The Perfect House JUST took a deposit. Can You Still Make an Offer?

You've been looking around for the perfect house, and unfortunately, didn't act fast enough on one that you now know is just perfect. Here we are, still in the midst of a buyers market, and you didn't even have a day to think about it.

Is there anything you can do to still try and procure that home? YES.

The most important thing is to act FAST. It is not a "slam dunk" opportunity by any means. The home is technically NOT available.  Have your agent get your pre-approval letter in order specifically for this house, and write up your VERY BEST OFFER, as if you were in a bidding war, and ask your agent to submit it to the listing agent. On occasion. I have asked my buyer- clients who were in this situation to also write a letter addressed to the seller, that I will tweak if necessary.

Most buyers and many sellers do not know that every offer MUST be submitted to the seller up until the day of closing, unless the seller has specifically requested in writing that they no longer wish to receive offers after one has been accepted. Now tell me, what seller would really do that?

If your offer is a good one, and offers a great price and terms, the seller may just kill that other deal if the buyer tries to renegotiate after a building inspection, which is usually within one week of the offer.  Once negotiations are opened again, it's a new ballgame. If your offer is worth it, you may just get that house yet.

 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.

Have You Chosen Your Realtor, But Not Signed the Agreement Yet?

Get a jump on the market- it's called pre-marketing. If you have decided to sell your home, and met with a Realtor that you intend to have represent you, don't wait to tell them until after you have completed minor touch ups or repairs, or come back from vacation.

There is a lot of leg work that goes into getting the marketing materials ready for your home. For instance, photo-staging and photography, write ups and brochures take time to do them right.

Sure, it's quick to put an MLS listing sheet at your home that can easily be printed once your home is on the market, but what about the details,and the positioning of your home before it hits the market? At the very minimum. having a brochure at your home on DAY ONE when it hits the market is very important.

Pre-marketing  boils down to meeting with your agent and signing the representation agreement  that states the home will go on the MLS as of a certain date, therefore allowing your agent some time to jump start the marketing process.

When buyers come to look at your home, they usually are making a day out of searching for their next house. That means that your home is not the only one they are looking at. By the end of the day, many buyers forget which house had what feature, and that's not even mentioning all the information that your brochure has that the MLS listing has no room to include. One of these additional features that may not have been obvious from the listing may just be the reason why a buyer chooses to come back to your home for a second look, or makes an offer.

You have one great opportunity to do it right, and initial pre-marketing, whether it's for one week or two weeks helps the agent to help you tremendously. Pre-marketing can build up demand for when your home actually hits the market, and you can make the most of your new listing status.

If you have chosen a Realtor but are not absolutely gung-ho excited about your choice, then we haven't met. You owe it to yourself  to just give me a call, and see how my marketing strategies and campaigns can benefit you.

If you would like to set up an appointment, click here.

 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.

 Get a FREE Webpage for your Business

Pros and Cons of Central Vacuum Systems for Your Connecticut Home

 A central vacuum system (sometimes called a whole-house vacuum system) is a cleaning device installed throughout a building. Located in the garage or basement, a canister receives dust and debris sucked by the force of a motor from wall outlets, which are located for the homeowner’s convenience.

 

While many Americans are unfamiliar with central vacuums, they are not new inventions; the idea dates back as far as the 1850s in Sweden, where horse-powered fans were used to create suction through in-wall plumbing. Horses were later replaced by servants, who pumped giant bellows or pedaled stationary bicycles, until electric motors eventually took over. Shortly thereafter, however, portable vacuum cleaners became available, and central vacuum systems were largely forgotten due to their relative expense. Their hibernation ended by the 1990s when growing house sizes and concerns over air quality combined with the availability of cheaper plastic piping, more powerful motors and refined filtration systems. Yet, even today, American homes are dependent on portable vacuum cleaners, in contrast with Canadian and Scandinavian homes, where central vacuum systems are more common.

 

Central vacuum systems boast some advantages over portable units, some of which are as follows:

• They are long-lasting. Their motors can handle more usage than typical portable units. Warranties, too, are usually longer for central units.
• They are quiet. Because the motor is located outside the living area, users are not subjected to noise created by the motor, which can be excessive and stressful.
• They can be retrofitted into older houses, or built into new construction.
• They are a good investment. Just as a kitchen renovation or new deck will make a home more valuable, many buyers will pay extra for a house equipped with a central vacuum.
• They are hypo-allergenic. Unlike portable vacuums, which recycle air back into the room, dust-laden air is blown into the outdoors from central vacuum systems. One comprehensive study conducted at the University of California at Davis' School of Medicine compared portable to central units and concluded that “a central vacuuming system would best provide [allergen removal] as it would be installed outside the living area of the dwelling and/or vented outdoors."
• The system is easy and safe to use. There is no heavy equipment to carry from room to room, and no electric cords to trip over or catch on furniture.

Types of central vacuum cleaners available include:

• cyclonic, in which air is spun in a canister and exhausted to the outdoors. Location is critical for these units, as it is possible for exhausted, debris-laden air to find its way back into the house through open windows. The filter must be removed and cleaned periodically;
• inverted filter, in which the dirt enters the vacuum canister amidst a tornado-like swirl of air. The canister must be emptied periodically, and always outside of the home. Allergy sufferers may find disposal unpleasant, as mold and other debris become airborne; and
• disposable bag, in which dirt is sucked into a paper bag in the same fashion as for portable units. This is perhaps the cleanest and most hygienic method available, as mold spores, bacteria and other debris are physically separated and stored in a bag from which they cannot escape.

The disadvantages of central vacuum systems include:

• price. A good system can cost $1,500, which is significantly more expensive than even premium portable vacuum cleaners;
• damage caused by items sucked up inadvertently. With greater power comes higher risk that large items will be sucked up, potentially causing damage to the unit. Tales abound of units becoming jammed or broken when they swallow, often at the hands of children, broken jars of jelly, toilet water, and even pet birds. Portable units are usually too weak to readily suck up items that can cause them to break;  
• a system compromised by weak suction.  Such a problem may be due to obstructed pipes or exhaust, an excessively dirty filter, or a full canister that needs to be emptied. If the unit does not operate at all, the motor might be broken, a breaker may have tripped, or the wiring may be defective.

In summary, central vacuum systems are convenient, powerful and expensive home-cleaning devices.

by Nick Gromicko and Rob London 

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.

 

 

 

Connecticut Financing Update and Mortgage Rates January 6, 2012

Mortgage rates continue to have an uncanny low - most rates quoted are still in the 3.875% with 0 points for a Best Execution for a 417,000 or less mortgage.  

The Fed sent Congress a little missive on how to fix the housing and mortgage market. Among the ideas is forming a national strategy to facilitate the conversion of foreclosed properties into rentals, allowing banks to rent their repossessed homes rather than forcing lenders to sell them, changing the compensation structure for mortgage servicers, companies that collect payments from borrowers and pursue foreclosures in the event of a default, creating a national on line registry of liens to track ownership interests, and altering existing Obama administration policies to allow for more refinancing and mortgage re- structuring. These are a few of the twelve ideas - although many of the Fed's proposals either have been considered by policy makers or are under consideration now, the report is the Fed's most comprehensive effort to date to identify the ailments plaguing the US property market and potential solutions for policy makers to consider.

Fannie and Freddie will increase their guarantee fee on all residential loans being pooled by 10 basis points on April's Fool's Day, but most believe that this increase should start to reflect on mortgage applications in February, if not sooner. Other increases might be needed over the next couple years, especially if g-fees are raised to match what a non-government institution would charge for the risk. Some estimates that I have seen on this are another 15-35 basis points over the next two years (on top of the 10bp increase effective 4/1).  10 basis point increase could easily cost borrowers 40 basis points, or roughly .125% in rate. And all to support a two month payroll tax waiver extension.  

The market composite index - a measure of total mortgage loan application volume - was 39% higher in the last two weeks of 2011 than in the last two weeks of 2010, on a seasonally adjusted basis. The refinance share of mortgage activity for the week ending Dec. 30 increased to 81.9% of total applications, marking the highest refinance share in 2011.

Today's Mortgage Rates

30 year fixed - 3.850% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.250% +  0% points for rate
10 year fixed - 2.875%  + 0%  points for rate
5/1 ARM - 2.375%  +0 points for rate
7/1 ARM - 2.750 %  + 0 points for rate
10/1 ARM 3.250% + 0 points for rate

FHA/VA
30 year fixed - 3.750% with +0 % points for rate
5/1 ARM - 2.750%  with + 0 points for rate
7/1 ARM - 3.25 with +  .625 % CREDIT  point for rate

Jumbo - up to  2,000,000
30 year fixed - 4.625  % with 0 points  for rate
15 year fixed - 4.125% with 0  points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.750 % - 0 points for rate
10/1 ARM - 4.375% with 0 points 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.

All About Eminent Domain and Your Connecticut Home

What do you know about the laws and rules surrounding the government’s right of Eminent Domain?

What is it?
Eminent Domain refers to the state’s ability to seize a citizen’s private property, or seize a citizen’s right to obtain property with due monetary compensation, but without the owner’s consent. 

For What Purpose?
The property in question is taken either for government use or by delegation to third parties who will devote the property to public or civic use. In some cases, however, the property seized may be used to spark economic development in a specific community or area.

• The most common uses of property obtained by eminent domain are for the construction an advancement of various public utilities such as railroads and highways;
• The property obtained may also be taken for reasons of public safety.

The Process of Eminent Domain:
Eminent domain is a process administered by a government body where the formal property title of the private owner is transferred to the government. 

• The exercise of eminent domain is not limited to real property; governing bodies may also seize personal property, such as supplies that could be used for the military during times of war. Furthermore, a governing body can also seize intangible property such as copyrights, trade secrets, patents and contract rights;
• Eminent Domain is an inherent attribute of sovereignty; it is a part of the Fifth Amendment’s ruling of Taking or Just Compensation clause. That being said, the government cannot take an individual’s possessions without reason; the Fifth Amendment imposes limitations on a government’s ability to seize property — the property aligned with the procedure must be used for public safety or service and just compensation must be paid to the owner;
• Although the Fifth Amendment requires the delivery of payment of “just compensation” to the original or rightful owner of the attached property or right, American courts have held that the proper measure of compensation is the good’s attached “fair market value.” Fair market value refers to the price that a willing, but unpressured buyer, would pay for the underling piece of property, right, or item. This approach also takes into the account the property or right’s highest and best use, meaning its most profitable use, which is not necessarily the item’s current use;
• Condemnation refers to the legal process that the government must utilize when exercising its power of Eminent Domain. (This should not be confused with the situation where a building is designated as no longer fit for habitation.)

In Conclusion...
The power given to a government in regards to Eminent Domain has always existed in the United States. 

• The power of Eminent Domain reposes in the legislative branch of government and may not be delivered unless the legislature has authorized its use by statues that specify who may exercise it and for what purposes.  
• Throughout its history, the U.S. Supreme Court has consistently deferred the right of Eminent Domain to the states, in accordance with their own determinations of public use.

If you have additional questions on Eminent Domain, for a FREE phone consultation, call Attorney Tamara Peterson at The Law Office of Only Closings 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.