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It still pays to remodel
The home-sale market has taken a beating in the last few years, which begs the question: Does it makes sense financially to invest in home improvements?
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Final walkthrough a buyer's best friend
Imagine this. You move into your new home for the first time after closing and, although you transferred the utilities into your name, the lights don't turn on. There isn't a single light bulb left in the house, the yard is overgrown, and the leaky faucets the sellers were to have fixed still leak.
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Energy upgrades can yield tax credits
If you’ve been putting off energy-efficient home upgrades, now may be the time to take on some home improvement projects. Thanks to the American Recovery and Reinvestment Act of 2009, signed by President Barack Obama on Feb. 17, there are new incentives for consumers to eliminate outdated, inefficient building systems that affect residents’ comfort and pocketbooks.
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Mortgage payoff in a divorce
DEAR BENNY: My wife and I are in the process of getting a divorce. I am prepared to give her the family home so that our children will not be disrupted any more than they already are. I know that our mortgage lender will not relieve me of our joint obligation to make the monthly payments, but hopefully that will not be a financial problem for us. We have been advised that a lender can use the "due on sale" clause in the mortgage documents to block this transaction. Can this happen? --Tom
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Green apps on the run
Many people want to do a good turn for the environment but simply are overwhelmed by the flood of green data, products and services.
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Five ways to cut heating costs
If you're thinking it's time to do something about your cold house and your high heating bills, here are five win-win suggestions that will help you do both.
1. REPLACE YOUR FURNACE FILTER
A clogged filter makes your furnace work harder to deliver the same amount of heat, which wastes energy by keeping the furnace on for a longer period in order to bring the house up to the requested temperature.
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Contingencies frustrate buyers, sellers
There are many frustrating aspects associated with buying or selling a home today. One is that contract contingencies -- such as inspections, financing or the sale of another property -- often aren't removed on time. It's not uncommon for closings to be delayed, usually due to the buyer's lender.
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Going solar: Is it right for your home?
Just a short time ago, saving the planet took precedence over saving a dollar. Times have changed, but in today’s economy homeowners are still trying to find ways to do both. Just ask John Shipman, an energy analyst at Energy Efficiency Management (http://www.energyefficiencypro.com/) and a green home performance contractor with Energy Star (http://www.energystar.gov). Shipman states that his company’s "whole-house energy audits have increased three folds" since President Obama has taken office. The President’s stimulus package has made energy conservation a priority with initiatives that focus on energy-efficiency upgrades to homes and businesses.
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Multiple offers making a comeback
In the current home sale market, it might seem ludicrous to make an offer on a listing if it means competing with another buyer. However, multiple offers are on the rise in some markets. But, it doesn't always mean that you need to pay a lot more than the asking price.
Sellers are ever hopeful of receiving multiple offers. These days, this is usually an unrealistic expectation. That is, unless the listing is a prime property in a high-demand neighborhood where few homes are being offered for sale.
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How pros drill through masonry
When it comes to drilling holes in concrete, concrete blocks, stone and other masonry, using a standard drill can be a real exercise in futility. The rotary motion of the drill bit -- even a carbide-tipped masonry bit -- is simply not sufficient to power through tough masonry surfaces.
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Fixing to sell: Don't go overboard
Fixer-uppers with upside potential were in high demand when the market was appreciating at a fast pace. Once depreciation took over, speculators disappeared until 2009, when low-end foreclosure properties in some areas became hot properties -- particularly if they were selling at a 50 percent discount from the peak in summer 2006.
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Tax time over, but many credits still available
If you’re a homeowner, it’s a given that you claim the mortgage interest deduction on your tax returns. If you are a green-minded homeowner, you may be eligible for a federal tax credit if you purchase or have purchased (keep those receipts) an energy-efficient product or a renewable energy system for your home.
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Divorce leads to default
DEAR BENNY: I bought a home with my husband in 2002. We are both on the mortgage. When we got divorced in 2006, he bought me out and I signed over the quitclaim deed of the house to him.
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2010: year of the turnaround?
A spurt in home sales in 2009, aided by low interest rates and the first-time homebuyer tax credit, has led some economists to forecast a turnaround in the housing market this year. Other forecasters feel this is too optimistic a projection.
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Multiple home inspections pay off
Buyers often assume that if a house is new there's no need to inspect it. What could possibly be wrong with a brand-new house? You'd be surprised.
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When double-pane glass needs replacing
Q: I am sort of handy around the house and was wondering how difficult it is to remove and replace the windows in my house. There seems to be moisture between the double-pane windows now. Any tips? --Frank C.
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Seven rules for room additions
If you're happy with your home and your neighborhood but are craving a little more space, maybe adding on is a better alternative to moving out. Room additions can be a terrific alternative for many homes, adding space for a growing family and adding resale value at the same time.
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Neighbors pry over condo sale etiquette
DEAR BENNY: My wife and I own a condo in a two-unit building. Our downstairs neighbor, who bought the property only two years ago, recently put her unit on the market. Her inability to cover her mortgage obligation is the reason she is forced to sell now, instead of waiting for the market to improve.
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Backup offers give sellers a Plan B
Every seller's dream is to receive offers from more than one buyer. Although multiple offers were scarce last year, in some markets and price ranges listings that are priced right are receiving multiple offers, particularly in the low-end foreclosure markets.
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Pros and cons of linoleum flooring
Q: Could you please tell me how linoleum scores in the same categories: virtues, detractions, and resale?
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Design tips for updating 1950s tract home
Q: Our house is a nondescript 1950s ranch tract home with a light-gray composition shingle roof. It's currently a dated white with blue trim, and we'd like to update the paint job. We're also relandscaping with drought-tolerant tropical and contemporary plants, and not much grass -- mostly bark and flagstone walkways. Is there somewhere where I can see other updated tract homes? Do you have any color suggestions?
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Buying an existing home that’s “green”
With rising energy costs and growing awareness – and availability – of environmentally friendly products, it's no wonder that interest in purchasing green homes is rising. Green remodels on existing homes both save the environment and save homeowners money on monthly bills. As green home remodeling becomes more abundant, so does the demand to purchase these homes. This increased interest in existing green homes has created a need to educate buyers on what is really considered "green."
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Find property problems before you buy
To avoid a bad experience that could end up in a legal battle with the sellers over property problems, make sure your purchase agreement includes an inspection contingency.
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Best payback on remodel
Q: In your opinion, what home improvements (kitchen remodel, new front door, or wood floors) offer the best payback on investment when you are trying to sell?
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Rate-lock dos and don'ts
Interest rates dropped at the end of last year after creeping up over the summer, with 30-year fixed-rate mortgages with interest rates below 5 percent readily available.
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Tips for avoiding surprise defects
A homebuyer in the hills above Oakland, Calif., recently closed on a home that matched her wish list almost perfectly, which is as good as it gets. Before closing, the new home was inspected and no major defects were discovered.
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Is now a good time to downsize?
Interest rates are low. Prices have come down in many areas. More buyers are deciding it's a good time to buy, even though it may be awhile before the housing market stabilizes.
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Six ways to green your pool
It’s always a good time for pool owners to think about ways to save both money and water. Not only are utility companies offering rebates for “green” upgrades to existing pools, also many states, including California, are on the verge of droughts and the state will soon call on homeowners to ration their water usage. In response, we’ve complied a few ways you can green your pool, which will benefit both your pocketbook and the environment.
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Dos and don'ts of home selling
An energetic real estate agent can have your home on the market in a day. However, to provide the kind of marketing exposure you need to sell in today's market takes a little longer, unless your home is photo-ready when you list.
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Share your love of California at www.yourpieceofcalifornia.com
There’s no doubt about it. California is a great place to live. Eternal sunshine, miles of gorgeous beaches, majestic mountains, and beautiful stretches of desert – this state has something for everyone. With so much to offer, it’s no wonder everyone would like to own their own piece of California.
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Good Faith Estimate contains some 'quirks'
As of Jan. 1, 2010, the Department of Housing and Urban Development (HUD) required lenders to provide mortgage borrowers with a new three-page Good Faith Estimate (GFE) to protect consumers who are applying for a mortgage.
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Is security sign advertising?
DEAR BENNY: I am an 81-year-old widow who bought a townhouse four years ago. There were some odd things going on here so I installed a security system. I have been told that the security sign I have in front of the townhouse is considered advertising and I have to take it down. There are three other areas in town that have townhouses and none of them have a problem with this. What happens if I refuse to take the sign down? --Lillian
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Unpaid HOA fees boost foreclosure risk
DEAR BENNY: I am three months behind in my homeowner's association payments. Can the condominium foreclose on my unit? My mortgage payments are up to date, and I called my lender who said no, they cannot foreclose. What do you say?
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Protect real estate from Medicaid
DEAR BENNY: Seven years ago, when my mother was 80, my husband and I purchased cooperative apartment shares in a senior complex for her to live in. Since at least one of the tenants had to be over 55, we put her name on the shares, as well as my name. The actual paperwork reads: " 'My Mother's Name' or 'My Name' as joint tenants with right of survivorship and not as tenants in common."
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What is post-consumer content?
What is it?
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Sizing up purchase deposits
In most states, it's customary, or required by law, for the buyers to include a good faith deposit when they make an offer to purchase a home. The deposit should not be given directly to the seller, but held by a trustworthy third party that maintains a trust account specifically for home purchase deposits, such as an escrow or title company, real estate firm, or real estate broker.
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Delay move until deal is done
Sellers should start packing as soon as they think they might want to put their home on the market. That is, they should start weeding out all the personal property they no longer want or need. It makes no sense to spend time and money packing and moving these things.
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Sellers face new dilemma in timing the market
Some sellers have been biding their time for three years and now wonder if they should continue to wait or bite the bullet and sell now.
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Presale inspections for smoother sales
Homes are selling for less. Everyone's trying to cut back. Yet, many real estate agents think it's wise for sellers to provide presale inspections for buyers to review before they write offers. Is the cost, which could run from a few hundred to $1,000 or more, worth the expense?
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Not all buyers are worth a counteroffer
After mustering the emotional energy to make an offer on a listing, it can be devastating if you hear nothing back from the seller.
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Window trim: from boring to bold
If you look closely at homes with beautiful windows, you'll typically find one thing in common: wood trim. No matter what the style of the window is or what material it's made out of, a painted or stained wood surround enhances the beauty of the window far more than the inexpensive "drywall wrap" that's common on a lot of today's homes.
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Home prices put to ZIP code test
The wealth created by the housing bubble has been wiped out, according to Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, who spoke at the group's annual conference in November 2009. Does this mean that if you bought your home in 2005 in an area that experienced rapid appreciation from 2004-2007, you'll lose money if you sell today?
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Resale value high on buyers' minds
There's not much you can do about keeping a down market from having some impact on the value of your home. But, you can carefully choose the home you buy so that you end up with a property that holds its value well, even in a slow market.
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Contingent sale offers can benefit sellers
Convincing a seller to accept an offer that's contingent on the sale of another property can be challenging. The odds of acceptance improve if the offer is structured to the mutual benefit of both buyers and sellers.
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How does your garden grow?
If you’d like to have a garden, but think you don’t have the space, think again. Urban gardening techniques are allowing small-space gardening to take root in unlikely places, such as balconies, raised planters, roofs, windowsills, and postage stamp-sized backyards. Condominium dwellers and homeowners alike are getting their fingers dirty and growing their own produce, succulents, and flowers in these tiny slivers of dirt.
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Six ways to boost curb appeal
If you're thinking of listing your home this spring, now is the time to be thinking about one of the most important elements of real estate marketing: Curb appeal. It's your one and only chance to make a first impression on a potential buyer, so make it a good one! Here are some suggestions to make your home stand out from the rest:
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Appraisal rules tough on additions
Recently a homeowner in the hills above Oakland, Calif., applied for a refinance. An appraiser visited the property and measured both levels of the house. The appraiser called the homeowner a few days later to find out if the lower level had been added with a permit. The public record indicated the house had three bedrooms, two bathrooms, and 1,513-square feet.
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Finding middle ground for home repairs
Today's home sales are all about negotiation. Negotiating the purchase price is the first step. A second round of negotiations can occur after the buyers complete their inspections. For sellers who negotiated to their rock-bottom price, this can be disappointing and a possible deal-breaker.
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Buying house? Think long term
Now would seem like a rotten time to sell. The economy is in recession and many housing markets around the country have suffered serious downturns.
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Transferring loan on inherited home
DEAR BENNY: I recently inherited my mom's home, valued at $136,000. Unfortunately, she had a home equity line of credit (HELOC) on it for $66,000. Apparently, a relative talked her into getting this loan to start a small business. Of course she was stuck paying the loan, and the payments are current.
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Closing costs vary by location
Closing costs, the costs associated with buying or selling a home, can add up. It's wise to get an estimate of how much you're likely to pay in closing costs before you make an offer to buy a home or accept an offer to sell.
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No benefit to refi with current lender?
DEAR BENNY: I am shopping for a new mortgage (I will refinance about $160,000 remaining on a condo worth about $300,000) and discovered my mortgage holder wants about $2,200 in closing costs. I just financed with this bank three years ago and have stellar credit. There seems to be no special benefit for refinancing with this lender. Their broker told me as much. I don't understand why they wouldn't want to keep a good customer. Any insight? --Janelle
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Nothing seems to fix low shower pressure
Q: I have a shower in my master bath that has had low pressure since we built the home five years ago. I've taken the head off and the pressure is still weak. All the other water sources in the house have very good pressure. A friend mentioned that the cartridge could be the culprit. Does that sound right? Is it hard to replace? I'm pretty handy and have fixed a bunch of stuff in previous homes.
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Roller covers key to great paint job
Painting is certainly one of the perennial favorite projects for do-it-yourselfers. You can transform a room in just a short time, and perhaps best of all, you need only a few basic tools.
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