Caveat Emptor “Let the Buyer Beware”

OctoberWater-front home is here and I have a special treat for you this month.  Here is the set up…..You find this charming water front home.  It is simply everything you were looking for and the price is just right.  Actually you feel like it is a bit of a steal for the money so you put in an offer.  Now Seriously take a good look at the picture of the home below.  Would you live in this home?  What if someone gave it to you?  Could you see yourself in it?

So you purchase the house, move in and everything is great.  The family settles in for movie night and the movie of choice is The Amityville HorrorAfter all it is named after the little town you just moved to.  You can probably guess where this is going now.  This is the house today.  Could you imagine now how you would feel that you are now sitting in a home that is haunted and a whole family was murdered inside?  An address change, cosmetic repairs (mainly those famous upstairs windows), a few years gone by and WALA a perfectly fine home.  Now how do you feel?  Would you still want to live in the house?  I personally have to admit I would feel a little uneasy and at the same time mad I didn’t know this house I just bought was “Stigmatized”

That’s right this month I am going to focus on the topic of Stigmatized Properties.  We are going to explore and discover what makes a property stigmatized?  Six different types of stigmatized properties.  How to protect yourself from buying one and how it is not always a bad thing.  As many of you know; I have a love for unique and one-of-a-kind properties so I look forward to sharing the things I have learned about this fascinating topic.  Be sure to subscribe to my posts so you will not miss one.  Now…. I open the discussion….Would you live in a stigmatized home?

amityville-house

Posted in Listing a Home, Unique Homes | Tagged , , , , | Leave a comment

Friday Funny – Spelled Wrong or Not?

This was a mistake or was it?

Mistake or Not?

Posted in Just For Laughs | Tagged , | Leave a comment

Friday Funny – About Last Night…

Real Estate Date_pe

 

Posted in Just For Laughs | Tagged , , , , | Leave a comment

When Is The Best Time To List A Home? by Tamela Jolly

When should I list my home? by Tamela Jolly

Most people believe that the best time to sell is in the spring but actually this is not the only time to put a home on the market.  It does seem like spring/summer would be a good time to plan on listing a home as I often hear people claiming they are waiting until then to list.  However I can’t think of a time I have met a buyer who is waiting until spring to get a great deal on a home.

Would you believe that the numbers are about the same across the board?  In the spring you will find more listings as Sellers all thought this was the best time.  With all the options on the market the buyers tend to get confused and believe that the next home they haven’t seen is the one they want.  They take much longer to make a decision.  Studies have shown that the more serious buyer is in the off times that the Seller is trying to avoid and considers a bad time.

Listing report from one of my listings

Listing report from one of my listings

As we approach the fall season you will find from this listing report on one of my listings that the numbers of views are starting to rise.  My 4th quarter numbers have historically been the best in the fall months with serious buyers ready to purchase. (Click on photo to Zoom)

To answer the question….

The best time to list a home is when you need to sell your home.  Buyers are out in the market throughout the year.  They have many reasons for why they are moving and often these reasons don’t offer the luxury of waiting for a right time.  Most people don’t wake up one day and decide to sell for no reason.  Usually there is an event or a need that has caused the decision.  Waiting for a better season is only extending your discomfort and needs.  If you are waiting for prices to rise so you can make more on your home, you will end up paying more for the next home you go to purchase.  If you have a desire to sell it is more important to price the home properly to sell within a reasonable time and for the best price.  Buyers are out there so if you have been waiting for the “Right Time” to list your home that time is now.

If you are considering listing your home don’t compromise your situation to wait for what you believe is a perfect time.  Call me and let’s discover your best strategy and what you could be loosing if you wait.   Tamela Jolly 704-491-5472

Posted in Listing a Home | Tagged , , , , , | Leave a comment

Featured Listing – 414 Sebring Ct, Belmont NC 28012 – SOLD

You Cannot Judge A Book By It’s Cover…

414 Sebring Ct. 019_pe

The comment I receive most on this wonderful home is that it is very “unassuming”.   You may see a modest ranch but you will not believe that this is a waterfront home with three levels.  From the moment you walk through the 350- pound custom designed exterior door you know this home has made its mark.

P1060068_peThis home is located in the waterfront community of Harbortowne.  You can bring your boat as this home is located on a deep cove and includes a private floating dock.  Great large windows provide lake views from about every room in the home.  This home was built by Real Estate professionals so they made no short cuts and thought out every detail.

Home includes hardwood and tile floors on the first and second level.  There are three bedrooms on the main level and an extra room in the basement that includes a closet which the current owners are using as a bedroom.  There are speakers with individual volume controls in each room.  The Master suite is wonderful as it has plenty of room for a King-Size bed and has a private sitting room overlooking the lake.  There is also a private entrance door to the sun room from there.  The suite also includes his and her walk in closets, individual granite topped sinks, large walk in shower and a air jetted deep garden tub.  This tub will clear out the lines once the water has been drained to keep the tub sanitary and low-maintenance.

P1050992_peThis home has a spectacular formal dining area with heavy moulding, large windows and views overlooking the lake.   The floor plan is an open plan which is perfect for entertaining.  The living room has built in bookshelves that frames the custom rock fireplace.  Enjoy the deluxe style gourmet kitchen that includes a glass-top cook top and double oven.  The hand picked granite covers the counters, serving table and the kitchenette seating area.

With all this space where would you put your workout room or even your home theater?  How about upstairs above the 3-car garage?  You will find this area a perfect flex space.  This area include hardwood floors and smurf doors giving you access to more storage space.  The main reason I bring the smaller access doors up is because if you open them you will see the hidden features of this home.  You will think you were walking in a spaceship as the ceiling and walls are lined with a heat resistant barrier.  This is to improve the efficiency of home lowing heating and cooling bills.  These are the extras that are often overlooked when selecting a home.

P1060041_peDo you think this is plenty?  Well; We still have another floor to explore.  No lake home is complete without the ultimate entertaining rec room and bar.  This bar is as close to another kitchen as you can get as it includes its own sink, dishwasher, ice maker and wine cooler.  Plenty of seating and room for a pool table.  As I mentioned before there is a room in the basement that is perfect for a bedroom or other flex space.  Basement includes a full bath and even more storage space.  This is a walk out basement that opens up to a patio and easy walk to the private floating dock.

I have one more secret area to share.  When showing this property I always make a big deal about seeing the crawl space.  Most of the time people think I am crazy until they step inside.   This area is the prime area to just stand back and look at the forethought put into building this perfect property.  You will be amazed as you will see that a french drain was built around the entire base of this home protecting it from the number one enemy of homes “moisture.”   Attached to the walls and the ground is a 22 mil. wall and vapor barrier.   Much of the floor has been built up with flooring so it is level and makes a great area for storage and even has a workshop area.  I have to admit I was totally impressed.

If you or someone you know is looking for a new home on the lake be sure to take a look at this one.   You will also be impressed with the quality and workmanship put into building this wonderful home.

Listed at $649,900.00

MLS Number: 2147618

To see more pictures click on flip book below.

If you would like to set up a showing for this property you can contact me at 704-491-5472 or fill out form below.  Tamela


Posted in Featured Home, Waterfront | Tagged , , , , , , , , , | Leave a comment

What Documents do Lender’s usually need for a Loan? Ask the Expert

files to bringAsk the Expert. What documents do lenders usually need from me?

1. Residence address(es) past 2 years

2. Landlord or Mortgage Co., mailing address, account numbers and phone numbers for your previous 2 years residence

3. Employers’ names, address and phone numbers for the past 2 years

4. Most recent 2 months bank statements and any stocks, IRAs and 401K

5. Address and loan information on other real estate owned (if any)

6. Last 2 years W2 along with Federal Tax Returns and most recent 30 day pay stubs

7. Your personal check for the cost of the appraisal (approximately$ 350.00)

8. If self employed, last 2 years federal tax returns with all schedules, YTD profit and loss statement, balance sheet, and corporate and/or partnership returns

9. Copy of drivers license and social security card

Written by Diane Phillips (NMLS # 107944) part of the Diane Phillips/Michelle Cobb team at Homestar Financial Corporation.(NMLS # 70864) Homestar’s corporate headquarters is located in Gainesville, Georgia but Diane and Michelle have a local office and cater to the Mecklenburg/Gaston/Cleveland county areas. Diane is also licensed in SC. They have done several loans for me and my customers love them. She knows and has had experience with about every loan program out there. Diane is an educator and will tell you if she knows of a program that will work better for your situation. I always tell my clients, who have not done so, to be sure to find out your purchasing power before you start looking for that investment. Knowledge is Power and Diane will be glad to get you on the road to making that next purchase. Call Diane at 704 214-3344.

 

Posted in Lender News | Tagged , | Leave a comment

What are Closing Cost? – Ask the Expert

 

Lending Question

Lending Question

What are closing costs? –Ask the Expert

Closing costs are some of the most misunderstood charges on a home purchase. When you see a sign, ZERO down, you would think you did not have any fees to pay. Wrong! If you do not get closing costs on your contract, guess who pays this, YOU. All realtors do not automatically ask for closing costs! Tamela does! I had a sales contract come in from a client who had gone from one of the agents I work with, to another agent. This new agent did not ask for closing costs! There were no seller paid closing costs on the contract. The buyer did not have the money to pay these closing costs. When I called the new realtor to ask about it, his reply was “ they did not tell me they needed it”! Hello!!! It was his responsibility to ask his customer if they needed closing costs.

Closing costs consist of banks fees, attorney fees, appraisal fees, inspection fees, etc. Also along with closing costs, you have prepaids. Prepaids consist of your first years homeowners insurance, interest from the day you close till the end of the month and about 3 months of homeowners insurance and about 3-5 months of taxes, depending on the time of the year that you close. If you do not escrow taxes and insurance, you will not have these fees. Most loans require taxes and insurance to be escrowed, especially if you are not paying 20% down. You will not have to worry about closing costs if you work with a good experienced agent like Tamela. She will make sure you get closing costs in your contract if you need them! Also, a good experienced loan officer will go over all these charges and make sure you understand them.

Written by Diane Phillips (NMLS # 107944) part of the Diane Phillips/Michelle Cobb team at Homestar Financial Corporation.(NMLS # 70864) Homestar’s corporate headquarters is located in Gainesville, Georgia but Diane and Michelle have a local office and cater to the Mecklenburg/Gaston/Cleveland county areas. Diane is also licensed in SC. They have done several loans for me and my customers love them. She knows and has had experience with about every loan program out there. Diane is an educator and will tell you if she knows of a program that will work better for your situation. I always tell my clients, who have not done so, to be sure to find out your purchasing power before you start looking for that investment. Knowledge is Power and Diane will be glad to get you on the road to making that next purchase. Call Diane at 704 214-3344.

Posted in Lender News | Tagged , , | Leave a comment

What are Discount and Origination Points?

purple question smallerWhat are discount and origination points? Ask the Expert

Written by Diane Phillips

Discount points are points used to buy down the rate, origination points are fees the bank charges for doing your loan.

The normal origination is usually 1%, however, with the low rates lately, lenders are able to charge much less than 1%, and often, are even able to give you a credit toward your closing costs! It all depends on your loan program, loan amount and your credit score and the rate locked at. All of these factors determine the amount of origination you will pay.

If you pay points to buy down your rate, you need to determine how long it will be before you recoup this investment. I am not a big fan of discount points. For example if you pay $ 2,000 to buy down your rate and it makes your payments $ 20 a month less, then it would take you over 8 years to break even with your investment. I feel this $ 2000 in the bank, in case you lose your job, is a much better investment.

Written by Diane Phillips (NMLS # 107944) part of the Diane Phillips/Michelle Cobb team at Homestar Financial Corporation.(NMLS # 70864) Homestar’s corporate headquarters is located in Gainesville, Georgia but Diane and Michelle have a local office and cater to the Mecklenburg/Gaston/Cleveland county areas. Diane is also licensed in SC. They have done several loans for me and my customers love them. She knows and has had experience with about every loan program out there. Diane is an educator and will tell you if she knows of a program that will work better for your situation. I always tell my clients, who have not done so, to be sure to find out your purchasing power before you start looking for that investment. Knowledge is Power and Diane will be glad to get you on the road to making that next purchase. Call Diane at 704 214-3344.

Posted in Lender News | Tagged , , , , | Leave a comment

7 Things To Look For When Purchasing A Basement Home

basement picAsk the Expert:  Basements

A basement can be a great place for entertaining and expanding your living space.  Basements can be fully underground or a walkout type. When I am showing a client a home with a basement one of the first things I pay attention to while walking down the stairs is the smell.  Do I smell a strong mildew smell?  Does the air feel damp?  These are some of the first signs there is a problem with the home.  What are some of the other signs?  I decided to ask a local expert on the subject and he offered us 7 things to look for when purchasing a basement home. – Tamela

What are 7 things to look for when purchasing a basement home?

by Ren Ramsey

Your visual should begin before you enter the home:

  1. Does the house have gutters? Are the gutters clean or can you see leaves or even weeds growing out of the gutters? Are the downspouts functional and piped away from the foundation? Gutters and downspouts are there to channel the roof drainage away from the foundations. Roof drainage allowed to be drained at the foundation wall find its way into the basement.
  2. thLook for a white powdery substance on the masonry walls. In a completely finished basement you may have to find a utility room that is not finished that is against the foundation wall holding back soil fills around the basement. This white powdery substance is called efflorescence. It is a sign of moisture entering the basement. It is the salts and minerals in the masonry that are brought to the surface by the moisture as it moves through the wall and is left deposited when the moisture evaporates.
  3. Mildew or mold smell. If you can smell it then you have mold somewhere. Mildew is just another term for mold. Mold requires moisture, oxygen and temperatures that we live in to survive. The only thing that we can control is to keep the moisture from entering the basement. Starting to see a trend here? So the first thing that should be done to treat the mold is to fix the moisture problem.
  4. If you can see the bare block or concrete walls, are there cracks and what type are they? Horizontal cracks indicate bowing of the wall inward. This means that the wall is in failure and is responding to pressure from the soils on the other side. That pressure is typically cause by the hydrostatic pressure of expansive soils cause by excessive, you guessed it, MOISTURE. This could, be because the gutters are not performing properly or the downspouts have not been piped away from the foundation. It does little good for the gutters to function perfectly only to have the downspout dump the roof drainage directly at the foundation.
  5. block-wall-cracksCracks in the brick veneer, this again can be caused by improperly piped away downspouts. Roof drainage dumped right at the corner will cause the soils to expand due to moisture content. When the moisture evaporates, the weight of the structure pushes them down and literally compacts them causing cracks in the brick veneer and foundation. They are usually stair stepped cracks in the corners but can occur in the center of the wall.
  6. Basements that have been finished after the original construction. Typically the homeowner may have been a weekend Home Depot warrior or had a 3rd cousin once removed who knew all about electrical and could wire that new man cave up in an afternoon. Beware. Electrical deficiencies are a life safety issue and a leading cause of fires. If the construction looks less professional than the rest of the house and cheaper materials were used, it probably was performed by the homeowner.
  7. Lastly, testing for Radon should be performed in basement homes. The EPA recommends that all homes be tested for Radon, particularly in basement homes. Radon will come in through the cracks in the slab and walls that you can’t see due to finished surfaces. Radon is the second leading cause of lung cancer next to smoking and the second leading cause of death next to drunk driving. Radon exposure causes 12,000-30,000 deaths each year.  More on Radon in a future “ Ask the expert”

 

We have only scratched the surface on what to look for in a basement home. Most of the things that you look for in a basement home  should also be looked for in a crawlspace home. The best advice is to hire a competent home inspector who has been around for a while. They know what to look for and it is second nature to them. A good inspector sees problems immediately and knows how big of an issue they are or are not. Choose an inspector who inviters you along for the whole inspection and then will sit down with you and explain every item until you are confident you have a good grasp of what he or she has found.

The fee for an inspection is money well spent to help you know if what you are buying is going to be a money pit or truly a comfortable home for years to come. Otherwise, as the saying goes,” You’re buying a pig in a poke!”

Most homes are inspected as part of a real estate transaction. Unless you plan to never sell your home, in all probability, you will have to deal with an inspection. Better to deal with it when you can dictate the outcome than later.

If you ever have any questions about anything home related drop us a note or gives us a call. We love teaching people about their homes.

JW Ramsey & Son Home Inspections

Ren Ramsey, President

www.gastoniahomeinspection.com

ramdino@shelby.net

704-460-4634

Related Posts Plugin for WordPress, Blogger...
Posted in Home Inspections | Tagged , , , , , , , , , | Leave a comment