Regina Harp's Blog

Seasons Greetings!

Regina Harp (BloomingHouse Realty) — Tue, 18 Dec 2007 15:49:51 -0800

FSBO's (For Sale By Owners) Be Very Cautious

Regina Harp (BloomingHouse Realty) — Wed, 03 Oct 2007 08:26:19 -0700

For Sale By Owners and the New Louisiana Purchase Agreements Mandated By State

Below is unfortunately what many FSBO (For Sale By Owners) go through and I see many emails and scenarios like this. We as Realtors can only talk about our contracts as we are not allowed to give out legal advice because we are not attorneys. We never know what purchase agreement a for sale by owner used, so it's hard for us to get in the middle of this situation. It's the small stuff of our purchase agreements that get a buyer and seller in trouble. Those are the things that we are watching for to protect our clients to make sure they are following all terms on the purchase agreement.

In January, 2008 everyone who works with a licensed agent in the state of Louisiana are mandated to use the new state regulated purchase agreements.

These purchase agreements will basically say the buyer has about 5 reasons to break a contract. In our state we have a specific performance contract. This means that what is written is what the buyer and seller must do to not be in breach of contract. In our new purchase agreements it is 10% of the purchase price and damages, etc. I would not advice anyone to use this contract on their own; my agents are retaking this purchase agreement course again with an attorney because of how complex it is. Unfortunately I am seeing buyers and sellers signing these contracts and they have no understanding of the meaning of all the terms that are written in the purchase agreement. If you don't understand something I would not sign it, but the harder part is following all the deadlines that are written in the contract. The seller also has certain rights to cancel a contract if things are not done and proven to them in a timely manner. So I would advise all For Sale By Owners to beware of just signing these contracts without help from professionals that have knowledge and experience using them.

Question From My Website - Thank you for your kind offer to help. I have a simple but stressful scenario. I have sold my house to a seller through private channels. Two Chinese brothers. Initial offer in writing, subsequent counter-offers in email. An accepted offer at $640k. With the acceptance, and prior to a deposit, i agree to buy another home. After that deals goes thru, and we are working on subject-to's, and once they get word of my deal, the brothers decide, on a whim, to cancel. Their only subject-to was financing, to which they have ample as they are buying as many homes in the neighborhood as they can. My question: once the deal is accepted, are they not legally required to complete it, or end it only by their subject-to's? And if so, do they not require proof of reasonable effort if i threaten to sue them? many many thanks for any thoughts, drew..

Owner's Title Insurance in Louisiana

Regina Harp (BloomingHouse Realty) — Tue, 02 Oct 2007 07:10:42 -0700

Why Title Insurance?

If you finance your home, the lender will require you to purchase title insurance for the amount of your mortgage. You will be given the option of increasing the coverage to include your equity in the property. The owner's coverage fee is a one-time charge that protects your equity in your new home, including its' appreciated value. Most experts agree that the additional coverage is a good idea.

Before your sale is finalized, the title company will inspect the public records and confirm the seller's ownership of the property. They will look for any liens that may have been filed against the property that must be paid off before it can be sold. Even the most careful search, however, cannot guarantee that there was not an error at some point in the transfer of title during the chain of ownership. Title insurance is one of those things you will probably never need, but if you do, you will be very glad you have it!

Avoid Contractor Nightmares!

Regina Harp (BloomingHouse Realty) — Mon, 01 Oct 2007 07:30:34 -0700

We hire contractors to build homes, make repairs around our homes, build add-ons to our home, gazebos, pools, plumbing, electrical, many different types of contractors and many different types of projects.

Regardless of what job you are hiring a contractor for, you should always get 3 written bids. You should also ask for 3 referrals of past clients who have dealt with each contractor. Once you have done all of your homework on this part, you should sit down with your contractor and decide on how you will pay him, what your expectations are of the project, what your allowances may be for the project, etc. You also want to ask the contractor about his companies guarantees and warranties after the completion of the job. How long does he guarantee his work, if you report a problem, how quickly will he respond, etc. And then, most importantly, you get everything in writing between you and your contractor.

If the contractor doesn't want to put what he promises in writing, then run, run, run! You should also remember that if any contractor produces a complicated contract that looks like it is written by his attorney, it is typically a contract that only protects the contractor. I would advise everyone to get a copy of this and bring it to an attorney to review and interrupt the meaning of the contract.

Typically the contractor will ask you to put some money down for the project. This money is typically used to purchase the materials for the project. If it is a very big job, you may want to set up a payment plan of 4 equal payments as the job is being completed. You should always keep in mind that if the contractor does not finish, do I have the money to hire someone else to finish the project. This requires you to never allow the contractor to be paid before the completion of each phase of the project. Another thing you want to keep in mind is that you should never give the contractor the last payment until everything has been personally inspected by you and all items are corrected to your satisfaction.

No matter what the verbal promises are about his coming back, you should request a completed project including all clean up before you give the last payment.

Dutchtown High School in Prairieville, Louisiana

Regina Harp (BloomingHouse Realty) — Sun, 30 Sep 2007 11:17:05 -0700

Griffins VS Bears

Dutchtown High School played Catholic High on their field in Baton Rouge, La Friday night and what a game it was!

We had lots and lots of fans who came out to support the Griffins and the team did great. My son, Tim Harp #86, sacked the quarterback twice in the game! Dutchtown's Kevin Saia was awesome against Catholic High and Lacy was great as usual.

We actually beat ourselves with all the penalties we had in this game. Every time we had a drive going, it would be squashed with a penalty. Overall, I think the boys at Dutchtown High did great. We have a big rivalry game against East Ascension High School this Friday and I'm sure our boys are going to be pumped up to play!

Tim Harp, #86

Recent Changes in Base Flood Elevations

Regina Harp (BloomingHouse Realty) — Sat, 29 Sep 2007 08:05:27 -0700

What does it mean to a HomeOwner?

We are now discovering some recent changes in our flood zone base elevations that were implemented in August of this year. These changes will put some subdivisions that were not requiring flood insurance into a flood zone A which now will require flood insurance. A base flood elevation is set for everywhere in the state of Louisiana. Base flood means at what floor level will a home flood. If you have a base flood of 12', and the home is sitting at a ground level of 14', then you are 2 foot above the flood base elevation. When the Corp of Engineers comes in and changes the base from a 12' to a 15' base flood elevation, then the same home that was at 14' is now 1 foot below the flood elevation and this now puts you into a flood zone classification of A. Flood zone A requires flood insurance.

This recent change in the Flood elevations maps will require agents and buyers to become very careful in their easements of the Property Condition Disclosures given by all sellers. A Seller will say they weren't required flood insurance on this document, BUT that doesn't mean the new buyer won't be required to pay flood insurance of the very same property. Because of the time it takes for the sellers to be notified by the powers that be; they could very well not know about their change of flood zone classification for a year!

BRLAMLS Area Homes

Regina Harp (BloomingHouse Realty) — Thu, 20 Sep 2007 13:08:46 -0700

WRENWOOD SUBDIVISION

MLS #B07165641 MLS #B07165637 MLS #B07165638

MLS #B07165640 MLS #B07165639

BLUFF HERITAGE

MLS #B07153256 MLS #B07153257 MLS #B07155429

PARKWOOD OAKS

MLS #B07167433

14351 PARK AVE, Parkwood Oaks, Prairieville, Louisiana $284,900

Regina Harp (BloomingHouse Realty) — Tue, 18 Sep 2007 08:43:50 -0700

Priced $30,000 below recent appraisal! Wonderful 4 Bedrooms, 3 Baths on TWO Lots making for a HUGE fenced in backyard. Kitchen features custom built cabinets with Corner sink, separate oven, microwave, breakfast bar opened to the breakfast room and a cook top. Living Room features a fireplace and an area for your tv. Living area is open to the formal dining area and both have wood type floors. Split floor plan with Master Bedroom Suite separate from other rooms. Also features his/her walk in closets, his/her vanity areas, separate shower, plus more. 4th Bedroom is HUGE and located upstairs and has a private bath area. AC is controlled upstairs with an on off switch to cut the upstairs off from the main home. Home has new landscaping and new paint! Seller will assist with some closing costs.

LOT 26 MOCKING BIRD DR, Prairieivlle, Louisiana $259,900

Regina Harp (BloomingHouse Realty) — Tue, 18 Sep 2007 08:30:01 -0700

This lovely home features a Sunroom which opens to the rear porch area, cypress custom cabinets, wood floors, granite countertops, and a true split floorplan. Other extras include a huge utility room to fit a freezer, coat closet, and Master Bedroom with boxed ceiling and a bay window area. Master Bath features his her vanity areas, whirlpool tub, job built shower and a custom built linen closet. All information and measurements deemed reliable, not warranted.

Wrenwood Subdivision

Regina Harp (BloomingHouse Realty) — Sun, 02 Sep 2007 12:57:14 -0700

New Development in Prairieville - Wrenwood Subdivision $278,900

Regina Harp (BloomingHouse Realty) — Sun, 02 Sep 2007 12:30:49 -0700

70769-Prairieville Wrenwood Subdivision

Status--> FOR SALE
Price--> $278,900

New Development

	BloomingHouse Realty

BloomingHouse Realty Email Realtor Work: 225-744-4277 Home: 225-744-4005 Cell: 225-953-3901 Fax: 225-744-4006
More Photos(1)
Lot 47 Wrenwood Subdivision

Quick Links

	Virtual Tour	Request More Info	Email Listing	More Photos(1)


Address: Lot 47 Mocking Bird Drive Type: Residential Style: Single Story Bedrooms: 5 Bathrooms: 2 Suite: No Living Area: Year Built: New Construction More Details

Excellent floorplan with 5 bedrooms on huge lot! This home has it all! 5th bedroom/Study located near garage area, and huge utility room area. Master Bedroom features a boxed ceiling. Master bath area features beautiful wood furniture type his/her vanity areas with granite slab countertops, Wood trimmed mirrors, and upgraded plumbing fixtures. Also features a job built ceramic tile shower and whirlpool tub with decorator designed trims. Kitchen is open to the dining room area and features custom built cypress cabinets and island. Also features Gas range/oven and microwave complete this wonderful kitchen. Home features and lush landscaped and sodded front yard. Several plans to choose from! All information and measurements deemed reliable, not warranted.

Brokered and Advertised by BloomingHouse Realty

Information is deemed to be correct but not guaranteed.

Can We Learn HOW to do CMA's As Realtors, Please?!

Regina Harp (BloomingHouse Realty) — Wed, 30 Aug 2006 08:33:26 -0700

Wow, another wild week! We have had FOUR purchase agreements not go through this week because of listing agents misinforming a seller of a homes worth. How does this work? Oh yeah, Mr. and Mrs. Seller, you can list your home at whatever you want, it doesn't matter, we'll just go down on the price someday? And of course you can take this 25 year old home and compare it to the new construction with lot values of $100,000+. It's all the same Mr. and Mrs. Seller. Geeze Louise, give me a break!

The game I am seeing with listing agents is they are taking the listings, with NO guidance or recommendations to the seller, just to have a home listed. Now why are they doing this? To represent the Seller? OH NO! This method is ALL about representing the AGENTS pocketbook. They carry the listing forever (knowing it is overlisted) in order to pick up 20+ buyers that they put "somewhere else"! THAT is not representing a Seller folks!

I am absolutely amazed at what the buyer's agents have to deal with. Do we not, as brokers, have some sort of responsibility in training our agents on CMA's (Comparative Market Analysis')!? One of the first things that I do is get an agent trained on CMA's! And here's another thing "I" believe; my agents need to know how an appraisal works! IF they can get this, then they realize in a more detailed way what the CMA is used for and how it works.

How in the world can we as Realtors represent "anyone", buyer OR seller, if we don't know the basis of pulling comparables and guiding our clients in the right direction? Embarrassing to our community, that's what it is! And then we wonder why the public wants to treat up like used car salesmen?! Maybe because a large percentage of us act like a salesman, instead of a "professional" Realtor taking our jobs very serious?

Regina Harp, Broker

BloomingHouse Real Estate Group

www.ReginaHarp.com www.PrairievilleRealEstate.com www.GonzalesRealEstate.com