Consumer Real Estate Blog

TAX extension explained, what you need to know!
November 17th, 2009 8:28 AM

Posted by Lane Midgett on November 17th, 2009 8:28 AMPost a Comment (0)

Tis the season to winterize your home.
November 22nd, 2009 1:16 AM

Winterizing Your Home

Whether you are buying or selling a home, you should have a professional home inspection performed by an experienced inspector.

 

 

 

 

A home inspection will look at the systems that make up the building such as:      

 

  •     Structural elements, foundation, framing etc
  •     Plumbing systems 
  •      Roofing
  •      Electrical systems
  •     Cosmetic condition, paint, siding etc 

If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.

Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection.

And most buyers are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.

It's better to pay for your own inspection before putting your home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time. Old Man Winter is settling in for a long chilly season. Before the temperatures dip too far south, follow these simple guidelines to winterize your home and save money on utilities.

Inside Your Home

  • Have your furnace system serviced to ensure it's working efficiently and not emitting carbon monoxide.
  • Clean permanent furnace filters and replace paper or disposable filters.
  • Replace the batteries in smoke and carbon monoxide detectors.
  • If you have a wood stove or fireplace, have your chimney swept thoroughly. It should be cleaned before the soot build up reaches one-fourth inch thickness inside the chimney flue.
  • Check your hot water heater for leaks and maintain proper temperature setting (120 degrees recommended by Department of Energy). On older water heaters with less insulation, for every 10 degrees Fahrenheit you lower the temperature, you save 6 percent of your water heating energy.
  • Check the attic to see if insulation needs to be added or replaced. This is the most significant area of heat loss in many homes, so it is also important to see that it has proper ventilation. Inadequate ventilation could lead to premature deterioration of the insulation materials. You may also need to check insulation in exterior walls, crawl spaces and along foundation walls.
  • Check all windows and doors for air leaks. Install storm windows and putty, caulk or add weather stripping as needed.
  • Check basement and cellars for seal cracks or leaks in walls and floor.
  • Make sure all vents are clean and operating properly.
  • Clean and vacuum baseboard heaters, heating ducts and vents.
  • Remove or winterize air conditioning units.

See the following chart on common air leaks:

 

 

Click here to find the US Department of Energy's web site on saving $$(energy): 

 

Outside Your Home

  • Store or cover outdoor furniture, toys and grill.
  • Purchase rock salt for melting snow and a shovel or snow blower if you don't already have one. Make sure you have the right kind of gas and oil on hand for your snow blower in the case of an unexpected snowstorm.
  • Caulk joints and minor cracks on exterior walls and siding.
  • Look for deteriorating finishes. Minor problems can be patched to preserve the wood. Put bigger jobs, such as scraping and refinishing painted or stained areas, on the calendar for next spring or early summer.
  • Drain and shut off sprinkler systems and other exterior water lines to avoid frozen and broken pipes. Leave all taps slightly open.
  • Insulate exterior spigots and other pipes that are subject to freezing but can't be drained or shut off.
  • Rake and compost leaves and garden debris, or put out for yard-waste pickup.
  • Clean storm drains, gutters and other drain pipes.
  • Check the foundation for proper drainage. To do this, spray yard with a hose to see if water runs away from the house. A little shoveling to reshape the earth next to the house may make the water run away from the foundation.
  • Make sure dirt or piles of wood don't come into contact with or touch siding, inviting termites and carpenter ants into the house.
  • Seal driveway and walkway cracks, if needed, before ground freezes regularly.
  • Inspect the roof for loose, damaged or missing pieces.
  • Check attic vent openings for nests or other blockages.

 

 

 

Lane Midgett
Associate Broker, ABR®, e-PRO®
1776 Real Estate Group
901 Register Parkway Suite A
Richmond, Va, 23226

Work: 804-565-1776
 Fax:    800-618-0383
lane@lanemidgett.com


"I work for your trust and referrals, not for the commission"

Posted by Lane Midgett on November 22nd, 2009 1:16 AMPost a Comment (0)

New consumer driven web site from NAR, House Logic.
November 16th, 2009 11:42 PM
From NAR

Dale A. Stinton is the executive vice president and chief executive officer of the NATIONAL ASSOCIATION OF REALTORS®, America's largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Watch the Video:

http://webcast.streamlogics.com/audience/auditorium/index.asp

If the above link doesn't work try this link: Then Click the presentation: http://webcast.streamlogics.com/audience/index.asp?eventid=35680788

Mr. Stinton, who was NAR's chief financial and chief information officer, took over the NAR reins on November 1, 2005. Mr. Stinton joined NAR 25 years ago and became CFO in 1991. He served as acting CEO and executive vice president in 1996 and became CFO/CIO in 1998.



Mr. Stinton is a Certified Association Executive (CAE), Certified Public Accountant (CPA), a Certified Management Accountant (CMA), and has achieved the REALTOR® association Certified Executive (RCE) designation. He earned his M.B.A. from DePaul University and his B.S. from Western Illinois University.

This is an example of the cutting edge technology we will be implementing in our practice for 2010. Lane

 


Posted by Lane Midgett on November 16th, 2009 11:42 PMPost a Comment (0)

Fail your home inspection? Now what?
November 11th, 2009 7:55 PM

The following information was sent to me by a top notch home inspector:

Actually, it’s a misconception to think of a home inspection as a “pass” or fail test.

Rather, a home inspection is an assessment of the condition of the major accessible elements of the home by a professionally trained inspector. Issues may arise based on a buyer’s specific concerns regarding the home inspection report findings, their particular expectations and the specific terms of the sales contract. But there are things you can do to help the home inspection go smoothly, ensuring the best possible outcome for all parties and the least inconvenience to you. Confirm utilities (electric, water, gas, fuel oil, etc.) are all on Pilot lights for water heaters, fireplace logs etc. should be lite. Inform the inspector of any non-functioning systems.

To ensure this can occur, here are a few hard fast rules for preparing your home fThe Basics:

For everyone’s sake, it’s best to get the inspection completed in one visit, without interruption.

Advice For Home Sellers

How to pass a

Home Inspection.

Make sure the inspector has access to all the major elements and areas of the home.

  • Unlock or remove locks from gates on fences, closets, or panel doors
  • Move any stored items away from garage or basement walls
  • Clear under cabinet areas and sinks for plumbing fixture inspections
  • Remove items that may restrict access or movement in attic or crawlspace
  • Make sure the electrical panel is accessible — the electrical panel cover will be removed during the inspection
  • Deactivate all security alarm systems

The More They Know:

80% of all home buyers opt for a home inspection — not because they don’t trust you, the seller — but because it is an opportunity for them to learn more about the house.

HouseMaster has been involved in almost 2 million real estate transactions and has learned that buyers generally feel more confident about a home purchase after they have had a thorough home inspection. Here are a few things you can do to help the process along.

Visit our website www.housemaster.com for more information on inspector qualifications and inspection details.

*Limited Written Guarantee available where permitted. Review all terms, conditions and limitations prior to inspection.

  • Don’t use fireplaces/woodstoves the evening before or the day of the inspection. They should be cool and cleaned for inspection.
  • Pets in the house should be confined or removed for the duration of the inspection. If they must remain in the home,notify the inspector of their presence. They should not be left in a room or area that needs to be inspected.
  • Leave dirty dishes in the dishwasher with detergent, ready to go. The inspector will run the dishwasher during the inspection — why waste energy and water?
  • Turn off any sensitive electronic equipment before the inspection and confirm all pre-programmed electronics and alarms are reset afterwards.

What to Expect:

Okay, the big day is here. Don’t be nervous. The inspection will take approximately 2 to 3 hours for an average size house.

Yes, it takes that long — if the inspector is doing his job correctly. Here are some points to consider:

Little Things Add Up:

  • Repair or replace broken, damaged, or missing items such as: door knobs, locks & latches, broken window glass, damaged window screens, and missing chimney flue caps
  • Clean rain gutters and make sure downspouts are properly attached and draining away from foundation
  • Replace burned out bulbs and faulty switches
  • Have all HVAC equipment serviced; clean or replace air filters
  • Move wood or stored items away from the foundation

In addition to making sure there are no defects of which they are not aware, a professional HouseMaster home inspector will show the buyers how to operate many of the systems in the home and provide helpful suggestions on maintaining it.

We’ve already covered the need to provide proper access to your home for the home inspection; it is also recommended you address minor maintenance items now before the inspection.

Next Steps:

Follow up with your real estate professional to see how the buyers are feeling about the inspection.

Keep in mind that every home buyer and every situation is different. Your real estate professional should help you determine how to proceed. And remember, don’t take the findings of the report personally. Don’t get insulted or react rashly. All too often sales fall apart as a result of misguided emotions instead of real dollar issues.

Moving On:

Did you know that HouseMaster has offices throughout North America? Whether you are moving across town or across country, when you choose HouseMaster you know your home inspection will be done right. We also offer pre-inspections for sellers who want a better idea of the condition of their house before it goes on the market.

©DBR Franchising, LLC. HouseMaster® is a registered trademark of DBR Franchise Systems, Inc. Each HouseMaster Franchise is an Independently Owned and Operated Business.

Scott Wharton

804-745-4588

www.bonair.housemaster.com

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Posted by Lane Midgett on November 11th, 2009 7:55 PMPost a Comment (0)

Your FICO Score and what that means:
November 9th, 2009 7:30 PM

Scoring your Credit - How's your FICO?

In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

  • Credit History - How long have you had credit?
  • Payment History - Do you pay your bills on time?
  • Credit Card Balances - How much do you owe on how many accounts?
  • Credit Inquiries - How many times have you had your credit checked?

Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 850, with higher being better. Typical home buyers likely find their scores falling between 600 and 850.

 FICO scores are credit pieused for more than just determining whether or not you qualify for a mortgage. Higher scores indicate you are a better credit risk, and thus may qualify for a better mortgage rate.

What can you do about your FICO score? Unfortunately, not much. Since the score is based on a lifetime of credit history, it is difficult to make a significant change in the number with quick fixes. The most important thing is to know your FICO score and to ensure that your credit history is correct. Conveniently, Fair Isaac has created a web site (www.myFICO.com) that let's you do just that. For a reasonable fee, you can quickly get your FICO score from all three reporting agencies, along with your credit report. Also available is some helpful information and tools that help you analyze what actions might have the greatest impact on your FICO score. Each of the credit services offers similar services on their web sites: www.equifax.com, www.experian.com, and www.transunion.com.

Armed with this information, you will be a more informed consumer and better positioned to obtain the most favorable mortgage available to you.

 

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Posted by Lane Midgett on November 9th, 2009 7:30 PMPost a Comment (0)

2009 VCU Real Estate Trends Conference
November 8th, 2009 5:05 PM

 

This is one of the most descriptive and informative links on Richmond Virginia Real Estate, that I have seen in a while. If you own a home, are in the business or are thinking about buying, you should read this: 2009 RE VCU Conference Notes

 

 


Posted by Lane Midgett on November 8th, 2009 5:05 PMPost a Comment (0)

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