Anne 's Blog

Lake Front Home in lake City, Florida

Anne Hurst (Access Realty Of N. FL Inc) — Fri, 08 Aug 2008 23:15:02 -0500

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.

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CUSTOMER TESTIMONIALS

Anne Hurst (Access Realty Of N. FL Inc) — Fri, 08 Aug 2008 22:55:58 -0500

RICKY & ANNE HOLLINGSHEAD.

"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."

DANIEL ROTH,

"Anne is a very nice lady and very professional."

Olympics 2008

Anne Hurst (Access Realty Of N. FL Inc) — Fri, 08 Aug 2008 22:52:18 -0500

OLYMPICS 2008

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.

Don't buy home without inspecting attic

Anne Hurst (Access Realty Of N. FL Inc) — Thu, 24 Apr 2008 15:45:23 -0500

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.

Is It Time for a Mortgage Product Recall?

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 23 Mar 2008 14:20:48 -0500

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.

Should Realtors carry guns?

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 23 Mar 2008 14:11:52 -0500

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.

Realtor Killed in Wisconsin.

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 23 Mar 2008 13:47:36 -0500

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.

Read a recent news account of the incident.

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.

The RE/MAX Safety Awareness for Every Realtor (S.A.F.E.R.) program, developed in 2003, offers some key tips:

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.

When is the best time to refinance?

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 20:20:33 -0500

Refinancing

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.

Can property taxes be deducted?

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 20:18:30 -0500

Taxes

Can property taxes be deducted?

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.

Selling your home

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 20:14:55 -0500

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.

Busy in Lake City, Florida

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 20:10:00 -0500

How's the market place in your area? In our Re/max office in Lake City, Florida we have been very busy. The market here has been picking up. I personally have been very busy with Buyers and Sellers. Our town is growing in all directions. New companies are moving into the area. I believe we are in a great area at the crossroads of I-10 and I-75. I have buyers that work in Jacksonville (approx 1hr 10 mins)but want to live in our great town. I am also seeing more buyers that work in Gainesville (30 mins) but wanting this area to live. Tallahassee is approx 1hr 30 mins away. I would love to hear about your areas and markets.

Basic Principles of all Mortgage Loans

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 19:47:20 -0500

Mortgages

The modern mortgage market offers a variety of mortgage loans catering to the needs of homebuyers. The titles and details of these plans can become confusing, especially as new types are introduced continuously. You can make sense of these loan types, however, if you understand the basic principles that govern all mortgage loans. Again, you can look to your real estate professional for assistance.

Basic Principles of all Mortgage Loans

The home is used as security to back up the loan. A lender can force sale of the home if the borrower defaults by failing to make scheduled payments.
The larger the loan compared to the value of the home, the more risky for the lender and, often, the more expensive the loan will be.
Interest earned by the lender always is equal to the periodic interest rate times the outstanding principle balance of the loan. The periodic interest rate is the annual interest rate divided by the number of payments in the year (usually one per month).
The required payment usually is a bit larger than the interest due so that some of the loan principal is repaid with each payment. This process is called Amortization and is why most mortgage loans can be retired when all the monthly payments have been made.

All mortgage loans have one of the following features:

Fixed payment and fixed interest rate - fixed rate mortgages
Fixed rate but variable payment - graduated payment mortgages
Variable rate and variable payment - adjustable rate mortgages

As you learn more about the types of financing available, you will notice that some loans appear to have more favorable terms. That may indicate that those loans are, indeed, bargains (and it does pay to shop around), but usually it means that those loans could have some feature that is less appealing to borrowers. For example, shorter-term loans often have slightly lower interest rates compared to longer-term loans. However, the monthly payment for the same amount of principal may be higher because of the shorter term. Variable rate loans usually have much lower interest rates to compensate for the risk the borrower accepts that interest rates will rise in the future.

Avoid problems with home-improvement contractors

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 19:44:16 -0500

	What consumers need to do to protect themselves

	By Benny L. Kass - Inman News

	Do you plan on doing any work in your house? Will you be using a contractor? If so, whether this is a small job or a major renovation, there are a number of steps you must take to protect yourself. First, the contractor must be licensed in the jurisdiction where your property is located. When you have selected the contractor, insist on getting a copy of his or her license. Call the government agency that issued the license to confirm that it is still current. Next, contact your homeowners insurance company to determine the extent of your coverage should accidents or damage occur while the work is being done. Negotiate all terms and conditions -- including the cost of the job -- with the contractor. When you have reached agreement, it must be reduced to a written contract. Many contractors use what I call the "two-page special." This is a simple contract that merely states who the contractor is, a very general description of the work to be done, and the total cost of the job. Such a document is not in your best interest. The American Institute of Architects (AIA), headquartered in Washington, D.C., publishes a number of contract forms for use by homeowners, architects and contractors. According to a recent press release announcing its most recent updated contracts, "Since 1857, the AIA has represented the professional interests of America's architects. As AIA members, over 80,000 licensed architects, emerging professionals, and allied partners express their commitment to excellence in design and livability in our nation's buildings and communities." There are a number of different AIA forms available, depending on the type and size of work you plan to do. For example, Form A105 is a standard form of agreement between owner and contractor for a residential or small commercial project. Form A107 -- which is more comprehensive -- can also be used for projects of limited scope. Every 10 years, AIA updates its forms in order to reflect changes in industry trends and practices. On Nov. 5, 2007, AIA released it latest forms and made a number of significant changes: Arbitration is not mandatory. Prior to this year, the AIA contracts required that if the homeowner and the contractor could not resolve any disputes on their own, they were required to go to binding arbitration. The revised forms now permit the parties to negotiate other alternatives, including litigation. Many consumers are learning that arbitration may not be the best way to resolve the problems they have with their contractors, even though litigation may be more expensive and take more time than arbitration. Often, the arbitrator does not issue a written opinion explaining how and why the decision was made, which leaves both contractor and homeowner in the dark. And our legal system will generally not reverse an arbitrator's decision, unless it can be demonstrated that the arbitrator was biased or arbitrary. And how can this be presented to a judge when there is no written opinion? Initial decision-maker. According to AIA, previous versions of their form contracts "assigned the architect the role of serving as a neutral party to decide disputes between the owner and contractor. The 2007 Update provides the owner and contractor with the opportunity to hire a third-party initial decision-maker (IDM) for dispute resolution." Access to financial information. The new forms prohibit the contractor from requesting financial information from the owner after the work has begun -- even if the contractor may have reason to be concerned about the owner's ability to pay. One important provision in the revised contract forms deals with subcontractors. Homeowners often learn that although they have been paying the contractor, the subcontractors who are working on the job are not being paid. According to AIA, "The revisions also allow the owner a greater opportunity to learn of contractor/subcontractor payment problems, and address a contractor's failure to pay a subcontractor by allowing the owner to write joint checks." One of the most common problems that homeowners encounter with their contractor is that they often pay most, if not all, of the entire contract sum when the work is far from completed. Some contracts call for an initial down payment and the balance is due when the work has been finished. Other contracts -- especially those with a larger scope of work -- will have a draw schedule prepared and made a part of the contract documents. This schedule will spell out when additional payments are to be made based on performance of the work. If there is an architect involved, he or she will normally be the gatekeeper for the draws. The contractor must submit requests for payments, which must be approved by the architect. However, many homeowners do not use the services of an architect, and have to rely on the contractor's representations as to what was done. It is critical to keep a portion of the final payment until you -- or your architect or the IDM -- are completely satisfied that the work has been done, and that all subcontractors have been paid in full. It is a good idea to have the general contractor and all subs sign a statement to this effect. You do not want to discover later that the subcontractors have filed mechanics' liens against your property. Perhaps the most common complaint that arises involves changes to the scope of work. As the job progresses, the homeowners may ask the contractor to add another cabinet or install more electrical outlets. The contractor does the requested work and at the end of the job submits a bill for these changes. By that time, since memories are short, the homeowner disputes that the work was ever authorized. All change orders must be in writing, spelling out the work to be done and any additional costs. Both the homeowner and the contractor must sign this change-order document. Contractors are notoriously lax in adhering to this practice, which is why there are so many disputes. Another important provision that should be included in all contracts deals with ending the relationship. If you become dissatisfied with the quality of the work, or find that the contractor has taken another job and has stopped working (or slowed down), what can you do? Most "two-page specials" are silent on this issue. However, all AIA form contracts have clear language that gives protection to the homeowner. For example, the following language can be found in Form A105: The Owner may terminate the Contract if the Contractor: (1) repeatedly refuses or fails to supply enough properly skilled workers or proper materials; (2) fails to make payments to subcontractors; (3) persistently disregards laws; or (4) is otherwise guilty of substantial breach of ... the Contract. ... If any of these events occur, the homeowner -- after giving the contractor seven days notice -- may terminate the contract, and hire another contractor. If the unpaid balance owed the contractor is more than the cost of finishing the job, the homeowner still owes the original contractor the difference. But if the cost to complete the work is more than the original contract price, which is often the case, the homeowner can look to the terminated contractor for payment of this difference. It is often easier and faster to enter into a simple two-page contract for the work that you want done in your home. And because many contractors are competent and honest, everything will probably work out. But unless you include all of the protections suggested above, you are at the mercy of that "two-page special," which can come back to haunt you if and when problems arise. A judge will honor any binding contract that you have signed, even if it is one-sided in favor of the contractor. The AIA contract forms are designed to give you the protections you need. You may want to tailor those contracts to your particular needs, but they are accepted in the industry and should be used by all homeowners.

Tragic Loss at the Red Hills Horse Trials

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 19:38:46 -0500

The international 3 day event at Red Hills had just perfect weather last weekend. Enjoyed watching Karen O'Conner compete with her 3 horses, ALLSTAR, MANDIBA,and TEDDY. Sad loss of two horses during cross country DIRECT MERGER,ridden by Jonathon Hollings, died because of Pulmonary Hemorrhage, which is bleeding into the lungs. LEPRECHAUNS ROWDY BOY, ridden by Missy Miller, also had a Pulmonary Hemorrhage. Even more tragic was the serious fall of Darren Chiacchia. Darren was injured whilst negotiating the cross country course aboard seven year old Baron Verdi. A misstep led to a somersault of horse and rider.
Darren sustained a severe head injury, and also contusions to both lungs with multiple rib fractures and a partially collapsed lung. My thoughts and prayers go out to Darren for a speedy recovery. If you would like to donate money to help pay for Darren's medical expenses please go to http://www.equestrianaidfoundation.org . As much as I love to watch these riders compete it brings home the fact the huge risk they take, for themselves and their horses. I admire them greatly and their horses.

Get rid of popcorn ceilings all at once

Anne Hurst (Access Realty Of N. FL Inc) — Sat, 22 Mar 2008 18:56:18 -0500

Get rid of 'popcorn' ceilings all at once
	Despite disruption, it will lower overall cost and improve home's resale value

	By Paul Bianchina - Inman News

	Q: I own a 40-plus-year-old house that has been remodeled from time to time and looks modern and is well-kept. Presently, I need to remove the "cottage cheese" ceiling from one large room. Is it in my best interest to remove this from all the rooms in the house? --Lorna K. A: First of all, I need to make you aware of the fact that many older acoustic ceiling treatments -- commonly called "popcorn" or "cottage cheese" ceilings -- contained a small amount of asbestos fiber. Asbestos was common in many acoustic and drywall products until the 1970s and sometimes later, so a home that is 40-plus years old could fall into that category. Removal of asbestos is governed by the Environmental Protection Agency (EPA), and under their guidelines you have some options for professional or do-it-yourself removal. For more information on asbestos and how to have it tested and removed, visit the EPA's Web site at http://www.epa.gov/. There are pros and cons to removing all the acoustic material at one time. On the plus side, you have the mess only once, and if you are hiring out the work, you'll save money by doing all the ceilings at one time. You also eliminate the asbestos risk, however minor. From a resale standpoint, buyers almost universally seem to dislike acoustic popcorn ceilings, so you will also improve the overall value of your home. On the downside, scraping, retexturing and repainting all the ceilings in the house at the same time can be disruptive, time-consuming, and, if you're having the redecorating work professionally done, can be costly. Also, if the ceiling material contains asbestos and you are having it professionally removed, it can be a very expensive undertaking. That said, if you have the option either way, my advice would be to get it all done at once. Q: I have some type of blown-in insulation in my attic. I assume there is nothing wrong with moving some of the blown-in insulation to those areas that need it and putting new fiberglass bats in the area that now has no insulation. Note that my house has ceilings of various heights, and the original insulation installation could have been done more carefully. --David G. A: Nothing wrong with that at all -- just try and get uniform coverage over everything so that you don't have any cold spots, and keep the insulation clear of anything that's heat producing. You could also have an insulation contractor come out and give you an estimate on re-blowing the entire attic up to at least R-38. Q: I have a Kohler brand shower valve in my home, which is dripping. The plumbing advisor at Ace Hardware told me that it is difficult to fix the Kohler brand showers, and I should get a plumber who is familiar with Kohler brand. Is it really that difficult? Any tips if I try it myself? I am an OK, but not a great, handyman. Do I have to change the whole cartridge or maybe a washer? I got the cartridge changed about three years ago and it started leaking again. I changed only the seat and the washer in the faucet. --Paul T. A: I am not familiar with any reason why a Kohler faucet is any more prone to drips than any other, or why you would need a plumber with specific experience. If you would like to try the repairs yourself, get a Kohler repair kit that is made for your specific faucet, and follow the instructions included. Be sure you utilize a Kohler kit, not anything else, and also be sure that you use all of the new parts that come with the kit. If you have any doubts about doing this yourself, I would recommend that you contact a plumbing company that deals with service and repair work. It shouldn't be a very expensive service call, and you'll have the peace of mind that the repairs have been done correctly, and that you have a guarantee.

Avoid problems with home-improvement contractors

Anne Hurst (Access Realty Of N. FL Inc) — Wed, 12 Mar 2008 21:41:14 -0500

Avoid problems with home-improvement contractors
	What consumers need to do to protect themselves

	By Benny L. Kass - Inman News

	Do you plan on doing any work in your house? Will you be using a contractor? If so, whether this is a small job or a major renovation, there are a number of steps you must take to protect yourself. First, the contractor must be licensed in the jurisdiction where your property is located. When you have selected the contractor, insist on getting a copy of his or her license. Call the government agency that issued the license to confirm that it is still current. Next, contact your homeowners insurance company to determine the extent of your coverage should accidents or damage occur while the work is being done. Negotiate all terms and conditions -- including the cost of the job -- with the contractor. When you have reached agreement, it must be reduced to a written contract. Many contractors use what I call the "two-page special." This is a simple contract that merely states who the contractor is, a very general description of the work to be done, and the total cost of the job. Such a document is not in your best interest. The American Institute of Architects (AIA), headquartered in Washington, D.C., publishes a number of contract forms for use by homeowners, architects and contractors. According to a recent press release announcing its most recent updated contracts, "Since 1857, the AIA has represented the professional interests of America's architects. As AIA members, over 80,000 licensed architects, emerging professionals, and allied partners express their commitment to excellence in design and livability in our nation's buildings and communities." There are a number of different AIA forms available, depending on the type and size of work you plan to do. For example, Form A105 is a standard form of agreement between owner and contractor for a residential or small commercial project. Form A107 -- which is more comprehensive -- can also be used for projects of limited scope. Every 10 years, AIA updates its forms in order to reflect changes in industry trends and practices. On Nov. 5, 2007, AIA released it latest forms and made a number of significant changes: Arbitration is not mandatory. Prior to this year, the AIA contracts required that if the homeowner and the contractor could not resolve any disputes on their own, they were required to go to binding arbitration. The revised forms now permit the parties to negotiate other alternatives, including litigation. Many consumers are learning that arbitration may not be the best way to resolve the problems they have with their contractors, even though litigation may be more expensive and take more time than arbitration. Often, the arbitrator does not issue a written opinion explaining how and why the decision was made, which leaves both contractor and homeowner in the dark. And our legal system will generally not reverse an arbitrator's decision, unless it can be demonstrated that the arbitrator was biased or arbitrary. And how can this be presented to a judge when there is no written opinion? Initial decision-maker. According to AIA, previous versions of their form contracts "assigned the architect the role of serving as a neutral party to decide disputes between the owner and contractor. The 2007 Update provides the owner and contractor with the opportunity to hire a third-party initial decision-maker (IDM) for dispute resolution." Access to financial information. The new forms prohibit the contractor from requesting financial information from the owner after the work has begun -- even if the contractor may have reason to be concerned about the owner's ability to pay. One important provision in the revised contract forms deals with subcontractors. Homeowners often learn that although they have been paying the contractor, the subcontractors who are working on the job are not being paid. According to AIA, "The revisions also allow the owner a greater opportunity to learn of contractor/subcontractor payment problems, and address a contractor's failure to pay a subcontractor by allowing the owner to write joint checks." One of the most common problems that homeowners encounter with their contractor is that they often pay most, if not all, of the entire contract sum when the work is far from completed. Some contracts call for an initial down payment and the balance is due when the work has been finished. Other contracts -- especially those with a larger scope of work -- will have a draw schedule prepared and made a part of the contract documents. This schedule will spell out when additional payments are to be made based on performance of the work. If there is an architect involved, he or she will normally be the gatekeeper for the draws. The contractor must submit requests for payments, which must be approved by the architect. However, many homeowners do not use the services of an architect, and have to rely on the contractor's representations as to what was done. It is critical to keep a portion of the final payment until you -- or your architect or the IDM -- are completely satisfied that the work has been done, and that all subcontractors have been paid in full. It is a good idea to have the general contractor and all subs sign a statement to this effect. You do not want to discover later that the subcontractors have filed mechanics' liens against your property. Perhaps the most common complaint that arises involves changes to the scope of work. As the job progresses, the homeowners may ask the contractor to add another cabinet or install more electrical outlets. The contractor does the requested work and at the end of the job submits a bill for these changes. By that time, since memories are short, the homeowner disputes that the work was ever authorized. All change orders must be in writing, spelling out the work to be done and any additional costs. Both the homeowner and the contractor must sign this change-order document. Contractors are notoriously lax in adhering to this practice, which is why there are so many disputes. Another important provision that should be included in all contracts deals with ending the relationship. If you become dissatisfied with the quality of the work, or find that the contractor has taken another job and has stopped working (or slowed down), what can you do? Most "two-page specials" are silent on this issue. However, all AIA form contracts have clear language that gives protection to the homeowner. For example, the following language can be found in Form A105: The Owner may terminate the Contract if the Contractor: (1) repeatedly refuses or fails to supply enough properly skilled workers or proper materials; (2) fails to make payments to subcontractors; (3) persistently disregards laws; or (4) is otherwise guilty of substantial breach of ... the Contract. ... If any of these events occur, the homeowner -- after giving the contractor seven days notice -- may terminate the contract, and hire another contractor. If the unpaid balance owed the contractor is more than the cost of finishing the job, the homeowner still owes the original contractor the difference. But if the cost to complete the work is more than the original contract price, which is often the case, the homeowner can look to the terminated contractor for payment of this difference. It is often easier and faster to enter into a simple two-page contract for the work that you want done in your home. And because many contractors are competent and honest, everything will probably work out. But unless you include all of the protections suggested above, you are at the mercy of that "two-page special," which can come back to haunt you if and when problems arise. A judge will honor any binding contract that you have signed, even if it is one-sided in favor of the contractor. The AIA contract forms are designed to give you the protections you need. You may want to tailor those contracts to your particular needs, but they are accepted in the industry and should be used by all homeowners. The forms can be purchased directly from AIA on its Web site. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.

Upside-down homeowners thrown lifeline

Anne Hurst (Access Realty Of N. FL Inc) — Wed, 12 Mar 2008 21:38:06 -0500

Upside-down homeowners thrown lifeline
	Despite aid, survey finds stress soaring in struggling households

	By Ilyce R. Glink - Inman News

	Retail sales were up more than expected in January. Is it a sign that the great residential real estate slowdown is almost over? Hardly. The housing industry continues to move along at a glacial pace, with a rising number of homes for sales, home loans in default, and a record-breaking pace of foreclosures. The news is somewhat grim, with most of the private mortgage insurers announcing first-ever (but massive) losses, as they are required under their PMI policies to pay out millions of dollars. Is help on the way? Let's consider what some of the more important pieces of industry news mean to Mr. and Mrs. Average Homeowner. Hit the Pause Button for Foreclosures The Bush administration and six major mortgage lenders announced that they would hit the pause button for anyone currently (or about to) face foreclosure. Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo have agreed to participate in the government's Hope Now Alliance. According to Treasury Secretary Henry Paulson, the "Project Lifeline" program will stay any foreclosure action for 30 days for those who are 90 days or more late on their mortgage. The pause will allow homeowners who want to and can afford to stay in their homes the time to negotiate a loan modification or refinancing with their lender. Lenders will be contacting those homeowners who are 90 days late or more on their mortgage. However, if the homeowner doesn't return the lender's calls within 30 days, the foreclosure stay will be lifted, according to program details. The real question is this: After 90 days of ignoring late notices and avoiding calls from the lender, is a homeowner on the brink of foreclosure really going to pick up the phone? As Paulson said in prepared remarks, "Of course, there will be homeowners who still take no action, and some will simply walk away from their mortgage -- particularly those borrowers who put little or no money down and whose mortgage exceeds their home value. No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations." The Project Lifeline program is a new addition to other programs already announced by the Bush administration. Foreclosures Rose Nearly 80 Percent in 2007 Even if everyone doesn't buy into Project Lifeline, there are plenty of people who might qualify. According to California-based RealtyTrac, a leading online marketplace for foreclosure properties, the number of foreclosures soared nearly 80 percent in 2007. "As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation's 100 largest metro areas, with 86 metro areas reporting increases from 2006," said RealtyTrac's CEO James J. Saccacio. The worst states for foreclosure? California, Ohio, Florida and Michigan. In Stockton, Calif., the foreclosure rate soared 271 percent from 2006. In Las Vegas, foreclosures grew 169 percent over 2006. One real estate agent estimated that two-thirds of the homes currently for sale there were tainted by foreclosure. The metropolitan area surrounding Washington, D.C., saw foreclosures rise nearly 575 percent from a year earlier, while foreclosures in the greater Baltimore metro area climbed 544 percent. In the greater Albany, N.Y., area, foreclosures rose 638 percent, and in and around Bethesda, Md., RealtyTrac reported that foreclosures grew a stunning 1,288 percent. In a handful of areas, foreclosures fell somewhat, including Salt Lake City; Austin, Texas; El Paso; Philadelphia; Columbia and Greenville, S.C.; Baton Rouge; Wichita, Kan.; and McAllen, Texas. Big Surprise! Homeowners are Stressed Out About the Housing Market With foreclosures rising and homes taking much longer to sell, it's no wonder that a new survey from the National Foundation for Credit Counseling found that homeowners are all stressed out. More than 4,000 consumers have taken the National Foundation for Credit Counseling's Mortgage Reality Check at its HousingHelpNow Web site. The survey asks consumers if they know what kind of mortgage they have, if it is adjusting, and if they're worried about not being able to refinance or pay their new mortgage amount if their payments are about to adjust. Since the beginning of January, the survey found that 78 percent of respondents say they have trouble sleeping because they're worried about their current financial situation, the possibility of losing their home or car, or their ability to use credit. This is up 16 percent from November and December 2007. Sixty-nine percent of consumers taking the poll said they don't believe refinancing will solve their current cash crisis, up 8 percent from the end of 2007. Fifty-nine percent say they owe more on their home than it is worth, up 11 percent from the end of 2007. Eighty-three percent of those taking the poll fell into the most at-risk group. You can take the survey at http://www.housinghelpnow.org/MortgageRealityCheck.cfm.

1st owner in World's first-ever branded Equestrian Community

Anne Hurst (Access Realty Of N. FL Inc) — Tue, 11 Mar 2008 12:56:31 -0500

Well I am proud to say that my husband and I am the first owner of a lot in the World's first ever equestrian community, The Oaks of Lake City. This is the first signature equestrian community of Olympic riders David and Karen O'Conner. I must say what a way to start! Yesterday I was honored to attend the ribbon cutting ceremony. David and Karen O'Connor were there to do the honors. The weather was absolutely perfect for the big event. The barn is simply breathe taking. As a horse lover it's a dream come true. My husband and I had the pleasure of meeting up with the O'Conners again and a chance to have pictures taken. We also had the pleasure of meeting world famous renown horseman John Lyons and his wife Jody. After the ribbon cutting we had the chance to see Karen in action riding the horse of the year, Teddy. I must say it was like poetry in motion. I could have watch them all day. My husband and I have been invited to watch Karen ride at the international event in Tallahassee this Saturday, which I am certainly looking forward to. I also had the pleasure of talking with the new barn manager, Shelley Van Den Neste. Shelley is going to help me to get back into the saddle after a 6 years absence. I look forward in achieving this and to find my new horse. I must say that this day was truly remarkable and one I will always remember. Jon Jackson and Brad Dicks and their whole team achieve great success for this event. I know that a lot of hard work went into the ceremony and it certainly paid off. If any one is interested in knowing more about The Oaks or have any questions I would be happy to help. Just call or e-mail me.

Home Price Appreciation

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 02 Mar 2008 19:20:00 -0600

How can I improve the value of my property?

Outside of a homeowner's control, the biggest factor is market conditions. Other important issues are:

condition of the property
specific home improvements
neighborhood stability and safety

The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Specific home improvements can increase the value above the cost of the improvements.

remodeled bathroom returns, 81 percent to the owner
bathroom addition, 89 percent
master bedroom suite, 82 percent

Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability.

The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too.

How can I increase the value of my property?

Specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.

If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too.

The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you over improve for the neighborhood, you may not necessarily recover your costs or boost your property value significantly.

Will buying a bigger home increase my profit?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:

How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
What do local zoning and building ordinances permit?
How much equity already exists in the property?
Are there affordable properties for sale that would satisfy housing needs?

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

How do I find out how much my home is worth?

A comparative market analysis and an appraisal are the standard methods for determining a home's value.

Your real estate agent will be able to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder's or assessor's office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser's opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

What are the differences between market value and appraised value?

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Buying a Home

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 02 Mar 2008 19:16:21 -0600

Buying a home is probably the biggest investment you will make, with long-term financial ramifications. It calls for many informed decisions and for good advice from a real estate professional. When buying a home, you can learn from the knowledge and skill of a Real Estate Agent.

What can a Real Estate Agent do to help you buy the right home for you?

They will help you determine how much home you can actually afford. Often, they can suggest additional ways to accrue the down payment and explain alternative financing methods. They can also introduce you to a mortgage counselor and arrange to have you "pre-approved" which can improve your negotiating position and enable you to achieve your home-buying objectives faster and with less stress.
Providing client level services, they can work for you as a buyer's agent and help negotiate the best price and terms for you. Or, they can serve as a seller's sub-agent (or disclosed dual agent), acting as a liaison between you and the seller to present offers and counteroffers until an agreement is reached.
They will help you work out a realistic idea of the home best suited to your needs - size, style, features, location, accessibility to schools, transportation, shopping, and other personal preferences.
They have access to a listing of all available homes in the multi-list system, can evaluate them in terms of your needs and affordability, and will not waste your time showing you unsuitable homes.
They can often suggest simple, imaginative changes that could make a home more suitable for you and improve its utility and value.
They can supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect your decision to buy.
Although the law does not normally require an attorney to review documents or oversee real estate closings, they can provide you with a list of law practitioners to choose from if you would like to use the services of an attorney.
They can help familiarize you with the closing process and they will obtain closing figures in advance of closing for your review.
They can provide you with a list of qualified home inspectors, pest inspectors, surveyors, and help to coordinate inspection appointments.

Top 10 Tips to Successful Home Buying

Tip #1: Research Is The Key To Discovery

Home sellers won't call you with an offer to buy a maintenance-free home with a wonderful mortgage. You have to find the gems yourself! Only by reading available materials, talking to friends and experts, and spending time looking at different homes, schools, and neighborhoods will you end up with your American dream. Avoid the nightmares by learning how best to buy and maintain a home.

Tip #2: Make A Plan And Get Pre-Qualified

Every important decision needs to be clearly thought out. Developing a home buying plan can help you focus on the important factors and organize the entire process. You may even want to use a binder with sections on house hunting, home financing, service providers, etc. Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!

Tip #3: Value, Value, Value

The days of 10-30% annual appreciation have passed. Homebuyers in the 1970's benefited tremendously from what seemed like ever appreciating home prices. Nowadays, you're looking at slow growth while guarding against the possibilities of falling prices, skyrocketing ARM rates and corporate layoffs that can dramatically affect your home values. The classic rule of buying the worst house in the best neighborhood still applies. If you buy with an eye towards improvement, you can customize the home to fit your needs. The saying, "make money buying a home, not selling one," should keep you focused on the long-term importance of the purchasing price.

Tip #4: Create A Top 10 List Of Amenities

When shopping for a home, list the features (fireplace, fenced-in yard, new appliances, etc.) that are most important to you in deciding on which home to buy. Establishing "your criteria" early on will save time shopping for inappropriate homes and may keep you from buying a home on a whim. As detailed in Tip #3, your top reason for buying a home should be the value you are getting. Some of your top 10 amenities should logically be sacrificed if an incredible value is available.

Tip #5: Fixed vs. Adjustable Rate Mortgages

Which type of loan fits your particular needs? If this will be your first home or a "transitional home" -- one you plan to own for a short time, an ARM may be the best type of loan. If it's going to be your dream home or one you plan to raise a family in, then you may want the stability of a fixed rate mortgage. If you choose an ARM, the index should be based on the Cost of Funds Index if rates are increasing, and Treasury Bills if they are decreasing. The COFI's are less volatile over time than T-Bills; make sure the teaser rate is understood and what the real rate would be.

Whichever loan you choose; make sure that you scrutinize all the closing costs. If you are required to have a mortgage escrow account and private mortgage insurance, make sure you understand the terms and cancellation procedures (your Real Estate Agent has publications to assist you). Also, make sure there are no prepayment penalties so that you can utilize an accelerated mortgage plan. A good mortgage reduction plan can save you tens of thousands in interest costs, and shorten your loan term, with only small extra principal payments. If you experience negative changes in your job, health, or marital status, you can revert to the standard payments in your mortgage contract.

Tip #6: Sign A Contract That Protects You

Make sure that the contract you put on a house allows you to arrange financing, inspect the home and negotiate any problems that you uncover. Ensuring that the contract you sign will minimize potential legal battles will let you swim in your new pool with your family and neighbors instead of with the sharks.

Tip #7: Put Yourself In The Seller's Shoes

You are about to make one of the most important decisions that will affect both your life and the life of the seller. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you'll be in a better position to evaluate the home and negotiate a better deal. In the end, the home buying process excludes the professionals and comes down to the individuals buying and selling the home. A closer look at the seller may help you in deciding whether and for how much to buy a particular home.

Tip #8: Develop A Mortgage Shopping Chart

One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. There are 10,000 lenders competing for your mortgage business. The days of simply walking into the community bank and negotiating with the loan department manager are over. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, you want to avoid apples to oranges contrasts by comparing fixed rates to fixed rates, not fixed to ARM's. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker).

Tip #9: Get A Quality Home Inspection

Although it is hard to believe, more people pay for inspections before buying used cars than when making the biggest investment of their lives - their homes. Paying for a qualified home inspection before you buy a home isn't just spending "a little extra" for peace of mind; it's absolutely essential for anyone who doesn't want to spend thousands of dollars for repairs.

Tip#10: Peace Of Mind: Home Protection Plans

To protect both you as a buyer, as well as the seller, it is a good idea to purchase a home protection plan. What exactly is it? A home warranty, or home protection plan, is a service contract, normally for one year, which protects homeowners against the cost of unexpected repairs or replacement of their major systems and appliances that break down due to normal wear and tear. A negotiable contract between the buyers and sellers which does not overlap or replace homeowner's insurance policy, this type of warranty can save the new homeowner lots of headaches, as well as put seller's fears to rest. The warranty covers mechanical breakdowns, while insurance typically repairs the related damage. For example: if a hot water heater burst and destroyed a wall in your home, the warranty would repair the water heater and your insurance would pay to fix the wall.

Today's traffic engineering stuck in neutral

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 02 Mar 2008 19:11:35 -0600

	Despite advances in technology, improvements are nowhere in sight

	By Arrol Gellner - Inman News

	Someday, when the history of our Petroleum Age is written and the internal-combustion automobile is considered a quaint and rather silly conveyance on par with the oxcart, scholars will have a field day examining the myriad aspects of our vanished autocentric society. And without a doubt the most moribund and farcical discipline connected with this era will turn out to be that of the traffic engineers, whose automotive monomania helped turn the built environment into a playground planned almost exclusively around motor vehicles -- to the detriment of pedestrians, other modes of transport, and Mother Nature herself. It may not seem odd that traffic engineers should be preoccupied with cars. But the word "traffic," it's well to remember, doesn't refer to automobiles by default -- it refers to the movement of people and goods. You'd never guess as much judging by contemporary usage, because the central and practically sole concern of traffic engineers across America has to do with moving cars around at the expense of all else. Most engineering disciplines pride themselves on creating progress in their respective fields. In a single century, for example, aircraft engineers went from building sputtering kites of wood and paper to designing planes that can fly by themselves at 600 miles an hour. And in just 50 years, electronics engineers have made even more phenomenal strides: Consider the astonishing progress made in television alone, not to speak of computing. Yet until very recently, the traffic engineer's only response to the demands of a changing world has been to bang out the same old two-note refrain: wider roads, more traffic lights. This is basically the same so-called solution that's been offered since the 1920s, even though neither strategy has ever shown much success in easing traffic congestion. Moreover, during the last two decades, while computers have been used to make virtually every two-bit consumer item smart, traffic controls remain determinedly brainless. Only recently has the consideration of "dynamic elements" even entered the realm of traffic engineering. The radical idea here -- are you sitting down? -- is that traffic controls should actually respond to varying conditions using sensors that measure traffic flow. Hence, after 80-odd years of stubbornly resorting to the same ham-fisted repertoire of road widening and signal planting, some nameless traffic engineer apparently had the wit to wonder, "Gee, should our designs actually relate to what's going on? Should we try to make use of that wacky new computer technology everyone's talking about? Should traffic signals actually recognize that no one is coming the other way, instead of stopping people just for the hell of it?" To which his or her colleagues no doubt responded: "Nah, that's crazy talk." Given the glacial progress traffic engineering has made in the past eight decades, don't expect the introduction of dynamic elements, or anything else, to improve your neighborhood's traffic situation for a long, long time. By then, perhaps, our autocentric definition of "traffic" will have grown to reclaim those who walk, bicycle or take public transportation, leaving traffic engineering as it's currently practiced right up there with alchemy, bloodletting and other things we used to think made perfect sense.

Weather in Florida

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 02 Mar 2008 19:06:39 -0600

Well it was another beautiful weekend in North Florida, I ended showing property most of Saturday but didn't mind a bit because the weather was just perfect. I know in a couple of months I won't feel that way with the heat and humidity that Florida has too offer. The hardest task we face here is showing a home with no air-condition. By the time you show the property and then get back into your hot car it's very hard to cool off before the next home that you come too. I must say Florida in the Summer is brutal. What challenges do you face regarding weather in your market? Ideally I would like to be a snowbird Realtor and have the best of both worlds.

Thank goodness for Presidential Candidates

Anne Hurst (Access Realty Of N. FL Inc) — Tue, 26 Feb 2008 20:43:49 -0600

I am glad that they are having these debates with back and forth finger pointing. It gives a little relief to us in the Real estate market not to hear the media stating how bad our markets are. Don't you get sick and tired of hearing about the doom and gloom in our markets. Despite what they say, people are always going to need a home and help from a Realtor. Now their favourite word is recession,perhaps if they brainwash us enough they might succeed in making us dig a hole in the ground and stay down there until it's over. What ever happen to positive up beat thinking and how lucky we are living in this country. There are people around the world that really do have a bad deal. So I say, enough of the doom and gloom and put a smile on your face, you never know we could really start something!

Boy, how we earn our commission

Anne Hurst (Access Realty Of N. FL Inc) — Tue, 26 Feb 2008 19:49:51 -0600

Today I was driving in really bad weather to meet with my customers to have them sign an offer on their home. As I was driving I could barely see in front of me as the rain was coming down so hard and the gusts of wind made it hard to keep my vehicle straight.My husband called me and informed me that we had tornado watches out and for me to be careful. Whilst this was all going on I was thinking about how hard we have to work in this business to earn our living. I believe this is one of the toughest careers to have. You have to stay on top of your game, keep up with education,pay out a bunch in expenses,just to name a few of a very long list. We put in many hours of work and we don't know when our next paycheck is coming. To survive in this business does take a special type of person, whom is a dedicated professional and loves what they do. I think ultimately you have to like this job otherwise no way are you going to survive. As I was driving today and praying that I would make it in one piece, all I could really thing about was getting to my appointment on time and doing the best job for my customer. Their concerns were foremost in my mind and that's why I kept driving on to meet them. If I didn't love this job I would have just turned around and gone to the safety of my home! You need to enjoy what you do as life is too short.

Energy audits

Anne Hurst (Access Realty Of N. FL Inc) — Sun, 24 Feb 2008 20:05:16 -0600

I am considering have one of these audits. Has anyone had one of these and if so how much did it help.

	Find out which areas in your home are wasting energy

	By Paul Bianchina - Inman News

	All of us are concerned about our energy bills and are looking for ways to save money, especially during the cold winter months. One of the best places you can start is by having an energy audit done on your home. Energy audits analyze all of the areas of your home where you might be wasting energy -- and, obviously, your hard-earned dollars -- and provide solutions both large and small. During the course of an energy audit, the auditors will make a site visit to your home and conduct a very thorough inspection of a number of different areas. They take measurements of everything from square footage to window sizes, all of which goes into determining the amount of heat your home is losing. In warmer climates, the same process is used to calculate ways to save on cooling costs. INSULATION Typically, the first area of concern for the auditors is insulation levels. They will make a thorough inspection of your attic first, measuring the depth and type of the insulation, its general condition, and how well the insulation covers the attic floor and prevents cold spots. Since moisture and safety in the attic is a big concern, they will also look to see that exhaust fans are properly vented to the outside, and that insulation is properly shielded from anything that produces heat. To ensure proper ventilation, the number and size of vents in the attic will be calculated, and they'll check that soffit vents are not covered. The same inspection will be made in the crawlspace and any basement areas as well. Wall insulation levels will also be determined to the best of the auditor's ability. This includes probing to determine the type and amount of wall insulation, as well as checking exposed areas such as attic knee walls and skylight shafts. AIR INFILTRATION The second big area of concern for an auditor is air infiltration. Depending on the type and age of your home, the U.S. Department of Energy estimates that reducing air leaks can account for energy savings of 5 percent to 30 percent per year, so that's a signification area to inspect. During the course of the audit, they will measure every window and note its frame type, the condition of the weatherstripping, any glass coatings, and even the thickness between the panes. For doors, they will make note of the size and type of all exterior doors, the amount of glass in them, and the type and condition of the weatherstripping. In addition to paying close attention to doors and windows, the auditors will also look at the general condition of caulking around the outside of the home. Door and window frames, roof-to-wall intersections, plumbing and electrical penetrations, and any other area that could be contributing to air leaks will be inspected and noted. Depending on the level of energy audit being done, the auditors may perform a blower door test. This sophisticated test is performed by mounting a metal panel with a large fan into a framework in one of your home's exterior doors. All other windows and exterior doors are closed, and other penetrations to the outside, such as exhaust fans, are sealed off. Once the fan in the blower door is activated, it pulls air out of the house, lowering the pressure inside. Higher-pressure outside air is pulled in through cracks and gaps in the house, and the energy auditor uses a smoke stick to locate all of these air leakage sites. HEATING AND COOLING EQUIPMENT Next, the auditors will typically concentrate on all the equipment that creates the warm and cool air in the first place. They will inspect furnaces and air conditioners to determine the type and level of efficiency, as well as the general condition of the unit and how well it's maintained. Of particular interest is the duct system. Auditors will check in both the attic and the crawlspace to see what type of ducts are present, and their general condition. They will look for leaks at the joints, ducts that are unsupported or damaged, and the level of sealing and insulation throughout the system. Also part of this phase of the audit is the type of thermostat you have. They will look to see the general quality of the thermostat, how accurate it is, and what types of settings are available to the homeowner. THE CONCLUSION These and a number of other findings, including things like the type of lighting in the home and the type of water-heating equipment being used, are all entered into a computer program, which helps the auditor isolate where the biggest potential energy savings are. From there, a set of recommendations are prepared on everything from insulation and ventilation to sealing and maintenance work. Some audits will also include information on what the potential payback of the more costly recommendations might be. If you're interested in having an energy audit done, start by contacting the utility company that provides the fuel for your primary heating source. Some utility companies have auditors on staff, or else they can direct you to reputable local companies who do audits.