Alabaster, AL

 

BLOOD DRIVE

KELLER WILLIAMS METRO SOUTH

 

 

Please stop by the Keller Williams Metro South office in Alabaster to donate blood today (Monday, May 9th).  So many of you have already responded to requests for blood and may not be able to donate again this soon, but you can still help by bringing clothing, water bottles, diapers and other non-perishable items that are being collected for victims of the April 27th tornadoes.  The need is great and ongoing, but together we can make a difference and help our neighbors.

 

Thank you so much! 

 

 

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SPRING BOOK SALE

Albert L. Scott Library

 

 

The Albert L. Scott Library in Alabaster is having their Spring Book Sale this weekend, offering used hardback books for $1.00, paperbacks and children's books are $0.50 and DVDs for $1.00.  It a great opportunity to add to your own personal library without spending a bunch and it will help the library too! 

 

Members Only Preview Night - Friday April 29th - 5 PM to 7 PM

(Memberships may be purchased at the door)

Saturday, April 30th - 9 AM to 3 PM

Sunday, May 1st - 1 PM to 3 PM

 

There will also be a Bake Sale and a Raffle, with the drawing to be held on Sunday.  You don't even have to be present to win! 

 

PLEASE PLAN ON COMING AND SUPPORTING THE LIBRARY!

 

The Albert L. Scott Library is located at 100 Ninth Street S.W. in Alabaster AL.  (205) 664-6822

 

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Looking for a local expert for to help with your real estate needs?

 

Google one here!

 

 

Courtesy of Ann Allen, CDPE, e-Pro, SRES, ASP

205.902.4868

Keller Williams

One Chase Corporation Drive, Suite 150

Hoover, AL  35244

 

© 2011 Ann Allen, All rights reserved

 

 

Photo taken by Ann Allen and may not be reproduced without express written permission of Ann Allen, Keller Williams Realty, Hoover AL.  Please check if Creative Commons License as been granted for this or other photography provided by Ann Allen.  Permission usually granted if credit is given with a link back.  Thank you for your understanding.

 

 

                      

 

 

                                    

I just wanted to share with everyone the snow we had in the Birmingham, Alabama area on Christmas Day.  It may not sound very exciting to many people but this is the first snow we have had on Christmas day in around 45 years!  It was enjoyed by all.  Hope you enjoy.

To some, the phrase 'Shadow Inventory' conjures up dark images and impending doom, kind of like the Darth Vader character from Star Wars. You may not have heard of shadow inventory as it is not mentioned too much in the mainstream media. I've seen several definitions of shadow inventory, however it typically includes all the homes which are currently in foreclosure or those homes that are delinquent and will probably go into foreclosure, and which have not yet been put on the market for sale.Shadow Inventory can be as scary as Darth Vader.

In a recent article on their website the Wall Street Journal stated that it would take 103 months, or almost 9 years, to sell off shadow inventory. This is based on the rate at which banks are liquidating the inventory they currently have. Of course if the banks are able to streamline the process, and shorten the time to sell their REO (real estate owned) properties, this time period could be shortened.

You may ask, "What does this have to do with me? It can effect the value of your home because as these foreclosed houses enter the market, at their reduced prices, your homes value could also be reduced. As appraisers we measure value by comparing the home we are appraising to other similar recently sold homes. As more and more of these homes sell they will start to "make the market" and cannot be ignored. This has been happening already but could increase as this additional wave of foreclosures hit the market. Foreclosures could increase in the future.

As an appraiser one question I get a lot is "how can you use a foreclosure as a comparable?". Many times there are no better sales to use. In addition to closed sales we also look at active listings, and if the only homes listed for sale are foreclosures, and they are comparable in condition and physical characteristics, then a typical buyer would consider buying the foreclosure and it has to be analyzed. As appraisers we read and interpret the market and are subject to its various fluctuations.

The government is currently pushing its Home Affordable Modification Program (HAMP), which could help more people stay in their homes and reduce the shadow inventory. If it is successful it would go a long way in reducing the Wall Street Journals recent prediction. We can only hope the force will be with us.

I recently did an inspection for an appraisal on an FHA refinance loan. It was an older home that had been undergoing some updates and renovations. One of the biggest problems I see on older homes, and one which this home had, is peeling and chipping paint. This is not an issue with conventional loans (unless it is a specific investor requirement), however it can be a deal breaker with FHA loans. If it doesn’t kill the deal it can at least delay the closing.

Peeling and chipping paint is a health risk and falls under the “Safety, Security, and Soundness” realm, which is why it is an FHA requirement for this condition to be corrected. According to the U.S. Department of Housing and Urban Department (HUD) the general requirements are as follows:

“For all properties built before January 1, 1978, the appraiser must inspect ALL interior and exterior surfaces, such as walls, stairs, deck, porch, railing, eaves, windows, doors, fences, detached garages and other outbuildings and appurtenant structures for defective paint surfaces (i.e. chipping, peeling or flaking paint) and report defective conditions in the appraisal report.”

The appraisal would have to be done “subject to” the peeling paint being corrected. It is important to know why the January 1, 1978 date is crucial. Prior to this time paint was made with lead in it; and lead is toxic if it is ingested. Because of this it must be removed per FHA guidelines. To find out the exact procedure to use you can go to the HUD website at HUD.gov, but the short version is this: The paint must be properly removed from the surface AND totally cleaned up with no signs of it left on the ground. The bare surface must then be repainted with a non lead based paint. If this can be done before the appraisal inspection, it can save a lot of time and cost since the appraiser will not have to go back to the property to verify it has been done. You can save yourself from a big headache by doing a little bit of pre appraisal inspection homework.

Mr. Horn provides real estate appraisal services in the Birmingham, Alabama metro area where he concentrates on residential properties, which includes single family homes, 2-4 family homes, lake homes, condos, vacant land, and manufactured homes. You can learn more about him by visiting his website at www.Appraisal-source.com, or his blog at www.BirminghamAppraisalBlog.com.