Selling or leasing a home built before 1978…bookmark this link

Most of us have lived in a home built prior to 1978 and never gave it any thought that our home could be a hazard to our health. I vision my younger sister standing on her tip toes over the window ledge trying to see outside.  Like most toddlers she chewed on it and most likely consumed paint chips that contained lead.

In 1992 congress passed a law that began in 1996 that states owners and landlords must disclose to buyers and renters any knowledge of lead paint, the possibility of lead paint, any test results for lead paint, provide a HUD required disclosure pamphlet and allow for a 10 day inspection period.

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Owners and landlords are required to attach the information to a lease or have a clause that states that the tenant or buyer has received the required disclosures. They are also required to keep this information for three years.  Because there are some exemptions you can read more about this at: https://www.hud.gov/program_offices/healthy_homes/enforcement/disclosure

For real estate professionals the responsibility falls upon you to inform your client of this disclosure and provide the forms to them.  It’s a good practice to keep the required disclosures on file to avoid this slipping by while processing all the necessary paperwork for a successful transaction.

The forms are  available at the HUD website:https://www.hud.gov/sites/documents/DOC_11884.PDF     

https://www.epa.gov/sites/production/files/documents/selr_eng.pdf

Happy home selling 🙂

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Tapping into your home equity….💰

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The market is recovering and as home values continue to go up you may find another resource to tap into for financial needs that may arise.

Sometimes referred to as a “second mortgage”, “equity line”, “home equity line of credit” or  advertised as a HELOC your home is an account that you can tap into.

There are a variety of terms offered by different financial institutions so I always suggest shopping around.  The amount of equity you will be allowed to borrow has many variables decided upon by the lender considering your ability to repay.

Here’s how they work…The equity in your home is the amount of money you have between the value and the amount you may own.

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HELOC’s offer great convenience because the interest rate is typically lower than that of  a credit card and you are not required to use the full amount approved for at the time of signing an agreement.  A second mortgage is for a specific amount drawn at one time and set up on an amortization schedule, so they are two different products.

An example of a good use for an equity line would be to do small repair or improvement to your property.  You can simply write a check for the service and  repay according to the terms of your line.

An example of a good use for a second mortgage may be to do a large home improvement such as a room addition or a purchase of an adjoining property.  These loans are set up with principal and interest payments, a specific schedule of repayment  without t as much flexibility as equity lines.

It is  important to know that these loans will have to be paid off when you sell your home, because you are pledging the property as security.

I have often heard from home sellers who review a purchaser offer that they will not receive enough money at the sale due to the pay off of a primary mortgage and the equity line or second mortgage.  If you find yourself in that situation you have to keep in mind that you even if you feel like you are selling at a loss you are not because you already received that money.  It’s best to track your homes value to keep yourself in a positive equity state at all times.  Here is one the many links online to get an idea of your value: https://www.lendingtree.com/homevalue#/HomeValue

Also, it’s been surprising to me that some home sellers do not realize that the line of credit was a lien on their property.  With that being said it would be wise to understand the terms in full before signing any agreement, also ask about any penalties that can occur when you close them out.

Homeownership offers more than just a cozy place to hang your hat :)get a

Recent tax law change take away the  interest deduction for home equity lines: for more information on this and mortgage interest in general: https://www.forbes.com/sites/timtodd/2017/12/28/the-modified-home-mortgage-interest-deduction/#668ee0c06acf

 

You’ve got mail.. — EffinghamMoves

Cool ways to catch the eye of passerby’s…

via You’ve got mail.. — EffinghamMoves

Bring home the colors of the sea, sands and sunsets

Folks in the Southeast USA get more than enough sunshine and vitamin D to keep their spirits high.  But even on a gloomy day you grab a can of cashews to increase your serotonin, and take a drive into one of the coastal communities and you will feel upbeat in no time at all.  Adding color to a house adds great curb appeal, personality and above all makes it a home.  A choice of paint color is not an impulsive move but more thought out like someone getting dressed to impress…..

Tip for travelers: If your on the I95, Georgia, South Carolina  and Florida all have unique coastal communities worth circling on your map for a scheduled stop.

 

 

 

Holly Jolly homes

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The holiday season along with the winter chill is typically not the most popular time to list your home for sale.  For those that decide whether by choice or urgency to be on the market there are some upsides to this.

  • You will have the advantage of low inventory which results in less competitive listings
  • Buyers that shop during this time are as serious about buying as you are about selling, they may have a home they sold or are relocating to your area
  • You can show off the personality of the home with glittering lights and the soothing scents of the season
  • You can make your visitors feel right “at home” softly playing merry music
  • Tasteful decorations can be as good as staging

So…….Ho Ho Ho….and if you get nifty wrap your home in a bow

Happy home selling 🙂 ⛄️🎄

 

 

 

Canopy of Oaks

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This long drive sets the tone for a relaxing atmosphere and very impressive “curb appeal”