Archive for October, 2006
Your Dream Team - How to find the best homeownership professionals
October 31st, 2006 categories: Home Buyers
This is an article I recently wrote for First Time Homebuyer Magazine. It appears in the October/November 2006 edition.
The perfect spot to call your own. Room for your family to grow. A yard in which your kids can play. Whatever your dream for your first home may be, the most important thing you can do is to find the best people, your real estate team, who will help make your dream a reality. The key members of your home buying team include a real estate agent, mortgage lender, attorney and home inspector.
As a first-time homebuyer, what you don’t know can and will hurt you. So, it’s important to choose your team wisely because these are the people who will educate you, help you make good decisions and protect what will likely be your largest investment.
To start your search for your team, first ask your friends, family, coworkers, or anyone you trust for recommendations. Make sure that the person making the referral has personally used the individual they are recommending and ask lots of questions about their experience. You should also thoroughly check the experience and background of each member of your team. Here are some tips for finding them:
Real estate agent. Real estate agents are everywhere it seems. You see their pictures on for-sale signs and in newspaper advertising. Before you hire an agent, consider the following:
- –Know whom the agent represents. Real estate agents can work for the seller, the buyer or both. In order for an agent to represent you in a home purchase, the agent will have you sign a contract. Without a contract, an agent who shows you homes or greets you at an open house does not work for you; he/she works for the seller. Read the rest of this entry »
| Discussion: 3 Comments »
Bears Where? Black Bears and Other Wildlife Neighbors in Connecticut
October 28th, 2006 categories: Central Connecticut News & Information
If you’re moving to Connecticut or relocating from one part of the state to another, consider your neighbors. I don’t only mean the human variety - think about your wild neighbors. They won’t affect property values but they will impact your lifestyle if you are in an area inhabited or visited by them.
Bears in particular have made a comeback in our state- and they’re not just being spotted in highly rural areas. In the last year alone, I’ve seen two bears (in Avon in my parents back yard), one coyote, and one fox (both in South Windsor) - this coming from a 33-year Connecticut native who hasn’t ever seen any of these animals up close.
Black Bear Photo: Cheryl Johnson
Personally, I’m happy to see coyotes, bears, fox, and wild turkey (oh, my) but they are wild animals and not everyone may welcome them. Here are some interesting numbers on bear sightings.
From October of 2005 to October of 2006, there were almost 2,000 black bear sightings in Connecticut. Granby, Simsbury and Avon top the list with the most sightings, more than 100 each. A little more surprising is that West Hartford had more than 20 sightings, Bloomfield had 40 and even Waterbury had 14. And I’m sure these numbers are vastly under-reported because not everyone, myself included, thinks to call when they’ve seen a bear. We think of pulling out our camera phone to snap a shot to send it to our friends. Read the rest of this entry »
| Discussion: No Comments »
Ten Terms to Include in Your Lease Agreement
October 25th, 2006 categories: Investors/Landlords
From Forbes.com:
“A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of the tenancy.” View the full article at Forbes.com.
| Discussion: 1 Comment »
Why You Should Know About Dual Agency in Connecticut
October 24th, 2006 categories: Home Buyers, Home Sellers
Dual agency exists when a brokerage firm represents both the seller and buyer in the same transaction - the purchase and sale of one property, for example. Dual agency is akin to one law firm representing both sides in a court case but having two different attorneys handle opposing sides. Doesn’t make a whole lot of sense, does it? But dual agency is permitted under real estate law in CT and is commonplace. Here’s what you should know if you’re buying or selling a house in Connecticut and how dual agency affects you.
Dual agency in practice. I bought my first house using a traditional real estate agent. The agent showed my husband and me a house that was listed by another agent in her office. We put an offer on the property, it was accepted and we closed on the house.
It was years ago but I don’t recall signing a form or having dual agency explained to me. I did feel that the agent we worked with was not very helpful to us as buyers; but, I didn’t know enough about real estate or buying real estate to put my finger on it. It wasn’t until I worked with an exclusive buyer’s agent in the purchase of my next house that I realized what it was. My first real estate agent wasn’t helpful because she really didn’t work for me.
A Dual Agent Represents No One. When I signed a buyer agency agreement, a clause in that contract essentially reserved the agent the right to give me proper disclosures when and if a dual agency situation were to exist. According to real estate law in Connecticut, a real estate agent does not have to give you that disclosure until a dual agency situation exists. Dual agency only exists when you’ve signed a contract with a brokerage firm and its agent to represent you as a buyer and you locate a house that is the broker’s listing (the agent works for the broker and all listings belong to the broker). You’re about to put in an offer and that’s when you find out - the brokerage represents the seller and therefore you must sign an “agreement” that you understand the broker can’t do certain things for you any more, a Dual Agency Consent Agreement. Read the rest of this entry »
| Discussion: 4 Comments »
Sticking it to homeowners
October 21st, 2006 categories: Home Owners
I’ve heard rumblings about the Metropolitan District Commission’s need to make upgrades to its outdated water and sewer system. I’m not naive enough to think that as a homeowner in the area served by the MDC, I wouldn’t have to pay something. But when I read this morning’s Hartford Courant, I almost fell out of my chair - the project is expected to cost $1.6 Billion over the next decade.
Yes, that’s $1.6 Billion.
I agree that something needs to be done but if we’re starting at $1.6 Billion, this project in the hands of spoiled bureaucrats will surely swell far above the projected costs. Connecticut is not known for efficiently handling and spending taxpayers money and ensuring we get what we pay for (I can think of a few recent examples - UCONN’s building program, Route 84).
In addition, the MDC is proposing that paying for the project be tied to property taxes. According to the article:
Under the property tax method, for example, an average household in Hartford would pay $319 by 2016, while a West Hartford family would pay $771, MDC estimates show.
But the burden would shift if MDC water customers ended up subsidizing the project. In that case, a Hartford family in 2016 would pay $468, while a West Hartford household would pay $697.
Add this cost to already burdensome property taxes and homeowners throughout the MDC’s service area are clearly being hit where it hurts - our already shrinking wallets. And it won’t just be homeowners - renters will pay too because no landlord will absorb this increase.
The issue will be put to referendum in the member towns without voters knowing the full story - there are several other ideas on the table regarding how to fund this massive project. Stay tuned for more details.
| Discussion: 2 Comments »
