Okay, the numbers show that 97% of the mortgages are being paid. Only 10% of the population has lost their job. Some businesses are doing great. So, when will the consumer confidence come back for buyers and sellers to feel confident about real estate?
I really believe that after the inaugaration, we will see a change in the way that people feel? Do you?
Learn how to add value to any home with these quick tips:
Deferred Maintenance
First Impressions
Lights and Appliances
Cosmetically Challenged
A seller's disclosure is a document that allows the seller to tell you, the buyer, what they know about their home. This document is part of the Purchase and Sale Agreement and is intended to help you make a good buying decision.
Here's what you need to know about a seller's disclosure:
Should you find anything that needs to be updated by the seller, ask the listing agent to get the seller to make the corrections and add Revised, the date and their initials. This is a very important document and it should be taken very seriously. Take your time when you are understanding this document.
Get A C.L.U.E. From The Seller If You Are A Buyer
There is an unknown tool that most buyers and sellers don't know about that helps with the real estate transaction. The C.L.U.E. report provides invaluable information about the prospective property to both buyers and sellers in different ways. A C.L.U.E. (Comprehensive Loss Underwriting Exchange) Report is a personal property report that provides a seven-year history of losses associated with an individual and his/her personal property from the insurance carrier of the property during that seven-year period. All claims payouts and information regarding the property is on the report. However, sellers don't need to worry because their personal information like social security numbers and dates of birth are omitted.
The original purpose of this report is so that all major insurance companies could report risk associated with the homeowner and the property itself similar to an individual's credit report or a car's report such as Carfax.
It can be used a couple different ways for both sellers and buyers. For sellers, it can help jog the memory to aid in filling out the seller's disclosure and it can help fill in the clues of what happened before the current seller purchased the property if the current owner has not lived in the property for the last seven years.
For buyers, it is critical to understanding the risk of the property and what has happened to the property. Risks could include flooding, lighting and any other routine risk as well as theft, etc.
Buyers must ask the seller to provide them with the C.L.U.E. report as only the owner can secure this document. A buyer should ask for this report during the negotiation round of the purchase.
Once the buyer has the document, it would be wise to closely compare the document to the seller's disclosure. If something is noted in the report that the seller has not added to the disclosure, ask the seller to revise the disclosure and to give you the details of what happened from their documents. This would also be a great time to ask for copies of the documents to compare to the report and give a headstart to the buyer's own house file.
Sellers can obtain this report for free from www.choicepoint.com by filling in just a few fields. You will get the report immediately online.
Should you as a seller find something on the report that is not correct, sellers should challenge the claims. Reports can be ordered once a year.
What Are The Rules Of The Home Owner's Association? They All Have Rules That They Expect You To Know and Follow - Buyer Beware
Most neighborhoods, including homes, townhomes, and condos, have rules that they make their homeowners follow that have been devised by the Home Owner's Association when the neighborhood was built. And, if the homeowner chooses not to follow those rules, called by-laws, the neighborhood will assess fines and perhaps even court procedures against the homeowner. Ignorance is not bliss in these situations so it is better to know these things upfront.
Deadly rules for homeowner's plans can be as simple as:
Even of more concern are the rules pertaining to:
Fines can be assessed for:
All of these rules are part of the Covenants, Conditions and Restrictions. In this important document you will also find how the monthly dues are spent and what the condition of the budget is, as you should also ask to see the budget.
If any of the things above are a concern to you, or you have additional desires for your property, it is smart to ask to see the CCR's during your due diligence period. Some homeowners Associations will also provide a copy to you to keep for your files for a nominal fee. Once you sign the Settlement Statement, you have opted into these rules.
Some neighborhoods also charge an initiation fee. This should be spelled out on the Seller's Disclosure. If the Seller fails to state this fee, it will be their responsibility to pay but that is not the case if the monthly or yearly dues are wrong. That will be your responsibility. So, the bottom line is, investigate and ask questions to avoid buyer's remorse.
#1 Real Estate Agent in Georgia, #10 in U.S. Weekly Radio Show Host on 640WGST and 790 The Zone 8-10 am Sundays, National Consumer Advocate & Trusted Expert, Liscensor of Business Model to over 56
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
