Selling a Home - Karen's Perspective

Buying a Home in a Grocery Store

Wait. What? Seriously?

Apparently. At least in New England. Massachusetts, Connecticut, Rhode Island and New Hampshire to be exact.

ReMax has signed a 5 year contract to open “micro real estate offices” in New England Stop & Shop stores. Up to 17 of these micro offices are expected to open this year.

I think it’s kind of funny. I can’t imagine trying to conduct such serious business as a real estate transaction in the chaos of a grocery store, carts clanking, announcements blaring. And, not much privacy, huh?

I guess they figure if its good enough for a bank, its good enough for a real estate endeavor.

New times call for new thinking. Would you be comfortable buying a home in a grocery store?

01 / 30 / 2010
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90 Day wait period to sell properties waived – Hooray!

Recently, HUD enacted a ruling that a property could not be purchased and resold in less than 90 days. Well, you could, but the property would not be eligible for FHA insurance meaning the buyer could not qualify for FHA backed loans.

Effective February 1, 2010, this 90 day waiting period is waived.

There are conditions, of course. Some of them include:

the transactions must be arms length. There must be no interest between the buyer, seller and/or any other party to the transaction.
no additional flipping activity exists during the previous 12 month time frame for the subject property
the property was marketed openly
if the sales price is more than 20% above the sellers purchase price, increase in value must be justified by supporting documentation and appraisal as well as inspection

Why is this unnecessary 90 day wait period finally being waived (even if temporarily)?

01 / 18 / 2010
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List Your House Now

Really? In December, January? But, isn’t spring the best time to sell?

Has been. Families tended to buy in summer months when children were out of school.

But, everything’s different now. Don’t forget, the government tax incentive offers an $8000 tax credit to qualifying first time homebuyers who have a house under contract by April 30, 2010 and close by June 30th. Buyers who have owned their homes for at least 5 years may qualify for a $6500 tax credit. Those buyers will be looking in January and February.

Interest rates are still unbelievably low and are predicted to be climbing in 2010. Buyers who can will look now to lock in the best rates available.

FHA is tightening underwriting standards. Housing Secretary Shaun Donovan announced in December that FHA has plans to:

increase the amount of upfront cash homebuyers need to bring to closing
raise minimum FICO scores for new borrowers
reduce seller concessions from 6% to 3%
and raise mortgage insurance premiums

12 / 30 / 2009
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Greensboro 5 Year Median Sales Prices

The year ended better than it began but looks like we’re back at 2006 pricing.

Median Sale Price

More Greensboro Home Values

12 / 22 / 2009
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This House Stinks… Literally. another guest post…

I was reading today and came across this great article about house odors. The author, Clint Miller, gave me permission to post his article here.

First, I would like to add that we have heard good things for removing odors about Odorxit. I’ve also been told that running an ionizer will take out any odors in your home.

That being said, here’s the article from Clint:

“Believe it or not, the human nose can detect and clarify about 10,000 smells. That’s right….10,000! We know that the power of smell is one of the strongest senses we, as humans, posess. And recent studies have shown that scent is the strongest of our 5 senses and that it is tied directly to memory.

In my parent’s house, for example, my mother always made fresh peach pies in the late summer. To this day, I can smell a peach pie from a mile away and instantly I’m transported to my mom’s kitchen as a 7yr old boy in my swimsuit pacing around the table hoping to get a shot at sticking my finger into the peach filling while my mom wasn’t looking. (I got caught every time).

12 / 04 / 2009
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Vacant House Insurance

Do you have a vacant property? Has it been vacant for more than 30 days? If so, you may not have insurance coverage.

Some insurance companies cover vacant properties for up to 90 days. Ask your agent about your vacancy coverage.

Vacant house insurance is generally more expensive than regular homeowners insurance for a number of obvious reasons. First, there’s no one living in the house to watch and protect it. Vacant properties tend to be a target for thieves, vandals and vagrants. And, the potential for water damage and infestations of animals or insects goes up.

If you can have someone check on the house daily, the risk factor of insuring the home decreases significantly. Also, if you can maintain active security systems, your property is more protected and your insurance rates are lower.

11 / 23 / 2009
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Had a Foreclosure? Are you still on Record as Owner?

photo by respres

If your lender never completed the process, you could still be on record as owner of your foreclosed property. That leaves you liable for the debt and the property.

Homeowners in many cities are currently victims of what are called “walkaways”. This happens when mortgage service providers begin the foreclosure process but don’t follow through.

Under current law in most states, homeowners finding themselves in a walkaway position have little recourse. There is proposed state level legislation to correct this in several states.

How can you know? Pull your credit report and see if the property is still there. If it is, contact the lender and find out why it hasn’t been removed or why it doesn’t show that it was foreclosed.

Lenders are very busy with foreclosures and you want to be sure you are not involved in a process that was never completed.

11 / 16 / 2009
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$8000 First Time Homebuyer Tax Credit Extended

The bill, approved unanimously by the Senate late Wednesday and signed by President Obama Friday, November 6, extends unemployment benefits for up to 20 weeks.

It also keeps a first-time home buyer tax credit alive until next spring, and expands it to include some people who already own a house.

The bill extends jobless benefits in all states for 14 weeks, and for up to 20 weeks in states where the unemployment rate is above 8.5%.

The $8,000 tax credit for first-time home buyers that was set to expire this month is now extended through April 30.

11 / 06 / 2009
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Yard Sales

Cleaning out? Getting ready to move or just clearing the nest?

Planning a yard sale? I found this great site that you’ll want to advertise on if you’re selling or map from if you’re shopping.

Check out Yard Sale Treasure Map.

Put in your address, the distance you want to drive and the day you plan to shop. Apparently, the list comes from sales listed on Craigslist so, if you plan to sell, be sure your information is listed there.

Happy bargaining! Let me know your results!

10 / 09 / 2009
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Risks of Leaving Your Home Vacant

Did you know that a typical homeowner’s insurance policy ends once the property is vacant for 30 days? Most homeowners don’t know this. They continue to pay their premium but, if a claim is filed, it may not be paid because vacancy voids the policy.

If you leave a home vacant, you must have vacancy insurance. Premiums for this type of insurance can be more than double regular insurance.

Insurance companies put a higher risk (and cost) on insuring vacant homes because of the increased risk of theft, vandalism, fire and water damage. These risks and costs may be higher in northern states because of potential damage due to extreme weather (frozen pipes bursting,etc.).

It may be cheaper, and safer, to keep your “for sale” home occupied. Before you move out, take a look at your policy and talk with your insurance agent for guidance.

Some suggestions when thinking about vacating your property: