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sell: Real Estate Term: FHA Loan - 05/12/10 01:21 PM
Definition: A loan made by an approved lender in accordance with the FHA's regulations and insured by the Federal Housing Administration.
From "About.com":
The Federal Housing Administration (FHA) runs several programs to promote home ownership. In most cases, FHA loans are mortgages obtained with the help of the FHA. With a small down payment, buyers can purchase a home. FHA loans make it easier for people to qualify for a mortgage, but they're not for everybody.
What is an FHA Loan?
An FHA loan is a loan insured against default by the FHA. In other words, the FHA guarantees … (2 comments)
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sell: Real Estate Term: Equity - 05/10/10 03:23 PM
Definition: The interest or value which an owner has in real property over and above any liens against it.
Discussion: Equity in a house is the difference between the value of the property and the liens (loans) on the property. An owner may access that equity by obtaining a "Home Equity Line of Credit" (HELOC), or a "Second Mortgage".
Equity grows as (1) the market value increases or (2) as mortgage payments are made and therefore the principal is paid down.
Home equity is how our parents gained wealth. They bought a home, lived in it for 30+ years. They would … (0 comments)
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sell: Real Estate term: Deed Restrictions - 04/26/10 11:19 AM
Definition: The limitations in the deed to a property that dictate specific ways that a property must or must not be used.
Discussion: Deed restrictions are similar to covenants in that they are rules of what can and cannot be done on the property. They run with the land no matter who owns the property. Typical restrictions may include "no manufactured homes" or "land may not be divided into less than 5 acres parcels."
The Seller's Realtor should have a copy of the restrictions available for a potential Buyer. Occasionally a deed restriction is not known about until a title search … (1 comments)
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sell: The 3 things you can do as a result of an inspection (1. Continue, 2. Terminate, 3. Negotiate) - 03/25/10 01:50 PM
When purchasing a home, there are different inspections that can be performed. They include (but are not limited to): Home Inspection, Septic Inspection, Well Inspection, Survey, Appraisal, Wood-Destroying Insect Inspection. There are 3 things you can do as a result of any inspection.
•1. You may read the results and decide that everything is fine and you wish to continue.
•2. You may determine that as a result of an inspection, you wish to terminate the deal. If you choose this route, you will receive your earnest money back. This is usually reserved for items that are serious. A structural problem … (2 comments)
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sell: Information about Well Inspections in Silver City, NM - 03/23/10 11:50 AM
Well Inspection - If the property you choose has a well, you will want a well inspection. There are several aspects to this. The first part is to determine that the equipment is functioning. This equipment includes, pump, piping, holding tank, pressure tank and the electrical work. Another part, the Water Potability determine if the water is safe to drink. The water is taken from the well and brought to the water department of the town where a water test is performed. You will receive a report showing if there are any dangerous levels in the water. There is also a Gallons Per Minute … (2 comments)
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sell: Lead Based Paint Information - 03/17/10 11:41 AM
Lead-Based Paint Addendum - Lead was used in paint prior to 1978. If lead is ingested, it can be deadly or harmful. Any house that was built prior to 1978 may contain lead-based paint. Because it can be harmful, there is a lead-based paint disclosure that must be signed by all parties. The Disclosure must be signed, with date and time, prior to writing the Purchase Agreement. You will receive a pamphlet explaining Lead-Based paint hazards and you will also receive the opportunity to obtain an analysis.
Please remember that it can be harmful if ingested (not inhaled).
Today's Saying: … (1 comments)
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sell: Explanation of the Insurance Contingency - 03/15/10 02:36 PM
After Hurricane Katrina, two paragraphs were added to the Purchase Agreement giving the Buyer the opportunity to get insurance quotes and determine that home insurance is affordable. Hurricane Katrina made insurance in some areas very expensive. We have not observed this in our area. I usually put a 2 week time frame in this area to give the Buyer some time to get quotes and determine affordability. They then have a few more days to object. To date, I have not had anyone object due to an insurance price issue.
I will help you keep track of all your Due Dates … (1 comments)
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sell: Definition of Title Commitment - 03/10/10 04:19 PM
The Title Commitment comes a few weeks after the property is under contract. The Realtor will order this. The importance of the Title Insurance is that it insures the property buyer against any title-search errors or mistakes and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances. The Title Commitment shows all the criteria for the property to close. Typical items include 1) the existing mortgage must be paid off, 2) a Deed must be recorded at the court house. Less common items are a Mechanic's Lien that must be … (0 comments)
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sell: Definition of "Prorations" in a Purchase Agreement - 03/08/10 02:32 PM
Prorations - One of the items in a Purchase Agreement is an item called "Prorations". Prorating is dividing or distributing a sum of money proportionately. The most common prorated item is property taxes. The taxes would be divided up like this: The Seller would pay taxes from the beginning of the year to the closing date. The Buyer would be responsible for the property taxes after closing. Since New Mexico collects their dues in arrears (2008 taxes due in 2009), the buyer would receive a credit for the taxes from the beginning of the year until the closing date. When the … (1 comments)
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sell: Basic Information on Septic Systems - 03/03/10 02:56 PM
New Mexico requires all septic systems to be permitted, approved, and inspected by the NM Environmental Department. All individual systems require a minimum ¾ acre lot (or a variance).
The two most commonly used are:
1. CONVENTIONAL SEPTIC TANK SYSTEM
In this system, wastewater flows from the house to the tank where settling occurs. Heavier solids (e.g. organic waste) sink to the bottom of the tank forming the sludge layer. Lighter solids (e.g. grease, soapsuds) float to the top forming the scum layer. The clearish liquid in the middle layer is the effluent.
After settling out for 24 or more hours, … (2 comments)
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sell: Sell Your House Fast! - 01/22/10 10:14 AM
1. Price is essential in our current market. Be realistic about what has sold in the past. Look at what your competition is and price yours less.
2. Get your house market-ready. In my February 16, 2009 blog I talked about specific ways to clean up and declutter your property.
3. Be flexible about showings. If your house is difficult to show, agents will simply skip it. There are a lot of homes on the market right now, make yours easy to get into and show. There should be a lock box on the door and the house should be pristine at all … (3 comments)
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sell: An Offer Vs. a Contract - 01/20/10 10:59 AM
The words ‘offer' and ‘contract' are often interchanged or misused.
An ‘offer' is a demonstration by the buyer showing intent to purchase. An ‘offer' is made using a ‘Purchase Agreement'.
A ‘contract' is a legally enforceable document where both parties have signed and agree to abide by the points in the contract. Once both parties have signed the ‘Purchase Agreement', it becomes a ‘contract'.
When you make an ‘offer', the Seller can do 3 things:
•1. Accept it
•2. Decline it outright
•3. Counteroffer
If there is a counteroffer, it means that they agree to everything in the ‘offer' except … (4 comments)
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sell: Basic Information on Septic Systems - 01/13/10 02:31 PM
New Mexico requires all septic systems to be permitted, approved, and inspected by the NM Environmental Department. All individual systems require a minimum ¾ acre lot (or a variance).
The two most commonly used are:
1. CONVENTIONAL SEPTIC TANK SYSTEM
In this system, wastewater flows from the house to the tank where settling occurs. Heavier solids (e.g. organic waste) sink to the bottom of the tank forming the sludge layer. Lighter solids (e.g. grease, soapsuds) float to the top forming the scum layer. The clearish liquid in the middle layer is the effluent.
After settling out for 24 or more hours, … (2 comments)
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sell: Preparing to Sell Your Home - 01/07/10 10:21 AM
January 7, 2010
There is a lot of information out there on how to prepare your home for sale. Here is a general list of what a seller should do to sell, sell, sell. I hope it helps you!
• The #1 item on the list is DECLUTTER! I cannot emphasize this enough. Recognize that you are going to be inconvenienced during the selling process. Buyers want to see the walls, ceiling and floor. Clutter will distract them from seeing this. You are going to have to pack up your things anyway, do it now and get ahead of the curve. … (3 comments)
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Linda Ferrara
Silver City,
NM
More about me…
Coldwell Banker Enchantment Realty
Address: 501 Silver Heights Blvd., Silver City, NM, 88061
Office Phone: (800) 456-3132 x 12
Cell Phone: (575) 519-9249
Email Me
Everything you wanted to know about Silver City, NM including area events, popular activities, relocation information, home buying ideas and much more!
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