Guide to Title Insurance for your Real Estate

When you buy real estate, the title company will search the public land records to make sure the seller is the legal owner of the property. If the title company finds a problem like an incorrect deed or a lien on the property, it can be fixed before closing. Most people don’t run into title problems after they buy a home, but it does happen. This is why you should have title insurance.

1.    Types of Title Insurance. Title insurance falls into one of two categories: lender’s title insurance and owner’s title insurance. If you get a loan to buy your real estate, your lender will require a lender’s policy based on the amount of your loan. An owner’s policy is purchased at closing and lasts as long as you hold an interest in the property.

2.    What it covers. A basic title insurance policy protects you from any problems with a title that were not found during the title search. Human error can lead to mistakes on public records and forged deeds. This can and does happen. Names and legal descriptions are recorded incorrectly, back taxes may be owed, and people die without wills specifying their heirs.

3.    How it helps you. Say, for example, that you buy a home with a utility easement in the backyard, and the title company did not disclose this. You may not be able to add on to your home or build a swimming pool in your yard because of this easement. This devalues your property, and the title company will have to correct this situation for you. In this case, your title insurance will cover the claim and protect your investment.

 

Source: www.realtyblogcontent.com | 02/18/14

How to Protect Your Home From Severe Cold

The right tools and pre-winter maintenance will ensure that your home and your family are safe from cold-weather threats.

Homeowners in cold-weather climates, such as the Northeast, Midwest, and mountain areas, face icy conditions, blizzards, and other cold-weather storms. Beyond requiring a quick trip to the convenience store for milk and bread, snow, ice, freezing rain, and extreme cold can threaten your home's structure and your safety. Therefore, it's important to take measures and invest in the resources you'll need to deal effectively with winter's challenges before it gets into full swing.

Understand the Threats

Blizzards: Storms with heavy winds and large amounts of snow accumulation can cause roof or other structural damage and leave you isolated.

Ice storms and ice dams: Ice storms coat structures, trees, power lines, cars, roads-and virtually everything else-with ice. As the ice melts, large chunks can fall and cause injury to anyone below. When ice melts during the day and then re-freezes at night, ice dams, which block water from flowing in the gutter, may form. This condition can force water back under the roof line and cause leaks.

Sleet or freezing rain: Combinations of snow and freezing rain may cause slippery conditions and coat roads, sidewalks, and driveways with ice when temperatures drop.

Protect Yourself

The Federal Emergency Management Agency recommends that home owners have shovels on hand, as well as melting agents, such as rock salt. Some of the new, more environmentally friendly de-icers include calcium magnesium acetate and sand to improve traction. Be sure to stock up early in the season, as these agents tend to be in short supply during periods before a well-publicized storm.

FEMA also advises you have enough fuel to maintain heat in your home, as well as a backup heating source: firewood if the home has a working fireplace, or a generator to power heaters in case of power failure. However, use caution as these can represent fire hazards when not used correctly. Be sure to follow directions explicitly and keep a fire extinguisher. Some generators and fireplaces also require proper ventilation, according to the Institute for Business and Home Safety, so follow directions carefully and keep them away from curtains or other flammable items.

Stock up on extra blankets, warm clothing, and enough food and water to sustain your family in case of a few days of isolation. And a transistor radio with fresh batteries can help keep you updated on news and information in case of a power outage.

Protect Your Home

Before winter, there are some precautions you can take to protect your home from the ravages of cold weather storms:

Winterize your home. Check shutters, siding and other exterior materials to ensure they're secure, says retired contractor and home improvement expert and writer John Wilder of Jacksonville, Fla. High winds, ice, and moisture from winter storms can easily strip off such outside elements if they're loose.

Be sure that gutters are clear of debris and that walkways are even and don't represent tripping hazards that can be exacerbated with snow or ice. Caulk drafty windows and apply weather stripping to doors-both inexpensive strategies that can keep heat in your home. Air sealing can help you save about $350 in energy costs or one-third of your average annual heating and cooling costs. The average annual home energy bill is about $2,200, according to Energy Star, of which about $1,000 represents heating and cooling. An assortment of air sealing materials and tools, including silicone foam, caulk, aluminum flashing for flues, and additional insulation, will run roughly $100-$350.

Winterize pipes. Be sure your pipes, especially those exposed or in unheated areas like crawl spaces, are wrapped in insulation to prevent freezing and bursting. Also, learn where your water shut-off valves are so you can turn off the water supply in case of a leak. Six feet of insulation can cost anywhere from $7-$17; it's available at most home improvement stores.

 Trim tree branches. Branches that overhang roofs or areas where you park your car -- or which are simply overgrown -- represent a risk to structures, vehicles, and people. Keep trees trimmed and remove those that are weak or sickly to prevent them from falling on or near your home. Tree trimming and removal pricing varies greatly, and you may have additional restrictions if you live in an historic community or if the trees are close to power lines.

Check with your municipality about any regulations and contact your local Chamber of Commerce, municipal offices, or contractor rating sites like MerchantCircle.com or AngiesList.com to get the names of reputable pros. Tree trimming and removal can be dangerous, so don't attempt it on your own unless you're experienced.

By keeping your home in good repair and stocking up on the supplies you'll need before the rush for rock salt and shovels begins, you'll be as ready as possible to tough out the storm.

Article From HouseLogic.com | By: Gwen Moran

3 Questions To Ask Before Buying A Real Estate Short Sale

When the real estate market starts to decline, everyone starts talking about short sales. A short sale happens when the bank is willing to accept less than what the sellers owe on their real estate. This means you may find a great deal on your next home. However, short sales aren’t right for everyone. Before you decide to buy a short sale, you need to ask yourself some important questions.

1.    Can you afford to buy the property as-is? You can and should have an inspection done before you buy real estate. However, with a short sale, the seller is most likely not going to be able to make any repairs before they sell the property. After all, they’re selling it because they don’t have the money to make the payments. Make sure you’re able to afford any repairs the property will need.

2.    Is it really a good deal? You need to pay attention to the home’s value. How does the price compare with what other homes are selling for? Paying $175,000 for a home when other homes are selling for $130,000 means you’re really not getting a good deal. Just because the home is a short sale doesn’t mean it’s worth your time and money.

3.    Are you prepared to deal with the bank? The bank’s only concern is getting their money from the home sale. To ensure this happens, the bank will require extra paperwork. They will even take their time negotiating if the seller has more than one mortgage. It doesn’t matter to them how long you have to wait. If you don’t have time to wait for the bank to approve the short sale, you probably should look for a different home.

Right now is a great time to buy a home, whether it’s a short sale or not. Let me help you find the real estate that best fits your budget and needs.

RealtyBlogContent.com | Published: 01/28/14

How Far Will Your 2014 Housing Dollar Stretch?

While we’re just a few weeks into the New Year, you’ve likely seen headlines showcasing what will cost more this year. You’ll have to dig even deeper into your pocket to pay for everything from food to stamps to college education, travel, healthcare and more. In fact, even your biggest expense — housing — is getting pricier in 2014:

 

Home Values

Zillow Projections: +3% nationally in 2014 While 2013′s double-digit gains in home appreciation were certainly economically beneficial (home prices are back at their peak levels in some areas), let’s be realistic: they’re not sustainable. This year, expect home values to continue to rise but at a more modest, balanced pace of about 3 percent, nationwide.

 

Home Loans

Zillow Projections: 5% As the Fed tapers its bond-buying programs and the economy continues to improve, expect mortgage rates to rise from a current level of about 4.6 percent to 5 percent by the end of 2014, making homes more expensive to finance. For example, the monthly payment on a $200,000 loan will rise by about $160. But there’s a silver lining for potential home buyers: it should be easier to get a mortgage this year because higher rates have slashed refinancing activity, prompting some banks to ramp up their purchase lending. Additionally, there will be more inventory on the market, and less competition from investors, as the home-buying process becomes less frenzied.

 

Home Rents

Zillow Projections: +2.5% nationally in 2014 Rents have been rising for some time and there’s no end in sight, especially now, when the market is seeing limited supply coupled with high demand. The foreclosure crisis, tight credit conditions and economic uncertainty have forced more Americans to rent. Expect rents to continue to rise throughout 2014, so budget accordingly. Research prices in your area with tools such as Zillow’s Rent Index, maintain good credit, and consider bringing in roommates so that you don’t become a statistic. According to a recent report by Harvard Joint Center for Housing Studies, half of all U.S. renters are spending more than 30 percent of their income on rent, up from 19 percent a decade earlier.

ZillowBlog | Author: Vera Gibbons | Published: 1/20/14

How to Prevent Window Frost

I remember waking up as a kid on wintry mornings to find frost on my bedroom window obscuring the trees and yard.

Those were traditional six-over-six windows, with individual panes of glass secured between muntins. With newer construction and the advancement in double-paned window technology, window frost is not as commonplace as it used to be. But it still occurs in plenty of older homes, and while frost formations can be stunningly beautiful, they are not something a homeowner should welcome.

Frost forms on windows when they are exposed to cold air on the outside, moist air on the inside. Moisture in the room’s air (water vapor) is drawn to the window pane, and when the outside surface temperature lowers past the dew point, the water vapor solidifies into liquid. That liquid then freezes into ice crystals, and you’ve got your frost.

Frost can cause damage. As it melts, it transfers moisture to whatever is next to it. If that’s a wooden window, it can discolor varnish and crack paint, or even damage the wood. Frost can also melt off single-paned windows and seep down into a wall. If moisture is not handled swiftly and completely, mold can begin to grow.

So, how can you prevent frost?

·         Weatherize your windows when it gets colder. Make sure storm windows are installed properly and caulk any gaps in the seals.

·         Run a dehumidifier. If you can keep the inside air drier, frost will be less likely to form.

·         Keep your home sufficiently warm, especially at night, to keep frost from forming. It might be worth putting a space heater in a room that is particularly prone to collecting frost on windows to see if that solves the problem.

·         If all else fails, you may choose to replace single-paned windows with double-paned windows. The barrier of dead air between the double panes helps to slow down the transfer of heat/cold.

Being a responsible homeowner means letting go of some romantic ideas about nature, like the beauty of frost on your windows in the morning. But don’t worry. If you’re really missing nature’s artwork, I’m sure you can find some on your windshield as you head out to work or the store!

zillow.com/blog | 1/13/14 | AUTHOR:BOBVILA.COM

Easy Bathroom Makeover Tips

Before you put your home up for sale, you want to make sure it looks as attractive and modern as possible. Buyers usually walk away from a home for sale with outdated color schemes and fixtures. This is especially true of bathrooms. Even if you lack the budget and space to turn your bathroom into a spa-like retreat, you can still give this room a quick facelift.

1. Get Creative With Color. If you don’t have the time or budget to replace dated ceramic tile, try camouflaging it with towels, rugs, and other accessories for a more modern color scheme. For example, you can pair pink with brown or bright blue with light green.

2. Replace Your Fixtures. Brushed aluminum and pewter bathroom fixtures are more modern than the shiny chrome fixtures from years ago. They are also easier to clean because they don’t show water marks as easily.

3. Find New Lighting. A bathroom light can do more than just illuminate the space; it can create an atmosphere. Sconces placed on either side of a mirror tend to look better than harsh overhead light. Track lighting can be arranged to provide light in dark corners of the room.

4. Accessorize. Put your personal touch on your bathroom with shower curtains, soap dispensers, and scented candles. Don’t feel like you have to stick to the bath accessories aisle, either. A clear vase can display bath salts. Baskets can hold rolled-up towels. A beautiful serving bowl can be filled with potpourri.

Preparing your home for sale is an important part of the process. I can help you prepare your home to sell faster and for more money. Call me today or email me at to schedule a free consultation.

RealtyBlogContent.com

What to Do Before, During, and After a Winter Storm

The National Weather Service calls winter storms “Deceptive Killers”. This is because most fatalities are indirectly related to the storm itself. Instead, people are severely injured in traffic accidents, or due to prolonged exposure to cold. As a homeowner, it’s important to be aware and concerned about the threat that harsh winter weather brings. Here are some tips on what to do before, during, and after a winter storm.

Before

·         Prepare an emergency kit for your home and/or vehicle that includes rock salt, sand to improve traction, snow shovels and other snow removal equipment, sufficient heating fuel, and adequate clothing and blankets to keep you warm.

·         Prepare a Family Communications plan. Know how you will contact one another, how you will get back together, and what you will do in case of an emergency.

·         Listen to the radio or check your sources online for the weather forecast, and limit travel during poor conditions. Also, shelter your animals as much as possible.

During

·         Stay indoors as much as possible and only drive if it’s absolutely necessary. If you do go outdoors, walk carefully on snowy and icy walkways.

·         Avoid overexertion when shoveling snow.

·         Keep dry and watch for any signs of frostbite or hypothermia.

·         If you do have to drive, let someone know your destination, route, and when you expect to arrive.

·         Maintain ventilation in your home when using kerosene heaters, and conserve fuel if necessary by keeping your residence cooler than normal.

After

·         Go to a designated public shelter if your home loses power or heat during periods of extreme cold. Text SHELTER + your ZIP code to 43362 (4FEMA) to find the nearest shelter in your area.

·         Continue to protect yourself from frostbite and hypothermia by wearing warm, loose-fitting, dry and lightweight clothing in several layers, and stay indoors if possible.

By nms | Published January 2, 2014 | www.gmgins.com/blog