Buying a Home in Connecticut? Have You Seen the Disclosures?

In Connecticut, like many other states, sellers are required to disclose any known defects to the buyer  in writing prior to the buyer making an offer on the property.  There are some exceptions to this regulation, however,  if the seller that falls under this  Public Act fails to comply, he/she is subject to give the buyer a  $300 credit at closing.  

Sometimes,  time is of the essence  as far as a buyer writing up an offer, and disclosures are not available at the time of the initial offer. In that instance, it is advised that the buyer makes an offer subject to their favorable review of teh disclosures, and the seller should ensure that teh buyer receives the disclosures as quikly as possible.

CLICK HERE: Connecticut's MOST current Property Condition Disclosure Form

Public Act 95-311 Regarding Residential Property Condition Disclosures includes the following language.

Sec. 20-327b. Residential condition reports. Exemption. Regulations. (a) Except as otherwise provided in this section, each person who offers residential property in the state for sale, exchange or for lease with option to buy, shall provide a written residential condition report to the prospective purchaser at any time prior to the prospective purchaser's execution of any binder, contract to purchase, option, or lease containing a purchase option. A photocopy, duplicate original, facsimile transmission, or other exact reproduction or duplicate of the written residential condition report containing the prospective purchaser's written receipt shall be attached to any written offer, binder or contract to purchase. A photocopy, duplicate original, facsimile transmission or other exact reproduction or duplicate of the written residential condition report containing the signatures of both seller and purchaser, shall be attached to any agreement to purchase the property.

      (b) The following shall be exempt from the provisions of this section: (1) Any transfer from one or more co-owners solely to one or more of the co-owners; (2) transfers made to the spouse, mother, father, brother, sister, child, grandparent or grandchild of the transferor where no consideration is paid; (3) transfers pursuant to an order of the court; (4) transfers of newly-constructed residential real property for which an implied warranty is provided under chapter 827; (5) transfers made by executors, administrators, trustees or conservators; (6) transfers by the federal government, any political subdivision thereof or any corporation, institution or quasi-governmental agency chartered by the federal government; (7) transfers by deed in lieu of foreclosure; (8) transfers by the state of Connecticut or any political subdivision thereof; (9) transfers of property which was the subject of a contract or option entered into prior to January 1, 1996; and (10) any transfer of property acquired by a judgment of strict foreclosure or by foreclosure by sale or by a deed in lieu of foreclosure.

      (c) The provisions of this section shall apply only to transfers by sale, exchange or lease with option to buy, of residential real property consisting of not less than one nor more than four dwelling units which shall include cooperatives and condominiums, and shall apply to all transfers, with or without the assistance of a licensed real estate broker or salesperson, as defined in section 20-311.

If you have any questions about disclsoures or the regulation governing them, please contact your attorney.

Buying or Selling a Home in Fairfield County Connecticut? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

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. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Learn What Causes Efflorescence in Your Basement

Efflorescence is an accumulation of minerals and salts on masonry surfaces, such as brick, cement, and sometimes stone. Inspectors should know how to prevent against and remove this unsightly residue. They must also be aware that, while efflorescence itself is not dangerous, it indicates the presence of excess water, which can lead to more serious structural and health issues.

 

How Efflorescence Forms

 

The earth contains natural salts that are present in the raw materials that make up masonry products, such as concrete, asphalt and stucco. These salts remain trapped within masonry in solid form until they are dissolved into water, which usually makes its way into the material through small pores. Water can originate from rain, sprinklers, household leaks, or any number of other places. Cold, dry air will draw this liquid back out of the material where it evaporates, depositing the salt as a white crystalline growth on the surface. Efflorescence typically forms during cold, dry weather shortly after it has rained and moisture has entered the masonry. It can occur year-round, but it is most likely to form during the winter due to low temperatures.

 
Identifying Efflorescence

 

As with mold, the appearance of efflorescence varies greatly. It can be powdery, it can have sharp edges and be easy to spot, or it can have indistinct edges. It can cover a large area as a fine dust, or form large individual crystals. Its appearance depends partly on the type of salt from which it is composed, but humidity also plays a role in this determination. In exceptionally dry climates, water can evaporate before it even reaches the surface, in which case the salt will accumulate unseen beneath the surface. In humid conditions, moisture may take a long time to evaporate, allowing the slow growth of “whispers” projecting from the surface.

 

InterNACHI inspectors should already know how to distinguish mold (pictured at right) from efflorescence, but it is possible for homeowners to confuse the two. The expense of a mold test can be avoided if the substance in question can be identified as efflorescence. Here are a few tips that inspectors can offer their clients so that they understand the differences:

• Pinched between the fingers, efflorescence will turn into a powder, while mold will not.
• Efflorescence forms on inorganic building materials, while mold forms on organic substances. However, it is possible for mold to consume dirt on brick or cement.
• Efflorescence will dissolve in water, while mold will not.
• Efflorescence is almost always white, yellow or brown, while mold can be any color imaginable. If the substance in question is purple, pink or black, it is not efflorescence.

Aside from mold, the following conditions can result from excess moisture in a residence:

• fungi that rot wood;
• water damage to sheetrock;
• reduced effectiveness of insulation.

Inspectors should note the presence of efflorescence in their inspection reports because it generally occurs where there is excess moisture, a condition that also encourages the growth of mold. An exception can be made during the first few years of a building’s construction when efflorescence will appear as a result of moisture locked within the masonry in a process called “new building bloom.” This moisture comes from water added during the manufacturing or mixing process that will undoubtedly contribute to efflorescence. This type of efflorescence will appear all over the masonry material and will continue to accumulate until the initial water supply is exhausted, which can take up to a year. Efflorescence that appears locally and after the “new building bloom” is over is a symptom of excess moisture that can be problematic. The source of this moisture should  be determined and corrected.

 
Prevention and Removal of Efflorescence

Prevention

• An impregnating hydrophobic sealant can be applied to a surface to prevent the intrusion of water. It will also prevent water from traveling to the surface from within. In cold climates, this sealant can cause material to break during freeze/thaw cycles.
• During home construction, bricks left out overnight should be kept on pallets and be covered. Moisture from damp soil and rain can be absorbed into the brick.

Removal

• Pressurized water can sometimes be used to remove or dissolve efflorescence.
• An acid, such as diluted muriatic acid, can be used to dissolve efflorescence. Water should be applied first so that the acid does not discolor the brick itself. Following application, baking soda can be used to neutralize the acid and prevent any additional damage to the masonry. Muriatic acid is toxic, and contact with skin or eyes should be avoided. 
• A strong brush can be used.

Note:  The use of water to remove efflorescence may result in the re-absorption of crystals into the host material, from which they may later reappear as more efflorescence. It is advisable that if water is used in the removal process that it is dried off very quickly.

In summary, efflorescence is a harmless yet unsightly accumulation of salts on masonry surfaces. Its presence indicates excess water, a condition that can damage interiors and encourage the growth of mold. Inspectors should know how to remove efflorescence from surfaces, and educate their clients about its identification and significance.

 

 

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

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And a note From Judy: If you have a question about buying or selling a home 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.

BUYER TIP: Ways to Tell If There Is, (Or Was) Any Water in The Basement.

One of the biggest concerns that most buyers have is whether or not the basement has gotten, or continues to get water seepage, and if so, how much?

Sometimes, you do not want to rely on the seller statements- after all, they ARE trying to sell their home, and may ...ahem...- conveniently forget that the basement has had seepage,  they may downplay the amount, or much worse- try to hide it entirely.

So, it's Caveat  Emptor (Let the Buyer beware in Latin)

There are some ways to ascertain whether the basement  (or cellar) does get water. You just have to know where to look.  These are  some hidden clues, that I look for when showing a home.

First, are the sellers storing anything in the basement?
Why? They live there. If they are not concerned about water damage, they will store items of importance in the basement.
HINT: If the main level of the house is spotless, and everything has its own place, lack of storing anything in the basement  may not necessarily mean that the basement is wet, or gets any dampness.

Next,  are the items that are stored on a  raised platform?

Why? The owners are either 1) concerned about dampness on the item being stored, or 2) the owners have always placed their items on a platform.
HINT: Check for signs of dampness  or old stains on whatever was used to raise stored item from the floor.

Was the basement floor obviously recently painted?
This can be a red flag. In other words, what is the seller trying to hide?

Does the owner use the garage for storage, but not the basement?
Another red flag. The garage is at grade level, and will very  rarely get water.
HINT: Some sellers just do not want to go down a flight of stairs. This clue is not always a red flag.

Check the basement walls, and perimeter.
Look  for signs of efflorescence, (white chalky substance on concrete walls) and  if the lower level is finished, look closely at the  wood molding on the floor, and the sheetrock or paneling .  Is anything buckled, or does it have signs of staining from water damage?

Look for rust on any metal in the lower level.
That includes lally columns, a boiler or furnace, or anything built in.  Unscrupulous sellers that try to hide dampness will most likely forget to " hide" this .

Look in the rear of any enclosed storage areas, (such as under the stairs).

Sellers forget about hiding any evidence here, too.

One other thought:

Is there a wet vac downstairs? Hmmm.

NOTE: A dehumidifier does not necessarily mean that the hosue gets any water. Also, the presence of a sump pump should not deter you from purchasing a home.  It is a device to ensure that no water does get in.

Lastly, I am not a building inspector.   Do not rely on these clues SOLELY when buying  a home. When you purchase a home, it should be contingent upon your favorable review of a building inspection. The inspector that you hire should be  very skilled in  deciphering the clues that a wet or damp basement leaves behind.

Buying or Selling a Home in Fairfield County Connecticut? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

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. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Time to Downsize Your Connecticut Home? Here Are Some Tips

Getting by with less is often easier said than done - especially when you’re parting with a lifetime of possessions. But if you’re considering a move to a smaller place - or are just ready to simplify your life - it’s smart to pare down, says Heather Starr, a Certified Home Staging Expert and Realtor.
"There’s a peace and joy in having a de-cluttered, organized home," Starr says. "Things are easier to find." Plus, if you donate or sell your gently used items, you may benefit from a tax deduction or a cash boost.

Here’s how to make cutting back less painful:

Plan. Even if you’re merely entertaining the idea of moving, it’s worth scaling back your possessions early on. "Get rid of things now, and you’ll have less to move later," Starr says. If you’ve already identified your future living space, use that floor plan to help guide your donation decisions. "You certainly won’t need china set for 12 when your new eat-in kitchen seats four to six," Starr says. It’s also the perfect opportunity to do an updated home inventory and share that with your State Farm® agent.

Divide and conquer. Sometimes half the battle is deciding where to begin—especially when you’re working with years of accumulated possessions. To help avoid feeling overwhelmed, Starr recommends tackling one room at a time.

Edit away. As you carefully sort through each room, seriously consider what belongings you must have to be happy, and what you can live without. From there, create labeled piles:
•    Belongings to keep
•    Treasures to give to family. "With heirlooms, it is a good idea to pass them down to the next generation sooner rather than later so you can be sure that the item's story and significance lives on," Starr says. "Downsizing is a good excuse to pass on that history to a younger family member who will appreciate it."
•    Items in good condition to donate
•    Things to trash

Get a second opinion. Downsizing can be an emotional experience. Don’t be afraid to ask family and friends for help. You may also choose to enlist the help of a professional home stager or organizer. "We all love our own stuff and can really benefit from an honest opinion," Starr says. "Getting a second opinion can take some of the pressure off."

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

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Buying or Selling a Home in Fairfield County Connecticut? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

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. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Connecticut Financing Update and Today's Mortgage Rates July 13, 2012

Here is a sneak peek of residential mortgage rates and some brief news to share.  Yesterday's FOMC minutes were a disappointment to risk assets, as they failed to indicate a greater potential for additional quantitative easing.

The latest weekly initial jobless claims count totaled 350,000, which is better than what had been projected by economists. The latest count is also down from the upwardly revised prior week tally of 376,000. As for continuing claims, it declined to roughly 3.304 million from 3.318 million. Separately, export prices, excluding agriculture, declined by 1.4% in June after they had declined by 0.6% in the prior month. In Europe, markets are under pressure as marginal yields are seeing a modest rise and as the euro trades at a two-year low near 1.2170.

The ECB Monthly Bulletin was released early this morning, and suggested further downside risks have developed as market dislocation has begun to spill over into the real economy.

Today's Mortgage Rates

Conventional 30 year fixed          3.625%                  APR 3.671%

Conventional 15 year fixed          2.875%                  APR 2.956%

Conventional 5/1 ARM                  2.625%                  APR 3.160%

Conventional 7/1 ARM                  2.75%                    APR 3.133%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 740 and a 20% down payment.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

 

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

 NMLS #110681

send Nima an email

Mobile: 203-913-6016
Fax: 877-804-5752

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Buying or Selling a Home in Fairfield County? We'd love to represent you.

Feel free to email us here or visit our main  site at

www.CThomesAndRealEstate.com

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. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy