matters, brought to you through our company's membership in RISMedia’s Real Estate Information Network® (RREIN), examines the Wealth Building Home Loan and how it can help lower-income borrowers build equity fast. Other topics covered this month include simple tips to keep in mind to take the stress out of the home search process and how to stage your dining room to appeal to a wide range of prospective buyers. We hope you enjoy this month’s edition of Home Matters and as always, we welcome your feedback. Email us anytime!

Published with permission from RISMedia.


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E-Cycle Your Household Gadgets

February 19, 2015 5:03 am

With advancing technology, sleeker, shinier and faster cell phones, computers, tablets, mp3 players and televisions are finding their way into the hands of American consumers. But what about the old ones that are still perfectly functional? Think e-Cycle, says the U.S. Environmental Protection Agency (EPA).

Rather than making products from scratch, recycling electronics keeps harmful toxins out of landfills, recovers valuable materials that can be reused, conserves virgin resources and results in lower emissions, including greenhouse gases which contributes to climate change.

Smartphones make up a large portion of the waste stream. For every one million smart phones recycled, 35,274 pounds of copper, 772 pounds of silver, 75 pounds of gold and 33 pounds of palladium can be recovered and reused.

The good news is many retailers and manufacturers now take back old electronics for recycling by certified electronics recyclers. By using certified recyclers, you can rest assured that your old electronics will be recycled responsibly. To find such locations near you, go to http://search.earth911.com/ and enter your zip code.

In addition, many states, cities and counties sponsor collection events for electronics during the year, or they may offer a permanent drop-off location with certain hours of operation.

Source: EPA.gov

Published with permission from RISMedia.


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Hiring a Tree Care Professional

February 19, 2015 5:03 am

To care for trees on your property, doing your homework is imperative to ensuring quality, safe work, avoiding scams and saving money, according to the Tree Care Industry Association (TCIA).

“With hundreds and possibly thousands of dollars at stake, not to mention the integrity and appearance of your property and your personal safety, make sure that you take the time in deciding which company you should hire,” cautions Peter Gerstenberger, TCIA. “Disreputable companies are renowned for ripping gutters off, breaking fences and bird baths and even dropping trees on houses. Then they typically fold up and leave, never to be seen again.”

Before beginning your search for a tree care professional, understand that the credentials for someone who uses the title “arborist” can vary widely. An arborist is a professional who cares for trees and other woody plants by pruning, fertilizing, monitoring for insects and diseases, consulting on tree-related issues and occasionally planting, transplanting and removing trees.

Homeowners searching for qualified tree care companies should look for:
  • Proof of Insurance – Ask for current certificates of liability and workers’ compensation insurance, if applicable. If the tree company you hire doesn’t have insurance or is not a legal company, you, the homeowner, could be held responsible as a contractor.
  • Good References – Ask for local references, and check the quality of their work and level of service. Don’t feel rushed by a bargain and never pay in advance.
  • Solid Reputation – Verify professional affiliations the company might have, such as memberships in business organizations.
  • Comparisons – Get a second opinion and quote. Always get estimates in writing.
  • Up-to-Date Knowledge – Ask if they follow ANSI standards. A professional arborist will be aware of the current safety, pruning, fertilizing and cabling standards.
  • Contract – Insist on a signed contract as to cost, dates, when work is to be performed and exactly what is to be done.
There are also inherent dangers for one attempting tree care or removal – pruning limbs, felling trees and especially climbing into trees are hazardous activities even for trained professionals. For safe and efficient work, hire a tree care professional with experience, expertise and equipment to safely take down or prune damaged trees.

Source: TCIA

Published with permission from RISMedia.


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First-Time Homeowner, Meet Your HVAC System

February 19, 2015 5:03 am

It’s easy to get wrapped up in the excitement of buying your first home, but being a first-time homebuyer comes some unfamiliar territory. As a new homeowner, it’s important to understand the functionalities of your HVAC system to help you better determine when something is not working as it should be.

“The HVAC system is the largest source of energy within a home, so it’s important to keep the units properly cleaned and maintained in order to avoid increased costs and energy usage,” says Bill Benito, NADCA. “A dirty air conveyance system will restrict air flow at the coil and the blower, and also within the duct system. In many cases, a good cleaning of the cooling coil and the system components will increase air flow and make for a more efficient HVAC system. As a result, you’ll likely see significant savings on your energy bill.”

Did you know?

On average, 40 pounds of dust is generated each year in 1,500 square foot homes.
The amount of dust that gathers in a home depends on several different components, including the HVAC system design, the location of the system (attic, basement, or crawlspace), along with the family habits. Are pets living in the home? Are smokers? Children? All of these factors can contribute to the amount of dust and dirt that is generated within a home.

Approximately 4,200 dust mites can live within just one ounce of dust.
Indoor air is actually not always cleaner than outdoor air. Contaminants inside of the home (like dirt, dust and animal dander) can be circulated during cleaning when ineffective or substandard cleaning devices are used. If the dust is not contained during routine vacuuming, it can be distributed around the living space, where it will eventually just resettle.

Having your HVAC system professionally cleaned in springtime typically costs less than at any other time of year.

Although spring months are spent preparing for cooling season, many homeowners wait until the summer to have their systems cleaned. As a result, there are very long waiting lists for scheduling appointments. In addition, many companies will provide discounts during the spring to encourage homeowners to schedule their maintenance and cleaning before the units are needed for air conditioning during the summer.

NADCA defines a complete and proper cleaning to include the inside of the air ducts from where the air enters the return duct, through the air handler (blowers, coil and heat exchange), to the exit, where the air is released to condition the home.

Source: NADCA

Published with permission from RISMedia.


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Two-Thirds of Sports Fans Showcase Memorabilia at Home

February 18, 2015 5:03 am

It’s no surprise that sports enthusiasts have a desire to show off their team pride, but a recent Gladiator® GarageWorks survey reveals that two-thirds of sports fans use their homes to display memorabilia. That’s a lot of team spirit!

The survey found that male sports fans spend more on fandom than women, spending on average $768 per year on tickets, apparel or memorabilia. Women spend $486 on average.

Other interesting stats from the survey include:
  • Sixty-nine percent of sports fans surveyed say they have at least one game day tradition.
  • Fifty-three percent of those surveyed said they were “big fans” of professional football, followed by 32 percent for college football and 23 percent for baseball.
  • Twenty-six percent of sports fans surveyed display sports memorabilia in the living room; 10 percent display it in the garage; and eight percent display it in the yard.
Source: Gladiator® GarageWorks

Published with permission from RISMedia.


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Pros and Cons of Building on Lots vs. Land

February 18, 2015 5:03 am

If you’re in the market for new construction, one of the first items you’ll need to address is where your home will be built: on a developed lot or undeveloped land. Let’s review the pros and cons of each.

Lots, or developed land parcels typically partitioned by builders, have unique advantages. They are often priced to sell and owners can expect a significant price appreciation in the future. Thanks to the builder, homes on lots are generally connected to water and sewage systems, have electric, phone and cable lines wired and have paved road access. A qualified builder will also disclose information such as drainage and soil issues, making it easier for the buyer to weigh their options.

Owning on a lot has its cons. For the sake of mass production, builders create cookie cutter floor plans. Every upgrade, whether it’s marble in the bathroom or cherry cabinets, will cost more. Homes in developments are typically spaced close together, limiting outdoor space for some and creating concerns for those who seek more privacy. Homeowners in developments are also subject to HOA fees, which can take a toll on household budgets. But HOA fees do come with their fair share of benefits: trash pick-up or lawn care, for instance.

Building on an undeveloped plot of land gives you the freedom to choose your location. Those interested in building on land will face more expenses, but have the ability to customize the home to their needs and wants. The homeowner may also enjoy a more eco-friendly lifestyle, especially if the home is in a rural area with cleaner air.

Aside from higher costs, the disadvantages to building on land include the potential for zoning changes to affect construction or ownership down the road. Homeowners may also need to install a septic, dig a well or run electric, phone and cable lines. The land itself may also present some challenges, such as buried oil tanks.

Source: RISMedia’s Housecall

Published with permission from RISMedia.


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Give Your Landscaping a No-Maintenance Makeover

February 18, 2015 5:03 am

(BPT) – According to the American Society of Landscape Architects (ASLA), low-maintenance landscaping outranks native plantings, water features and food/vegetable gardens among homeowners. Armed with know-how and using sweat equity, do-it-yourselfers can employ tips that professionals use for a no-maintenance landscape makeover.

Landscape professionals use retaining wall systems for a variety of landscaping solutions. Segmental retaining walls are commonly used to transition elevations, shore up slopes along foundations and define spaces such as planters, tree rings and other features.

Retaining wall systems combined with concrete pavers can be used to create raised patios in place of high-maintenance wooden decks. Retaining wall units and interlocking concrete pavers come in a variety of colors, shapes and textures to complement any landscape design and are often used to create design continuity in outdoor spaces. Tree rings can be coordinated or color-contrasted with raised patios, retaining walls and other hardscapes.

Permeable pavers
are an environmentally sound and low-maintenance solution where impervious surface limits, storm water management, water quality and water conservation are issues.

Low-maintenance landscaping practices can make it easier to control weeds and manage lawn care. The use of rock mulch and natural rock in gardens and beds or as walkways and stepping stones offers an attractive solution to weed control and also lessens the need for irrigation. At least three inches of rock mulch or four inches of natural mulch will prevent weeds. A landscape fabric under stepping stones and rock mulch offers even more protection against weeds.

Selecting maintenance-free outdoor furniture and accessories is another way to make over an outdoor space. Outdoor furniture made of recycled materials requires no storage or maintenance other than cleanup with soap and water.

Published with permission from RISMedia.


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