The Difference Between a Basement and a Cellar

You have heard some people refer to the area of a home that is below grade as a cellar, and yet others call it a basement. Is there a proper term for this area of your house?

Your parents or grandparents may refer to the area of their home that is below grade differently than you do.  The way that your family has referred to the lower level of their home may also have a big influence as to how you refer to it as well.

Sometimes different areas of the United States have different regional terms that describe houses- for example you might find many ramblers for sale in California, and in Connecticut you might only think of a Rambler as an old model AMC automobile. A rambler, for those of you in Connecticut and on the East Coast  is what we call a ranch.

What about condos and townhouses? Around here, they are not really interchangeable terms, although a condo is referred to as a townhouse in many parts of the U.S.  In Fairfield County, a townhouse IS A CONDOMINIUM, however, specifically it is only a two-story condominium, and that would be the only way that description that would be accurate in this neck of the woods.

... and in Manhattan, as another example, you OWN your apartment, and that would generally be a co-op. In  Connecticut, we refer to apartments as homes, condos or multi-family dwellings that we reside in, but pay rent to a landlord, and do not own.

Back to the cellar vs. basement-

A cellar is generally referred to  as a below grade area of the home that is NOT finished. It may or may not have a dirt floor, stone foundation,  or an 8' ceiling height.

The term basement is used more frequently and refers to the below grade, or partially below grade area of the home which may or may not be finished, may or may not have an 8' ceiling height- the difference being that it is "finishable".

All that being said, I wouldn't change your personal  terminology if you prefer one descriptive term  or the other - everyone will know what you are talking about.

And if you are ready for your next home, whether you require a cellar or a basement, please don't hesitate to contact me. I'd love to be of assistance :)

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.

Why is it That the DAY You Decide You Want That House, Everybody Else Does, Too?

The home could have been on the market for a year, and the day you decide to put an offer in on it, all of a sudden there's one or more bids on it.

If you just put in an offer a week earlier, and you would not have not had any competition, but instead  now you have to compete with other buyers for that house.

As an agent who gets into these situations with my buyer clients, even I get frustrated. Some agents don't always tell the truth (see this prior post as an example)  and I  get skeptical too. When I  submit an offer on behalf of a buyer-client only to hear from the listing agent that there is one or more offers on the table I have to question it, too.

As a buyer's agent, it is my duty and my job to check out this type of claim as thoroughly as I possibly can, however most of the time, I must take the word of  the listing agent.

For the record, I don't like this scenario any more than you would,- it just seems to be Murphy's Law. The best way to avert this is when you find a property that you like, to place an offer on it as soon as you are ready, and not give other buyers the opportunity.

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 Should You Include with your Offer to Purchase?

When you decide to make an offer on a home that you intend to purchase, think about what accompanying information or documentation that might be a good idea to include. It might make the difference between you getting the home of your dreams and having the sellers overlook your bid, whether it's for an offer on the table  that seems "better on paper", or  the anticpation of a better offer to come.

Of course, there is certain information that is standard on any Offer to Purchase Agreement, but that shouldn't mean that you stop there.

Standard Information to be  included in your offer besides the property address and the buyer(s) and seller(s) name:

What personal property is to be included in the sale, and excluded for that matter-if anything.
One percent earnest deposit, and details on when  the remainder of the deposit  is to be paid.
Mortgage amount and contingency date.
Closing date.

Most agents, including myself will insist on a mortgage pre-approval letter that either has a dollar amount noted that is sufficient for the property, or tailored to the property address itself.

There are times when an introductory letter to the seller (that is prepared by either the buyer or buyer's agent) can be KEY to getting an offer accepted.

For example- If you are in a multiple bidding war (and it does happen , even in a buyers market)  then a short introductory letter to the seller that is included with your offer can set you apart from the competition- just because you or your agent took a few minutes to write it. What you would put in that letter is entirely up to and certainly ust be geared to that particular home and specific to the seller. Trust me, they all appreciate the thought.

Another example is when there is an absent seller who is unaware of the condition of the property. A few pictures say a thousand words, and so does your willingness to work with homeowners who have a property that is in need of repair. The same works with a price adjustment. That is something that I have done, and will continue to do for my buyer clients.

It can really boil down to the little things which can make all the world of difference when it comes to buying or selling a home successfully.

Leave no stone unturned, and no opportunity wasted.

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.

Mortgage Fees are Increasing for Closings After April 1, 2012

Another good reason to close on your new  home before April 1, 2012.

Congress voted in December of last year to increase the guarantee fee charged by Fannie Mae and Freddie Mac, and premiums for mortgage insurance that are charged by the FHA for new mortgage loans.

The amount of the increase that begins April 1, 2012 is equal to 0.1 of 1 percent, (10 basis points) and is approximately $10 per month for each $100,000 of the loan.

Lenders may choose to either raise rates slightly to cover this additional cost, or charge higher fees. Banks and mortgage lenders will need to implement these fees sooner for new loans, so that they are being  incorporated into loans closing on and after the deadline.

IMPORTANT: If you are in the midst of a mortgage application, go through the fine print. ASK your attorney to review it as well. This fee may be in your loan package even if you are closing prior to April 1, and NOW is the time to get it removed.

For example, if you are getting a loan of $350,000 that is amortized over  30 years, this new fee translates to $12,600 that you should not have to pay.

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.

Is Your Buyer Agent Really Trying to Get You the Lowest Price?

If you are thinking about signing up with a buyers agent to represent your best interest, go ahead and test their negotiating skills first. If the agent that you are thinking about hiring to represent you can't pass your own litmus test, it will only get worse when it comes time to negotiate with another agent to get your home at the best price when that agent has better skills.

I have come across many agents who just really have no clue as to how to negotiate properly. Trust me, I don't care  if I am on the other side- their ineptness only helps my client. Harsh, but true.

One of the dumbest missteps from a number of buyer agents that I come across much more frequently than I should is right in the pre-approval letter from the buyer's bank. I cannot tell you how many times that I have seen these letters that say, "The buyer is approved for a specific loan amount". Those pre-qualification or pre-approval letters are not doing the buyer any favors, especially when they put an offer in on a house that's less than the stated amount. The buyer is then in an unnecessary predicament, because the seller's agent and the seller both know that this buyer can afford their house, and then some.  Come in with a lower than expected offer with one of these prequalification letters and your negotiations will be stunted. Completely unnecessary, and it will end up costing you money (if not the deal itself) because its worded that way.

Do you know if the agent that you are thinking about hiring habitually dots their "i's" and crosses their "t's?  Better figure that one, too. When it comes time to write an offer, that agent will be judged on how properly it is filled out. A few mistakes on that is a red flag to another agent, who probably rightfully would think that the agent is lax in their duties and follow through. Everybody has work to do to complete a transaction.  You do not want to lose out on the house of your dreams because of it.

And for heaven's sake, if the buyer agent is pushy, it's just a bad sign all the way around. Not only for you, while you are looking, but if that's the agent's style, it won't fare too well on the negotiating table with the other agent either.
 
Your buyers agent should be knowledgeable about the market, be a skilled negotiator, and as far away from pushy or combative as possible. and I just happen to know someone that fits that bill in  your area. (that's me!)

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.