Provided By Realty Times
Question: Our governing documents describe allowable signs as either for sale or for rent. Since no other types of signs are described, some interpret to mean no others are allowed. This seems overly restrictive. What about open house, garage sale and political signs? How about holiday decorations and flags?
Answer: The main purpose of sign restrictions is to limit their number, size, theme and longevity. There should be provision for the other types of signs you mention since they are common activities. Holiday decorations and political signs should also be allowed as time honored traditions. Simply control the number, size, location and time limit. Flags can come in many forms but the US flag has federal protections.
It's best to have a sign, flag and decoration philosophy rather than an extensive list of acceptable or unacceptable items. The philosophy should stress curb appeal and good taste. Since we all know that some lack taste, the board may need to intercede on a case by case basis. The board may need to compromise when confronted by an intractable resident rather than squander precious emotional and financial resources trying to enforce the rules. There is a sample Sign Policy available to Gold Subscribers of www.Regenesis.net.
Question: If the board is meeting and agrees to an action, but does not follow Roberts Rules of Order (motion, second and vote) but instead all simply agree, is that action legal?
Answer: If state statute or your governing documents require use of Robert's Rules, the board needs to use them in the board and member meetings. Otherwise, agreeing to something as you describe is okay as long as the minutes clearly describe what the board agreed to. However, a simplified version of Robert's Rules is highly recommended to keep the meeting organized and to ensure a balanced and meaningful discussion with a purposeful outcome. Without it, meetings can easily become bull sessions with little accomplished.
Question: The board is authorizing one of our condo unit owners to install a sprinkler system at his own expense, Is there any special paperwork which needs to be made up for him to be liable for it?
Answer: Anytime the board authorizes an owner installation, a legal document should be written that describes what is being done and that the owner is responsible for maintenance, repair and replacement of that installation. That document should be recorded against the owner's title so that the obligation transfers to subsequent owners of the property.
But in the case you describe, the board would be allowing a unit owner to irrigate common real estate. In a condominium, all unit owners own all real estate in an undivided interest. The board has no authority to grant any unit owner exclusive use to any of the real estate.
Wednesday, February 29, 2012
Monday, February 27, 2012
Rockwall Neighborhood Profile
Provided By Yahoo! Real Estate
Want to learn more about the neighborhood you live in or the neighborhood you want to move to? Follow this link to learn more facts about our Rockwall Community!
http://realestate.yahoo.com/Texas/Rockwall/neighborhoods;_ylt=AvZdruAgeSkYkCbZ2nY3j06Wxol4?p=75032&search=Search&redir=1
Let us know your thoughts!
Want to learn more about the neighborhood you live in or the neighborhood you want to move to? Follow this link to learn more facts about our Rockwall Community!
http://realestate.yahoo.com/Texas/Rockwall/neighborhoods;_ylt=AvZdruAgeSkYkCbZ2nY3j06Wxol4?p=75032&search=Search&redir=1
Let us know your thoughts!
Friday, February 24, 2012
A Weekend Project: Newly Painted Walls
Provided By Realty Times
You don't have to hire a professional painting crew to get a professional paint job! You have all the tips and tools you need to turn dull rooms into beautiful escapes.
First, you must decide what prep work needs to be done to your walls. Walls should be clean and free of holes and blemishes. Spend a little time filling nail holes and any cracks with caulking. This crucial step will make for a clean finished product.
Do you have mildew growing on your walls? Use a 1 part bleach to 3 part water solution to wash or scrub the mildewed areas. Rinse away the bleach solution prior to the rest of your prep work and voila you'll have a mildew-free surface.
Next, prep the space for the actual act of painting. Remove any furniture or knick-knacks. Lay down plastic or cloth drop clothes to protect your floors. If drop clothes aren't in your budget, consider laying down pieces of cardboard around your room's edge. Finally, use blue painters tape around trim, windows, and doors to ensure a clean edge. Sometimes the prepping phase takes longer than the painting phase, but trust that it's worth it.
Once you have prepped the space, it's time to make a trip to your local home improvement or paint store to pick out the color! Do you have an inspiration room you've found in a magazine or book? Are you wanting to match your walls to a specific object or fabric?
Be sure to take these items with you since many paint departments now offer color matching. If they don't, at least you'll have the color with you as a visual reference.
Do you have an especially rough or marked wall? Consider hiding blemishes with a faux texturing technique, such as applying paint with a sponge. Your local home improvement store will have brochures and maybe even classes teaching you how.
The color and style of paint your room is a big choice. If you need help deciding on what colors are most popular today don't shy away from from the display of brochures available in any paint department. These pictures can serve as inspiration.
Now, it's all about the right tools. Be sure to select brushes based on the type of paint you choose. There are different brushes for latex, oil, and stains. Use brushes for cutting in around edges and do the bulk of your work with rollers. Just be sure to wash out whatever tools you use at the end of each day. If you need to walk away from a project for more than 30 minutes then be sure to wrap brushes in plastic (even a shopping bag will do) to ensure they don't dry out.
Get that perfect ceiling line with a pro edger. It looks like a long piece of metal with a handle and helps you create that professional line. No cutting-in experience is required! Plus, don't forget to pick up pole extenders and step ladders for those hard to reach places.
Paint in a well-ventilated space and only on warm days. Paints must be applied in temperatures above 35 degree (and most about 50). If you want to go green with your paint be sure to select only zero-voc paints. They cost only a fraction more and kind to both the environment and your body.
Painting is a simple and very rewarding task. It can be one of the least expensive ways off breathing new life into an old space. Be sure to take your time doing the prep work and your hard work is sure to pay off big -- in style or in impressing buyers!
You don't have to hire a professional painting crew to get a professional paint job! You have all the tips and tools you need to turn dull rooms into beautiful escapes.
First, you must decide what prep work needs to be done to your walls. Walls should be clean and free of holes and blemishes. Spend a little time filling nail holes and any cracks with caulking. This crucial step will make for a clean finished product.
Do you have mildew growing on your walls? Use a 1 part bleach to 3 part water solution to wash or scrub the mildewed areas. Rinse away the bleach solution prior to the rest of your prep work and voila you'll have a mildew-free surface.
Next, prep the space for the actual act of painting. Remove any furniture or knick-knacks. Lay down plastic or cloth drop clothes to protect your floors. If drop clothes aren't in your budget, consider laying down pieces of cardboard around your room's edge. Finally, use blue painters tape around trim, windows, and doors to ensure a clean edge. Sometimes the prepping phase takes longer than the painting phase, but trust that it's worth it.
Once you have prepped the space, it's time to make a trip to your local home improvement or paint store to pick out the color! Do you have an inspiration room you've found in a magazine or book? Are you wanting to match your walls to a specific object or fabric?
Be sure to take these items with you since many paint departments now offer color matching. If they don't, at least you'll have the color with you as a visual reference.
Do you have an especially rough or marked wall? Consider hiding blemishes with a faux texturing technique, such as applying paint with a sponge. Your local home improvement store will have brochures and maybe even classes teaching you how.
The color and style of paint your room is a big choice. If you need help deciding on what colors are most popular today don't shy away from from the display of brochures available in any paint department. These pictures can serve as inspiration.
Now, it's all about the right tools. Be sure to select brushes based on the type of paint you choose. There are different brushes for latex, oil, and stains. Use brushes for cutting in around edges and do the bulk of your work with rollers. Just be sure to wash out whatever tools you use at the end of each day. If you need to walk away from a project for more than 30 minutes then be sure to wrap brushes in plastic (even a shopping bag will do) to ensure they don't dry out.
Get that perfect ceiling line with a pro edger. It looks like a long piece of metal with a handle and helps you create that professional line. No cutting-in experience is required! Plus, don't forget to pick up pole extenders and step ladders for those hard to reach places.
Paint in a well-ventilated space and only on warm days. Paints must be applied in temperatures above 35 degree (and most about 50). If you want to go green with your paint be sure to select only zero-voc paints. They cost only a fraction more and kind to both the environment and your body.
Painting is a simple and very rewarding task. It can be one of the least expensive ways off breathing new life into an old space. Be sure to take your time doing the prep work and your hard work is sure to pay off big -- in style or in impressing buyers!
Wednesday, February 22, 2012
Home Repair: Which Jobs Come First?
Provided By Yahoo! Real Estate
Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.
Should you get a paint job or a new furnace? "There's no homeowner's manual that tells you when to do what," says Naperville, Ill., home inspector and structural engineer Mark Waldman.
Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.
1. Electrical system
Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. "That trumps everything," says Waldman.
Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.
How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He'll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.
Replacement cost: $4,000 to $10,000 to rewire the house.
Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.
2. Basement
Structural problems downstairs mean shifting and cracking upstairs -- at the very least -- so there's little point in doing other repairs until you've fixed the building's foundation.
Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation -- especially if the cracks are horizontal, which tends to indicate a bigger problem.
How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).
Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.
Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.
3. Roof
Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.
Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.
How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company's reputation at angieslist.com ($5 a month).
Replacement cost: $5,000 to $15,000
Prolong its life: Prune tree limbs so they're at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.
4. Gutters
Your gutters are just as important as the roof. The only reason they're lower on this list is that if you replace gutters first, they're likely to get damaged when you reroof later. So if you need a roof too, it's better to wait -- or do both projects at the same time.
Danger signs: Dented or disconnected gutters, pooled water around your home's foundation, or basement flooding near the downspouts.
How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. "The best time to see clogs and overflows is when the system is working," she says.
Replacement cost: $1,500 to $3,000
Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year -- two or three times if you're in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.
5. Exterior walls
"People think paint is just a decorative element, so they let it go," says Robert Niemeyer, a Winston-Salem, N.C., handyman, contractor, and electrician. But without a weather-tight seal, water can infiltrate the siding, causing rot and attracting wood-damaging insects. Still, leaks from a vertical surface generally aren't as quick or lethal as ones from a roof and gutter.
Danger signs: Paint that's peeling, cracking or blistering
Replacement cost: $4,000 to $10,000; make sure the painters replace loose putty around the window glass and caulking gaps around molding.
Prolong its life: Hire a pro to do touchups every year. Trim foliage so it's at least a foot from the house, and kill any mildew growth with a bleach-and-water solution.
6. Aging equipment
An old heating or cooling system is costly to operate -- and the risk of a breakdown increases with age. But as long as your old furnace, boiler, or AC is operating safely, there's no rush to upgrade.
Danger signs: The system cycles on and off frequently to hold your thermostat setting; you spot corrosion on the vent pipe; the natural-gas flames are yellow or orange instead of pure blue.
How to check: Get a repair estimate: if it's more than a third of the replacement cost, spring for a new machine, says Indianapolis plumber Larry Howald.
Replacement cost: Typically $2,000 to $4,000 for a furnace (forced air); $4,000 to $8,000 for a boiler (hot water); $1,000 to $3,000 for a water heater; $6,000 to $10,000 for an air conditioner.
Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.
Should you get a paint job or a new furnace? "There's no homeowner's manual that tells you when to do what," says Naperville, Ill., home inspector and structural engineer Mark Waldman.
Emergencies aside, the project that could cause the most damage and expense if left unfixed is the priority. Below, the order in which to tackle your biggest repair needs.
1. Electrical system
Wiring problems claim the No. 1 spot for good reason: They can lead to fires and electrocution. "That trumps everything," says Waldman.
Danger signs: Circuit breakers that trip frequently, lights that dim when you turn on the vacuum or outlets that are loose, hot, or accept only two-prong plugs.
How to check: Spend $300 to $500 for a licensed electrician to open up your main panel to look for trouble and to tighten any loose connections. He'll also spot-check switches, outlets and light fixtures to ensure that the wiring is in safe working order.
Replacement cost: $4,000 to $10,000 to rewire the house.
Prolong its life: Flip every circuit breaker off and on again once a year to prevent corrosion. Add new circuits ($100 to $500 each) to take the heaviest electrical loads, like window air conditioners, off the old wires.
2. Basement
Structural problems downstairs mean shifting and cracking upstairs -- at the very least -- so there's little point in doing other repairs until you've fixed the building's foundation.
Danger signs: Bowed or split beams, rotted posts, piles of sawdust (evidence of wood-boring insects), tiny mud trails (indications of termites), or large cracks in the masonry foundation -- especially if the cracks are horizontal, which tends to indicate a bigger problem.
How to check: A contractor will usually take a look free of charge. If he recommends significant repairs, hire a home inspection engineer (find one at nabie.org) to investigate ($350 to $500).
Replacement cost: Major foundation work can cost $3,500 to $8,000; new posts or beams could run $1,200 to $2,500.
Prolong its life: Water is the cause of cracked concrete, rotten timbers and wood-eating pests. So keep your basement dry by making sure the landscape slopes away from the house and maintaining the next two items on the list: the roof and gutters.
3. Roof
Water leaking into your home from above can lead to a host of pricey problems: rot, insects, electrical shorts and mold.
Danger signs: Dampness or stains on ceilings; curling, missing, or broken shingles; smooth spots where the granules have worn away; green algae growth.
How to check: Have a roofer inspect your home. This is typically free, but the pro, of course, is looking for business. So check the company's reputation at angieslist.com ($5 a month).
Replacement cost: $5,000 to $15,000
Prolong its life: Prune tree limbs so they're at least 10 feet from the roof to keep squirrels away and to let moisture evaporate quickly after storms. If shingles blow off, replace them immediately, and repair small leaks promptly.
4. Gutters
Your gutters are just as important as the roof. The only reason they're lower on this list is that if you replace gutters first, they're likely to get damaged when you reroof later. So if you need a roof too, it's better to wait -- or do both projects at the same time.
Danger signs: Dented or disconnected gutters, pooled water around your home's foundation, or basement flooding near the downspouts.
How to check: Head outside during a rainstorm and watch the gutters in action, says Caitlin Corkins, stewardship manager for Historic New England, which maintains dozens of historic properties. "The best time to see clogs and overflows is when the system is working," she says.
Replacement cost: $1,500 to $3,000
Prolong its life: Hire a gutter company to clean, check, and repair your gutters ($100 to $200) at least once a year -- two or three times if you're in a wooded area. And have someone clear the eaves of deep snow to prevent icing, which can split open gutters or rip them right off the house.
5. Exterior walls
"People think paint is just a decorative element, so they let it go," says Robert Niemeyer, a Winston-Salem, N.C., handyman, contractor, and electrician. But without a weather-tight seal, water can infiltrate the siding, causing rot and attracting wood-damaging insects. Still, leaks from a vertical surface generally aren't as quick or lethal as ones from a roof and gutter.
Danger signs: Paint that's peeling, cracking or blistering
Replacement cost: $4,000 to $10,000; make sure the painters replace loose putty around the window glass and caulking gaps around molding.
Prolong its life: Hire a pro to do touchups every year. Trim foliage so it's at least a foot from the house, and kill any mildew growth with a bleach-and-water solution.
6. Aging equipment
An old heating or cooling system is costly to operate -- and the risk of a breakdown increases with age. But as long as your old furnace, boiler, or AC is operating safely, there's no rush to upgrade.
Danger signs: The system cycles on and off frequently to hold your thermostat setting; you spot corrosion on the vent pipe; the natural-gas flames are yellow or orange instead of pure blue.
How to check: Get a repair estimate: if it's more than a third of the replacement cost, spring for a new machine, says Indianapolis plumber Larry Howald.
Replacement cost: Typically $2,000 to $4,000 for a furnace (forced air); $4,000 to $8,000 for a boiler (hot water); $1,000 to $3,000 for a water heater; $6,000 to $10,000 for an air conditioner.
Monday, February 20, 2012
Nation, Economy, Homeowners Need More, Improved Foreclosure Mediation Programs
Provided By Realty Times
In a few short years, successful foreclosure mediation programs could head off many of the forecast 10 million foreclosures, fix the broken housing market and help rebuild the economy.
Unfortunately, most states don't offer foreclosure mediation, some states offer temporary programs and still others offer programs that don't work as well as they should, according to a comprehensive new report "Rebuilding America: How States Can Save Millions of Homes Through Foreclosure Mediation," by the National Consumer Law Center (NCLC)
"Our report reviews programs in use in 19 states and makes recommendations for best practices drawn from that analysis. The evidence is in that mediation programs can be financially self-sustaining, do not prolong inevitable foreclosures, and are a proven tool that can help rebuild the fragile U.S. economy. If all states adopted strong foreclosure mediation programs, it would prevent further harm to millions of families while also saving local communities and investors billions of dollars," said Geoff Walsh, an attorney at NCLC.
Mediation involves a third, neutral party, a mediator, who negotiates a dispute to generate a fair settlement that's mutually acceptable to opposing parties.
In the case of mortgage foreclosure mediation, the mediator works with the struggling homeowner and the lender or servicer to work out new mortgage terms that will both satisfy the lender and prevent the homeowner from defaulting. Where mandated foreclosure mediation exists. lenders and servicers must review foreclosure options before a foreclosure can be completed.
NCLC says foreclosure mediation programs typically connect borrowers with housing counselors. A growing library of studies reveal that borrowers who receive homeownership education and counseling are better equipped to avoid foreclosure and better able to obtain affordable, sustainable loan modifications.
Effective mediation programs can shorten prolonged pain that often comes with foreclosures. Mediation programs typically must work within the time frames required by law. In Philadelphia, for example, the typical foreclosure case spent 53 days in a foreclosure conference while the average time frame to complete an uncontested foreclosure was 10 months, according to NCLC.
Foreclosure mediation programs can work alongside the federal Home Affordable Modification Program (HAMP) and other mortgage workouts.
Foreclosure mediation programs also provide substantial community benefits at little or no cost. Mediation fees average from none to less than $1,000, typically paid by the homeowner and or the mortgage lender. In comparison, investors lost an average $145,000 per home foreclosure in 2008, according to NCLC.
Unfortunately not all foreclosure mediation programs are created equal.
Some lack enforceable standards, don't compel servicers to negotiate in good faith, lack effective outreach component, or otherwise fail to get the job done.
NCLC says a more far reaching web of foreclosure mediation programs is needed in all states, with provisions that include:
• Permanent foreclosure mediation programs. Some states have temporary programs subject to an expiration date, but the programs should be retained as permanent foreclosure law provisions.
• State enforced funding. States should fund housing counseling and legal support for homeowners through filing fee surcharges that also fund mediation programs. (The recent National Mortgage Settlement comes with $766.5 million fine which, when collected from banks named in the settlement, will be used to pay for counseling programs for struggling homeowners eligible for benefits under the larger $25 billion settlement.)
• HAMP connections. HAMP ends in two years. To maximize HAMP modifications, mediation programs should require servicers to document their compliance with HAMP rules.
• An end to "dual tracking." Mediation programs should disallow foreclosures on loans already modified under HAMP. NCLC says some servicers are already foreclosing on loans permanently modified under HAMP, a practice called "dual tracking," now outlawed by the recent National Mortgage Settlement.
• Monitoring for proprietary modifications. Servicers who give homeowners their own modifications instead of HAMP modifications often load them with more onerous terms including higher interest rates and smaller principal reductions.
• Reduced impact of Federal Housing Finance Agency (FHFA) guidelines. New FHFA guidelines encourage services to speed up foreclosures, especially after a case has been referred to an attorney. That makes it tough to stop foreclosures once they've begun. Rules for mediation should be tightened so that foreclosure stays remain in place pending a full review of options to foreclosure.
• Rental market information. Renting often becomes the only available housing option for those who suffer a foreclosure. However, renters are more than twice as likely as homeowners to spend more than half their income on housing, according to NCLC. That can make retaining homeownership more affordable and homeowners should have the rental information to weigh their housing options.
• More attention to minorities. Targeting minorities with toxic loans led to disproportionate foreclosures in minority communities during the housing crisis. Similar practices continue to steer minorities to proprietary modifications that are less affordable than those offered non-minorities. Mediation programs should come with oversight to guard against fair housing violation practices that continue to disproportionately impact minorities.
In a few short years, successful foreclosure mediation programs could head off many of the forecast 10 million foreclosures, fix the broken housing market and help rebuild the economy.
Unfortunately, most states don't offer foreclosure mediation, some states offer temporary programs and still others offer programs that don't work as well as they should, according to a comprehensive new report "Rebuilding America: How States Can Save Millions of Homes Through Foreclosure Mediation," by the National Consumer Law Center (NCLC)
"Our report reviews programs in use in 19 states and makes recommendations for best practices drawn from that analysis. The evidence is in that mediation programs can be financially self-sustaining, do not prolong inevitable foreclosures, and are a proven tool that can help rebuild the fragile U.S. economy. If all states adopted strong foreclosure mediation programs, it would prevent further harm to millions of families while also saving local communities and investors billions of dollars," said Geoff Walsh, an attorney at NCLC.
Mediation involves a third, neutral party, a mediator, who negotiates a dispute to generate a fair settlement that's mutually acceptable to opposing parties.
In the case of mortgage foreclosure mediation, the mediator works with the struggling homeowner and the lender or servicer to work out new mortgage terms that will both satisfy the lender and prevent the homeowner from defaulting. Where mandated foreclosure mediation exists. lenders and servicers must review foreclosure options before a foreclosure can be completed.
NCLC says foreclosure mediation programs typically connect borrowers with housing counselors. A growing library of studies reveal that borrowers who receive homeownership education and counseling are better equipped to avoid foreclosure and better able to obtain affordable, sustainable loan modifications.
Effective mediation programs can shorten prolonged pain that often comes with foreclosures. Mediation programs typically must work within the time frames required by law. In Philadelphia, for example, the typical foreclosure case spent 53 days in a foreclosure conference while the average time frame to complete an uncontested foreclosure was 10 months, according to NCLC.
Foreclosure mediation programs can work alongside the federal Home Affordable Modification Program (HAMP) and other mortgage workouts.
Foreclosure mediation programs also provide substantial community benefits at little or no cost. Mediation fees average from none to less than $1,000, typically paid by the homeowner and or the mortgage lender. In comparison, investors lost an average $145,000 per home foreclosure in 2008, according to NCLC.
Unfortunately not all foreclosure mediation programs are created equal.
Some lack enforceable standards, don't compel servicers to negotiate in good faith, lack effective outreach component, or otherwise fail to get the job done.
NCLC says a more far reaching web of foreclosure mediation programs is needed in all states, with provisions that include:
• Permanent foreclosure mediation programs. Some states have temporary programs subject to an expiration date, but the programs should be retained as permanent foreclosure law provisions.
• State enforced funding. States should fund housing counseling and legal support for homeowners through filing fee surcharges that also fund mediation programs. (The recent National Mortgage Settlement comes with $766.5 million fine which, when collected from banks named in the settlement, will be used to pay for counseling programs for struggling homeowners eligible for benefits under the larger $25 billion settlement.)
• HAMP connections. HAMP ends in two years. To maximize HAMP modifications, mediation programs should require servicers to document their compliance with HAMP rules.
• An end to "dual tracking." Mediation programs should disallow foreclosures on loans already modified under HAMP. NCLC says some servicers are already foreclosing on loans permanently modified under HAMP, a practice called "dual tracking," now outlawed by the recent National Mortgage Settlement.
• Monitoring for proprietary modifications. Servicers who give homeowners their own modifications instead of HAMP modifications often load them with more onerous terms including higher interest rates and smaller principal reductions.
• Reduced impact of Federal Housing Finance Agency (FHFA) guidelines. New FHFA guidelines encourage services to speed up foreclosures, especially after a case has been referred to an attorney. That makes it tough to stop foreclosures once they've begun. Rules for mediation should be tightened so that foreclosure stays remain in place pending a full review of options to foreclosure.
• Rental market information. Renting often becomes the only available housing option for those who suffer a foreclosure. However, renters are more than twice as likely as homeowners to spend more than half their income on housing, according to NCLC. That can make retaining homeownership more affordable and homeowners should have the rental information to weigh their housing options.
• More attention to minorities. Targeting minorities with toxic loans led to disproportionate foreclosures in minority communities during the housing crisis. Similar practices continue to steer minorities to proprietary modifications that are less affordable than those offered non-minorities. Mediation programs should come with oversight to guard against fair housing violation practices that continue to disproportionately impact minorities.
Friday, February 17, 2012
Why You Want a Guaranteed Title
Provided Realty Times
Today's buyers are facing quite a diverse housing market. There are great deals for buyers and investors alike. Home prices are at all-time lows and interest rates are creating some enticing conditions.
One word buyers and investors should familiarize themselves with is "title". When you buy anything -- a car, a house -- you want to be sure that you are gaining clear title. Simply exchanging money doesn't mean you have legal ownership of said property.
You may have been introduced to the term "quitclaim" deed. A quitclaim deed means there is no title covenant, or no guarantee of the title. Take it from the experts -- don't enter into one of these agreements.
Quitclaim deeds are only intended to be used by parties that know and trust each other, such as within a family. It should not be used during traditional sales and here's why.
A quitclaim deed means the seller doesn't guarantee that he/she actually owns the property! They are simply transferring whatever interest they have at the time of purchase.
In the still strong wake of the home foreclosure crisis, many owners are finding they've become the unfortunate victims of the robo-signing mortgage debacle.
According to RealtyTrac.com, the leading online marketplace of foreclosure properties, "The housing market has not completely escaped the clutches of this foreclosure crisis. Instead foreclosure processing delays in 2011 have artificially exaggerated what would have been a slow, natural decrease in foreclosure activity off the foreclosure peak of 2010. This artificial trough in foreclosure activity in 2011 will result in a corresponding double-peak in 2012."
These aforementioned "foreclosure processing delays" are direct effects of the robo-signing controversy, where documents had improper notarization and suspect signatures and are now being invalidated by courts, blocked by judged, and refused by insurers.
These weren't just small companies falling these procedures. Big names like Bank of America, JPMorgan Chase, and Wells Fargo were found to use these practices.
This scandal is nothing new. MSNBC reports that "Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than first thought, tainting the deeds of tens of thousands of homes dating to the late 1990s. The suspect documents could create legal trouble for homeowners for years."
"Because of these bad titles, property owners can't prove they own the properties they think they bought, and banks can't prove they had the right to sell them," says Jeff Thigpen, the registrar of deeds in Guilford County, N.C.
Distressed properties were scooped up across the nation by eager, and sometimes less than thorough or honest, investment companies who then unloaded them without clear titles, legal notary, or proper signatures to unsuspecting buyers.
Many of these buyers who were impressed by the ease of purchase are now discovering that documents that must be officially signed and notarized had simply been "robo-signed", sometimes without even the right person's electronic signature.
Now, in order to sell with a clear title they must now do the legwork of tracking down signatures and filing paperwork that should have been handled by the mortgage investment company. This has led to contract cancellations and lost sales.
If you are looking to buy property in today's housing market, be sure to pay careful attention to dotting the i's and crossing the t's in your contract. Be sure that you are receiving a clear title done the old fashioned way with a guaranteed loan.
Today's buyers are facing quite a diverse housing market. There are great deals for buyers and investors alike. Home prices are at all-time lows and interest rates are creating some enticing conditions.
One word buyers and investors should familiarize themselves with is "title". When you buy anything -- a car, a house -- you want to be sure that you are gaining clear title. Simply exchanging money doesn't mean you have legal ownership of said property.
You may have been introduced to the term "quitclaim" deed. A quitclaim deed means there is no title covenant, or no guarantee of the title. Take it from the experts -- don't enter into one of these agreements.
Quitclaim deeds are only intended to be used by parties that know and trust each other, such as within a family. It should not be used during traditional sales and here's why.
A quitclaim deed means the seller doesn't guarantee that he/she actually owns the property! They are simply transferring whatever interest they have at the time of purchase.
In the still strong wake of the home foreclosure crisis, many owners are finding they've become the unfortunate victims of the robo-signing mortgage debacle.
According to RealtyTrac.com, the leading online marketplace of foreclosure properties, "The housing market has not completely escaped the clutches of this foreclosure crisis. Instead foreclosure processing delays in 2011 have artificially exaggerated what would have been a slow, natural decrease in foreclosure activity off the foreclosure peak of 2010. This artificial trough in foreclosure activity in 2011 will result in a corresponding double-peak in 2012."
These aforementioned "foreclosure processing delays" are direct effects of the robo-signing controversy, where documents had improper notarization and suspect signatures and are now being invalidated by courts, blocked by judged, and refused by insurers.
These weren't just small companies falling these procedures. Big names like Bank of America, JPMorgan Chase, and Wells Fargo were found to use these practices.
This scandal is nothing new. MSNBC reports that "Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than first thought, tainting the deeds of tens of thousands of homes dating to the late 1990s. The suspect documents could create legal trouble for homeowners for years."
"Because of these bad titles, property owners can't prove they own the properties they think they bought, and banks can't prove they had the right to sell them," says Jeff Thigpen, the registrar of deeds in Guilford County, N.C.
Distressed properties were scooped up across the nation by eager, and sometimes less than thorough or honest, investment companies who then unloaded them without clear titles, legal notary, or proper signatures to unsuspecting buyers.
Many of these buyers who were impressed by the ease of purchase are now discovering that documents that must be officially signed and notarized had simply been "robo-signed", sometimes without even the right person's electronic signature.
Now, in order to sell with a clear title they must now do the legwork of tracking down signatures and filing paperwork that should have been handled by the mortgage investment company. This has led to contract cancellations and lost sales.
If you are looking to buy property in today's housing market, be sure to pay careful attention to dotting the i's and crossing the t's in your contract. Be sure that you are receiving a clear title done the old fashioned way with a guaranteed loan.
Tuesday, February 14, 2012
Fun Family Valentine Dessert
Provided By Kraft.com
CUPID CUPS
1 square BAKER'S Semi-Sweet Chocolate, melted
2 cups boiling water, divided
2 pkg. (3 oz. each) JELL-O Strawberry Flavor Gelatin
1-1/2 cups cold water, divided
Ice cubes
1 cup thawed COOL WHIP Whipped Topping
Microwave chocolate in microwaveable bowl on HIGH 1 min., stirring after 30 sec. (The square will retain its shape.) Stir until chocolate is completely melted.
CUPID CUPS
What You Need
1 square BAKER'S Semi-Sweet Chocolate, melted
2 cups boiling water, divided
2 pkg. (3 oz. each) JELL-O Strawberry Flavor Gelatin
1-1/2 cups cold water, divided
Ice cubes
1 cup thawed COOL WHIP Whipped Topping
Decorations: assorted Valentine sprinkles and candies
Make It
DRAW heart design or write Valentine's Day message in each of 8 (6-oz.) clear plastic cups by piping chocolate onto insides of cups. Refrigerate until chocolate is firm.
ADD 1 cup boiling water to 1 pkg. gelatin mix in medium bowl; stir 2 min. until completely dissolved. Stir in 1 cup cold water; pour into cups. Refrigerate 1 hour or until gelatin is firm.
MEANWHILE, add remaining boiling water to remaining gelatin mix; stir 2 min. until completely dissolved. Add enough ice to remaining cold water to measure 1 cup. Add to gelatin; stir until thickened. Stir in COOL WHIP; spoon over gelatin layer in cups. Refrigerate 3 hours or until firm. Decorate as desired.
ADD 1 cup boiling water to 1 pkg. gelatin mix in medium bowl; stir 2 min. until completely dissolved. Stir in 1 cup cold water; pour into cups. Refrigerate 1 hour or until gelatin is firm.
MEANWHILE, add remaining boiling water to remaining gelatin mix; stir 2 min. until completely dissolved. Add enough ice to remaining cold water to measure 1 cup. Add to gelatin; stir until thickened. Stir in COOL WHIP; spoon over gelatin layer in cups. Refrigerate 3 hours or until firm. Decorate as desired.
Kraft Kitchens Tips
How to Melt Chocolate
Microwave chocolate in microwaveable bowl on HIGH 1 min., stirring after 30 sec. (The square will retain its shape.) Stir until chocolate is completely melted.
Monday, February 13, 2012
Know Your Expenses Before You Buy
Provided By Realty Times
For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission. But if you plan ahead and carefully budget, the goal of homeownership can be yours.
When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.
Private Mortgage Insurance
This is added on to your mortgage when the down payment is less than 20 percent. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.
Taxes
Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.
HOA Fees
Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOAs help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOAs, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.
Homeowner’s insurance
Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.
Utilities and appliances
These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.
Inspections, appraisals, and closing costs
Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings.
Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.
While the extra expenses do add up quickly, if you carefully budget and plan ahead, the goal of homeownership is achievable and very satisfying.
For many, homeownership is still a dream. Moving from renting can seem like it’s an impossible mission. But if you plan ahead and carefully budget, the goal of homeownership can be yours.
When budgeting how much home you can afford, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.
Private Mortgage Insurance
This is added on to your mortgage when the down payment is less than 20 percent. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.
Taxes
Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.
HOA Fees
Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOAs help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOAs, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.
Homeowner’s insurance
Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.
Utilities and appliances
These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.
Inspections, appraisals, and closing costs
Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings.
Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.
While the extra expenses do add up quickly, if you carefully budget and plan ahead, the goal of homeownership is achievable and very satisfying.
Wednesday, February 8, 2012
The Selling Power of Closets
Provided By Realty Times
At first glance your closets may seem like insignificant or unassuming rooms in your home. The truth is, however, that closets can be real selling features. Homes must have storage. From clothes to food to cleaning supplies, closets are the heart of every clean house.
The first order of business in revamping your closets is to get rid of the clutter! We all are a little guilty of holding onto clothes and other "valuables" that we no longer need. These superfluous items can make closets burst at the seems and can turn a ready and willing buyer off.
Downsize these items by holding a yard sale, giving them to charity, or gifting them to family and friends. Chances are you’ll never miss the items you give away, but your closets will breathe a sign of relief!
With all that extra clutter out of the way it’s now time to get organized. Even cheap fixes can make a real difference.
First, organize your closet by color blocking your clothes, grouping like items, and sorting smaller items into storage totes or even labeled shoe boxes. You can also store away winter/summer items in the garage in the off season.
Tame your shoes with shoe racks. You should always be able to see the floor of your closet!
Are you needing to organize your pantry? Use the same principles as with your bedroom closets. Remove unnecessary items, get storage totes for small and miscellaneous items, and them group like items together.
Every closet needs shelving and racks. Depending on your budget and your housing market there’s a wide range of choices. Simple and inexpensive Rubbermaid shelving can be configured in a myriad of patterns and can be installed with nothing more than a drill or screwdriver.
If your budget allows, however, custom built-in units can wow your potential buyers and put your home at the top of their list. Taking it one step further if you have a walk-in closet. Walk-ins are super selling points in a home, so it’s time to maximize the potential of this space.
The main key with closets is to allow buyers to see the true size and functionality of the space. You don’t want them to be overwhelmed by your junk the minute they open a door and yes, they will open the closets! Instead, let them be inspired by your organization!
At first glance your closets may seem like insignificant or unassuming rooms in your home. The truth is, however, that closets can be real selling features. Homes must have storage. From clothes to food to cleaning supplies, closets are the heart of every clean house.
The first order of business in revamping your closets is to get rid of the clutter! We all are a little guilty of holding onto clothes and other "valuables" that we no longer need. These superfluous items can make closets burst at the seems and can turn a ready and willing buyer off.
Downsize these items by holding a yard sale, giving them to charity, or gifting them to family and friends. Chances are you’ll never miss the items you give away, but your closets will breathe a sign of relief!
With all that extra clutter out of the way it’s now time to get organized. Even cheap fixes can make a real difference.
First, organize your closet by color blocking your clothes, grouping like items, and sorting smaller items into storage totes or even labeled shoe boxes. You can also store away winter/summer items in the garage in the off season.
Tame your shoes with shoe racks. You should always be able to see the floor of your closet!
Are you needing to organize your pantry? Use the same principles as with your bedroom closets. Remove unnecessary items, get storage totes for small and miscellaneous items, and them group like items together.
Every closet needs shelving and racks. Depending on your budget and your housing market there’s a wide range of choices. Simple and inexpensive Rubbermaid shelving can be configured in a myriad of patterns and can be installed with nothing more than a drill or screwdriver.
If your budget allows, however, custom built-in units can wow your potential buyers and put your home at the top of their list. Taking it one step further if you have a walk-in closet. Walk-ins are super selling points in a home, so it’s time to maximize the potential of this space.
The main key with closets is to allow buyers to see the true size and functionality of the space. You don’t want them to be overwhelmed by your junk the minute they open a door and yes, they will open the closets! Instead, let them be inspired by your organization!
Monday, February 6, 2012
Green Living: Tips for the New Year
Provided By Realty Times
The new year is prime time to develop some new household habits. Many households shy away from adopting green living habits for fear that they’ll be too hard, time-consuming, or expensive.
In reality, there are many green habits that can fit easily into your daily routine. To start out consider the old adage of "reduce, reuse, recycle."
Reducing your consumption means being a conscious consumer. Choose packaging that easily biodegrades, such as cardboard or paper. Avoid plastic when possible and only use plastic when it’s the kind that can be recycled.
Use your own grocery bags when shopping to reduce the amount of plastic bags you consume.
For young families, make the earth-friendly and cost-effective switch to cloth diapers. From birth to potty training the average child’s diapers cost $2,000 - $3,000. Cloth diapers on the other hand cost around $450 and can be reused for other children.
Next, reuse products when possible. Do you have the have the new "x" or is the old one still in good working order? Do you have jars, jugs, and containers that you can give new life to? Find creative ways to continue using products instead of sending them to the landfill.
Finally, recycle whenever you can! The best way to stick to a new recycling habit is to set up separate bins or storage containers in your pantry, kitchen, or garage. When you empty jugs, bottles, and jars, give them a quick rinse and then sort them into their appropriate containers.
Depending on your household usage, you’ll most likely end up having four separate containers. According to the EPA, "Paper accounts for more than a third of all recyclables collected in the US, by weight. Nearly forty-five million tons of paper and paperboard were recovered in 2010 -- a recycling rate of over 63 percent." Your paper bin can be used for newspaper, cardboard to name a view.
You’ll also have a metal bin for empty vegetable and soda cans, one for glass, and a bin for all your household plastics.
You can also recycle by making sure your old clothes and furniture are donated to those in need. What is old to you is new to someone else.
Finally, contact your local city offices to find out where you can take your recycling good or if there is weekly or monthly recycling pickup in your area!
Reduce, reuse, recycle is a simple way of changing how your family thinks about living green. Post this motto on your family fridge to turn this new goal into daily habit.
The new year is prime time to develop some new household habits. Many households shy away from adopting green living habits for fear that they’ll be too hard, time-consuming, or expensive.
In reality, there are many green habits that can fit easily into your daily routine. To start out consider the old adage of "reduce, reuse, recycle."
Reducing your consumption means being a conscious consumer. Choose packaging that easily biodegrades, such as cardboard or paper. Avoid plastic when possible and only use plastic when it’s the kind that can be recycled.
Use your own grocery bags when shopping to reduce the amount of plastic bags you consume.
For young families, make the earth-friendly and cost-effective switch to cloth diapers. From birth to potty training the average child’s diapers cost $2,000 - $3,000. Cloth diapers on the other hand cost around $450 and can be reused for other children.
Next, reuse products when possible. Do you have the have the new "x" or is the old one still in good working order? Do you have jars, jugs, and containers that you can give new life to? Find creative ways to continue using products instead of sending them to the landfill.
Finally, recycle whenever you can! The best way to stick to a new recycling habit is to set up separate bins or storage containers in your pantry, kitchen, or garage. When you empty jugs, bottles, and jars, give them a quick rinse and then sort them into their appropriate containers.
Depending on your household usage, you’ll most likely end up having four separate containers. According to the EPA, "Paper accounts for more than a third of all recyclables collected in the US, by weight. Nearly forty-five million tons of paper and paperboard were recovered in 2010 -- a recycling rate of over 63 percent." Your paper bin can be used for newspaper, cardboard to name a view.
You’ll also have a metal bin for empty vegetable and soda cans, one for glass, and a bin for all your household plastics.
You can also recycle by making sure your old clothes and furniture are donated to those in need. What is old to you is new to someone else.
Finally, contact your local city offices to find out where you can take your recycling good or if there is weekly or monthly recycling pickup in your area!
Reduce, reuse, recycle is a simple way of changing how your family thinks about living green. Post this motto on your family fridge to turn this new goal into daily habit.
Friday, February 3, 2012
Kitchens Sell a House
Provided By Realty Times
It's a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.
A kitchen is the heart of a home. This is true all across the globe. The old saying that the "stomach is the way to the heart" carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It's the room where we nourish our bodies and our spirits.
Kitchens are integral to entertaining and in today's age of open floor plans, they're a focal piece of many family rooms. It's because of this that kitchens play such an important role in the buying and selling process.
This one room is the showpiece of the house. You'll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.
Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It's not just a new layer of paint.
Instead you find a complicated array of flooring, tiling, cabinets, and counters. This means buyers may want a home with an up-to-date kitchen but they aren't willing to tackle this problem themselves. Most buyers want a kitchen that is ready to use the day they move in.
What do buyers look for in up-to-date kitchens? A lot of this depends on what price range your home is in.
The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. You simply won't find a buyer.
Scope out the competition. Use open houses in your area or MLS listings to find out what your competitions' kitchens look like.
Do area homes have new solid wood cabinets and granite counters in today's designer colors? You'll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?
Are you in a higher-end neighborhood? It's time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don't want to put in the time yourself to make upgrades then you'll have to make concessions in the price.
Don't become overwhelmed, though. Sometimes a kitchen update can mean doing just a few minor changes. Change the paint color to a warm, neutral tone. Get rid of any clutter. Update your appliances, paint your cabinets, change the pulls, or get a high-end looking counter for a fraction of the cost (faux-granite or lower end granite). You might even save a bundle by doing much of the work yourself.
The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with area listings.
Would you like to learn how to sell your home faster? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
It's a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.
A kitchen is the heart of a home. This is true all across the globe. The old saying that the "stomach is the way to the heart" carries a lot of truth. Kitchens are where we spend much of our time and most of that is with our families. It's the room where we nourish our bodies and our spirits.
Kitchens are integral to entertaining and in today's age of open floor plans, they're a focal piece of many family rooms. It's because of this that kitchens play such an important role in the buying and selling process.
This one room is the showpiece of the house. You'll see it every day and your guests will see it during most visits. This means buyers want homes with up-to-date kitchens.
Kitchens, however, can be one of the most expensive rooms to renovate. These projects can also be the most labor and time intensive of all home renovations. It's not just a new layer of paint.
Instead you find a complicated array of flooring, tiling, cabinets, and counters. This means buyers may want a home with an up-to-date kitchen but they aren't willing to tackle this problem themselves. Most buyers want a kitchen that is ready to use the day they move in.
What do buyers look for in up-to-date kitchens? A lot of this depends on what price range your home is in.
The main thing to remember as a seller is to not price yourself out of your market. If homes in your neighborhood are selling for $100,000 with tidy, but not luxury kitchens, then this is no time to upgrade to granite, travertine, and marble at the price tag of $40,000+. You simply won't find a buyer.
Scope out the competition. Use open houses in your area or MLS listings to find out what your competitions' kitchens look like.
Do area homes have new solid wood cabinets and granite counters in today's designer colors? You'll be wise to consider making the same move. Are they including new stainless steel appliances and add-ons like dishwashers, wine-coolers, and trash compactors?
Are you in a higher-end neighborhood? It's time to think high-end. Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel. If you don't want to put in the time yourself to make upgrades then you'll have to make concessions in the price.
Don't become overwhelmed, though. Sometimes a kitchen update can mean doing just a few minor changes. Change the paint color to a warm, neutral tone. Get rid of any clutter. Update your appliances, paint your cabinets, change the pulls, or get a high-end looking counter for a fraction of the cost (faux-granite or lower end granite). You might even save a bundle by doing much of the work yourself.
The bottom line is a kitchen can sell a home. Do a little research and find out what your kitchen needs to make it competitive with area listings.
Would you like to learn how to sell your home faster? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, February 1, 2012
5 Ways to Make Your Home Safer
Provided By Yahoo! Real Estate
For anyone who has seen those World's Dumbest Criminals clip shows on late-night TV, it may come as no surprise that burglars aren't always the smartest tools in the shed. But sometimes they don't even have to be.
Burglars most often enter a place through an unlocked door, says Craig L'Esperance, a detective for a Midwest law enforcement agency. Other times the home owners have a burglar alarm, but forget to set it when leaving the house, even for just a short amount of time.
Those problems are easy enough to remedy, but what about the criminals who aren't deterred by locks or alarms? L'Esperance is also the author of the thriller Terror from Within, which concerns a burglary crew that commits residential and commercial burglaries and describes how and why they pick their targets, and he and other experts weighed in on how homeowners can safeguard their possessions.
Lock It Up
Standard exterior doors should contain a good quality deadbolt lock, says Robert A. Gardner, a certified security and crime prevention consultant with offices in California, Arizona and Nevada. That bolt should have a hardened steel insert and a minimum throw of one inch, so check the packaging if you're thinking of installing a new one. Double exterior doors should be equipped with a vertical throw deadbolt and all locks should have a five-pin (or more) tumbler, he says.
Sliding doors also need a lock system that prevents the door from being pried open or lifted off of its track.
In general locks should be changed when moving into a new residence or whenever a key is lost. Make sure the locksmith has the necessary licenses and is bonded and insured, and get recommendations from friends or business rating agencies if you can, Gardner says.
Gardner also offers a home security test on his website, so you can see how well your home is protected.
Know Your Neighbors
If you're not already acquainted with the neighbors on either side of you, get to know them now, says Todd Morris, CEO of BrickHouse Security in New York City.
"Get their cellphone numbers and give them yours," Morris says. "Then if you see something awry, like a package left out in the rain or a strange car at their home, you can text message them and ask that they do the same for you."
But Morris doesn't recommend giving these neighbors – or anyone else for that matter – a key to your house. Use a fingerprint scanner lock instead, he says, or a lock you have to punch a code into to open. Non-key access with an audit trail is the best, he says. That way you'll know when the dog walker, house cleaner or anyone else enters and leaves your house.
Beware of Dog
You don't actually have to own a canine to scare a burglar into thinking you do. Post a sign in your yard that says, "Attack Dogs Trained and Sold Here," says Susan Bartelstone, host of the radio show Crime Prevention 101 in New York. "Extremely Vicious Doberman" works too, she says.
"Then get a recording of a fierce-sounding barking dog and set it on a timer to go off periodically when you aren't home," Bartelstone says.
To give a burglar pause, leave a large dog bowl by the front door with the name "Cujo" or "Killer."
Make It Look Used
If you are planning a vacation, L'Esperance advises, either put a hold on your newspapers or mail or stop them altogether. Nothing says, "Come in and take what you want," like a pile of old newspapers on your porch.
Also have your home phone forwarded to your cellphone so people who hear the phone ring will think you're home, says L'Esperance.
There are some other important ways to deter thieves no matter if you're there or not, like making sure the grass is cut, the snow is shoveled off the driveway in the winter, and there are no ladders lying about in the yard or against the side of the house. Most burglars know people don't usually lock second-story windows, L'Esperance says, so a ladder is basically an invitation.
If you have a garage, make sure to protect that as well. Lock your car so nobody can get to your garage door opener and enter your home through the garage or just steal what's inside the garage.
For the most authentic lived-in look, make it appear you're home by leaving the TV or a radio on and add a timer to your lights so they turn on at different times of the day and night.
Go Hi-Tech
Senior real estate specialist Chantay Bridges, who works for Clear Choice Realty & Associates in Los Angeles, has seen vacant homes vandalized, with squatters taking up residence in houses for sale and then taking all the appliances, furniture, and fixtures when asked to leave.
Bridges suggests installing a home security system, but using one that has apps for your smartphone so that you can monitor the system from anywhere. Alarm.com lets you send commands from your phone to arm or disarm your system remotely. You can also watch live video from your security cameras to see what’s going on when you’re not there.
For anyone who has seen those World's Dumbest Criminals clip shows on late-night TV, it may come as no surprise that burglars aren't always the smartest tools in the shed. But sometimes they don't even have to be.
Burglars most often enter a place through an unlocked door, says Craig L'Esperance, a detective for a Midwest law enforcement agency. Other times the home owners have a burglar alarm, but forget to set it when leaving the house, even for just a short amount of time.
Those problems are easy enough to remedy, but what about the criminals who aren't deterred by locks or alarms? L'Esperance is also the author of the thriller Terror from Within, which concerns a burglary crew that commits residential and commercial burglaries and describes how and why they pick their targets, and he and other experts weighed in on how homeowners can safeguard their possessions.
Lock It Up
Standard exterior doors should contain a good quality deadbolt lock, says Robert A. Gardner, a certified security and crime prevention consultant with offices in California, Arizona and Nevada. That bolt should have a hardened steel insert and a minimum throw of one inch, so check the packaging if you're thinking of installing a new one. Double exterior doors should be equipped with a vertical throw deadbolt and all locks should have a five-pin (or more) tumbler, he says.
Sliding doors also need a lock system that prevents the door from being pried open or lifted off of its track.
In general locks should be changed when moving into a new residence or whenever a key is lost. Make sure the locksmith has the necessary licenses and is bonded and insured, and get recommendations from friends or business rating agencies if you can, Gardner says.
Gardner also offers a home security test on his website, so you can see how well your home is protected.
Know Your Neighbors
If you're not already acquainted with the neighbors on either side of you, get to know them now, says Todd Morris, CEO of BrickHouse Security in New York City.
"Get their cellphone numbers and give them yours," Morris says. "Then if you see something awry, like a package left out in the rain or a strange car at their home, you can text message them and ask that they do the same for you."
But Morris doesn't recommend giving these neighbors – or anyone else for that matter – a key to your house. Use a fingerprint scanner lock instead, he says, or a lock you have to punch a code into to open. Non-key access with an audit trail is the best, he says. That way you'll know when the dog walker, house cleaner or anyone else enters and leaves your house.
Beware of Dog
You don't actually have to own a canine to scare a burglar into thinking you do. Post a sign in your yard that says, "Attack Dogs Trained and Sold Here," says Susan Bartelstone, host of the radio show Crime Prevention 101 in New York. "Extremely Vicious Doberman" works too, she says.
"Then get a recording of a fierce-sounding barking dog and set it on a timer to go off periodically when you aren't home," Bartelstone says.
To give a burglar pause, leave a large dog bowl by the front door with the name "Cujo" or "Killer."
Make It Look Used
If you are planning a vacation, L'Esperance advises, either put a hold on your newspapers or mail or stop them altogether. Nothing says, "Come in and take what you want," like a pile of old newspapers on your porch.
Also have your home phone forwarded to your cellphone so people who hear the phone ring will think you're home, says L'Esperance.
There are some other important ways to deter thieves no matter if you're there or not, like making sure the grass is cut, the snow is shoveled off the driveway in the winter, and there are no ladders lying about in the yard or against the side of the house. Most burglars know people don't usually lock second-story windows, L'Esperance says, so a ladder is basically an invitation.
If you have a garage, make sure to protect that as well. Lock your car so nobody can get to your garage door opener and enter your home through the garage or just steal what's inside the garage.
For the most authentic lived-in look, make it appear you're home by leaving the TV or a radio on and add a timer to your lights so they turn on at different times of the day and night.
Go Hi-Tech
Senior real estate specialist Chantay Bridges, who works for Clear Choice Realty & Associates in Los Angeles, has seen vacant homes vandalized, with squatters taking up residence in houses for sale and then taking all the appliances, furniture, and fixtures when asked to leave.
Bridges suggests installing a home security system, but using one that has apps for your smartphone so that you can monitor the system from anywhere. Alarm.com lets you send commands from your phone to arm or disarm your system remotely. You can also watch live video from your security cameras to see what’s going on when you’re not there.
Subscribe to:
Posts (Atom)