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| Valley of the Sun Real Estate News |
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Articles and Advice |
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| Want a fancier-looking room? Try wainscoting By Paul Bianchina One way to really dress up a room and try your hand at some different decorating techniques is to consider wainscoting. There are a number of ways to combine materials to create some very attractive wainscoting effects, and the cost doesn't need to be prohibitive. Traditionally, wainscoting is tongue and groove boards or raised or flat paneling sections that are applied to the lower part of a wall. The wainscoting extends from the top of the baseboard up to a height of usually between 3 and 5 feet off the floor, and is topped off with a horizontal molding. In addition to its decorative appeal, wainscoting had the very practical advantage of protecting the lower portion of the wall from wear and tear. Today, however, wainscoting has taken on a somewhat less specific definition. It can be just about any combination of materials, including paint, wood, wallpaper and even fabric. A wainscoting application consists of three elements: the lower portion of the wall, the upper portion of the wall, and the dividing line between the two. How you mix and match those three elements is up to your individual taste and budget. Splitting Up the Wall One of the first things to decide for any wainscoting project is where the dividing line will be between the two different materials. For a room with an 8-foot-high ceiling, a division of approximately 3 feet on the lower half and 5 feet on the upper half tends to give the best balance. Many Craftsman-style homes used the reverse of that, with about 5 feet of paneling on the lower half, capped with a wider molding that was suitable for shallow storage. For best appearance, the dividing line should not be exactly half way up the wall. To get a better idea of how different proportions will work, tape some newspaper or other material on the wall at a couple of different heights. This will give you a better representation of how the two halves will balance out, and you can adjust them accordingly. Installing Traditional Wainscoting To achieve the look of a board wainscoting, you can install individual narrow, tongue and groove boards; you can install wider boards that are milled on the face to look like two or three narrower boards, which simplifies installation; or you can install 4-foot-wide beaded paneling, which again replicates the look of individual boards but installs faster. With any of these methods, finish off the top of the boards with a horizontal molding such as a wainscot cap or a chair rail. For a paneled look, there are kits available that include a routed base molding, a routed top molding, routed vertical strips, and the panels themselves. The pieces all interlock with one another, and as long as you take some time with the layout to ensure that the panels are balanced to the width of the wall, you can achieve a beautiful, traditional paneled wainscoting in a relatively short time. If you are an avid woodworker, there are specialized router bits that help you cut the individual pieces yourself and save some money. With wood, you have the choice of painting or staining the material to get the look you want. For painting, the boards and paneling are available in medium-density fiberboard (MDF), which paints nicely and is less expensive than solid wood. For stained wainscoting, you can select from pine, fir, oak, cherry, maple and other woods. Wood strips, paneling and moldings can all be found at most home centers and lumberyards, along with all the installation materials you need. Some larger stores also carry the paneling kits, or they can order them for you. You will also find a wide selection of wainscoting paneling kits online. Other Wainscoting Materials In addition to traditional wood, there are lots of other material combinations that will work very well together. You can experiment with different combinations of materials to achieve the exact look that works for your décor. In general, heavier materials such as wood and fabric look best on the lower half of the wall. Also, darker paint colors and darker, more heavily patterned wallpapers look best on the bottom. Your wainscoting choice may be something as simple as two different colors of paint. You can also use a solid paint on one section of the wall, and some type of textured paint effect on the other section. Another easy wainscoting can be achieved with two different wallpapers. Select a lighter paper with a more open pattern for the upper half of the wall, and a darker paper or one with a vertical stripe or heavy pattern for the bottom. You can also combine the two materials by using paint on one section of the wall and wallpaper on the other. With any of these combinations, separate the two sections of wall with a painted or stained wood molding. To really accent the installation, finish everything off with a crown molding as well. |
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| GFCI electrical outlets are lifesavers By Paul Bianchina Q: What is a GFCI electrical outlet? Are outlets of this type required in all homes, and if so, where? --Allen D. A: GFCI stands for ground-fault circuit interrupter. A GFCI outlet reacts much more quickly to the presence of an electrical short circuit than a standard circuit breaker does, so they provide additional protection against the possibility of injury should an appliance, tool or other electrical device malfunction. The electrical codes throughout the country require the use of GFCI outlets adjacent to any sink in the kitchen, bathroom, laundry room or similar area; for garages and exterior outlets; and in certain other specific areas such around whirlpool bathtubs. You can check with your local building department for a complete list of GFCI requirements. GFCI outlets are easily recognizable by the "test" and "reset" buttons located on the face of the outlet, and they should be regularly tested in order to confirm that they are operating correctly. To perform the test, simply plug a circuit tester into the outlet and press the outlet's test button -- the light on the tester should go out. Press reset, and the light will come back on. You can also plug in an electrical device such as a radio or a lamp and test the outlet that way, but a plug-in circuit tester -- available inexpensively at any home center or electrical supply retailer -- will also confirm that the outlet is properly wired and grounded. Q: I live in an old house that was built in 1907. I want the garage to have a patio door to be able to see and go out to the backyard garden. I need to cut part of the foundation to do this. Is it OK to cut the foundation? Is this safe? --Midori C. A: A foundation consists of two parts. The footing, which is wider than it is high, is the lowest part of the foundation and is intended to distribute and transfer the weight of the building evenly over the ground. On top of that is the stem wall, which is higher than it is wide and is used to raise the structure above the surrounding grade. In most cases it is OK to cut into the foundation stem walls in order to install a new door, provided that the footing is not cut. You would want to use a licensed concrete-cutting contractor to do the work, and he or she can determine if there are any other circumstances at your particular home that would prevent them from making the cut. Q: Can all types of paint be tinted? Also, how much do they usually charge to add the tint? --Jim D. A: Virtually all paints and primers can be tinted at your local paint store, although there are some types of paint that are pre-colored at the factory and can't be tinted. When you select a color from a paint chip, the store will begin with the appropriate white tint base, and add tinting colors as needed to get to the right color. If you want a primer tinted to go with that paint color, they will typically tint it to about half the shade of the finished color. If you have a specific color that you want to match, any good paint store will custom blend the paint to match whatever sample you bring in. And while home centers are fine for mixing a paint to match one of the color chips for the product lines they sell, I have found that it takes the experience and keen eye of the people in a paint store to do very accurate paint and stain color matches. As to cost, if you are buying the paint from that store there should be no charge for tinting. If you bring in your own paint and want to have it tinted, or if you have a particularly difficult color match, the store may charge you a small hourly fee. |
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| Curb appeal tips that pay off By Dian Hymer Imagine going on a job interview looking shabby, or trying to sell your car for a good price when it's filthy and loaded with stuff. In a competitive market, you wouldn't do well. The same can be said about selling your home. If it looks neglected and in need of work, some buyers won't even take a look. This is particularly the case in today's market where, in many parts of the country, there are far more homeowners anxious to sell than there are buyers interested in buying. In a business where emotions and pride of ownership play a big role, first impressions can have a lasting effect. Most buyers lack the ability to imagine what a house might look like with a different exterior paint color or a landscaped yard. When there is a lot of inventory on the market, you may have only one chance to catch a buyer's attention. Make sure it's not lost before he or she walks through the front door. One of the first items on a home seller's agenda should be a critical evaluation of how the home and yard look from the street. It's a good idea to ask your real estate agent to help with this. Sellers often have strong emotional attachments to their homes and have difficulty seeing it objectively. Your goal is to identify cost-effective changes you can make to your house and yard that will make it more appealing to buyers. This could be as simple as cleaning up the yard, adding colorful plants, mulching, power washing the entry walk, and washing dirt off the exterior of the house. However, if the paint is peeling, shutters are deteriorating, the fence is leaning and the yard is a mess, you have a bigger project on your hands. You can sell a house in this condition. But, it will appeal to a limited number of buyers who are willing to tackle a fixer-upper in order to get a bargain price. HOUSE HUNTING TIP: Your home will appeal to a larger audience and will sell more quickly and for a better price if you put the time and money into improving its curb appeal. Curb appeal refers to how your house appears from the street. Even if you're selling a fixer-upper, it's a good idea to do some cleanup so that buyers can perceive the potential. You don't need to spend a fortune to get the work done. Your goal is to have good, not superb, work done at a reasonable price. It's wise to get bids from several contractors. For instance, exterior paint estimates can vary widely. Your real estate agent or neighbors ought to be able to provide references. By the way, if you are going to paint the exterior of your house before selling, this could be a prime opportunity to improve curb appeal. Consult with a color expert to pick colors that are currently in fashion for the house, trim and front door. One seller had the exterior of his house repainted before consulting with his agent or a color expert. It was painted the same drab color it had been for decades. Most of the buyers who seriously considered the house mentioned that they thought the house needed an exterior paint job because the color was so unappealing. It usually doesn't make financial sense to completely re-landscape a front yard that is shot. Salvage what you can, bring in new plants to replace dead ones and roll out new sod, if necessary. THE CLOSING: Mulch does wonders to freshen up a garden, particularly one that is sparsely planted. |
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Making the Quick Sell! Quick Improvements to Beautify Your Home! By Terri Antonino Sometimes we overlook the most simple repairs or improvements hoping our Buyers will never notice. However, it's the little things that can make such a HUGE difference in how a Buyer sees and feels in your home. Here are some suggestions that may help: 1. Put some fresh potted plants around your house. 2. Purchase some scented plug in's and put them near the entry way and hallways. 3. Purchase a new doormat or rug for inside and outside the front and back door. This not only looks nice but also reminds people to wipe their feet. 4. Polish or replace your front door hardware. 5. Beautify your Entry Way by either buying some potted flowers or hanging a wreath. 6. Get rid of the clutter.This includes anything you don't use or need on the bathroom or kitchen counters, on shelves, and anywhere else that takes up space in the house. 7. Clean out the bedroom, pantry and coat closet. Take out seasonal clothes and shoes your not currently wearing and put them in storage. The less you have in your closets, the cleaner and larger they look. 8. Touch up paint any nicks or scratches on your walls, baseboards and doors. 9. Play light music and turn on as many lights as possible when you leave for a showing. 10. Rearrange furniture or get rid of any unnecessary items to allow your home to feel and look larger. We hope these tips are helpful. Just remember, you want your house to feel and look like a "Model Home". Good Luck and don't hesitate to call us if you have any questions or would like suggestions! |
| Why home purchases fall apart at last minute By Dian Hymer Most buyers and sellers feel relieved when the negotiations are done and the purchase agreement has been signed by all parties. It's a milestone. But, you might want to hold off celebrating until the transaction closes. Current market conditions have complicated the home sale industry. Lender requirements for mortgage qualification and the types of home loans available are changing daily. Before getting into contract to buy a home, make sure you double check with your lender or mortgage broker to confirm that the loan you were qualified for several weeks ago is still available. For example, a week before closing, buyers who were purchasing their first home -- and who had been assured that their financing was in order -- were informed that their lender was no longer providing the type of loan they needed to complete the transaction. These were well-qualified buyers who had enough cash for a 10 percent down payment and closing costs. They needed to borrow a first mortgage for 80 percent of the purchase price and a second mortgage for the remaining 10 percent. The lender who was providing the 10 percent second mortgage decided they would no longer provide 10 percent second loans to first-time buyers. In a similar situation, buyers who had been approved for 80-10-10 financing were told by their lender at the last minute that their underwriting guidelines had changed. The lender would no longer provide a second mortgage for 10 percent of the purchase unless they were also providing the first mortgage. A year ago, financing was readily available to just about anyone who wanted to buy a house. And, most of what sold appraised for the purchase price. It was rare to see a listing back on the market because the buyer couldn't get financing. If a deal fell apart, the most likely culprit was an irreconcilable difference over an inspection issue. HOUSE HUNTING TIP: Due to the change in the credit markets, buyers are wise to include financing and appraisal contingencies in the purchase contract in addition to an inspection contingency. A contingency should give the buyers a period of time to satisfy the condition in question. If they act in good faith and attempt to satisfy the condition, but are unable to, they may have the right to withdraw from the contract without penalty, depending on how the contact is written. When buyers find themselves in competition, it's tempting to waive contingencies. A year ago, many buyers felt comfortable waiving contingencies for financing and property appraisal. There was a loan product for everyone and appraisals weren't an issue. This is no longer the case. Most lenders have stopped doing easy-qualifier, no-cash loans and pay-option mortgages, to name a few. Lenders have also tightened up on appraisals, credit score and verifiable income requirements. Buyer's remorse is a more serious issue in a slow market where home prices are soft than it is in a market where prices are escalating. Sellers can help prevent buyer's remorse from sinking a deal by properly preparing their homes for sale. This includes pricing accurately for the current market so that the buyers don't feel they overpaid when they see the inspection reports. Obtaining pre-sale home inspections will also help keep buyers from having second thoughts. The more buyers know about the condition of the property before they make an offer, the less chance they will back out due to inspections. THE CLOSING: A soft market makes an offer that is made contingent on selling another property more risky. Even if your buyer has lined up a buyer for his house, if that deal falls apart so does yours. |
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| Buying fixer-upper? Don't expect goldmine By Dian Hymer Fixer-upper properties come in many varieties. Cosmetic fixers usually offer the biggest return on your investment. And, they tend to be a lot less costly than homes that require major renovation. An ideal cosmetic fixer would be a house that had been somewhat neglected, but that has no serious structural problems. It could be passed over by other buyers because it needs an exterior paint job, new landscaping, new kitchen appliances, floor coverings, updated lighting fixtures and interior paint. In a down market, these houses can be hard to sell if there is a large inventory of new homes in the area being discounted in price in order to sell. In older established resale markets, buyers usually gravitate to the listings that are in the best condition and leave the fixers for someone else. It can be difficult to find a good cosmetic fixer in areas such as the San Francisco Bay Area. There, many listing agents advise sellers to prepare their house for sale in order to sell more quickly and for more money. Even so, cosmetic fixers do come along. Aside from the challenge of finding a diamond in the rough, paying for the fix-up costs can be a show-stopper for many buyers. With the recent credit crisis, most lenders require larger cash down payments. Equity lines of credit are still available, if there is sufficient equity in the house. It's difficult to buy, fix up and flip a house in this market. Many markets around the country may not yet have seen the bottom of this cycle. A strategy that works for some buyers, particularly if they can do some of the work themselves, is to buy the house and fix it up over time while they live there. If you claim the house as your primary residence and live in it for over two years, you will be entitled to up to $500,000 of tax-free gain (for a married couple filing jointly; $250,000 for a single filer) when you sell. It's unlikely that you will realize a sizable gain in a short period of time in the current market. At present most areas aren't experiencing appreciation. This is why it's risky to buy a fixer in this market with the aim of making a fast profit. HOUSE HUNTING TIP: Larger fixer projects can be problematic and should be carefully thought through, with help from professionals, before going ahead. Special attention should be paid to the scale of the project, the projected costs including an allowance for cost overruns, and the ultimate market value of the house when the renovation is complete. Once you start changing the footprint of the house, pushing out or changing supporting walls, gutting the kitchen and bathrooms and rearranging the floor plan, the costs can become astronomical. That's OK, if you can afford it and if you plan to enjoy the finished product for a long time to come. However, it wouldn't be wise to make such an investment if you were planning on moving again within the next five years. You probably wouldn't recoup your investment. One option would be to scale back the project to something more manageable and less expensive. One risk of remodeling a property is over improving it for the market. It doesn't make good financial sense to do a $500,000 renovation to a house that's worth about $500,000 in its present condition if all the other sales in the neighborhood top out at $750,000. THE CLOSING: However, if it gives you a house you can live in the next 15 or 20 years, you'll have a chance of recouping some or all of your costs through home-price appreciation. |
| When mortgage is sold, payment confusion begins By Benny Kass Q: We refinanced our home loan in March with an online mortgage lender. Within a couple of weeks, we received a letter from another mortgage company advising us that our May payment was to be made to them. A May payment invoice was included. I contacted the original lender and was told that the loan was not sold. They said if and when that happens, we would receive a "goodbye letter," which has not arrived. We now have May payment invoices from both lenders, and only two weeks to go until the first payment is due. We contacted the second lender and they still insist they now own the loan. What should we do? We do not want this to impact on our good credit rating. A: It will not be any consolation to you, but as more and more mortgage lenders are closing their doors, this appears to be a common problem. However, there is a federal law that protects you. The short answer: Until you get a letter from both lenders advising that your loan has been sold (or assigned), you should continue to pay the first lender. When you get a mortgage loan, your lender has two alternatives. They can keep the loan in house -- called a "portfolio" loan -- or they can sell or assign it to an investor. The most prominent investors here in the United States are the Federal Home Loan Mortgage Corp. (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae). Why do lenders sell their loans? Many mortgage lenders do not have millions of dollars in their bank accounts to enable them to make all of the loans they would like. In order to get more cash, they sell the loan for a discount to an investor, thereby enabling them to make more loans. The original lender makes its money in two basic ways. First, it charges the borrower various fees, such as loan origination (points) or underwriting. If the lender is a mortgage broker, it will also get a fee, which in the trade is called a "yield spread premium," or YSP. According to Jack Guttentag, the "Mortgage Professor," YSPs are points paid by lenders for loans carrying interest rates above the par rate. The par interest rate is the rate at zero points. Points are an upfront charge expressed as a percent of the loan. On rates below the par rate, lenders charge points, whereas on rates above the par rate, lenders pay points. YSPs are also called "negative points" or "rebates." Your lender also makes money by servicing your loan. That means that although the original lender may no longer own the loan, it continues to collect your monthly mortgage payments (including escrows for taxes and insurance) and is paid a servicing fee by the actual lender. Over the years, there have been serious problems with these mortgage sales. And now, in this turbulent mortgage market, these problems are escalating. There have been a number of documented fraud cases, whereby an unscrupulous individual obtains the names and addresses of homeowners and sends them a letter advising the borrower that effective immediately the loan payment should go to this unscrupulous lender. The names and addresses of borrowers are generally publicly available from the land records where the deeds of trust are recorded. Picture the following scenario: You have a loan with the ABC mortgage company, which is a legitimate lender. All of a sudden, you get a letter from the XYZ company, advising you that effective immediately you are to make your new mortgage payment to XYZ. You would be surprised at the number of gullible people in the United States that blindly follow the XYZ company's instructions, without any investigation. After one or two months of receiving mortgage checks, the XYZ company folds its camp. It moves on to another state, and the scam begins anew. As a result of these mortgage scams, Congress in 1990 regulated the assignment, transfer or sale of mortgage loans. As part of the National Affordable Housing Act, certain provisions were added to the Real Estate Settlement Procedures Act (RESPA). The law is quite complex, but oversimplified here are some of the protections afforded to individual borrowers whose loans have been sold, transferred or assigned to a new lender. At the time a potential borrower applies for a mortgage loan from a federally regulated lender, that lender must disclose to the borrower its policy on assigning or selling loans. The Department of Housing and Urban Development has developed a model disclosure statement that must be used by all federally related mortgage lenders. If a mortgage lender does in fact assign, sell or transfer your loan, both the transferor (your current lender) and the transferee must make certain disclosures. These disclosures include the effective date of the transfer; the name, address and telephone number of the transferee; and an appropriate contact number at both the transferor's and transferee's offices. This will afford the borrower the opportunity to ask questions and confirm the transfer. More importantly, this disclosure statement must state that the transfer does not affect any term of the security instrument other than the servicing provision. This means that although your loan has been sold and you must start paying the new lender, the basic terms of your note and deed of trust cannot be changed. Specifically, your interest-rate terms cannot be changed. They remain in full force and effect regardless of who holds your legal documents. Congress also was concerned about payments made during the transition period when a loan is transferred. The 1990 law specifically provides a 60-day grace period if the borrower misdirects payments. For 60 days from the effective date of the transfer, as long as the borrower makes the payment on time in accordance with the terms of the note, no late fee can be charged. The payment cannot be deemed late for any purpose whatsoever, even if that payment is misdirected. In other words, if you send your payment on time to the old lender when it has been transferred to a new lender, for the first 60 days no penalty or other late charge can be imposed on you. This is very important, since it also means that neither the old lender nor the new lender can report you as being late or delinquent to a credit reporting bureau. Congress also created a complaint resolution mechanism in the 1990 law. If you, the consumer borrower, have a question or a complaint about the transfer of your loan, you have the right to send a written request to the lender. Please note that in order for the complaint resolution mechanism to be effective, you have to send a separate correspondence, and cannot merely jot a note on your mortgage payment coupon when you return your check. Your lender must either take action or respond to your letter within 20 business days of receiving your correspondence. Furthermore, the lender has 60 business days from the date of receipt of the request to either correct the problem and give the borrower notice that the problem has been corrected or give reasons in writing why the account is correct or the information requested by the borrower is unavailable. The lender is required to conduct an investigation before it responds to your letter. Finally, Congress added incentives to make sure that lenders would comply with this new law. If a lender violates the law, an individual consumer can recover any actual damages and any additional damages that a court might allow if the court finds that there is a pattern or practice of noncompliance with the RESPA provisions. The damages are limited to $1,000 per individual consumer. Furthermore, if the consumer files a lawsuit in court, the court can award reasonable attorney's fees if the consumer prevails. These are obviously technical issues. The bottom line is that you really do not have to worry about your loan if your current lender sells or transfers your loan to another lender. Obviously, you want to make absolutely sure that this is not a scam, and that it is a legitimate transfer. Contact both lenders and make sure that you have something in writing from both the old and the new lender before you send your next mortgage payment check. The normal procedure nowadays is for the borrower to get a joint letter from the old and the new lender, advising that the loan has been sold and where the monthly payments should now be sent. In your situation, since you have not received a letter from your first lender, you should continue to pay that lender, but advise the new lender in writing what you are doing. I also suggest that you send a copy of your letter to the old lender, as well as to the consumer protection office of your state's attorney general. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. |
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