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| Design tips for updating 1950s tract home By Paul Bianchina Q: Our house is a nondescript 1950s ranch tract home with a light-gray composition shingle roof. It's currently a dated white with blue trim, and we'd like to update the paint job. We're also relandscaping with drought-tolerant tropical and contemporary plants, and not much grass -- mostly bark and flagstone walkways. Is there somewhere where I can see other updated tract homes? Do you have any color suggestions? A: I would begin in your own neighborhood, and just start driving. Wander different streets around where you live, and then slowly branch out from there. Keep a local map handy, and whenever you find an area of homes that looks interesting, highlight it on your map for future exploration. Ask your real estate agent, for exploration suggestions, as well as others you come into contact with, such as the landscaper. While it's nice to look at homes that are similar to your own, you don't need to be limited to just those either. I would suggest going through new housing tracts of starter-level homes, and see what is currently being done in the way of colors and exterior amenities. As to color choices, there are three simple things I can suggest. First of all, make a visit to your local paint store or home center and pick up some brochures on exterior paint colors. Many of these brochures offer suggestions of colors that work well together, and you might see some combinations that appeal to you that you wouldn't have otherwise thought of. Some paint stores have computers with paint-scheme programs that are free for customers to play with. You can browse through a library of common house styles until you find one that looks similar to yours, add a roof color that looks like yours, and then use the computer to add different body and trim color combinations to see what they look like. If your local paint store doesn't have one, you can also find places online that do the same thing -- there may be a small charge, but it's well worth it. My third suggestion is to take a digital photo of the outside of your home, then print it out on your computer in black and white, making several copies. Using colored pencils, color in the roof in a shade that's as close to yours as possible, then, referring to some of the color combinations you liked from the paint store brochures, color in the front of the house and see what you think. You can also do this more accurately with programs such as Photoshop, but that might be more time-consuming and involved than you would like to get. Final suggestion: Don't limit yourself to just paint. There are any number of ways that you can really dress up the outside of a plain tract house and set it apart from the others in the neighborhood, without spending a fortune. You can add some different trim treatments around the windows, change the front door, add some shutters, and add some door trim, just to name a few. Home shows, decorating shows on TV, magazines and your neighborhood wanderings should all be sources of inspiration. Q: I would like to use the cable railings (on my deck railing) except for the high price. Do you think it would be possible to substitute a thick, strong wire instead of the cable? These wires keep in huge farm animals ... so their strength is comparable to cable ... well over 1,000 pounds in breaking strength. I would appreciate your thoughts. A: You can actually construct a deck railing out of any materials that comply with the requirements of whatever building codes are in effect in your area. I have seen some very nice railings made from square-grid and rectangular-grid wire livestock fencing set into wood frames, as well as wood dowels, metal conduit and other materials. Whatever you choose needs to be strong enough and secured tightly enough to meet the building codes, and also has to be spaced closely enough together -- most codes require a spacing of no greater than four inches. You also want to avoid materials with sharp edges or ends, as well as materials that won't weather well. Finally, you want to select a material and an installation method that is safe, pleasing to your eye, coordinates well with your home's style, and maintains your resale value. |
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| Find property problems before you buy By Dian Hymer To avoid a bad experience that could end up in a legal battle with the sellers over property problems, make sure your purchase agreement includes an inspection contingency. Your mission during the inspection contingency period is to find out as much as possible about the property and surrounding area, insurability of the property, permit history, zoning issues and cost to repair defects. Investigate any issues that could affect whether or not the property will suit your long-term needs at a price you can afford. Most states have home seller disclosure requirements. If you are buying in a state that doesn't require sellers to disclosure material facts, ask the sellers to disclose in writing any property defects or neighborhood issues they know about. Also, find out if there are systems that require routine maintenance, such as the furnace, drainage system, skylights and roof. After you clear the inspection hurdle, ask the seller to provide you with contact information for any people who have worked on the property that the sellers would recommend. Find out when major components were replaced and when the house was last painted. Find out how much the sellers pay for utilities. Ask for copies of proposals and paid invoices for any significant work done on the property. Basically, you want to know any problems the seller had with the property, what was done about it, by whom and when. If the roof was recently replaced, find out if it's covered by a warranty and if it's transferable to you. You may feel uncomfortable asking the sellers to provide additional information at the time you make the offer, particularly if there are multiple offers. In this case, ask the sellers for answers to your questions during the inspection contingency time frame. Questions will undoubtedly come up during your inspections. HOUSE HUNTING TIP: Even if the sellers have provided presale inspection reports and disclosures, have your own inspectors give the property a thorough exam. Some buyers hire the seller's home inspector to meet them at the property to explain the presale report and ask questions. This may save you money. But, saving money should not be the primary goal when having a property inspected. Buyers of newly built homes should ask the sellers for any construction-related documents like the geotechnical report, engineering calculations, and letters to the planning department confirming that the geotechnical engineer monitored the construction and confirmed that the house was built according to his recommendations. Ask the seller to leave the architectural plans, if they're available. Verifying livable square footage is a big issue in today's cautious mortgage environment. Many lenders won't count additions or renovations that add square footage in the appraised valuation of the property. If the sellers can't provide the supporting documentation, such as copies of approved permits, the property could appraise for less than you agreed to pay. This might jeopardize the transaction if the lender approved a lower mortgage amount than you requested. It's a good idea to check the permit history at the planning department yourself if the sellers can't provide copies of permits for work done. This should let you know if renovations were done with permits and if the permits received final approval. You should have this information before removing the inspection contingency. Many planning departments won't issue a new permit if there is a permit on record that never received final approval. The new owners might incur fees to clear up any outstanding permits before they can move forward with new improvements. THE CLOSING: With probate and REOs (bank-owned properties) you will receive minimal, if any, information about the property condition. Be extra careful with your due diligence investigations. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
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| What is post-consumer content? By Michelle D. Alderson What is it? You've most likely heard of the common green jargon: energy-efficient, recycled material, reusable -- the list continues. However, the term post-consumer content might be new to you. You may even be using products that are made with post-consumer content already and you just don't know it. Earth911.org (http://www.earth911.org) defines post-consumer content as "a material that has served its intended use and instead of being disposed of it is being reused in a different product. If a product is labeled 'recycled content,' the material might have come from excess or damaged items generated during normal manufacturing processes-not collected through a local recycling program." Simply put, products made with post-consumer content are items you can buy that have been made with recycled material. Why is it important to buy it? Probably the most common post-consumer content product you will find is paper goods: toilet paper, paper towels, envelopes, napkins, etc (http://www.nrdc.org/land/forests/gtissue.asp). The following are just a few examples of other products that can be made with post-consumer content: paint, carpet, mulch, bathroom and office partitions, office furniture, printing ink, corrugated cardboard boxes, cleaners, and hardwood floors. You might ask why it is necessary to buy these products when regular toilet paper seems quite fine. It is important to know that recycling doesn't just end when you put a can in a blue bin. It truly is cyclical. Buying post-consumer content products keeps the country's growing recycling programs afloat. If consumers don't buy products made with recycled materials, companies won't waste their time making them. In essence, buying such products keeps the landfills lean, the recycling business running, and inevitably helps the environment. How much will it cost? In today's economy, some consumers might fret over purchasing post-consumer content products because of cost. Is it better to help keep the environment green or keep that green in your pocket? If you are buying a post-consumer content product like used office furniture, you will see a significant discount, but new post-consumer content products can cost a little more. According to greenguardian.org (http://www.greenguardian.org), some products, such as post-consumer content recycled paper can cost about 10 percent to 20 percent more than regular paper. The good news is that as the demand for post-consumer content products grows, the price for such goods continues to drop. In addition, supplier competition often can create bargains for the consumer. The key is to search for the best price. |
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| Sizing up purchase deposits By Dian Hymer In most states, it's customary, or required by law, for the buyers to include a good faith deposit when they make an offer to purchase a home. The deposit should not be given directly to the seller, but held by a trustworthy third party that maintains a trust account specifically for home purchase deposits, such as an escrow company. The deposit can be in the form of a check made out to the third-party company or it can be wired into the appropriate account. The size of the deposit you make is usually determined by market conditions and local custom, except for specific types of sales, such as probate sales or sales of homes in a housing development where a minimum deposit is required. HOUSE HUNTING TIP: Your deposit will become part of your downpayment if the sale goes through. Depending on how your contract is written, your deposit should be refundable if you are unable to satisfy a contingency, after exercising due diligence to do so. Your contract should include contingencies for inspections, satisfactory condition of title to the property, your ability to line up financing, and the lender's approval of an appraisal of the property. For example, if your inspections reveal defects that can't be satisfactorily negotiated with the seller, your deposit should be returnable if your contract provides for this. However, the deposit won't be released by the holder to either the buyers or sellers without a release signed by both parties indicating how to disperse the funds. Be sure to check with a knowledgeable real estate attorney to determine who is entitled to the deposit if you back out for a reason that's not provided for in the contract. Real estate agents who aren't also attorneys cannot advise you on this issue. If you end up in a dispute, the deposit holder won't release the money to either party until the dispute is resolved. How large a good faith, or earnest money, deposit you make will depend on several factors. In any case, your deposit should indicate your intent to abide by the terms of the contract and close the sale. There is usually no set amount required by law. In California, where home purchase contracts can include a liquidated damages clause, deposits are often 3 percent of the purchase price. This clause puts a limit on damages that could be awarded to the sellers if the buyers don't close the sale. If buyers and sellers agree to include this clause in the contract, state law limits the amount that can be awarded to the seller to 3 percent of the purchase price. In many areas of California, deposits tend to be 3 percent of the offer price, even if the contract doesn't include a liquidated damages clause. Like most elements of a purchase contract, the amount of the deposit is negotiable. So, if you offer a $10,000 deposit on a $500,000 house, the seller might counter your offer and ask for a deposit of $15,000, which is 3 percent of the purchase price. The deposit can be made in two steps. You could offer $5,000 as an initial deposit, and increase that amount to a total of $15,000 upon removal of contingencies. In a hot seller's market, you might want to offer the full amount up front, or make a larger deposit than you would if you weren't potentially competing, to show your sincerity to the seller. THE CLOSING: If you're buying a short-sale listing that might take two or three months for lender approval, you might want to keep the deposit to a lower amount so that you don't tie up more money than necessary for a long time period. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
| Sacrificing privacy to get a loan By Benny Kass DEAR BENNY: My husband and I recently applied for a home equity loan to help finance a new home we are building until we sell our current home. We applied at our local bank and it acknowledged that our home's value, which is fully paid for, is more than adequate to cover the amount we applied for. The bank also noted that we have excellent credit and sufficient monthly income to support the payments (which it verified through direct deposits). The bank requested a copy of our 2008 tax return, and I submitted pages 1 and 2 of our 1040. However, the bank said it also needs to see schedules B and D of our tax return. I questioned the bank on this, but the bank said it is a requirement. Is this standard practice, and is it lawful for the bank to check where our investments lie? It seems to be an invasion of privacy. --Joanne DEAR JOANNE: Your question touched a raw nerve with me, as I have been complaining about this practice for years. Actually, you may have been lucky: Many lenders actually require you to sign Internal Revenue Service Form 4506, entitled "Request for Copy of Tax Return." This enables mortgage lenders to invade your privacy even more, since with this form they can get some of your back tax returns, but if you want the loan you have to comply with their terms. Readers who are asked to sign Form 4506 should read it carefully. The IRS provides a cautionary note: "If the tax return is being mailed to a third party (such as a mortgage company), ensure that you have filled in line six and line seven before signing. Sign and date the form once you have filled in these lines. Completing these steps helps to protect your privacy." Despite these clear instructions, many lenders just tell their potential borrower, "Just sign but don't date it." And unfortunately, the answer to your question is the same: If you want the loan, you must play their game. However, I understand why your lender wants to know your entire financial situation, including your investments. For example, if you own stocks on margin, and those equities go down in value, you will be obligated to come up with some money to make up the loss. This may impact your financial ability to repay the mortgage loan. My experience is that most borrowers will reluctantly provide their entire tax return to the potential lender. In fact, because most of us generally do not sign the copy we keep in our files, I have encountered lenders who insist that those copies be signed before the loan is finalized. Yes, it's a clear invasion of your privacy. But nowadays, lenders are lending-scarred -- they don't want to be audited by a federal (or state) agency, so they want assurances that they have carefully reviewed your entire portfolio. 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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