John Cain's Rhode Island Real Estate Blog

Median Home Prices: Homes SOLD In Newport, Middletown, and Portsmouth Rhode Island!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:38:57 -0500

Median Home Prices: Homes SOLD In Newport, Middletown, and Portsmouth Rhode Island!

Here is a brief snapshot for the median price of homes that have SOLD in Newport, Middletown, and Portsmouth RI over the past 3 years:

September 2007: $444,000……………..Days on Market: 106

September 2006: $402,500……………..Days on Market: 102

September 2005: $465,000……………..Days on Market: 87

Posted by:

Email: John@MarketWatchRI.com
Sales Web: www.MarketWatchRI.com
View all of our rentals at: www.NewportCountyRentals.com

Median Home Prices: Homes For Sale In Newport, Middletown, and Portsmouth Rhode Island!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:35:33 -0500

Median Home Prices: Homes FOR SALE In Newport, Middletown, and Portsmouth Rhode Island!

Here are some stats for the median price of homes For Sale in Newport, Middletown, and Portsmouth RI.

September 2007: $497,000……………..Days on Market: 134

September 2006: $475,000……………..Days on Market: 111

September 2005: $499,000……………..Days on Market: 92

Posted by:

Email: John@MarketWatchRI.com
Sales Web: www.MarketWatchRI.com

KW Rentals: www.NewportCountyRentals.com

Median Home Prices: Homes For Sale In Rhode Island!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:29:30 -0500

Median Home Prices: Homes For Sale In Rhode Island!

Here are some stats for the median price of homes for sale in Rhode Island.

September 2007: $314,900……………..Days on Market: 109

September 2006: $325,000……………..Days on Market: 96

September 2005: $338,900……………..Days on Market: 75

Posted by:

John Cain
Broker Associate

Sales - Rentals - Property Management

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Mobile: (401) 662-7668
Fax: (401) 845-9202
Sales Web: www.MarketWatchRI.com
View all of our rentals at: www.NewportCountyRentals.com

Rhode Island Real Estate Market Conditions – Sold in September!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:20:12 -0500

*All RI MLS:

9/2006 = 1036

9/2007 = 765

% Difference: -26.16%

*Aquidneck Island

9/2006 = 50

9/2007 = 42

% Difference: -16%

*East Bay

9/2006 = 56

9/2007 = 35

% Difference: -37.50%

Posted by:

Past Supply Numbers For The U.S. Real Estate Market!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:18:18 -0500

12/2004 Inventory = 2.22 million units

12/2005 Inventory = 2.85 million units

12/2006 Inventory = 3.51 million units

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Truths In A Shifting Market

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 17 Oct 2007 16:16:48 -0500

Truths In A Shifting Market

The tide has turned! It is now more important than ever to know your market!

It's important to::

*Know the numbers!

*Educate their buyers and sellers on the local market conditions!

Inform your sellers! They need to understand the current market:

How many homes in their price range are currently on the market?

How many similar homes have sold in the past 6 months, 3 months, and last month?

What kind of cooperative commissions are being offered on competing properties?

The absolute importance of using an effective pricing strategy; Let’s not forget that hope is not considered an effective pricing strategy!

Posted by:

MLS Security: Is your MLS safe?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 29 Aug 2007 14:57:08 -0500

Rhode Island Statewide MLS recently implemented new security measures for gaining access to the MLS. All agents have received "security tokens" that generate a one time password EACH time you log on to MLS.

Here's why Statewide MLS says we needed the change:

"State-Wide MLS identified the need to implement a security initiative designed to provide optimum protection for YOUR valuable MLS and consumer data. As data and identity theft has become a growing concern nationwide, reliance on usernames and passwords as the sole form of user authentication is no longer an option. Security analysts estimate that between 10 to 25 percent of user logins to an MLS are NOT legitimate dues-paying Members. SAFEMLS® authenticators provide the necessary security to protect the MLS data and your client’s personal and financial information, while still offering the flexibility and convenience for the truly mobile MLS Member.

SAFEMLS® authenticators generate one-time passwords with the simple touch of a button. Once a password is used, it can not be used to log in again, thus significantly reducing the risk of shared passwords. State-Wide MLS is confident that the SAFEMLS® solution is an important step to protecting the valuable data and information that is vital to our MLS Members."

Although I first thought this was going to be a huge inconvenience I have actually found it to be not such a big deal. The first time I forgot my "token" I simply decided to attach it to my keyring - problem solved. I have also gained some peace of mind (even though I wasn't quite worried before) that the information I store on MLS is in fact safe and will not be viewed by others. Keep an eye out...you'll probably see the same security initiatives coming to your local MLS!!!

Inventory at all time highs - what are you doing to sell????

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 27 Aug 2007 19:58:15 -0500

We all know that the days of expecting a quick and easy sale are over. What are you doing to get your listings sold? What are you doing to set your listings apart from the rest? Home Warranty? Free Moving Service? Closing costs? Staging? Aggressive pricing?

What IS & what ISN'T working for you?

Inventory of unsold homes hits 15 year high! What's going on in your neck of the woods?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 27 Aug 2007 17:03:29 -0500

NAR reported today that the inventory of single-family unsold homes is up to a 9.2 month supply. I'm sure you'll all agree that the "mortgage meltdown" certainly isn't helping matters. The last time we saw inventory this high was back in October of 1991. For all types of properties (single family, condos, etc) the average is up to a 9.6 month supply but NAR has only been tracking those stats since its last high in '99.

What's going on in your neck of the woods?

Posted by:

John Cain
Broker Associate
Keller Williams Realty of Newport

809 Aquidneck Avenue
Middletown, RI 02842

Homes For Sale vs. Sold - Real Estate in Newport, RI & the surrounding area (Aquidneck Island)

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 15 Aug 2007 20:14:09 -0500

SINGLE FAMILY HOMES FOR SALE VS. SOLD ON AQUIDNECK ISLAND

APRIL: 51/551

MAY: 43/580

JUNE: 55/632

MULTI-FAMILY HOMES FOR SALE VS. SOLD ON AQUIDNECK ISLAND

APRIL: 2/84

MAY: 5/102

JUNE: 5/105

CONDOS FOR SALE VS. SOLD ON AQUIDNECK ISLAND

APRIL: 15/274

MAY: 22/294

JUNE: 14/299

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: 401-608-9214
Mobile: 401-662-7668
Email: John@MarketWatchRI.com
Web: http://www.MarketWatchRI.com

Sales – Rentals – Property Management

Licensed Realtor in Rhode Island & Massachusetts

Be Aware Of All Of The Scams Targeting Realtors!!!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Fri, 18 May 2007 09:34:20 -0500

I'm sure I'm not the only one receiving these emails from multi-million dollar buyers, investors, and others that want to give me free money!!! If it seems too good to be true, it probably is!

Here's a warning that came from another Keller Williams Realty office....

We received a check in the mail this week, drawn on a shipping company in Wisconsin, in the amount of $9500.00. The check came in an envelope that was posted in Nigeria, with no explanation of why they were sending us the money. It was made payable to Keller Williams Realty.

I found the telephone number for the shipping company, and called them. Apparently their routing number and account number had been illegally appropriated about a month ago (the check was dated March 23), and the check was bogus.

I don't what the sender of the check would get out of it. Unless there is some way of getting our account number and routing number by tracking the deposit? I don't know a whole lot about illegal banking schemes.

As I do not deposit a check if I don't know what it's for, there was no harm done to us. I just want to warn everyone just in case there is some sort of scam going around.

I'm always looking for new buyers...right???

Hello Sir/Ma,

I wish to introduce myself to you as Mr Bryan Seibert an aquatechnician by profession,I have been in the business for many years now looking forward to retirement,I am in search for a property of good investment in the your area. Anyway,I was very fortunate to find your advert for choice(s) of the property I want to buy through my search on the net.
Therefore let me have the profile of property you have on a sale now with there asking price in a suitable location to live or lease as I am in need of a property like maybe a house with apartments which can be used for rental and all,within the range of 100,000 to 700,000($) in any nice location in your area.

I look forward to your swift respond while you get back to me as soon as possible with any property that suites this criteria.

Warm Regards,
Bryan Seibert

Here's one from Nigeria......

NAME: DAVID HERMAN
COUNTRY: NIGERIA
ATTN: BELOVED,

GREETINGS IN THE NAME OF OUR LORDJESUS CHRIST. I AM MR DAVID HERMAN A CITIZEN OF THE REPUBLIC OF NETHERLAND BUT PRESENTLY IN NIGERIA WORKING FOR THE FEDERAL GOVERNMENT,I AM50 YEARS OLD, I AM NOW A NEW CHRISTAIN CONVERT, SUFFERING FROM LONGTIME CANCER OF THE HEART, FROM ALL
INDICATION MY CONDITIONS IS REALLYDETERIORATING AND IT IS QUITE OBVIOUS THAT I WON"T LIVE MORE THAN 1YEAR,ACCORDING TO MY DOCTORS,THIS IS BECAUSE THE CANCER STAGE HASGOTTEN TO A VERY BAD STAGE.

MY LATE WIFE DIED LAST FIVE YEARS,ANDDURING THE PERIOD OF OUR MARRIAGE WE COULD N"T PRODUCE ANY CHILD. MYLATE WIFE WAS VERY WEALTHY AND AFTER HER DEATH, I INHERITED ALL HERBUSINESS AND WEALTH.

THE DOCTORS HAS ADVISED ME THAT I MAYNOT LIVE FOR MORE THAN 1 YEAR,SO I NOW DECIDED TO DIVIDE THE PART OFTHIS WEALTH, TO CONTRIBUTE TO THE DEVELOPMENT OF THE CHURCH IN AFRICA,AMERICA ASIA,AND EUROPE.

I SELECTED YOU AFTER VISITING THE WEBSITE AND I PRAYED OVER IT.

I AM WILLING TO DONATE THE SUM OF $25,000.000.00U.USD( TWENTY FIVE MILLION UNITED STATES DOLLARS) TO THE LESS PRIVILEGED.

PLEASE I WANT YOU TO NOTE THAT FUND IS LYING IN A SECURITY COMPANY IN NIGERIA.

ONCE I HEAR FROM YOU, I WILL FORWARDTO YOU ALL THE INFORMATIONS YOU WILL USE TO GET HER FUND RELEASED FROMTHE SECURITY COMPANY AND TO BE TRANSFERRED TO YOUR ACCOUNT.

I HONESTLY PRAY THAT THIS MONEY WHENTRANSFERRED TO YOUR ACCOUNT WILL BE SURE FOR THE SAID PURPOSE, BECAUSEI HAVE COME TO FIND OUT THAT WEALTH ACQUISITION WITHOUT CHRIST ISVANITY.

MAY THE GRACE OF OUR LORD JESUS THE LOVE OF GOD AND THE FELLOWSHIP OF GOD BE WITH YOU AND YOUR FAMILY.

PLEASE PROVIDE ME WITH THE FOLLOWINGINFORMATION SO I CAN FORWARD IT TO MY LATES WIFE LAWYER WHO IS GOING TOHANDLE THE TRANSACTION WITH YOU AND LEAD, ADVICE YOU ON HOW TO BESUCCESSFUL AND GET THIS FUND INTO YOUR ACCOUNT WITHOUT THE BRIDGE OFLAW.

INFORMATION NEEDED

FULL NAME :.................................................

FULL CONTACT ADDRESS........................................

NAME OF COMPANY :...........................................

COMPANY ADDRESS:............................................

POSITION:..................................................

MARITAL STATUS :............................................

RELIGION:..................................................

SEX:.......................................................

PRIVATE FAX NO..............................................

PRIVATE PHONE NO:..........................................

MY PRIVATE EMAIL CONTACT : davidhermanreal11@yahoo.co.uk

I AWAIT YOUR URGENT REPLY.

YOUR BROTHER IN CHRIST.

MR DAVID HERMAN.

Here's a warning from the Rhode Island Association of Realtors...

Most of us have received correspondence about “get rich quick schemes”; questionable companies that promise that save homes from foreclosures; a Nigerian or other diplomat who needs your help smuggling money out of his country, etc. The latest is a man who is trying to buy high-end real estate by posing as a new Patriots football player who has received a large signing bonus. Allegedly, he has tried this scam in other states as well is in Rhode Island and was arrested in Connecticut.

If you are approached by a person who is making these claims, please contact the NFL's Security Representative to the New England Region - Richard Farley at (860) 490-3480 and/or Inspector Phil Fazzino of the New London State's Attorney's Office at (860) 443-2835/(860) 443-5065.

Do You Have A Question About The Rhode Island Lead Law????

John Cain : Broker Associate (Keller Williams Realty of Newport) — Thu, 12 Apr 2007 23:22:24 -0500

Here are some answers to some common questions on lead mitigation!

I. HOW TO COMPLY WITH THE LEAD HAZARD MITIGATION LAW

1.1. Who does the Lead Hazard Mitigation Law apply to?

The new Law applies to most owners of residential rental properties built prior to 1978.

If you own the following types of pre-1978 rental dwelling units, you are now exempt from the requirements of the Lead Hazard Mitigation Law:

Rental units with a current Lead Safe or Lead Free certificate;
Temporary housing or seasonal housing, which is defined as housing that is rented for no more than one hundred (100) days in a calendar year to the same tenant;
Housing that is specifically designated by a regulatory agreement or a zoning ordinance to house persons sixty-two (62) years of age or older;
Two (2) or three (3) unit properties in which one of the units is occupied by the property owner.

Owners of all other types of rental properties must comply with the Law.

Please note that individuals who own exempt properties are not free from legal liability. Owners can be held legally liable for any lead poisoning incident that occurs on their rental property, regardless of whether or not they are exempt from the Lead Hazard Mitigation Law.

1.2. Does the Lead Hazard Mitigation Law apply to vacation rental units?

If you own a vacation rental unit, the Law will apply only if you rent the unit for more than 100 days in a calendar year to the same tenant.

1.3. If I rent out my condominium, do I need to inspect the entire building?

No. Inspections on condominiums are limited to the interior of the dwelling unit. The exterior, soil, and common areas are exempt from inspection. However, be aware that there are state and local minimum housing standards that you and the Condominium Association may have to comply with.

1.4. I am over 62 and I own property that I rent out. Does the elderly housing exemption apply to me?

No. You have to comply with the Lead Hazard Mitigation Law unless the rental units are designated by a federal, state, or local program for elderly housing as set forth in a regulatory agreement or zoning ordinance, or you meet one of the other exemptions listed above.

1.5. What do I need to do to be in compliance with the Lead Hazard Mitigation Law?

Compliance means:

Attend a three (3) hour Lead Hazard Awareness Class.
Visually assess your rental property for lead hazards.
Fix lead hazards on your property.
Upon tenant turnover after November 1, 2005, get an Independent Clearance Inspection of the unit.
Give tenants information about lead hazards and a copy of the Inspection Report.
Respond to tenants' concerns regarding lead hazards in their rental unit.
Perform ongoing maintenance using lead safe work practices learned in the three (3) hour Lead Hazard Awareness Class.

1.6. What are my responsibilities under the Law?

Under the Law, property owners are required to take the three-hour Lead Hazard Awareness Class, maintain and meet Lead Hazard Mitigation Standard, and obtain and keep current a Certificate of Conformance. They must also provide tenants with basic information about lead hazard control, a copy of the Independent Clearance Inspection Report, and a name and phone number they can call to report any visible lead hazards. Property owners are also responsible for correcting any lead hazards within thirty (30) days after notification by a tenant.

Tenants have responsibilities under the Law too. Tenants are responsible for informing landlords of lead hazards in their units and for contacting the Housing Resources Commission at 1-800-570-0768 if their landlord does not adequately address the hazards. Tenants may voluntarily notify property owners if there is a change in family status.

1.7. I own rental property. Do I have to be in compliance with all components of the Law by November 1, 2005, including making my units safe from lead hazards?

The law requires you to take a three-hour Lead Hazard Awareness Class approved by the Housing Resources Commission before November 1, 2005.

HOWEVER, as of November 1, 2005, your insurance carrier may ask for proof of compliance with the Law. Please contact your insurer or insurance agent directly for assistance.

As of November 1, 2005 you will no longer be protected by the ?innocent owner? provision, which means that now property owners can be held responsible for any cases of lead poisoning that occur on their property.

1.8. What if I don't rent to children or pregnant women? Do I still have to comply with the Law?

Yes, you are still required to comply with the Law even if you do not rent to children or pregnant women. The requirements of the Lead Hazard Mitigation Law are good maintenance practices that you should follow in order to protect yourself, your family, and your tenants.

1.9. Where can I get assistance to help bring my units into compliance?

If you need financial and/or technical assistance, call the Housing Resources Commission's Lead Technical Assistance Center at 1-800-570-0768 or visit us at the Lead Mitigation Information Page. We may be able to assist you with:

Visual Assessments
Lead Hazard Reduction Loans
Lead Tax Credits
Referral Services

Note: Services have funding and income eligibility restrictions.

Funding is available to reduce lead hazards in properties rented to children under the age of six. Through a Lead Hazard Reduction Program, you may be able to obtain low-interest or no-interest deferred loans that will assist you in repairing and improving your property. For a list of Lead Hazard Reduction Programs, view the Rhode Island Lead Hazard Reduction Resources Sheet.

1.10. If I rent out my historical property, am I required to comply with the Law?

Yes, unless your property is one of the types of exempt properties. Talk to your local Historical Preservation Commission prior to beginning any significant structural changes about how to maintain the historic value of your property. For more information, call the Rhode Island Historical Preservation and Heritage Commission at (401) 222-2678 or visit their website.

1.11. I own property in Rhode Island, but I live out of state. How can I become informed of the Law and how can I comply?

Rhode Island Law requires you to have a local agent who can respond to any process, notice, or demand required or permitted by law to be served, including but not limited to, notices of minimum housing code violations. You can designate that same agent, or another individual, to help you comply with the Lead Hazard Mitigation Law if that person is willing to assume this duty.

Approved Lead Hazard Awareness Classes will be available on the Internet as well as in VHS and DVD format in the coming months. You can get more information by calling the Housing Resources Commission at 1-800-570-0768.

1.12. What are the penalties for failing to meet the Law's requirements?

If you do not comply with the Lead Hazard Mitigation Law, a tenant may file a complaint with the Housing Resources Commission. You would be notified and given 30 days to respond, after which time a second notice would be issued and a housing code complaint would be filed with the city or town in which the unit is located.

Tenants not covered by the Lead Hazard Mitigation Law should contact the local minimum housing code enforcement office in the city or town in which the unit is located to file a complaint. Local Minimum Housing Code officials can cite buildings as unsafe for human inhabitants for violations such as damaged lead based paint.

II. INFORMATION ABOUT THE LEAD HAZARD AWARENESS CLASS

2.1. What will I learn at the Lead Hazard Awareness Class?

This class will teach you how to safely maintain your property, how to protect your tenants from lead-based paint hazards, and how to prepare your property for inspection.

You can also take an eight-hour Renovator/Remodeler class to meet the education requirement. The eight-hour class is designed for individuals or contractors who want to learn how to do lead safe renovation work on pre-1978 housing where a child has not already been poisoned. If you decide to become a licensed Lead Safe Renovator/Remodeler, who may be hired by other property owners to conduct lead-safe renovations, the Department of Health can add your name to a public list.

Approved three-hour Lead Hazard Awareness Classes will be available on the Internet as well as in VHS and DVD format in the coming months.

2.2. If I own one of the types of exempt properties, do I still have to take the class?

No. However, the requirements of the Lead Hazard Mitigation Law are good maintenance practices that you should follow in order to protect yourself, your family, and your tenants. By bringing your units into compliance with the requirements of the Law you can reduce your legal exposure by purchasing lead liability insurance through your insurer, another insurer or the FAIR Plan starting November 1, 2005.

2.3. Where can I find a list of providers of the Lead Hazard Awareness Class and class schedules?

Visit the Lead Mitigation Information Page or call the Housing Resources Commission at 1-800-570-0768.

2.4. What if I am unable to attend the class?

Approved three-hour classes will be available on the Internet as well as in VHS and DVD format in the coming months. You can also designate someone else to take the class for you. That person will then have to visually assess the unit(s), correct any lead hazards, and then obtain the Certificate of Conformance for your unit(s).

2.5. How often do I need to take the class?

You are only required to take the class once. However, if a designated person attends the class on your behalf and the relationship or partnership with that person terminates, you or a new designated representative will have to take the class.

2.6. What if all of the classes are full?

Classes are being offered by many organizations, and more classes are being scheduled as the need arises. Contact the training providers if you cannot find a class. They are working to make more classes available. You can obtain contact information for the training providers by visiting the Lead Mitigation Information Page or calling the Housing Resources Commission at 1-800-570-0768.

III. INFORMATION ABOUT CERTIFICATES AND INSPECTIONS

3.1. What is a Certificate of Conformance?

A Certificate of Conformance is proof that your unit has met the requirements of the Lead Hazard Mitigation Law. This means that a Licensed Lead Inspector or Lead Inspector Technician has performed an Independent Clearance Inspection on your property and that any lead hazards on your property have been corrected. It does not mean that your property is free of lead, but rather that your property does not currently pose a hazard to your tenants. You must keep your rental unit(s) safe using lead-safe work practices learned in the Lead Hazard Awareness Class and with routine maintenance.

A Certificate of Conformance is not the same as a ?Lead Safe? or ?Lead Free? Certificate. Attainment of either a Lead Safe or Lead Free Certificate exempts you from the requirements of the Law. A Lead Safe Certificate is issued by the Rhode Island Department of Health once a property has undergone a Comprehensive Inspection and all lead hazards are abated. Please note that you must keep your Lead Safe Certificate current in order to continue to qualify for an exemption. A Lead Free Certificate is issued by the Rhode Island Department of Health to properties that are free of lead. Units built AFTER 1978 are presumed to be lead free.

3.2. Do all of my rental units need a Certificate of Conformance on November 1, 2005?

No. Your rental units must have a Certificate of Conformance prior to a new tenant moving into the vacant unit after November 1, 2005.

3.3. How do I get a Certificate of Conformance?

A Certificate of Conformance is issued by a Rhode Island Licensed Lead Inspector or Lead Inspector Technician once a rental property has met the requirements of the Lead Hazard Mitigation Law based on visual inspection and dust testing. You should attend the Lead Hazard Awareness Class prior to scheduling your inspection. This may reduce your inspection cost.

3.4. I own 10 or more rental units. Do I need to have an inspection and Certificate of Conformance for every unit?

If you own 10 or more units that were constructed after 1960, have no outstanding major minimum housing code violations, and do not have a history of repeated lead poisonings on your properties, then you may qualify for Presumptive Compliance. Under Presumptive Compliance, you must inspect at least 5% of your rental units each year and at least 90% of the inspected units must receive a Certificate of Conformance. Once the units have received and passed an Independent Clearance Inspection, these certificates can be kept current through an Affidavit of Completion of Visual Inspection. To find out more about whether you qualify and how to get a Certificate of Presumptive Compliance, contact the Housing Resources Commission at 1-800-570-0768.

3.5. What type of inspection do I need to have in order to obtain a Certificate of Conformance?

In order to obtain a Certificate of Conformance, you will need to have an Independent Clearance Inspection. This inspection includes a thorough interior and exterior visual inspection and dust sampling in the interior of your rental unit(s). You do not need a Comprehensive Lead Inspection to receive a Certificate of Conformance. You should attend the Lead Hazard Awareness Class prior to scheduling your inspection.

3.6. What is the difference between a Lead Inspector Technician and a Lead Inspector?

A Licensed Lead Inspector Technician may perform the Independent Clearance Inspection needed to issue a Certificate of Conformance. A Licensed Lead Inspector may perform both the Independent Clearance Inspection and the Comprehensive Lead Inspection required for a Lead Safe Certificate.

You may use either a Lead Inspector or a Lead Inspector Technician to obtain a Certificate of Conformance.

3.7. Where can I find a list of Lead Inspectors and Lead Inspector Technicians?

For a full list, go to the web page: Personnel Certified to Perform Mitigation Inspections.

3.8. Is there a set cost for an Independent Clearance Inspection?

The cost of Independent Clearance Inspections may vary. You should get three price quotes before settling on an inspector. Make sure when you are requesting the inspection you are clear about whether you would like a Independent Clearance Inspection needed to obtain a Certificate of Conformance, or the Comprehensive Lead Inspection needed to obtain a Lead Safe Certificate, and specify the number of units you need to have inspected. This will affect the cost of the inspection, as Comprehensive Lead Inspections will cost more.

3.9. If I get a private Comprehensive Lead Inspection and hazards are detected, am I still be eligible to obtain a Certificate of Conformance?

If there is no report of a poisoned child on your property, and you have not received a Notice of Violation from the Department of Health, then you are still eligible to obtain a Certificate of Conformance. However, since you will be fixing the hazards regardless and the clearance testing standards are the same for both a Certificate of Conformance and a Lead Safe Certificate, all you would need to do to complete your Lead Safe Certificate would be to fix the hazards and obtain an Independent Clearance Inspection. Thus, you need to consider all of your options to see what is best for you.

3.10. If I get a private Comprehensive Lead Inspection and hazards are detected, am I still eligible to obtain a Certificate of Conformance?

If there is no report of a poisoned child on your property and you have not received a Notice of Violation from the Department of Health, then you are still eligible to obtain a Certificate of Conformance. However, since you will be fixing the hazards regardless and the clearance testing standards are the same for both a Certificate of Conformance and a Lead Safe Certificate, all you would need to do to complete your Lead Safe Certificate would be to fix the hazards and obtain a Clearance Inspection. Thus, you need to consider all of your options to see what is best for you.

3.11. Who can I turn to if I have a dispute with a Licensed Lead Inspector or Lead Inspector Technician?

If you have a dispute with a Licensed Lead Inspector or Lead Inspector Technician, you should call the Rhode Island Department of Health at (401) 222-2438.

3.12. How can I become a Licensed Lead Inspector?

For information on the requirements to become a Licensed Lead Inspector, visit the Requirements for Lead Professionals Page.

3.14. Will information about my property be available to the public once a Lead Inspection Report is on file?

The Housing Resources Commission will collect data on units that have achieved a Certificate of Conformance under the Lead Hazard Mitigation Law. A list of properties in compliance with the Law will be available to the public on the Internet. This information will help to identify the availability of well-maintained rental units.

3.15. What repair work may I perform myself?

WARNING: Using unsafe work practices may increase lead exposure.

Property owners can do spot removal (repair small areas of lead-based paint) themselves if:

They have successfully completed a Lead Hazard Awareness Class approved by the Housing Resources Commission.
The surface area to be repaired is less than thirty (30) square feet in any dwelling unit.
The surface area is less than six (6) square feet in any common area, such as a hallway, entryway, or stairwell.
No room or common area contains more than eight (8) components (such as window molding, window wells, doors, walls, ceilings, etc.) with damaged lead-based paint.

If extensive work is required, you can get additional training or hire a Licensed Lead Safe Renovator/Remodeler or Licensed Lead Contractor. For more information about lead-safe work practices, visit the Renovating Your Home Safely Page.

3.16. Where can I find a list of Licensed Lead Renovator/Remodelers?

For a full list, go to the web page: Personnel Certified as a Lead-Safe Remodeler/Renovator.

3.17. If I hire a Licensed Renovator/Remodeler or Contractor, must everyone on the project be licensed?

No. Only one person on the site needs to have the appropriate license. They are responsible for ensuring lead-safe work practices on the site.

3.18. What do I do with all of the contaminated water from the clean-up activities?

You can dispose of contaminated water down the toilet. Do not dump wastewater outside or down a sink, tub, or storm drain.

3.19. Do tenants have to be relocated during the Lead Mitigation activities?

You should make all reasonable efforts to ensure that occupants are not in the unit when repairs are being conducted, especially children and pregnant women. Follow the lead-safe work practices learned in the Lead Hazard Awareness Class. If you are conducting major repairs that require tenants to be relocated for more than three (3) days including overnights, you are required by law to provide reasonable accommodations for the tenants.

3.20. What does it mean to "cover" soil within 5 feet of the property?

You are required to cover or make inaccessible to children any bare soil within five (5) feet of your property.

Acceptable treatment methods include:

Covering exposed soil with grass or other ground plants;
Covering soil with landscape fabric and six (6) inches of mulch;
Covering soil with landscape fabric and four (4) inches of crushed stone, gravel, stone dust, sand, or other appropriate materials;
Covering soil with asphalt or cement;
Installing fencing or hedges to make the area inaccessible.

IV. THE MITIGATION LAW AND INSURANCE: QUESTIONS FOR POLICYHOLDERS

4.1. Is lead liability insurance available if I comply with the Law?

Yes. Insurance will be available either through your current insurer, another insurer, or through the FAIR Plan. You may request information on FAIR Plan policies from your insurance company or contact the Rhode Island Fair Plan directly at 1-800-851-8978.

4.2. Can I get lead liability insurance while I am in the process of complying with the Law?

Yes. If your insurer does not offer such coverage you can either contact another insurer or obtain a policy through the FAIR Plan. Please contact your insurer or insurance producer directly for assistance.

4.3. If I comply with the Law but later allow my Certificate of Conformance to lapse, will the lapse affect my insurance coverage?

Yes. It is your responsibility to make sure that your Certificate of Conformance remains current. If you allow it to lapse during the insurance policy term, your insurer may deny coverage.

4.3. If I own one of the types of exempt properties, will I be able to obtain lead liability coverage?

Yes. As long as you have a valid Lead Certificate, you can get lead liability coverage.

4.5. I am a Realtor, Inspector, or Insurance Producer. Will my Errors and Omissions Insurance cover me if I perform visual inspections for my customers and clients?

Some insurers have exclusions for claims arising out of lead. However, coverage will vary from policy to policy. There is no statute requiring insurers to offer lead liability coverage for realtors performing visual inspections, and thus realtors should contact their insurance carrier or insurance producer directly with these questions.

V. INFORMATION FOR INDIVIDUALS BUYING OR SELLING PROPERTY

5.1. Will the Law prevent me from selling my rental property?

No. However, please be aware that there are additional federal and state disclosure requirements you have to comply with when selling your rental property.

5.2. Must I have my rental property inspected before I transfer it to someone else?

No. However, by obtaining a Certificate of Conformance now, your property may actually become more attractive to purchase, as purchasers and tenants will know that the property is in compliance.

5.3. What do I have to do to be in compliance with the Law if I purchase rental housing after November 1, 2005?

If you purchase a rental property that was constructed prior to 1978 that is not one of the types of exempt properties, and it is occupied by a child under the age of six (6) or a pregnant woman, you must have the property visually inspected within thirty (30) days and meet the Lead Hazard Mitigation Law's requirements within sixty (60) days of assuming ownership of the property. If the property is not occupied by a child under the age of six (6) or a pregnant woman, then you must meet the requirements of the Lead Hazard Mitigation Law at the next change in tenants.

From the State of Rhode Island Housing Resource Commission...
* This information is current since the revisions to the laws made in August of 2005

Now You Know !!!!!

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Sales - Rentals - Property Management

www.MarketWatchRI.com

www.MyRIRental.com

Looking For Some Local Links???

John Cain : Broker Associate (Keller Williams Realty of Newport) — Thu, 12 Apr 2007 23:02:42 -0500

Here's a few to make your searches a bit easier....

My Sales Website: http://www.MarketWatchRI.com

My Rental Website: http://www.MyRIRental.com

My Office Rental Website://www.NewportCountyRentals.com

Other Rhode Island Links Mainly Focused On Newport County & Rhode Island:

BRISTOL
Town Of Bristol -

JAMESTOWN
Town Of Jamestown -

LANDLORDS
Out-Of-State Landlord Registration - Required For Out-Of-State Landlords
Newport Rental Registration -
RI Landlord / Tenant Law -
Out-Of-State Landlord Law -
RI Lead Law Information -

LOCAL BUSINESSES
Skydive Newport -
Treasures Of Newport -
Custom Yacht Outfitters -

LOCAL DINING
Red Parrot Restaurant -
Cafe Zelda -
Brick Alley Pub & Restaurant -

MIDDLETOWN
Town Of Middletown -

NEWPORT
Newport Daily News -
Sail Newport - Rhode Islands Public Sailing Center
Naval Station Newport -
Cliff Walk -
Newport Art Museum -
City Of Newport -
Newport Mansions -
Museum Of Yachting -
Newport County Chamber Of Commerce -
Best Read Guide -
International Tennis Hall Of Fame -
International Yacht Restoration School -
Newport County Convention & Visitors Bureau -
Naval War College -

OTHER RHODE ISLAND LINKS
RI Traffic -
RI Traffic Cameras -
RI Department Of Environmental Management -
RI Tourism -
Providence Journal -
RI Department Of Education -
Public Transportation -
T.F. Green Airport -
RI Division Of Motor Vehicles -
Ocean State Bicycling -
State Of Rhode Island -
RI Housing -
Sale Of Property By Nonresidents -
RI State Police -
RI Department of Health -
RI Emergency Management Agency -

PORTSMOUTH
Town Of Portsmouth -

RI COLLEGES & UNIVERSITIES
Community College Of RI -
Brown University -
Providence College -
Rhode Island College -
Roger Williams University -
University Of Rhode Island -
Bryant College -
Rhode Island School Of Design -
Salve Regina University -
Johnson & Wales University -
New England Institute Of Technology -

RI GOLF LINKS
State Tournaments -
RI Golf Association -
Driving Ranges -
Charity Events -
Golf Courses -
2006 Womens U.S. Open - June 29th - July 2nd

RI TOURISM ORGANIZATIONS
Providence Warwick Convention & Visitors Bureau - Providence Warwick Convention & Visitors Bureau
South County Tourism Council - South County Tourism Council
Rhode Island Tourism Division - Rhode Island Tourism Division
East Bay Tourism Council - East Bay Tourism Council
Newport Convention & Visitors Bureau - Newport Convention & Visitors Bureau
Block Island Chamber Of Commerce - Block Island Chamber Council
Providence Tourism Council - Providence Tourism Council
Blackstone Valley Tourism Council - Blackstone Valley Tourism Council
Warwick Tourism Information - Warwick Tourism Information

TIVERTON
Town Of Tiverton -

WEATHER
Newport Forecast -
Marine Forecast -

YACHT CLUBS
New York Yacht Club -
Newport Yacht Club -
Ida Lewis Yacht Club -

Additional Links.......

State of Rhode Island Sites

National Housing Organizations

Other Advocacy and Policy Organizations

Government Sites of Interest

Banking and Housing Finance

Sources of Data

Publications/Periodicals

Spring is in the air and mortgage applications are on the rise!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 07 Mar 2007 15:18:32 -0600

We are quickly approaching the spring season and more people are out applying for mortgages. Mortgage rates are still low with the average interest rate for a 30-year fixed-rate mortgage being 6.04 percent. According to the Mortgage Bankers Association, the MCI (Market Composite Index), which measures mortgage application volume, is at 671.6. This is shows an increase of 7.3% on a seasonally adjusted basis from a week earlier when it was at 626.1. When rates go down, refinancing applications tend to rise. Refinancing applications accounted for 46.1% of total applications up from 43.2% just a week ago. With interest rates still low coupled with a large inventory of homes of which to choose from means it’s a buyer’s market. If you’ve been of the fence about buying, maybe now is the time!

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Sales - Rentals - Property Management

www.MarketWatchRI.com

www.MyRIRental.com

You've found your new home and signed the contract...when can you move in?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 05 Mar 2007 17:48:26 -0600

Buying a home, however, is far more complicated than buying a car. Plus, you're not likely to take title to a home as quickly as you can drive new car off the showroom floor. How long it takes to close a sale varies from one home purchase transaction to the next. Closing occurs when title to the property transfers from the seller to the buyer. The closing date is one of the many elements of a home purchase contract that are negotiated by the buyer and seller. The buyer usually proposes a closing date in the initial offer. If that date is unacceptable to the seller, a counteroffer can be made with a different closing date. The closing date can be any date, other than a weekend or holiday, that is mutually agreed on by the buyer and seller.

From a practical standpoint, closings tend to be 30 to 60 days following the date that the purchase contract is ratified. A contract is ratified when it and any counteroffers and addenda are accepted and signed by both the buyer and seller. Practical considerations usually determine how long the closing will take. Most home purchase contracts include contingencies that must be satisfied before closing can occur. The most common are contingencies for the buyer's financing, inspections of the property and examination of title to the property.

Most buyers finance a portion of the purchase price with a mortgage. It can take two to four weeks to approve a new purchase mortgage depending on market conditions and how far along in the process the buyer is when the contract is ratified. Pre-approved buyers can close quickly because they are already approved for the mortgage they need before they make an offer. A buyer who is paying all cash with no mortgage can close in a matter of days. However, it's wise to have any property you buy thoroughly inspected before closing. Inspections can take one to two weeks to complete, depending on availability of inspectors and other factors.

FIRST-TIME TIP: You may be able to use the closing date to your advantage in your negotiations with the seller. Let's say the sellers have bought another home. They will close on that home in 30 days. If their current home isn't closed by the time they close on their new home, they'll end up owning two homes, which can be expensive. If you are willing and able to close within 30 days, you may save the sellers a lot of money. In this case, you might be able to negotiate a good price for yourself by closing quickly. Keep in mind that the date the sellers deliver possession of the property to the buyers does not have to occur on the closing date. Let's say that interest rates are rising. The sellers can't move into their new home for 60 days. You want to close in 30 days to take advantage of lower interest rates. Rather than force the sellers to deliver possession of their home before they're ready, negotiate a 30-day closing with a 30-day rent-back for the sellers.

THE CLOSING: A rent-back lets the sellers stay in their home after closing. The rent amount is negotiable.

Posted by:

John Cain
Broker Associate

Keller Williams Realty
809 Aquidneck Avenue
Middletown, RI 02842

www.MarketWatchRI.com
www.MyRIRental.com

Sales - Rentals - Property Management

Licensed Realtor In Rhode Island & Massachusetts

What is included in a home sale?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 05 Mar 2007 17:45:31 -0600

It's helpful to understand the difference between real property and personal property. Real property refers to the land and anything that is permanently attached to it, such as a house, trees, shrubs and a fence. Personal property is movable--things that are not permanently attached to real property. Furniture, clothing, art work and potted plants are examples of personal property. A fixture is an item of personal property that is attached to the real property and is therefore treated as real property such as plumbing and light fixtures. Fixtures typically transfer to the buyer with the real property unless they are specifically excluded from the sale. Personal property, however, is not usually included in a home sale.

Buyers sometimes assume that an item of personal property is included in the sale because it appears to be a fixture -- that is, it looks like it's permanently attached. For example, a microwave oven can appear to be built-in when it is actually only set into an opening in a cabinet. If it's not permanently attached and the sellers are not including it in the sale, it is the seller's personal property. A decorative mirror hung on a hook, like a piece of artwork, is personal property. Even though the mirror might at first glance appear to be a fixture, it's not unless it's permanently attached to the wall. The attachment issue is critical. A toilet is personal property when it's sitting on display at a home renovation store. It becomes a fixture and part of the real property when it is permanently installed in someone's house.

FIRST-TIME TIP: Your purchase contract should include clauses that describe what is and what is not included in the sale. Built-in appliances, window coverings, plumbing and light fixtures and tacked down carpets are usually included as part of the real property. Freestanding appliances are not part of the real property. So unless the seller specifically includes them, they are not included. Sometimes sellers want to exclude items that are permanently attached to the property, such as a dining room chandelier. As long as you agree to this and it's written into the purchase agreement, the seller can take the fixture with him when he moves. Buyers often request items of personal property such as a washer and dryer or refrigerator. If the sellers agree to this as part of your negotiation, it should be written into the purchase contract. The purchase contract is a legally binding document. If the sellers offer to leave items of personal property that you don't want like an old freezer, make sure your contract includes a clause stating that personal property and debris will be removed by the time of closing. Buyers of new homes need to be extra careful. Homes in new home developments are usually pre-sold before they are constructed. The buyers make their purchase decisions based on a seeing a model home. The model home may look very different from the home they're buying.

THE CLOSING: Model homes are often enhanced with upgraded finishes and designer furniture. You may fall in love with a model that has granite counter tops and marble bathrooms. However, the quality finishes in the model home may only be available for an additional price.

Posted by:

John Cain
Broker Associate

Keller Williams Realty
809 Aquidneck Avenue
Middletown, RI 02842

www.MarketWatchRI.com
www.MyRIRental.com

Sales - Rentals - Property Management

Licensed Realtor In Rhode Island & Massachusetts

What kind of insurance will I need when I buy a home?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 05 Mar 2007 17:44:02 -0600

Before a lender will issue the mortgage funds to close on a home purchase, a policy of title insurance is usually required which guarantees the lender's interest in the property. The buyer usually pays for the lender's title policy. But, the lender's policy won't protect the buyer's interest in the property. Buyers should obtain their own policy of title insurance. Who pays for the buyer's title insurance is usually negotiable between the buyer and seller, and is often set by local custom. Title insurance is paid for on a one-time only basis, and it's not transferable. The cost of a policy of title insurance is based on the purchase price: the higher the price, the higher the insurance premium. If the sellers purchased or refinanced the property recently, you may qualify for a discounted premium rate (called a short rate).

In addition to title insurance, the lender will require that you have a hazard insurance policy to cover the property against perils such as fire. Most buyers take out a comprehensive homeowner's insurance policy that covers such things as personal possessions, liability, vandalism, theft, water damage (but, not flooding), and loss of the use of the dwelling. If the property is located in a flood zone, the lender will want you to carry flood insurance. Unlike title insurance, homeowner's insurance is paid for on an ongoing basis. Typically, the lender will require that you pay one year's premium in advance at closing. Thereafter, you can pay premiums on whatever payment schedule you work out with your insurer (quarterly, monthly, etc.).

The cost of homeowner's insurance varies from one company to the next, and from location to location. There are various kinds of coverage. So when you're shopping for insurance, be sure that you are comparing similar kinds of coverage. The Cadillac of homeowner's insurance policies is a guaranteed replacement cost policy. This will pay to rebuild your home even if the cost to rebuild exceeds your policy limit. This type of coverage, which was commonly available a decade ago, is now difficult to find. Some companies will only pay out on a claim up to the policy limit. Others will pay up to 120 or 125 percent of the policy limit.

FIRST-TIME TIP: Insurance agents will quote you a rate based on the estimated cost to rebuild. They'll need to know the square footage of the home. This information is on the appraisal report of the property that was prepared for your lender. Be sure to ask for a copy of the appraisal. The insurance agent will also want to know the general condition of the home, and what upgrades have been done to plumbing and electrical systems. To arrive at an estimated cost to rebuild, the insurance agent multiplies a per-square-foot cost to rebuild by the number of square feet in the home. Make sure that the cost per square foot estimate is accurate by checking with a local home building contractor. Some insurance agents estimate low in an effort to save you money on your insurance premium (the lower the cost to rebuild, the lower your insurance premium).

THE CLOSING: While this may be well-intentioned, you could suffer the consequences if your home burns down and it costs way more than your coverage to rebuild.

Posted by:

John Cain
Broker Associate

Keller Williams Realty
809 Aquidneck Avenue
Middletown, RI 02842

www.MarketWatchRI.com
www.MyRIRental.com

Sales - Rentals - Property Management

Licensed Realtor In Rhode Island & Massachusetts

Does your home have "defects"? Of course it does!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 05 Mar 2007 17:38:26 -0600

Did you know that just about every home has defects?

You'll undoubtedly discover defects during your inspections. In fact, you should hope that any significant defects are uncovered before you remove your inspection contingency from the purchase contract. It's far worse to be surprised after closing by unanticipated repair expenses. Armed with a complete assessment of the current condition of the property, you can make an informed decision about whether to purchase the property in its present condition. Or, you may want to renegotiate the terms of your contract with the seller. If defects are incurable, you may want to withdraw from the contract altogether. Your purchase contract should set guidelines for how inspection defects are to be handled. For example, the seller may have had a "termite" inspection completed before marketing the property. If so, the contract might specify which party-buyer or seller-will pay for the required corrective work.

Not all inspection contingencies are the same. Some specify that the buyers have the unilateral right to approve or disapprove inspections. In this case, if the buyers disapprove the inspections, the contract may be cancelable at the buyer's option. HOUSE HUNTING TIP: Even if your contract allows you to withdraw due to inspections, carefully consider before electing this option. You will already have spent considerable time, effort and money finding and inspecting the property. If the defects are correctable, it's usually worthwhile to try negotiating an agreement with the sellers rather than starting the process over again. Some inspection contingencies provide for buyers to give the sellers the opportunity to correct defects, rather than just walk away from the deal. In this case, the terms of the contract often become subject to further negotiation.

Before asking a seller for inspection-related concessions, make a list of the significant defects that you discovered during your inspections. Then find out how much it will cost to repair these defects. When you make your request, put it in writing and include a copy of your cost accounting list along with the reports and estimates on which you're basing your request. You may find that the seller is not willing to negotiating over items that were disclosed to you before you made an offer to purchase the property. It still may be worthwhile to point out that the cost of the previously disclosed items in addition to the newly discovered defects alter the amount you can reasonably pay for the property.

Sellers are wise to consider any reasonable proposal from a well-qualified buyer. If the inspection-related defects are significant, they are likely to be a concern to other buyers. Depending on the law in your state regarding seller disclosures, you may have to provide copies of the buyer's reports to future buyers who are interested in the property. There are several ways in which sellers can participate in buyers' repair requests. They can have the work done by closing, if time permits. Often contractors will accept payment at closing. Or they can credit money to buyers as long as the credit is called a credit for buyers' nonrecurring closing costs. Lenders usually limit the amount of such a credit to 3 percent of the purchase price or equal to the actual amount of the nonrecurring closing costs, whichever is less.

THE CLOSING: Some lenders will allow money from the seller to be held in an escrow or trust account so that work can be completed after closing.

Posted by:

John Cain
Broker Associate

Keller Williams Realty
809 Aquidneck Avenue
Middletown, RI 02842

www.MarketWatchRI.com
www.MyRIRental.com

Sales - Rentals - Property Management

Licensed Realtor In Rhode Island & Massachusetts

What is an "as-is" sale?

John Cain : Broker Associate (Keller Williams Realty of Newport) — Mon, 05 Mar 2007 17:35:32 -0600

What is an "as is" sale?

It's difficult to know from an advertisement what "as is" means with respect to the sale of a residential property. It can mean that the property is being sold in its present condition and without a warranty. In other words: The seller makes no guarantees about the property's condition.

In some states, like California, sellers may provide a general warranty of habitability when they sell a home. Generally, this means that the roof is free of known leaks and the dwelling systems like plumbing and electrical are in working order. With an "as is" sale, such a warranty probably wouldn't apply. Probate, trust and foreclosure sales are often "as is" sales. The sellers of these properties could have acquired them under adverse conditions (either because a relative died or because a buyer defaulted on a mortgage). In these cases, the seller might have little, if any, actual knowledge about the property condition. In many cases, sellers of probates and foreclosures haven't even seen the properties.

FIRST TIME TIP: Before you agree to purchase a property "as is", make sure that you have it thoroughly inspected. If it's a foreclosure, you might not be able to include an inspection contingency in the purchase contract. In this case you'll have to complete inspections before you make an offer. When several buyers are competing for a hot listing, the winner is often the buyer who makes an "as is" offer. Sellers usually prefer an "as is" offer because it relieves them of the responsibility of completing repairs before closing. The buyers take on the burden of repairs which cuts down the hassle factor for the seller. Just make sure that you include an inspection contingency in an "as is" offer unless you've had a chance to complete all necessary inspections before you made the offer.

Sometimes purchase contracts are written "as is" for convenience in dealing with the buyer's lender. Let's say that the sellers had a termite inspection done before they put their home on the market. The termite report calls for the shower, floor and tub in the bathroom to be replaced. The cost of this work will run $5,000. The sellers are willing to pay for the repair work but the buyers would prefer to do the work themselves so that they can remodel the bathroom to their own specifications. So rather than asking the sellers to do the termite repairs before closing, the buyers write their purchase contract to be "as is" regarding termite work. And they ask the sellers to credit them $5,000 at closing.

Buyers purchasing a property that they intend to renovate extensively often prefer to purchase the property on an "as is" basis. For example, if the house has a $25,000 termite bill and it needs a new $10,000 roof, the buyers might prefer to reduce the purchase price by $35,000 and buy the property "as is". An "as is" sale doesn't necessarily mean the property is a bargain, nor does is mean that the property should be dismissed as unacceptable. Find out the nature of the work required to put the property in good condition. Then decide if you're up for the project.

THE CLOSING: If an "as is" property will suit your long-term needs when it's fixed-up, it might be worth considering.

Posted by:

John Cain
Broker Associate

Keller Williams Realty
809 Aquidneck Avenue
Middletown, RI 02842

www.MarketWatchRI.com
www.MyRIRental.com

Sales - Rentals - Property Management

Licensed Realtor In Rhode Island & Massachusetts

Getting Ready To Sell? Here's What You Should Do!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Sat, 24 Feb 2007 18:01:26 -0600

In preparing your house to sell, ask yourself over and over if your house looks like someone else's dream house. Houses in move-in condition tend to be inviting to buyers; houses that are like new typically sell the fastest and procure the best price.

With that in mind, here are a few things to consider when getting ready to sell:

Exterior
Remember the 60-second rule: that's all the time you have to create a good first impression! Mow the lawn, rake leaves, trim trees and shrubs that keep light out of the house and remove dead plants. Pick up tools, garbage cans, hoses, toys, and building materials and store them neatly in a storage area. Replace broken or missing roof shingles and straighten and clean the gutters and downspouts. Clean all windows and mend torn screens. Painting your house helps improve curb appeal more than any other fix-up! If you decide against painting the entire house, consider painting the front door, window frames and shutters. Seal or resurface the driveway and repair broken steps and walkways. Paint or replace your mailbox and post. Dress up the front yard with some simple landscaping.

Clean, Clean, Clean
Step back for a moment and look at your home as if you were seeing it for the first time. Every room should be spotlessly clean, dusted and uncluttered. Steam clean the carpets and wax the floors. Wash the walls, windows and light fixtures. Tighten loose stair railings and clean all woodwork. In the event that you feel a project of this magnitude is better left to a professional, ask your real estate agent to recommend a cleaning service.

Entryway
Use bright light bulbs in the foyer and throughout the house. Fill the house with a pleasant aroma, such as berries in the summer or cinnamon in the winter.

Living Room
Replace the carpet if it's worn. It costs money, but you may find that you will more than recoup that cost when the home sells. Patch cracks and nail holes in the walls, and repaint walls in neutral colors, such as white or ivory. Nail down creaking boards and stair treads. Lubricate any sticking or squeaking doors. Open all curtains, and replace them if they are getting old. Add lamps and lighting if the house is dark. Set out fresh flowers.

Furniture
Rearrange or remove furniture to make your rooms look more spacious. Too much furniture and too many knick-knacks make rooms look cluttered and small. One or two decorative items per surface are plenty, so pack the rest away.

Kitchen and Baths
These rooms should sparkle! Clear off counters, and clean all appliances and fixtures. Scrub the floors and walls. Re-caulk tubs and showers. Clean these rooms thoroughly, and be sure they smell fresh.

Closets
Take those things to Goodwill that you'll have to discard anyway when you move. Organize shelves and straighten shoes. Be sure that sliding doors operate smoothly and knobs on drawers are secure.

Utility Room
Dust and wash the washer, dryer and water heater.

Light and Bright
Do everything you can to brighten the interior. Replace wallpaper with white or off-white paint, and repaint shabby or dark walls. Open the blinds, and replace broken windows and window seals. Always maintain a comfortable temperature inside the house, even if you are away for an extended period of time.

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Fax: (401) 845-9202
Email: Cain1000@cox.net
Web: www.MarketWatchRI.com
Web: www.MyRIRental.com

Specializing in Sales, Rentals, & Property Management
Licensed Realtor in Rhode Island & Massachusetts

10 Questions to Ask Your Realtor about Selling a Home

John Cain : Broker Associate (Keller Williams Realty of Newport) — Sat, 24 Feb 2007 17:58:59 -0600

1. Are you a full-time professional real estate agent? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.

2. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.

You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?
3. Do you have a Website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What’s your email address?
Many buyers prefer to search online for homes because it’s available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent’s Website or on their company’s site. By searching your agent's Website you will get a clear picture of how much information is available online.

4. How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent's systems.

5. What do you do that other agents don't that ensures I'm getting top dollar for my home? What is your average market time versus other agents' average market time?
Marketing skills are learned, and sometimes a real estate professional's unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.

6. Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

7. Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our listing agreement?
In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. Keller Williams® Realty understands the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.

8. How will you get paid? How are your fees structured? May I have that in writing?
In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.

9. How would you develop pricing strategies for our home?
Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all. Access to current property information is essential, and sometimes a pre-appraisal will help. Ask your agent how they created the market analysis, and whether your agent included For Sale by Owner homes, foreclosed homes and bank-owned sales in that list.

10. What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?
Ask your real estate agent to present to you a clear plan of how marketing and advertising dollars will be spent. If there are other forms of marketing available but not specified in the plan ask who pays for those. Request samples or case studies of the types of marketing strategies that your agent proposes (such as Internet Websites, print magazines, open houses, and local publications).

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Fax: (401) 845-9202
Email: Cain1000@cox.net
Web: www.MarketWatchRI.com
Web: www.MyRIRental.com

Specializing in Sales, Rentals, & Property Management
Licensed Realtor in Rhode Island & Massachusetts

Buying A New Home? How to Make Your Move Easier on Your Family!

John Cain : Broker Associate (Keller Williams Realty of Newport) — Sat, 24 Feb 2007 17:41:12 -0600

People generally have two kinds of needs during a home purchase. First are the transactional needs, such as searching for a home, obtaining financing, negotiating the terms of purchase, completing paperwork and legal documents, and arranging the move. The second are emotional needs, which can be more stressful than the financial ones. The following are some tips to help ease the stress.

Prepare your children

Although you may have lived in your current home for just a few years, four years is half the lifetime of an eight-year-old. Your home may be the only home your children remember. It’s where they feel safe and it’s probably the center of your son or daughter’s world.

Be sure to announce the move in a completely upbeat way. You might talk about how beautiful the new neighborhood is and how good the schools are. Bring your children to the new house, if that’s possible or positively describe it to them. Find out what your children's favorite things are in your current home, and then try to re-create them in the new house. Keep your children actively involved. For instance, take them shopping for paint, bedspreads, carpets, and other items for their new room.

Your children are bound to have worries during the move. Help lessen these anxieties by finding ways to make parting pleasant. For example, plan a going-away party or create a photo album with pictures of neighbors, their house and the neighborhood.

Gain knowledge

As you begin the process, you may start to feel out of control, as though other parties to the purchase transaction are running the show. Your mortgage company, the appraiser, the inspector, and the seller all have certain powers to approve or disapprove of your overall plan to purchase this home and move successfully. To alleviate your feelings of helplessness, one of the best things you can do is to understand as much of the purchase process as possible. Work with your real estate agent to prepare yourself for the unknown and tie down loose ends.

Trust the process

There can be so much to do that it's easy to panic. Buying a home may feel risky, but the truth is it’s an opportunity for you and your family. Even though you can't predict what will happen every step of the way, your real estate agent helps people buy and sell homes as a profession! Your agent has been there before and understands that this is a major upheaval in your life. Trust that your agent is looking out for you on your way to a successful closing and move.

Be flexible

Although your agent will do everything possible to prepare you for your home purchase, there is no such thing as a perfect world. The property inspection may reveal areas of concern, or closing may be delayed for some reason. Try to take a deep breath and be flexible in your thinking.

Seek entertainment

Whenever you feel things are spinning out of control, find a diversion! Take a walk around your new neighborhood; go out of town or to a movie with your family. Whatever outlet works best for you, this is a good time to engage in it! Remember to take one "move" at a time.

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Fax: (401) 845-9202
Email: Cain1000@cox.net
Web: www.MarketWatchRI.com
Web: www.MyRIRental.com

Specializing in Sales, Rentals, & Property Management
Licensed Realtor in Rhode Island & Massachusetts

Thinking of Buying? Top 10 Signs That It's Time To Own Your Own Home

John Cain : Broker Associate (Keller Williams Realty of Newport) — Sat, 24 Feb 2007 17:38:34 -0600

10. You're ready to stop paying your landlord's mortgage payment, and start building wealth of your own.

9. You could use the property tax and mortgage interest deductions.

8. You want a vested interest in your community.

7. It’s mid-August and you can no longer tolerate waiting for your landlord to send someone to fix your air conditioner.

6. You are working at a job where you won’t leave the country every other year.

5. You want to provide your family with a sense of stability and plant roots.

4. There are more than twice as many people as bedrooms in your current residence.

3. You want to paint the walls of your bedroom any color you please.

2. You are tired of saving all your quarters for the laundromat.

1. When you say you are "going home," you want to really mean it!

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Fax: (401) 845-9202
Email: Cain1000@cox.net
Web: www.MarketWatchRI.com
Web: www.MyRIRental.com

Specializing in Sales, Rentals, & Property Management
Licensed Realtor in Rhode Island & Massachusetts

10 Questions to Ask Your Realtor about Buying a House

John Cain : Broker Associate (Keller Williams Realty of Newport) — Sat, 24 Feb 2007 17:32:50 -0600

1. Are you a full-time professional Realtor®? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.

2. Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. They typically work on a referral basis, and, as their businesses grow, they must be able to deliver the same or higher quality service to more people.

You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?

3. Do you have a Website that will provide me with useful information? Can I have your URL address? Who responds to emails and how quickly? What’s your email address?
Many homebuyers prefer to search online for homes because it’s available 24 hours a day and you can do it in the privacy of your own home. By searching your real estate agent's Website you will get a clear picture of how much work you would be able to accomplish online.

4. Will you show me properties from other companies' listings?
Some real estate companies do offer their buyers' agents a higher commission if they are able to sell "in-house" listings. In such circumstances, there can be added incentive to limit the range of homes you are shown. This may impact your home search and how much your buyer agent's fee will be.

5. Will you represent me or will you represent the seller? May I have that in writing? How will you represent me, and what is the direct benefit of having you represent me?
The goal here is to ascertain to whom the real estate agent has legal fiduciary obligation, which may vary from state to state or even locale to locale. In the past, agents always worked for sellers. Then the listing broker was responsible for paying the agent or sub-agent that brought a suitable buyer for the home. And even though the buyer worked 'with' an agent, the agent still represented and owed their fiduciary duty to the seller.

Dual agency is where the buyer decides to have the listing agent prepare the offer for him. If you are a knowledgeable buyer, you may choose to do this, but only with full disclosure to all parties. In some states it also affects the broker's/agent's fiduciary responsibilities to the seller.

Although seller agencies still exists in certain areas, agents today almost always have a sense of moral obligation to buyers. Find out what is common in your area and understand what kind of agent you have before you begin to work with them.

6. How will you get paid? How are your fees structured? May I have that in writing?
In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of buyer costs from any agent you contemplate employing.

7. What distinguishes you from other real estate agents? What is your negotiating style and how does it differ from others? What geographic areas do you specialize in?
Each agent has unique methods of overcoming obstacles and negotiating deals. The most important thing is to make sure your agent is an effective advocate for you.

8. Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

9. Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our Buyer Agency Agreement?
In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. Keller Williams® Realty understands the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.

10. How will you keep in contact with me during the buying process?
Some agents may email, fax or call you daily to tell you about properties that meet your criteria, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent's systems.

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

Direct: (401) 608-9214
Fax: (401) 845-9202
Email: Cain1000@cox.net
Web: www.MarketWatchRI.com
Web: www.MyRIRental.com

Specializing in Sales, Rentals, & Property Management
Licensed Realtor in Rhode Island & Massachusetts

1031 Exchanges: Common Questions t

John Cain : Broker Associate (Keller Williams Realty of Newport) — Wed, 21 Feb 2007 21:34:34 -0600

Do you have some questions about 1031 exchanges?

Here are some answers to common asked questions!

What does the term 1031 refer to?
1031 is the number assigned to the Internal Revenue Code Section that provides for the tax deferred exchange of real and personal property.

What does the term Starker refer to?
It refers to the landmark 1979 federal case entitled, Starker v. U.S. 602 F2d 1341 (9 th Cir 1979) wherein the court substantiated the validity of the delayed exchange process. Prior to the Starker case, the courts had never sanctioned an exchange whereby the relinquished property was sold and - at a later date - the replacement property was purchased.

What are “Safe Harbors”?
This term refers to the rules established by the 1994 Treasury Regulations for tax deferred exchanges which provide that - if followed - the IRS will allow the exchange to qualify.

Why is the tax deferred exchange a popular financial planning tool?
If done correctly, investors defer tax due in connection with the sale of real or personal property, enabling them to access their equity to consolidate, diversify, leverage or relocate their investments.

Why use a Qualified Intermediary?
Use of a Qualified Intermediary is sanctioned as a safe harbor by the IRS.

What is like kind? Real or personal property of the same nature or quality is like kind. Generally, real property is like kind to all other real property, except foreign real property, as long as it is held for investment or the productive use in a trade or business. Personal Property must be either the same General Asset Class or Product Class.

How do I properly identify my replacement property?
Property is properly identified only if you unambiguously described it in a written document signed by you and hand delivered, mailed, telecopied, or otherwise sent to the person obligated to transfer the replacement property to you (i.e. the Qualified Intermediary or the seller of the replacement property) or to any other person “involved in the exchange” other than you or a person disqualified under Treas. Reg. Section 1.1031(k)-1(k). Real property generally is unambiguously described if it is described by a legal description, street address, or distinguishable name (e.g. the Mayfair Apartment Building). If at the end of the identification period - 45 days - you identified more properties than permitted by IRC Section 1031 (k)-1(b)(1) it is treated as if no replacement property has been identified and the exchange will be disallowed.

What are the 45 and 180 day deadlines?
Beginning with the close of the Relinquished Property, you have 45 days to identify the properties you intend to purchase and 180 days (or the due date for your tax return - whichever is earlier) to complete the acquisition of those properties. In addition, the 45 day identification period and the 180 day exchange period are calendar days. If the 45 th day or 180 th day falls on a weekend or holiday, the deadlines still apply. There are no extensions for Saturdays, Sundays, or legal holidays.

Is there any way to get an extension on the 45 day or 180 day deadlines?
No extensions are allowed on the 45 day deadline. Your identification must be received, signed, in writing, on or before midnight of the 45th day. With respect to the exchange period, it ends on the earlier of the 180th day or the due date (including extensions) of you tax return for the taxable year in which the transfer of the relinquished property occurs. Thus, if the exchange period is cut short by the earlier occurrence of your tax filing date, you may file for an extension in order to get the full 180 day exchange period.

What is Boot?
Broadly defined, boot is considered:

“Cash boot” - money received (or not reinvested) by you during an exchange. If you carry a note for your buyer, the note is also considered cash boot.
“Mortgage boot” occurs when you pay off a loan on the sale of the relinquished property but do not either get a loan for equal or greater value when you buy the replacement property or invest additional cash equal to your debt relief. In other words, if you choose not to get a loan on the replacement property, it is perfectly acceptable to simply come up with the additional cash required to purchase the replacement property.
Any type of replacement property received that is not like kind.

If I own a property with another investor, can I exchange my equity if he doesn't want to?
Yes. You would want to clearly allocate each investor's interest in the property before you sell. The investor who wishes to exchange may do so, and the other investor may receive cash (taxable). It is, however, very important that the investors be clear on their intentions before entering into an exchange agreement with a Qualified Intermediary. Once a Relinquished Property is closed where all investor parties are under one exchange agreement, they do not have an option of dividing proceeds and buying separate Replacement Properties.

What is a partial tax exchange?
If the equity in your investment property is $150,000 and you wanted to use only $100,000 to purchase your replacement property and take $50,000 out to buy a new car, you would have a partially tax deferred exchange. The $50,000 cash you took to purchase the car is considered taxable cash boot.

May I take out my basis and reinvest only the gains?
No. Both basis and gains must be reinvested to defer taxes. The IRS does not allow you to allocate a portion of the money as basis and a portion as gain. Any money received by you will be considered boot and taxed at a capital gain rate.

Can a carry-back note, drawn in the name of the Exchanger, be assigned to the Qualified Intermediary as part of an Exchange?
No. Once the Note is received in your name, it will be taxable boot. Alternatively, to use the note as part of the 1031 exchange, the note and deed of trust must be drawn in the Qualified Intermediary's name.

What is the net value of the property?
Simply stated, the net value is your sales price less your closing costs. You are responsible for reinvesting both the cash and the loan amount when you purchase the replacement property. (See section on Boot.)

How does the note become part of the exchange?
The note must be drawn in the name of the Qualified Intermediary. During the 180 day exchange period, you have several options in using the note as part of the exchange:

Sell the note to a buyer and liquidate it to cash that is then added to the exchange proceeds and applied to the purchase price of the replacement property;
Obtain the agreement of the replacement property seller to accept the note as part of the purchase price to be paid for the replacement property;
Accept only a short-term note (i.e. due in less than 6 months) that will be paid off in full prior to the acquisition of the replacement property. Payments received are added to the exchange funds and used to purchase the replacement property.

I own a piece of property that has my own primary residence as well as a rental unit, would it still qualify for an exchange?
Yes, so long as you remain consistent with your past tax returns. Consult with your tax advisor to determine the percentage of the value of the property you have attributed to investment. You may exchange that portion of the value.

How long must I hold a property for investment before I can move into it for my own residence?
The IRS has never established any rule for a required holding period for investment property to qualify under IRC Section 1031. If you are considering converting investment property to a principal residence, we strongly recommend that you consult with your tax advisor.

What does the term “disqualified party” refer to?
The 1994 Treasury Regulations provide that certain persons/entities are disqualified from acting as a Qualified Intermediary. Disqualified persons include anyone who can be considered your agent, anyone who is a related person as defined in the Code, or anyone who bears a relationship as your agent as described in the Code. Your agents include anyone who has acted as your employee, attorney, accountant, investment banker, real estate agent or broker within the previous two years.

Can I exchange with a related party?
Yes, subject to certain restrictions - namely a two year holding requirement — you may sell property to or swap property with a related party. If you engage in an exchange with a related person, you are entitle to non-recognition of gain only if the replacement property is held by you for at least 2 years and the relinquished property is held by the related person for at least 2 years after the date of the last transfer in the exchange transaction. Related persons include members of your family and descendents, corporations, tax-exempt organizations and partnerships that are controlled or owned by you. The grantor, fiduciary and beneficiary of a trust are also considered related parties. It is not advisable to buy property from a related party.

Do I have access to my money during the exchange?
During the exchange transaction your exchange proceeds are placed in an exchange trust account so that you do not have actual or constructive receipt of the funds. If you have not identified property, you may not receive the exchange funds until after the expiration of the 45 th day. If, however, you have identified property but you later decide not to exchange you may not have access to the funds until the expiration of the 180 day exchange period. (Some limited exceptions apply.)

What are exchange expenses?
Certain expenses incurred in selling the property, which include but are not limited to the real estate commission, exchange fees, legal fees and transfer taxes, may be paid with exchange proceeds thereby reducing the amount that must be reinvested in the replacement property.

If you are interested in a 1031 exchange or if you just have a question that wasn't listed here feel free to contact me anytime!

John Cain
Broker Associate
Keller Williams Realty of Newport

www.MarketWatchRI.com
www.MyRIRRrental.com

Direct: 401-608-9214
Fax: 401-845-9202

Specializing in: Sales, Rentals, & Property Management in Rhode Island!

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John Cain's Rhode Island Real Estate Blog

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III. INFORMATION ABOUT CERTIFICATES AND INSPECTIONS

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