Tips for CT Landlords: Should You Allow Pets in Your Rental Property?

The seemingly perfect tenant comes along after a string of prospects with poor credit, and they have a pet. If your property has been vacant for longer than you would like, it can be a tough decision. So what do you do?

If you are a new Landlord and this is your first tenant or one of your first tenants, you may want to consider dropping by their current residence to see how clean it is, and if there is any pet damage. Do this unannounced, but let them know when you interview them that you may want to stop by their home, before you make a decision

If you have had prior bad experiences with tenants that have had  pets,  it may not matter. If you are open to the idea, but somewhat skeptical (as you should be) take these items into consideration.

 First and foremost, you cannot charge additional security for rent because of a pet. The maximum you can collect at the beginning of the lease per Connecticut state law is two months security and one month's rent . If your prospective tenant happens to be 62 or older, you can only collect one months rent and one months security upon lease signing.  No ifs, ands, or buts.

You CAN charge additional "pet" rent. You might consider adding up to an extra 10%  on the monthly rent. Be careful if you do that, though. When you advertise your property, or your agent advertises it, make sure you note that pets may be considered.

The amount of extra rent you charge is up to you if you want to go this route. No one says you have to.
If you have any questions about renting your property, or are in need of representation, please contact me. I would be happy to assist you.

Connecticut Financing Update and Today's Mortgage Rates 1/20/12

When it comes to foreclosures and the housing market's recovery, everyone has a different answer, and no one seems sure of where things are headed. Part of the confusion is due to the wildly divergent foreclosure time line across the country, and their impact on regional markets and recoveries. According to Lender Processing Services (LPS), the national average 'time to foreclosure' is currently 674 days, up from 253 just a few years ago. However, that number belies the sharp contrast between states that process foreclosures through the judicial system, and those that don't. Want a quick, but potentially volatile recovery? States utilizing the non-judicial format (most of the western states) are able to process quicker (less than 200 days in Arizona, Oregon, Washington), but have seen deeper drops in home values over the past year due to the increased supply. For instance, Nevada saw a near-20% drop in home values this past year. On the other hand, Florida, which takes an average of 1,027 days to foreclose (remember: that's an average of 3 years) experienced just a 2.8% dip in values in 2011. However, their recovery, as will other states under a judicial system, will most likely take much longer to materialize as homes will be kept off the market while undergoing the foreclosure process. The bottom line number to keep an eye on is "foreclosure inventory" - the rate in non-judicial states was more than 6%, while the judicial states saw a rate of less than 3%.

Turning to interest rates, they have been creeping higher this week. Yesterday we saw a few intra-day rate sheet price changes. Although the Fed continues to buy about $1.2 billion a day of Mortgage Backed Securities. Yesterday's strong Jobless Claims started things off (reminding us that a growing economy tends to push rates higher),single-family housing starts are picking up, home builder sentiment is improving, and by the end of the day 10-year T-notes were worse by almost .75 in price (1.97%) and current coupon mortgage security prices were worse .250.

Today's Mortgage Rates

30 year fixed - 4.250% 0 points for rate
20 year fixed - 3.875% 0   points for rate
15 year fixed - 3.250%  0 points for rate
10 year fixed - 3.250%  + 1.00 lender credit points for rate
5/1 ARM - 2.50 %  0 points for rate
7/1 ARM - 3.00%  + 0 points for rate

FHA/VA
30 year fixed - 4.250% +  0 points for rate
5/1 ARM  - 2.75+  0 points for rate
7/1 ARM - 3.250 + 0 point for rate

Jumbo - over 729,000  up to 2,000,000 with 20% down on purchase
30 year fixed - 4.750 % with 0  points  for rate
15 year fixed - 4.375 % + 0   points for rate
5/1 ARM - 3.250 % + 0 points for rate
7/1 ARM - 3.375% + 0 points for rate

10/1 ARM -  4.375% with + 0 points cost for rate

Jennifer Buchanan,  Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
   Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs .  Jennifer's local processing and closing team are also known for their exemplary service.
   Understanding that the vast majority of mortgage brokers never discuss the long or short term  financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS  designation. (Certified Mortgage Planning Specialist)
    She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.

Jennifer Buchanan
Metlife Loans
203-341-6949

Jennifer Buchanan- Your certified expert
 on mortgages offering Free Unbiased
recommendations based on your needs.

A note from Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

We're in TheDailyFairfield Today With Our Fairfield Real Estate Market Overview

We're pleased to tell you that one of Fairfield's premier online news sources has asked us our opinion of the state of the  real estate market in Fairfield, in addition to our recent  interview articles in TheDailyWeston, TheDailyGreenwich,   and  TheDailyEaston.   We invite you to read the article and check out their site.
 
Read the article in  TheDailyFairfield. We will also be posting a copy on  our Fairfield Town page.

If you own a home in Fairfield, and are considering selling, contact me for accurate pricing and the best marketing plan available that's uniquely tailored to your needs. I will sell your home for the best price the market will bear. You can count on it. Contact me today

IMPORTANT: Connecticut Has a New Property Condition Disclosure Form

As of January 10, 2012, The Connecticut Commission of Consumer Protection has adopted a new Property Condition Disclosure Form. Click here to see the new form.

Under Conn. Gen. Statutes 20-327b the sellers of residential real estate are required to provide all buyers with a written disclosure report, unless the transfer is exempted under the statue.  If the seller fails to provide the report they shall give the purchaser a credit of $300.00 at closing.

The new form includes information regarding flood hazards, results of water tests, hazardous waste, village and historic districts and makes a number of clarifying and informative revisions to the previous form.

Make the best choice for your home purchase, sale and refinance closing needs.
Contact The Law Office of Only Closings! Visit our website at www.onlyclosings.com or call us at (203) 581-1712.

The weekly Tip-of-the-Week* is supplied by Only Closings --

a law firm devoted to real estate closings.

      - Our closing staff is made up of seasoned, experienced real estate attorneys.
      - Close where it is most convenient for the client (home, office, job or bank)
      - Very competitive closing fee and no hidden fees!
      - No fee consultations.
      - Personalized, responsive service from all of our attorneys and paralegals

  To learn more about Only Closings and how they can help you quickly close a property transaction, call them at 203-563-9677 or visit them online at www.OnlyClosings.com

*The content within the "Tip-of-the-Week" is strictly for informational purposes and not intended to be interpreted and/or used as legal advice. Only Closings and OnlyClosings.com is a service provided by Tamara L. Peterson Attorney at Law LLC.

And a note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of an Realtor to represent you, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.

 

What You Need to Know About Adjustable Lally Columns in Your CT Home

Adjustable steel columns, also known as screw jacks and beam jacks, are hollow steel posts designed to provide structural support. An attached threaded adjustment mechanism is used to adjust the height of the post.

 

A few facts about adjustable steel columns:

• They are usually found in basements.
• In some parts of North America, adjustable steel columns are called lally columns, although this term sometimes applies to columns that are concrete-filled and non-adjustable.
• They can be manufactured as multi-part assembles, sometimes called telescopic steel columns, or as single-piece columns.

The following are potentially defective conditions:

• The post is less than 3 inches in diameter. According to the 2006 International Residential Code (IRC), Section R407.3, columns (including adjustable steel columns)...
  
  "shall not be less than 3-inch diameter standard pipe."

Poles smaller than 3 inches violate the IRC, although they are not necessarily defective. A 2½-inch post may be adequate to support the load above it, while a 4-inch post can buckle if the load exceeds the structural capacity of the post. Structural engineers -- not inspectors -- decide whether adjustable steel posts are of adequate size.

• The post is not protected by rust-inhibitive paint. The IRC Section R407.2 states:

All surfaces (inside and outside) of steel columns shall be given a shop coat of rust-inhibitive paint, except for corrosion-resistant steel and steel treated with coatings to provide corrosion resistance.

Inspectors will not be able to identify paint as rust-inhibitive. In dry climates where rust is not as much of a problem, rust-inhibitive paint may not be necessary. Visible signs of rust constitute a potential defect.

• The post is not straight. According to some sources, the maximum lateral displacement between the top and bottom of the post should not exceed 1 inch. However, tolerable lateral displacement is affected by many factors, such as the height and diameter of the post. The post should also not bend at its mid-point. Bending is an indication that the column cannot bear the weight of the house.
• The column is not mechanically connected to the floor. An inspector may not be able to confirm whether a connection between the post and the floor exists if this connection has been covered by concrete.
• The column is not connected to the beam. The post should be mechanically connected to the beam above to provide additional resistance against lateral displacement.
• More than 3 inches of the screw thread are exposed.
• There are cracks in upstairs walls. This condition may indicate a failure of the columns. 

by Nick Gromicko, Rob London and Kenton Shepard 

 

Nick Gromicko, FOUNDER. http://www.nachi.org
International Association of Certified Home Inspectors (InterNACHI) is the world's most elite, non-profit inspection association.
President, ComInspect, www.cominspect.com
Director, Master Inspector Certification Board, www.certifiedmasterinspector.org
Author, 15 books and Co-Host of  http://www.NACHI.TV  

A note From Judy: If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.