Archive for April, 2009
No Cellphone? No Weekend Hours? Fuhgeddaboudit
April 8th, 2009 categories: Central Connecticut News & Information, Home Buyers, Home Sellers
Real estate deals throughout Connecticut are put together day and night, weekends, holidays and kids birthdays. They don’t only come together from 8:30 - 4:30 Monday - Friday and certainly questions that have to be answered don’t only get asked during those hours.
A typical Realtor is accessible days, nights and weekends - we’re at a home seller’s dining room table at 6 PM or walking a buyer through a property at 2 PM on Sunday. Shouldn’t your lender and real estate attorney also be available at the same time?
While we’re looking at houses on Sunday and you want to make sure you can afford the payment, do you really want to wait until Monday to find out?
If you’ve listed your house and an offer comes in on Saturday with an unusual contingency, don’t you want to run it by your attorney as quickly as possible?
Before working with a lender or attorney, home buyers and sellers should ask:
Do you have a cellphone?
Are you available nights and weekends?
If they say no, you should say fuhgeddaboudit.
Lights Out by Santigold
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Surprise! It’s A Special Assessment
April 6th, 2009 categories: Home Buyers, Home Sellers
Whether you are a buyer or seller of a condominium, an unpleasant surprise that can occur during the sale is a “special assessment.”
A condo association can impose a special assessment on the condo owners in order to pay for a repair or improvement that impacts all or some of the condo owners, for example a roof, siding, or paint. What can qualify as a special assessment entirely depends on the association’s rules.
On the positive side, a special assessment pays for an upgrade that often improves resale value. On the negative side, it’s an extra expense that can scare away buyers.
Assessments can be planned in advance or can be an emergency. Despite a real estate agent’s due diligence in representing a seller or buyer, a special assessment can be levied at any time during the sales process- before, during and after.
For example, immediately after listing a condominium in Newington, I called the property manager for the association. I was told that there was a special assessment in the process of being approved. The owners were not even aware of it - it was going to be announced at an upcoming meeting. This was all while negotiating an offer - and the special assessment was a factor.
The only thing a buyer and seller can do during the sale is to keep in touch with the property manager because they are often the first to know about any expenses on the horizon. Buyers should also be aware that a condominium complex with older components, such as roof, chipping paint, driveway, wood decks, are prime candidates for special assessments in the future - so keep your eyes open.
You may also enjoy reading:
6 Things to Know About a Condo Complex Before Buying
Big Brother is Watching Your Laundry
No Surprise by James Yuill
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Is Your Landlord Headed Into Foreclosure?
April 2nd, 2009 categories: Central Connecticut News & Information, Mortgages & Finance, Real Estate Market
One of the stories reported on regularly these days is tenants facing eviction due to foreclosure of the property they’re living in.
Tenants are going about their business, paying their rent and all of a sudden, they’re served with eviction papers. Fannie Mae has put an end to this practice with their homes, which I agree is unfair, but their policy has other consequences I find distasteful.
But what about tenants whose landlord’s mortgage isn’t backed by Fannie Mae? RealtyTrac.com just announced that they are offering a service to help tenants monitor whether the home they’re living in is falling into foreclosure.
For $24.95/year, tenants can be notified by RealtyTrac.com.
Not a bad idea but if you have the time and don’t want to pay $24.95/year, you can call your town clerk or visit their office and ask to look at the property records for your home. You’re looking for evidence that a lis pendens has been filed, which is usually filed pretty early on in the foreclosure process.
You may also want to check to see if your landlord owes a higher amount on the property than what it’s likely worth (check the town’s most recent appraisal also on record). If the mortgage recorded is much higher, that could be a red flag that your landlord is in trouble.
You May Also Enjoy Reading:
CT Cities Avoid Forbes List of Next Foreclosure Capitals
Just How Did We Get Into This Mortgage Mess?
Head Over Heels by Go-Gos
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Really Easy Ways to Cut Back Home Energy Costs in Connecticut
April 1st, 2009 categories: Central Connecticut News & Information, Home Owners
Last week, I co-hosted a seminar about ways to cut back your household budget.
While each speaker offered many great ideas, I learned the most from Ermelinda Flynn, a Rate Specialist at the State of CT Department of Public Utility Control who discussed some easy ways to cut back on your home energy costs. Here are some of the highlights from Ermelinda’s material that I wanted to share:
Switch Your Light bulbs
We all know this one - that incandescent light bulbs are not the most energy efficient. However, I didn’t realize just how much. Replacing a 75 watt incandescent light bulb with a 25 watt compact fluorescent bulb can save about $100/bulb over the lifetime of that bulb.
Furthermore, they do make CFLs that aren’t ugly for use in pendant lights, chandeliers and bathroom vanities. Although not as bright as the spiral CFLs, they are still a more cost effective alternative to incandescent bulbs.
Do Your Laundry More Efficiently
Use a clothesline in the summer (up to $85 in savings/year). Clean out the dryer’s lint filter after every load and clean out the dryer vent periodically. Dry two or more loads in a row. Fold or hang your laundry immediately after drying to cut back on ironing.
Replace Older Refrigerator
Refrigerators sold today with an Energy Star label use 40% less energy than most models sold in 2001. You can save as much as $100/year by buying a newer model. You can also: clean the condenser coils under the refrigerator, don’t cover steel racks inside with foil, make sure your refrigerator is level and has several inches of space behind it and around it. Toss out any second refrigerator or unplug it for any part of the year you’re not using it (garage or basement refrigerators).
Unplug
In the average home, 75% of electricity used for home electronics is consumed while they are unplugged. Battery chargers and AC adapters should be unplugged when not in use or put on a power strip and turned off. Turn off computer monitors and printers or put them in sleep/energy saving mode.
Enroll in Variable Peak Pricing Program
Did you know that CL&P has a program that all allows you to pay a different rate for your electricity based on when you use it? If you can shift the bulk of your electricity usage to off-peak hours, then you may be able to enroll in this program only available through CL&P.
You may also enjoy reading:
Goodies in Stimulus Package for Home Buyers and Home Owners
Energy Star Site Updated to Reflect Stimulus Package Changes
When Should You Replace Common Household Items
Electric Avenue by Eddy Grant
Do you dig real estate news, tips and advice? Sniffing around for pet-related information in Connecticut?
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