April 2007
Monthly Archive
30 Apr 2007 06:58 am
Smart home sellers opt for pest inspection
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During soft markets that favor buyers, sellers are usually more willing to pay for pest repairs than they are when houses sell quickly. However, in a hot seller’s market, buyers are more likely to overlook these defects and buy properties in their “as is” condition, without asking the sellers to pay for repairs. Even if a seller doesn’t have to do pest repairs in order to sell, there are times when it makes sense to do so. Buyers look favorably on a house that has little, if any, pest damage. It’s one less thing for buyers to worry about after moving in. A pest report with little or no damage is a big draw. Although it’s not custom everywhere, it’s wise for sellers to have their homes inspected for wood pests before selling. Actually, it’s a good idea for homeowners to have their homes inspected every few years, even if they’re not planning to sell, so that problems can be dealt with before they become major. |
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search for : pest repairs, pest report
29 Apr 2007 08:31 am
Hesitant to pay a real estate agent? Be prepared to do some work yourself
| “The biggest mistake for-sale-by-owners make is pricing their home too high,” Nichole said in an e-mail interview. If the home subsequently ends up sitting too long on the market and the asking price is lower, a potential buyer might speculate that something is wrong with the property, she said. Use Web sites such as Zillow.com and HouseValues.com to get a starting idea of what a house is worth, said Colby Sambrotto, chief operating officer of ForSaleByOwner.com. A look at a listings site, such as Realtor.com, will reveal what sellers are asking for in the neighborhood, he added. If the home is unique and difficult to compare to others, consider having it appraised, Nichole said. |
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search for : for-sale-by-owners
28 Apr 2007 05:52 am
6 Ways to Spruce Up Your Curb Appeal
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The home buying season is quickly approaching and it’s time to think about ways to improve the “curb appeal” of your home. With all the recent activity in the real estate market and with long-term rates at near historic lows, it’s a buyers market. There is a surplus of homes available for sale on the market and home buyers can take their sweet time choosing which home they like best. That’s why you need to get a competitive edge over other home sellers in your area by making your home look better than the rest. |
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search for : home buying, curb appeal
27 Apr 2007 07:56 am
Energy Independence
| Taos NM is truly a solar capital and is very much into sustainable living. Even our local radio station is solar powered. This house isn’t off the grid, but when I converted it to solar power, I effectively removed it from dependence on the local utility. I invested $50,000 in the project and took out a second mortgage to do it, but I didn’t go solar expecting that I would ever recoup all of the costs. It was driven more by who I am and how I want to represent myself. That said, I do save $1,500 to $2,000 a year on electricity and propane bills. |
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search for : solar powered
26 Apr 2007 07:15 am
In support of the transfer tax
| It’s confusing that the North Carolina real estate and contractor lobby is fighting what seems like a very logical alternative of benefit to North Carolina residents as well as themselves. For example, do agents really believe a one-time 1% tax is worse than not having funds for enough good quality schools, water, sewage treatment, roads, police, fire, libraries, courts, etc? Don’t prospective home buyers think about these things in addition to just home price? |
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search for : North Carolina real estate, quality schools
25 Apr 2007 03:19 am
Real estate appraisal a hard road for newbies
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If you think you might like to become a real estate appraiser, first read “How to Get Started in the Real Estate Appraisal Business” by Daniel J. Nahorney. After you learn how difficult it is to get started and the very low pay for trainees who must acquire 2,000 experience hours, plus taking training courses to qualify for the basic appraiser’s exam, you might consider another career. The author is not an appraiser, but he interviewed many longtime successful appraisers who responded with glowing reports about the wonders of the appraisal profession. However, Nahorney doesn’t hesitate to emphasize the negatives of being an appraiser, such as the very low starting pay, and extreme pressure from some mortgage lenders and borrowers to “hit the mark” and appraise for a specific home valuation. |
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search for : appraiser, appraisal profession
24 Apr 2007 08:21 am
What’s a Boomer?
| What’s a Boomer? This question seems more correct than “who is a Boomer?” since this statistic-laden collective term is usually applied to group reactions and behaviors. Don’t let the hype about Baby Boomers distract you from what is really important — you and what you want to achieve. Instead of following others, adopt self-leadership and lead yourself, your family and your community toward a brilliant future. |
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search for : Boomer, Baby Boomers
23 Apr 2007 05:54 am
Before Getting That Loan
| When evaluating a builder’s lender know what kind of loan you can get from at least one outside lender before you talk to the builder’s preferred lenders, including specifics on interest rates, points and fees. Before you pay a loan application fee, read the Good Faith Estimate of loan costs. If a loan officer says anything to the effect of “don’t worry, you can always refinance,” walk away from the deal. It’s hardly a ringing endorsement of the loan. And if the recent wave of foreclosure troubles has taught anything, it’s that you can’t always refinance. |
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22 Apr 2007 08:18 am
Inflated-appraisal crackdown sought
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Have inflated appraisals helped to fuel the current surge in foreclosures by credit-strapped borrowers? Are they at the core of many mortgage-fraud schemes? The four largest trade groups representing appraisers say yes — and they’re asking federal financial regulators to crack down on lenders and loan officers who pressure appraisers to raise valuations to allow overpriced deals to go through. ed by the 22,000-member Appraisal Institute, the groups told regulators on April 11 that subprime lenders experiencing high rates of foreclosures often have been guilty of “systematic inattention” to the accuracy and the sources of the valuations backing the mortgages they funded. |
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21 Apr 2007 07:13 am
Pay Less to Uncle Sam Through Homeownership
| Finally, good news for homeowners. Under a new law, certain borrowers who take out a mortgage for purchase or refinance in 2007 are eligible to write off all or a portion of their mortgage insurance premiums for the year. It’s a tax break many in the industry have sought for years because the insurance is often regarded as a cost akin to mortgage interest or points. Mortgage insurance is required for borrowers who make less than a 20% down payment; its purpose is to protect lenders from losses if the borrower defaults on the loan. The insurance is cancelled when there is enough equity built up in the home. |
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search for : mortgage, refinance, mortgage insurance premium
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