Archive for the 'Home Buyers' Category
I Know How Stressful Buying and Selling Your Home Can Be
January 18th, 2010 categories: Home Buyers, Home Sellers
For the last few months, I’ve been busy buying, renovating and furnishing a new home.
It took me 3 years to find this house (looking regularly).
It took 4 months to close after we had an accepted contract and after the deal almost fell apart multiple times.
One week after we owned the house, we had a major plumbing issue in the house. Of the backed-up toilet variety.
It’s taken 3 months to renovate it enough so we can move in. In fact, we don’t officially move for another two weeks. I’m literally surrounded by boxes.
I know how stressful and all-consuming buying or selling a home can be. I haven’t written a blog post in three months…just no time.
I know you have doubts about the decisions you’ve made. I know that sometimes you don’t trust everyone involved in the sale/purchase. I know you’re feeling a lot of pressure to be in the new home by a certain date or that you need to be out by a certain date. I know how stressful it is to have people walking through your house day after day and no one seems interested in making an offer.
We’re not done working on our new house yet. Maybe we’ll never be done.
For now, I’m getting back into blogging and hope to share some things I learned along the way.
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Time Running Out for $8,000 Home Buyer Tax Credit. Or Is It?
August 21st, 2009 categories: Home Buyers
The First-Time Home Buyer Tax Credit is part of the American Recovery and Reinvestment Act of 2009. In it, Congress authorized a first-time homebuyer tax credit of up to $8,000 for home buyers meeting certain qualifying criteria. The program’s goal was to stimulate the real estate market and the evidence is that it’s worked.
But time is running out for credit - it expires December 1, 2009.
What that actually means is a buyer must have closed on their purchase by December 1, 2009. With closings taking much longer than they did last year, buyers only have a small window of opportunity.
I would recommend that if you’re planning on using the credit, have the home you want to buy under contract no later than October 2, 2009.
There is a good chance Congress will extend the credit but the deficit may get in the way. See Congressional Quarterly article. We’ll see what happens when Congress reconvenes in September.
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Buying Real Estate Always Involves Compromise
June 15th, 2009 categories: Home Buyers
In this market, buyers have a lot of choices. But even in a down market, with many homes to choose from, home buyers have to make compromises.
Most home buyers that I meet have a list of things they want in a home. There are the “must-haves” and the “like-to-haves.” When we begin looking at homes and matching their “must-haves” to their price range, compromises are needed.
I often tell clients, “even people looking at million-dollar homes need to make compromises.” It’s not only about price range.
Part of buying a home is education…showing buyers their options to prepare them to make a decision and make compromises. If you spend $300,000, you can get what you want but you only have $250,000 - let’s find a home that gives you most of what you want. What can you give up? Read the rest of this entry »
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When is it a good time to upgrade electrical panel to circuit breakers?
May 19th, 2009 categories: Home Buyers, Home Owners, Home Sellers
When is it a good time to upgrade your electrical panel to circuit breakers?
When your insurance company threatens to drop your policy.
I can be easily persuaded and luckily, it’s not going to cost too much.
Homes with fuses aren’t all that common any more but you may come across them during your home search. If at all possible, avoid buying a house with fuses because it will be hard to find home owner’s insurance. Ask the home seller to upgrade prior to closing and this is a perfect reason for requesting it be done.
Electrical Storm by U2
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Don’t Forget to Check Flood Maps Before Buying a Home in Central Connecticut
May 13th, 2009 categories: Central Connecticut News & Information, Home Buyers
Home buyers have to do a lot of due diligence before buying a home. Home inspections, building permits, comparable sales, appraisal, crime statistics, sex offenders, schools, zoning, etc. Add one more item on your to-do list - flood maps.
The house isn’t in a flood zone. Or is it?
You may think that property you’re buying isn’t anywhere near a river, lake, ocean or other body of water. Why check?
Even if the property is not technically near a body of water, the federal government, FEMA (Federal Emergency Management Agency) to be specific, can say it is. And therefore, it is. Even if FEMA is wrong.
Late last year, FEMA issued new flood maps for the entire country after a five-year project. Many properties in Hartford County that had previously not been classified as being in a flood zone now are. These homeowners are now required by their mortgage companies to carry expensive flood insurance, around $1,000 - $1,500/year. Flood insurance rates have recently gone up, making the impact of the map changes more painful.
After doing extensive research on flood zones and flood insurance for a client, I came into contact with several homeowners who were fighting FEMA’s new maps in Wethersfield. According to these homeowners, their properties had never flooded once since they were built more than 60 years ago. Furthermore, FEMA has classified properties as being in a flood zone even though they never officially mapped the properties and are suspected of using maps that pre-date the developments.
FEMA’s response to these homeowners has essentially been “prove your home isn’t in a flood zone” which entails the homeowner hiring a surveyor and then submitting a request to have the map changed which can take months to have approved, if it is approved at all.
And even if a home is determined not to be in a flood zone, part of the property can be considered to be in flood zone and a mortgage lender can require a flood insurance policy. Worse, the property can be removed entirely and a mortgage lender can still require flood insurance.
Where Do You Get Flood Zone Information?
There are three places you can check.
Floodsmart.gov - This is helpful for a quick look. You type in the property address and you’re told whether the property is in a low- or high-risk area. But don’t stop there.
FEMA’s web site - Again, you type in the address but on this site, you have to physically look at the map and the legend to see if the property appears to be in or near a flood zone.
Then, you have to look at the attached Letters of Map Change which exempt properties listed although they appear to be in a flood zone on the map.
Town Engineering Department - If you can’t determine whether the property is in a flood zone or not based on the maps, then take a trip to town hall. The engineering department will have the flood maps handy. But more importantly, you can ask for someone to review the map with you and give you their opinion.
Shouldn’t Flood Zone Information Be Disclosed?
Yes. There is a line on our disclosures but not all homeowners know that their property has been reclassified. If the owners don’t have a mortgage, it’s an estate, foreclosure or as-is sale, then the owners likely don’t know whether or not a home is considered by FEMA to be in a flood zone. For this reason, it’s best to research the property before hand or during the inspection contingency time period. If there are any questions, talk to your real estate agent and attorney about ways to protect yourself in the event a property you’re buying ultimately requires flood insurance.
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