Absolutely gorgeous,lake front estate.Sweeping driveway to executive home,5171sf under roof.Remodeled kitchen,overlooking pool and fantastic view of the lake.Many upgrades and large media room and wet bar and much more.Adream home ready for you.
"I have worked with a few agents during our different moves over the years. I can say Anne is one of the best! Service and professionalism at it's best was provided for all our needs- not to talk about having a friend to listen to all the ups and downs. When we needed advice or just an ear to listen to, Great, Great service."
SCOTT & KAREN ANDERSON,
"Anne was phenomenal, very patient & persistence."
RICHARD & LORNA BOYCE-LOWE,
"Anne Hurst was a blessing in disguise.She was very cordial,patient and kind. I would without any hesitation recommend Anne Hurst to everyone."
James Eagler,
Property sold very quickly, and for substantialy more than we had antisipated.
JIMMY JORDAN,
"Anne was very professional.She worked with me to get the transaction done in the time frame to benefit my needs,and how I wanted it to be done. Very appreciated.The communication was great.She is a great asset to the company!"
FAE MASSEY,
"Anne was very helpful and nice-the sort of person I'd like to have for a neighbor."
David & Karen O'Connor & I Karen O'Connor & Mandiba
As an owner in the O'Connor's first signature equestrian community, The Oaks of Lake City. I would like to take this opportunity to wish Karen O'Connor and Mandiba the very best of luck on their attempts to achieve Gold at the Olympic games in Beijing. I would also like to wish all the other US competitors the very best of luck in bringing home medals, and success to David O'Connor, International Technical Adviser to the Canadian Eventing team.
Damage discovered after purchase comes with $50,000 repair bill
By Ilyce Glink
Q: We bought a home about three weeks ago and did an inspection with my stepfather who is a contractor. We failed to go into the attic.
Two days after the closing, I went into the attic. To my surprise, almost all of the rafters and the wood that holds the shingles are burnt pretty severely. I have a disclosure statement signed by the seller stating that there was no fire damage.
I got another contractor to come out and give me an estimate of the repairs. Upon looking at the damage he stated that it would probably be around $50,000 to fix the roof.
What are my options here? Who is at fault? Is the real estate company at fault as well? What if the sellers don't have this type of money?
A: It would be hard for the seller to deny he knew that the home had suffered a large fire and he never went into his own attic. You can probably find evidence that he stored items in the attic and was fully aware of the problem.
Most states require a seller to disclose to buyers material problems with the home. If your state has a specific reference to the home having been involved in a fire and the seller failed to disclose it to you, you have a pretty good shot at suing the seller for the failure to disclose this issue.
Seller disclosure laws were put into place to give buyers an opportunity to know more information about the home, particularly information that is known to the seller but that may not be readily known to the buyer.
If your seller disclosure form specifically mentions whether the home was affected by a fire and the seller failed to disclose it to you, the seller may be deep in trouble.
However, shame on you for not inspecting the house properly before you closed. Your stepfather may be a contractor, but it doesn't sound like he is a professional or licensed home inspector. A competent home inspector would have easily found this issue and alerted you to the problem.
The whole reason to hire a professional home inspector is to avoid the big pitfalls in purchasing real estate. It's nice to know that seller disclosure laws are out there to protect buyers, but it's much better to have this kind of information ahead of the closing so you can avoid the issues you now face.
You may have saved a few hundred bucks by not hiring a professional home inspector, but now you're facing a $50,000 problem.
You should get a second, and maybe even a third, contractor to come out to your home to give you another estimate of what it will take to fix the problem. Prices may vary and some contractors (especially those who are a bit slow right now) may want to do more work to the home than just fix the problem left from the fire.
Finally, when you actually know what it will cost you to make the repairs, you can sit down with an attorney and decide how to approach the sellers. It's true that if the sellers don't have the money to pay for the fix, you'll be left footing the bill.
But the sellers may have the money and your attorney can advise you of your legal options. If the sellers have money and assets, your state laws may allow you to recover your attorney's fees in connection with suing the seller for their failure to disclose the problem.
Q: I purchased a new home and am having problems with a leaky roof, along with other problems. The builder refuses to take care of the problems. Whom should I contact?
A: If you purchase a new home, and there are issues with that house, the first thing you should do is seek help from the builder.
Your contract or some of the other documents you received at the closing should tell you exactly how you're supposed to deliver notice of any issues you have with the house. Did the builder give you a warranty? Typically, you'll need to deliver notice of any issues you have with the home in writing and deliver it to the builder by certified mail, return receipt requested or by some other means to insure that you have a record that you send the notice and that the builder received the notice.
But if the builder refuses live up to the terms of the warranty or did not give you a warranty but still refuses to fix your problems, you'll need to explore your other options.
One option is to see if you have other rights under the laws of the state in which you live.
Another option is to determine if there are any other warranties that are provided by the manufacturers of the products used in your home. See if you can find out the brand of the roof-shingle manufacturer and the name of the company that installed the roof. Frequently, the manufacturer of the roof will stand behind its product if the product was installed properly and the installer may also back its own work within a certain time after the installation. If you have that information, you can see if they will be willing to make the repairs.
For other items, such as appliances that may have a manufacturer's warranty, you can call the manufacturer of that product to see what options are available to you.
If you can't find any information on the products or the companies that made the installations, you might try to find a contractor in your area to give you an estimate to determine what it will cost you to make the repairs.
If the cost is minimal, you might decide to make the repairs yourself. If the costs are large, you will then have to decide on what to do next.
Your options include complaining about the builder to your local building department with the hope that it can put pressure on the builder to fix your issues. You can also file a complaint with the Better Business Bureau. If you file the complaint, at the very least, other buyers will be put on notice that this builder has unresolved complaints against his or her company.
In addition, you can hire an attorney to sue the builder. Litigation is expensive and at times it is cheaper to make the repairs than undertake the cost of litigating a problem. In some states, you may be able to sue the builder in small claims court and hope that you can maneuver through the intricate procedures of the legal system.
A real estate attorney who specializes in new construction ought to be able to help you further.
During the past few years we have been talking about toxic mortgages - and the need to avoid them. Without fail, each time the subject has arisen lenders would write to say we were wrong, that option ARMs and interest-only loans were simply "affordability products" with no financial sting. As to prepayment penalties and stated-income loan applications, they were - we were repeatedly told - minor concerns and not much of an issue. We were needlessly worried, said lenders, because strong credit scores assured that borrowers could easily handle financing costs "if" monthly payments rose. But toxic loans were engineered to guarantee higher costs once start periods ended. There was no "if." The credit score argument never made sense because good credit was being required before borrowers faced higher monthly costs. It's easy for some households to be well-qualified with a $1,200 monthly payment, but sink underwater when that same bill rises to $1,800. The other argument made by lenders has been that they were social do-gooders, moral folks offering cheap loans so more families could own housing.
Counselors Say Lenders Foreclose Rather Than Modify Mortgages Homeowners who have problems paying the mortgage continue to have a tough time getting lenders to come to their rescue. And if lenders won't help homeowners with mortgage troubles, who will? Since early this year, the California Reinvestment Coalition has been tracking the fates of homeowners who seek counseling for mortgage problems. The latest report, "The Growing Chasm Between Words and Deeds," reveals things are getting worse. In the report, 26 of 38 mortgage counseling agencies surveyed in December 2007 - 72 percent of them - said foreclosure was a very common outcome for clients who seek counseling. That's a big leap from the 57 percent of counseling agencies that responded likewise in an earlier study. The coalition called the newest findings "shocking" amid reports that loan modification efforts like Hope Now and Project Lifeline are coming to the rescue with outreach efforts and loan modifications.
Realty Viewpoint: Paulson's Sweat Drenches News Over Sharp 'Down-cline' It was a less than impressive on-camera performance. On morning television yesterday, U.S. Treasury Secretary Henry Paulson looked nervous, stumbled over his words, and used strong terms to describe the economic slowdown. First, he wouldn't provide a direct answer to Matt Bauer's pointed question, "Are we in a recession?" He told CBS that the economy is in a "sharp decline." If he's panicked, how should the rest of us feel? That depends a lot on how much in debt you are and how secure your job is - and your faith in a recovery. Homebuyers and refinancing homeowners got an extra egg in their Easter baskets with mortgage interest rates dipping below 6 percent again. That's a miracle in light of recent inflation reports. Sellers got an egg in their basket, too: New construction on single-family homes dropped by 6.7 percent in February, to a seasonally adjusted annual rate of 707,000. The lowest building rate in 17 years means less competition on the market while it's still flooded with foreclosures.
After this last tragedy of Ann Nelson, it brings to my mind weather we should carry a gun. My husband has been pushing for me to carry a gun at all times. I have just started to learn to shoot but I am in two minds about carrying a weapon. Would love to hear other agents views regarding this matter.
Wisconsin Associate Killed While Showing House; Suspect Charged
IN MEMORIUM: Broker/Associate Ann Nelson, 71, was killed March 18 while showing a vacant home.
A second RE/MAX Associate has been killed on the job this year, serving as yet another tragic reminder of the importance of agent safety.
Broker/Associate Ann Nelson, 71, of RE/MAX Community Realty in Lake Mills, Wis., was showing a vacant house near Lake Ripley to a transient man named James Hole, 34, on March 18 when the killing occurred, according to Wisconsin news media reports.
Hole saw Nelson's name on the "For Sale" sign and called her to arrange a showing right away, police say.
Hole, whose last address was in Brookfield, Ill., was charged with first-degree intentional homicide, arson and burglary in Jefferson County Circuit Court.
The brutal slaying has devastated Nelson's fellow Associates at her office.
"Annie was just the sweetest lady," says Broker/Owner Barry Luce. "She was a great agent. We're all devastated and shocked. We're in small-town America with less than 10,000 people in our area. We never thought it could happen here."
Everyone in the community knew Nelson and loved her, Luce says. She is survived by her husband of 49 years, Akie Nelson, six children and 16 grandchildren.
Luce says that while major changes haven't been made to the office's safety policies yet, a buddy system has been put in place for showing properties.
Just one month ago, a similar tragedy struck at the heart of RE/MAX Camosun in Victoria, British Columbia. Sales Associate Lindsay Buziak, 24, was found stabbed to death Feb. 2 inside a vacant home.
Like Nelson, Buziak was called by a new client in a rush to see an empty home - and she went alone to show it. No suspects have been arrested in that case.
Stay safe The incidents and others like them have shaken the nerves of many real estate agents in the U.S. and Canada. RE/MAX Associates recently shared their close calls and safety advice.
Don't show a home without knowing the client. Hold a pre-showing interview with every client in the office or a public place.
Give someone at the office your plan for the day, outlining where you will be at what time. Check in regularly.
If you call 911 while at a showing, try to do so on the house phone, not a cell phone, as emergency responders can more easily trace a call from a land line. If the home has a cordless phone, carry it during the showing.
If possible, put the garage-door opener of the house you are showing in your pocket. If you feel threatened or in danger, discreetly open the garage and say the owners must be returning.
It depends on how long you plan to hold on to your house and if you have to pay anything to refinance. In addition, it also depends on how far along you are in paying off your current mortgage.
If you are going to be selling your house shortly, you probably will not recoup any costs you incur to refinance your mortgage. If you are more than halfway through paying your current mortgage, you probably will gain little by refinancing. However, if you are going to own your home for at least five years, that's probably long enough to recoup any refinancing costs you incur and to realize real savings on lowering your monthly payment. If it is going to cost you nothing to refinance, you can gain even more.
Many lenders will allow you to roll the costs of the refinancing into the new note and still reduce the amount of the monthly payment. Also, there are no-cost refinancing deals available. In any case, it pays to consult your lender or financial advisor, or run the numbers yourself, before you refinance.
What are the advantages/disadvantages of no-cost loans?
In many states, real estate regulatory agencies are cracking down on such advertising. The very term, "no-cost" loan, is misleading because borrowers are actually paying a higher interest rate in exchange for not having to pay fees or closing costs up front when the loan is secured.
A "no-points" loan is one for which the lender does not charge points (one point is equal to 1 percent of the loan amount). But there are other fees involved in no-point loans, as with most loans.
How does bankruptcy affect my refinancing?
Refinancing may be prudent but could be difficult after a bankruptcy. If you're considering bankruptcy, you may want to go to your current lender first and explain the situation. If you have been current on your payments, the lender may be accommodating and refinance your loan, easing your financial situation.
What are the rules on Capital Gains?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold. For example, one of the three siblings sold his or her share of a property to be divided equally, he or she must pay capital gains tax for whatever profit made over one-third of the new basis.
Other tax consequences include estate taxes. However, the estate must total $675,000 or more for tax year 2000 before tax issues become a concern. The IRS allows residents to pass on property, cash and other assets worth up to a total of $675,000 for tax year 2000 before charging the heirs any taxes. This figure will rise each year for the next several years.
Regarding the transfer of ownership, quit-claim deeds often are used between family members in situations such as this when an heir is buying out the other. All parties must be agreeable to dropping a name from the title. For more information, consult the IRS's Publication 448, "Federal Estate and Gift Taxes." Order by calling 1-800-TAX-FORM.
Which home buying costs are deductible?
Any points you or the seller pay to purchase your home loan are deductible for that year. Property taxes and interest are deductible every year.
But while other home-buying costs (closing costs in particular) are not immediately tax-deductible, they can be figured into the adjusted cost basis of your home when you go to sell (any significant home improvements also can be calculated into your basis). These fees would include title insurance, loan-application fee, credit report, appraisal fee, service fee, settlement or closing fees, bank attorney's fee, attorney's fee, document preparation fee and recording fees. Points paid when you refinance an existing mortgage must be deducted ratably over the life of the new loan.
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics.
How are property taxes configured?
Property taxes are what most homeowners in the United States pay for the privilege of owning a piece of real estate, on average 1.5 percent of the property's current market value. These annual local assessments by county or local authorities help pay for public services and are calculated using a variety of formulas.
How does home mortgage tax deductions work?
The mortgage interest deduction entitles you to completely deduct the interest on your home loan for the year in which you paid it. Mortgage interest is not a dollar-for-dollar tax cut; it reduces taxable income. You must itemize deductions in order to do this, which means your total deductions must exceed the IRS's standard deduction.
Another point to remember is that the amount of interest on your loan goes down each year you pay on your mortgage (all standard home-loan formulas pay off interest first before significantly paying into principal). That's why paying extra on your principal every year can help you pay off your loan early.
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
Are points deductible?
If you are a buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
Are there tax breaks for first-time buyers?
Many city and county governments offer Mortgage Credit Certificate programs, which allow first-time homebuyers to take advantage of a special federal income tax write-off, which makes qualifying for a mortgage loan easier.
Requirements vary from program to program. People wanting to apply should contact their local housing or community development office.
Some things to keep in mind:
Some credit may be claimed only on your owner-occupied principal residence.
There are maximum income limits, which vary by locality and family size.
You must be a first-time homebuyer, which means you must not have had any kind of ownership interest in a principal residence during the past three years. This restriction may be waived, however, if you are buying property within certain target areas.
Allocations must be available. A local MCC program may have to decline new applications when it runs out of funds.
Are home improvements deductible?
What you spend on permanent home improvements, such as new windows, can be added into your home's cost basis, or amount of money invested in a home, which reduces capital gains when it comes time to sell. Capital gains are determined by the difference in price from the time a home is purchased and the time it is sold, minus the cost of any permanent improvements.
However, the 1997 tax changes virtually eliminate the capital gains tax for most homeowners (the exemption is $250,000 for single homeowners and $500,000 for married homeowners.
Still, it is worthwhile to save all receipts for permanent home improvements just in case. They also can be useful documentation when it comes to marketing your home when you sell.
Sometimes, life just hands us the inevitable: just when everything seems right with your home, something happens and you have to sell your dwelling. No matter what your reasons are for selling, remember that now is no time to dawdle, the process of preparing a home for sale can take a month or more. So, here's how to start:
1. Take a Fresh Look at Your Home
Your home looks great to you, but a buyer wants to see it since he and his family will be living in it -- so take a fresh look at your dwelling. Hop in your car, drive around the block, and then scrutinize your home as a prospective buyer will see it for the first time. First, consider what's called "street appeal;" does it need washing or painting? Does the driveway need repair work? Is the landscaping in good shape? Remember, be very critical; your buyer will be.
Next, pull into the driveway and take a good, hard look. Is the yard neat and trimmed? What about the view from the front yard? Then, walk inside and size up the interior as though seeing it for the first time. Take a tour and imagine what your real estate agent might say about each room, look into cabinets, open doors, check out the bathroom.
Then, make a mental note of the things that might put off potential buyers, along with another list of the things that first attracted you to the dwelling. Remember, the home's become a great place for you, but a new buyer will see things that you don't.
2. Clean Out the Clutter Before You Start to Sell
Before putting your home on the market, get rid of clutter in every area -- closets, attic storage, kitchen cabinets, drawers, bath vanities, and shelves -- everywhere. Remember, this is no time to be sentimental: if you don't use it, lose it. Potential buyers are seriously put off by clutter, and most of us drag a lot more things through life than we really need.
Also, don't forget the furniture and fixtures when getting rid of clutter -- most of us put too much in too little space, which makes a buying prospect, think your home is too small.
Then, have a great moving sale with all the stuff you've collected and use the proceeds for paint or whatever other materials you need for repair projects. If you just can't bear to part with some possessions, store them in the attic or some other place that's out of sight to a potential buyer.
3. To Sell, Sell, Sell -- Clean, Clean, Clean
After you've cleared out the clutter, it's time to really clean. Have the carpets professionally cleaned, strip and polish the floors, scour the bathrooms, go over the laundry room, polish the furniture, scour out the cabinets, wash the windows and window coverings, and spiff up the ceiling fans and kitchen appliances. In short, clean everything.
Don't forget the exterior; paint or power-wash everything that needs the work. Remember, this is a ceiling-to-floor, roof-to-foundation clean-up project.
4. Get More for Your Home: Repairs Pay Off
After you've cleaned the place to within an inch of its life, the next project is making all the repairs necessary to attract a buyer.
So, patch up the roof, touch up all the paint, repair the screens, spruce up the porch framing, and make your entry area really shine. Don't forget to water the lawn and landscape beds, and take the time to trim, mow, edge and get rid of sick or dying plants. Inside, fix the grout in the bathrooms and on tile floors, adjust any doors that need it, fix any scratches on the walls, cover any stains, and be sure to fix any plumbing problems. Remember, do what your home needs before the first buyer appears at your door.
Also, it's a good idea to get all this done before getting the real estate broker to make the first listing -- a good agent will advise you on what needs to be done. Also, if you have friends willing to be brutally honest about what your home needs to sell, invite them to assess the fix-up needs.
There is, however, an alternative to the sweat equity you get from a total fix-up --but it carries a price. An "as-is" sale keeps you from doing all this work, but a buyer will assess about twice the price you would have paid for the repairs. Then, the buyer will deduct that amount from your asking price before making an offer.
5. Putting Your Home on the Market: Show It to Sell It
After you have cleaned, shined, mowed, and generally whipped your property into shape, it's time to attract a buyer.
Regardless of who markets your home, you or a broker, there are other, small things you must do to attract buyers. For example, even if it's bright daylight, open the blinds and turn on the lights. Also, open all the interior doors to make the home appear roomier. Be sure to remove all your kids and pets -- they're cute, but a prospect wants to see your home, not your pride and joy. In addition, make sure your pet's litter pan is clean so the home smells clean and fresh, not like air freshener. Remember, you need to make sure your home is available to be seen by a prospective buyer with as little notice as possible. That means less than an hour, or even five minutes, if possible.
6. Get a Sense of the Market
Before you put your home on the market, take a weekend day to check out the competition: homes with similar prices and in similar neighborhoods. Remember, you don't have to go out and buy new furniture just to look like that beautiful new model in the new development -- what you want is the feel of that new model -- clean, uncluttered, and fresh.
Remember, after location, the most important item to a buyer is a well maintained home. Many flaws can be overlooked if the buyer knows he can move in without a lot of trouble and expense.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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