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| FRATT Real Estate News |
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Articles and Advice |
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| What to do if your home won't sell By Dian Hymer Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough? Many of the homes that aren't selling are priced too high for the current market. The median sale price of homes sold nationally in February 2008 was down 8.2 percent from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR). This percentage was even higher in cities like Miami and Las Vegas that were speculative hotbeds in 2004 and 2005, and now have high foreclosure rates. Some areas are doing better than others. For example, the median sale price of homes sold in the San Francisco Bay Area in February 2007 dropped only 5 percent compared with a year ago. There are few areas in the country where prices have actually increased during the past year. Even so, sellers often have a difficult time coming to grips with the fact that the value of their property has declined. It has often been said that sellers are the last to know when it comes to the value of their homes. Buyers, on the other hand, are often ahead of the game. They know the market better than most sellers. They are aware of the risks involved in today's market, and they gauge the price they'll pay accordingly. HOUSE HUNTING TIP: Sellers whose homes aren't selling should analyze the price they are asking with the help of their real estate agent. It's useful to look at similar homes in your area that have sold recently. Why did these homes sell when yours didn't? If price is the key determinant, adjust your price accordingly, if you can. Sellers who are unable to accept a reasonable price for their home should take it off the market and wait for a better time to sell. Letting your home sit on the market overpriced won't accomplish your goals. And, it could hinder your sales effort at a later date when you get serious about selling. You don't want to be known as an unrealistic seller. Some listings need more than a price adjustment to sell in this market. If modifications can be made to the property to make it more salable, consider removing the listing from the market temporarily until changes can be made. Then, adjust the price some to give the listing an entirely new look when it is re-marketed. Finding a tenant rather than a buyer might seem like a good option for some sellers. Before taking this approach, talk with a tax advisor. The tax laws affecting single-family residences differ from those relating to income-producing properties. One tax benefit of owning your home is that you are entitled to $250,000 of tax-free gain ($500,000 for a married couple filing jointly) when you sell. But, restrictions apply. For instance, you need to have owned and occupied your home for two of the last five years. If you were to move out of the area, with no plans of returning, this could pose problems when you decide to sell. It can be difficult to sell a tenant-occupied property, particularly if the tenants are content to stay where they are. Also, your home might not show well with a tenant living in it. Ideally, plan on selling after the tenant has vacated. THE CLOSING: This way you can have the property repaired, painted, cleaned and staged for sale before it goes on the market. |
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| Sellers, pay attention to lowball offers By Dian_Hymer Selling a home can be an emotional experience because most sellers have a lot more than money invested in their homes. So, it's understandable that sellers might be reluctant to respond to an offer that is for less than the asking price. Most sellers have a difficult time being objective about their homes. But, detachment is something sellers should strive for, particularly when the market favors buyers. To be a successful seller in a buyer's market, you need to be able to put yourself in the buyer's shoes. Ask yourself if you were a buyer if you would pay the price you would like to ask for your home. In a soft market, like we are currently experiencing in many parts of the country, buyers are prone to make a low offer on any listing that doesn't receive offers from more than one buyer. The exception is when a listing is priced so competitively that a buyer recognizes a good deal and buys the property before others have a chance. Some sellers might be inclined to inflate their asking price so that they will have room to bargain with a buyer. This is a risky strategy for serious sellers. In a buyers' market where there are a lot of homes for sale, the best listings at the best prices sell. The listings that don't sell usually need price reductions to get them to a marketable range. If the market is trending downwards, this could mean selling for a lower price than might have been possible if the listing had been priced competitively to begin with. HOUSE HUNTING TIP: Sellers whose homes are not competitively priced are prime targets for low offers. Even if your home is not badly priced, you could receive a lower-than-asking-price offer if market conditions are uncertain. Rather than being insulted by a low offer, sellers should view it as the beginning of a dialogue that could result in a sale. Pay close attention to the buyer's financial capability. Gone are the days where buyers could buy a home with little or no cash down, and without verifiable income. Today's buyers are subjected to far more financial scrutiny by lenders than they were a year ago. Ideally, buyers should be preapproved for the financing they need before they make an offer. If they are not, make sure there is a clause in the purchase contract that requires the buyers to apply for financing within a several days of acceptance. Find out what kind of financing the buyers are applying for and which lender they intend to use. Some mortgage lenders recently failed to fund buyers' loans at the last minute. Make sure your buyers receive underwriting approval from a bona fide lender. The number of days for lender approval should also be included in the contract. Sellers who receive an offer that is unacceptable regarding any of its terms and conditions -- not just the price -- should have their agent draft a counteroffer. Buyers and sellers often don't know in advance what price they'll accept until they're in the midst of a negotiation. For example, a seller who bought another home before selling might accept a lower price if his house has been on the market awhile and the buyer's offer is not contingent on the sale of another property, and if the transaction will close quickly. Likewise, a buyer could agree to pay more than he thought he would if interest rates were to drop. THE CLOSING: The counteroffer process can happen quickly or it can be long and tedious. Be prepared to explore all options before letting a negotiation fail. |
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| How buyers, sellers are closing deals in today's market By Dian Hymer Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence. Needless to say, you need to work with the best real estate professionals you can find in your area. In most cases, it takes a team effort to put a home-sale transaction together and see it through to fruition. HOUSE HUNTING TIP: Successful negotiations usually require give and take by both parties. It has been said that the sign of a successful negotiation is one where both parties walk away feeling they have won. It has also been said that the key to a mutually acceptable agreement is that both sides feel a little wounded. A must in this market is a commitment to exhaust all possible ways to put and keep a deal together before calling it quits. Recently, it looked like a purchase contract was about to fall apart. The buyers had originally offered a price that seemed insultingly low to the seller. The seller set his personal feelings about the price aside and countered the buyers' offer at a price he felt was reasonable. The buyers accepted. As it turned out, the price was one that was halfway between the seller's list price and the price the buyers offered. Splitting the difference is often a winning strategy. The house in question had been well inspected before the buyers entered into contract to buy it. However, when it came time for the buyers to remove their inspection contingency, they requested a large monetary credit from the seller. Not only did the buyers discover a few health and safety issues that weren't covered in the previous reports, they also developed a serious case of cold feet. These buyers were able to find jumbo financing at a good interest rate. However, to obtain this financing, they had to make a larger cash down payment than anticipated. This left them feeling cash-strapped. The seller refused to credit the buyers the amount of money they requested. However, he was willing to credit some money. Or, he would carry a second mortgage for the buyers so that they didn't have to put so much cash down. Flexibility gives the parties to a negotiation a way to explore options for making a deal or for keeping one moving forward. In order for the buyers in this case to feel comfortable closing the sale, they needed a concession from the seller in order to ease their financial strain. By offering to carry a second mortgage against the property, the seller found a way to free up more cash for the buyer. As it turned out, the buyers elected not to take the seller-financing offer and accepted a monetary credit at closing. Credits at closing require approval by the buyers' lender. Most lenders have limits on how much money a seller can credit a buyer at closing. It is often equal to 3 percent of the purchase price, but cannot exceed the actual amount of the buyers' nonrecurring closing costs. These are costs paid for the buyers on a one-time-only basis at closing, such as title insurance or a transfer tax. A seller carry-back would also need lender approval. The lender in first position would want to ensure that the terms of the second mortgage were reasonable and would not be likely to put the buyers in financial jeopardy. THE CLOSING: Sellers should carefully consider whether it makes good financial sense to carry financing for a buyer who is making a relatively small cash down payment. |
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| What to look for in a final walk-through inspection Property should be in same condition as day you signed contract By Ilyce R. Glink Most home buyers will have at least two opportunities to inspect their property before closing on the purchase. First, most buyers will include a contingency in the contract that allows them to do a professional home inspection by the home inspector of their choice. This inspection typically happens right after the sales price has been agreed to, usually within a week or 10 days. If the home inspector finds anything wrong in the property or decides further inspections (perhaps for radon, heating and air conditioning systems, or mold) are called for, the home buyer will be able to hire specialists to figure out if there is an insurmountable physical problem with the property. Assuming those inspections go well, the second opportunity to inspect the property is just before the property closes. The preclosing inspection, or final walk-through, as it is often referred to, is a home buyer's last opportunity to walk through the property before closing. What you're looking for here is not at the same level as the initial professional home inspection. In a preclosing inspection, you simply want to make sure that the property is in the same condition as it was on the day you agreed to buy it. To avoid getting burned, you schedule the walk-through as close to the actual closing as possible, certainly within the 24 to 48 hours prior to closing. If possible, the sellers should have already moved out. The whole point of the walk-through is to protect yourself and your future property from sellers who aren't as nice as they seem to be or who are actually as nasty as they appear. By inspecting the premises, you're making sure the seller has lived up to his or her agreements in the sales contract. And if he or she hasn't, you want to know about it in advance of the closing so remedies (both monetary and otherwise) can be agreed upon before money changes hands. What should you look for in a preclosing inspection? To start with, you want to make sure that the condition of the home hasn't changed since you signed the contract several months earlier. Believe it or not, a lot can change in the ensuing weeks. To make sure the home is in the same condition, you'll want to turn on every appliance, open every door, make sure nothing's broken (lights, fixtures, windows, etc.), be certain everything the seller agreed to leave is actually there and in good shape, and be certain that when the sellers moved out, they did no damage to the home. Sometimes movers can accidentally scrape a wall or pull up carpet in the process of packing up the contents of a house. If you do your preclosing inspection while the movers are there, you'll have a harder time getting around them to make sure that the property is in good shape. If you get there before the sellers have packed anything up, you might wind up with some nasty surprises on the day you move into the property. I learned the hard way that sometimes sellers just don't want you to find out certain things until you've closed on the property. Nearly 20 years ago, my husband Sam and I bought our first place. It was a vintage co-op built in the 1920s. Our sellers were seniors, and they were a bit quirky. The property hadn't been touched in years. When we did our final walk-through, we noticed that the water was turned off in the kitchen sink. We wanted to run the dishwasher, which was really old, but didn't want to turn on the water if it was off. Looking back, it's hard to imagine why this wasn't a red flag for us. But we were really happy to be buying our first place, which was taking just about all the money we had in the world. We didn't question it. We just bought it and moved in. The first night we unpacked the dishes and decided to run a load in the dishwasher. At well past midnight, my husband turned on the water and we put in the dish soap and turned on the machine. We went to bed. We were awakened early the next morning with pounding on our front door. Our downstairs neighbors came into their kitchen and noticed that the liquid contents of our dishwasher had dripped down through the ceiling into their kitchen, ruining their window shade. My husband and I looked at each other and we knew why the water had been turned off. Too bad we didn't find that out ahead of time. Still, the damage could have been worse. As I recall, it cost us $600 to fix the damage in our neighbor's apartment. |
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| Short Sales Tucson Real Estate Information By Joe & Virna Fratt Short sale is a way to avoid foreclosure when homeowners are in distress. Lenders may agree to a short sale if the homeowner has a hardship and is on the road to foreclosure. When there is more debt owing against a property (mortgage loan) than the property’s value. That is what lender's often call it being "up side down". For example: you bought the house last year for $250,000, and took advantage of, what at the time seemed like a great idea, and obtained a 100 percent loan. In today's market, the house will probably only sell for $225,000 and cannot afford to continue making the monthly mortgage payments. A short sale is an arrangement with your lender whereby they will allow you to sell the property for less than the amount of the current mortgage. If the lender agrees to a short sale, be careful, you may still be oblligated to make up the difference, which is called deficiency, either trhough personal obligation or thru a collection. Even if the lender agrees to forgive the deficency, there are tax implications that you have to consider. It is seen as a relief of debt and may be treated as income. According to many tax professionals, you will have to pay income tax on this amount (the deficiency) even though you did not actually receive the money. ***All lenders have their own requirements, so this is only general information; you will have to consult your specific lender to determine what they need in order to move forward with the short sale process. |
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| Who pays off loan when home sells? By Benny Kass DEAR BENNY: I bought a house five years ago and am considering moving to another city where real estate sells for much less. I'm a real beginner at this. If the balance on my home loan is about $148,000, what happens when I sell it? Does the buyer pay off my loan? Or do I pay it with the selling price, or what? –Judy DEAR JUDY: My role in writing this column is to educate consumers, and I am delighted to respond to your question. When you sell your house, you and your buyer will have a house closing. In some parts of the country it is conducted by an attorney selected by the buyer; in other parts it is done by a title or escrow company. At the closing, your loan -- and many other fees and charges associated with a settlement -- will be deducted from your sales proceeds. For example, real estate taxes will be prorated and adjusted. Many states require buyers and sellers to pay a recording fee and a transfer tax to the state (and sometimes the county in which the property is located). In some states, buyers pay for title insurance; in others, the custom is for the seller to pick up that expense. I suggest that you either consult a real estate agent or a local title attorney (or title company). Either one should be able to provide you with an approximate cost of selling your house. At settlement (or shortly thereafter) you will receive a check for the net sales proceeds. You should also consult a financial advisor. If you are married, file a joint income tax return, and have lived and owned your house for two years out of the five years before the sale, you are eligible to exclude up to $500,000 of any profit that you made. (If you are single, or file a separate tax return, the exclusion is only up to $250,000). That means that you do not have to pay any capital gains tax to the IRS for your profit up to the exclusion limit. Since you are new to the process, you really should get legal assistance as well as consider finding a good real estate agent to help you understand the selling process. |
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| Price it right when selling in today's market By Dian Hymer We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market. The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low. If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well. HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy. A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season. Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result. Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises. The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs. Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway. The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price. It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market. THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline. |
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| 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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| Deck-staining that can't fail By Paul Bianchina Q: I have a deck that was built in October 2006. Does it need to be stained this soon? This will be my first deck-staining experience, and I was also wondering what things to be aware of, and if there are any suggestions for easier application, especially on the posts and railings. --Margaret M. A: Staining a deck offers lots of advantages, and I recommend doing a new deck as soon as the wood has dried and settled in. Yours could be done at any time the weather conditions are appropriate, and should be repeated every couple of years, depending on weather conditions. A good deck stain will penetrate into the wood, where it offers moisture protection by helping the wood to shed water. This prolongs the life of the wood, and helps prevent splintering and loosening around fasteners. The stain also provides protection from the sun's ultraviolet rays, which also helps prevent drying and fading of the wood. Finally, the stain helps you preserve the original color of the deck, or lets you change, enhance or restore color as desired. Deck stains are different from the type of wood stain you would use to stain a woodworking project. Look for a name-brand product specifically formulated for exterior deck use. It should have UV protection, water resistance and mildew resistance. You can select from a transparent stain, which is either natural or has relatively subtle wood-tone pigments to enhance the natural look of the wood, or semi-transparent stains that have more pigment. If you like the look of the wood as is, choose a natural color. If you want to enhance the color a little or if it's started to fade at all, your best bet is to choose a color that matches the type of wood on the deck -- for example, redwood or cedar. Left untreated, most non-pressure-treated woods will fade to a shade of gray, and if you like that color there are deck stains that will emulate that as well. Before applying the stain, make sure the deck is as clean and dust-free as possible. Do not apply when the wood is too hot to touch comfortably, or if it has rained recently and the deck is still damp. Mix the stain thoroughly in the can, and if you are using more than one can, be sure and intermix the cans to ensure a consistent color. The stain can be applied with a brush or a roller for the large flat surfaces. For posts and railings, you can use a pump-up garden sprayer (make sure it's a sprayer that will be dedicated to the purpose, so that the stain is never intermingled with pesticides, herbicides, or anything else you might use the sprayer for). The sprayer simplifies the application and you shouldn't have too much overspray, although you do want to be sure and cover landscaping and anything else you don't want the stain to get on. For really large decks, you might consider renting an airless paint sprayer for the entire project. Complete mixing, application and safety instructions will be on the can, and they can vary between manufacturers so be sure and read them over carefully. Q: About six years ago, I had my house painted with Valspar paint. Shortly thereafter, I had a humidifier added to my furnace and have kept it at about 40 percent. I noticed yellowish-brown marks running down my walls, especially in the bathrooms and across from air ducts. I called Valspar and was told that some pigments in paint will cause this. Now I want to have my house re-painted and I was wondering if you have heard of this problem. I know the walls will have to be washed first but wonder if a primer should be used. --Pat J. A: I have not heard of this specific problem, but if Valspar says it could be a problem with the pigment in the paint, I would suggest contacting them again (or contacting the paint store where you purchased the paint) and asking for a product representative to come out to your home and analyze the situation. This is a free service, and should be very helpful in determining the exact cause of the problem. I would definitely agree that the walls need to be washed first, and a stain-blocking primer will be helpful in covering the streaks prior to repainting, and will also help the finish coat adhere better. However, if there is an underlying problem that is preventing the first coat of paint from adhering to the walls, then primer won't help. You need to get to the root of the problem first, and that's where the product rep will definitely help. |
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| Organization tips for kitchen pantry By Paul Bianchina Designers and homeowners agree that ample, easily accessible storage is one of the most important aspects of a great kitchen, and one of the best ways to achieve that is through the use a pantry. Pantries take two basic forms -- the pantry cabinet, which is essentially a tall, wide cabinet that is part of the overall kitchen, and the walk-in or semi walk-in pantry, which is a separate space similar to a small closet. Because the pantry is intended to store larger quantities of food in all shapes and sizes, the key to its functionality is organization. Many pantries end up as a somewhat scattered mess, with the groceries from the latest shopping trip being tossed onto whatever shelf happens to have some open space. But a few accessories and a few organizational tricks can turn chaos into order in just a few hours. Before you begin, take a little time to think about what you want to store in the pantry, as well as how often different items will be accessed. Group frequently accessed items near the center of pantry, and those that you need less often above and below center. Also, grouping the foods either by similar types -- for example, keeping all the different canned vegetables together -- or by common recipe or meal requirements will really simplify your search. WALK-IN PANTRIES Walk-in pantries come in many different shapes and sizes, from rooms that are large enough to walk completely in to and having shelves on two or more walls, to smaller areas with shelves on one wall only. Either way, on the plus side walk-in pantries offer a tremendous amount of storage possibilities. But on the negative side, the larger the space the more disorganized it tends to get, and the harder it is to find things. First of all, your pantry needs to have good lighting. Depending on the size, layout and applicable electrical codes for light placement, consider can lighting, tracking lighting or fluorescent fixtures with adequate wattage to illuminate the entire space. Next, don't think that deep shelves are always the answer. Deeper shelves definitely hold more stuff, but because many of the food items you store are relatively small, they tend to get lost at the back of the shelf. Instead, consider one or two 18- to 24-inch shelves lower down on the wall to hold large, heavy items such as cases of drinks, with shallower 12-inch shelves at about eye level, as well as just below eye level. These shelves should hold most of your commonly used items such as canned goods and boxed dinners. You might consider a "medium"-depth shelf, perhaps 16 inches deep, above these shallower shelves to hold larger but less often accessed items, such a bag of sugar. If you have the room, another alternative is to group deep shelves on one wall and shallow shelves on another wall. For spice bottles, Jell-O boxes, envelope packets and other very small items, use shallow wooden or wire storage bins. These small bins can be hung on the wall or on the back of the door, and there are even some styles that screw or clip to the underside of larger shelves. For bulky items such as bags of chips, consider placing some simple baskets on the shelves, which are both decorative and very functional. Keep a shopping list on the door. That way whenever you take the last one of a particular item out of the pantry, you can immediately make note of it for the next shopping trip. PANTRY CABINETS With a pantry cabinet you don't have the same number of options you have with a walk-in pantry, simply because you don't have as much space. However, a well-organized pantry cabinet can still offer you tremendous storage opportunities. Many of the organizational strategies you apply to a walk-in pantry will apply to a pantry cabinet as well. For example, you definitely want to stay with a mixture of deep and shallow shelves. Depending on the size and style of the cabinet, you may be able to meet your needs with "split shelves," which are essentially deep shelves cut in half -- half the shelf remains in the cabinet, and the other half is attached to the cabinet door. Another trick is the U-shaped shelf, which is basically a deep shelf with the center cut out, forming three shallow shelves in the shape of a U. A wooden or wire bin can then be hung on the inside of the door, and when the door is closed the bin will fit neatly into the cutout part of the shelves. Another excellent way to maximize storage space in a pantry cabinet is through the use of roll-out or slide-out shelves and bins. These are available in several different sizes and configurations, offering you loads of storage possibilities. As part of your initial planning process, visit your local home center or hardware store, or do an Internet search for pantry organizers. You will find an incredible array of organizers what will definitely transform your pantry in no time at all! |
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| Get started on the house hunt By Dian Hymer Mortgage interest rates dropped recently and home prices have moderated in many areas, making it a good time to buy. If you've never bought a home before or if you currently own a home but have never bought and sold at the same time, the process can seem intimidating. You can ease your anxiety by formulating a game plan and by assembling the best team of professionals you can find, including a mortgage person; a real estate agent or two if you're buying and selling in different locations; inspectors; an insurance agent; a closing agent or escrow officer; and an attorney, depending on where you're buying. The two key players on your team are the mortgage person and the real estate agent. Once you have these selected, they can help you line up the additional help you need. The best recommendations for real estate professionals are from acquaintances who recently had a good experience buying in your area. Be sure to ask if they would use their agent or mortgage person again. The first step is to find out how much you can afford. Most buyers need a mortgage in order to complete a home purchase. A lender will qualify you for a certain loan amount depending on how much cash you have available for a down payment and closing costs -- the various fees associated with buying or selling a home. Other relevant factors are your credit score, your verifiable income and what type mortgage you decide to use for your purchase. There are a lot of different mortgage options: 30-year fixed-rate mortgages, 15-year fixed, interest-only, as well as various types of adjustable-rate mortgages. HOUSE HUNTING TIP: You can work with a mortgage broker who will shop the mortgage market for you and place your loan package with the lender that offers the best deal. Or, you can work directly with a lender, such as Bank of America or Citibank. Just make sure that you understand what kind of loan is being offered. You might want to consult with an independent party like your accountant or financial advisor to determine which kind of financing is best for you. Once you know how much you can afford, ask your mortgage broker or lender to have you preapproved for the financing you need. This requires that you complete a loan application and have your credit checked. This will put you in a good bargaining position with the seller. While you're checking on financing, you should also find a real estate agent. If you've never bought a home before, you should use an agent who is a good communicator and who will take the time to explain the process. Also, keep in mind that your agent will be interfacing with the other parties in the transaction. You want someone you trust and who you are sure will represent you professionally and work diligent on your behalf. Repeat home buyers who will be selling and buying using the same agent will also want to make sure that the agent has good marketing skills. It's a benefit if the agent is organized and has good resources. A good seller's agent can help you get ready to sell your home by creating a task list of the things that need to be done before your home goes on the market. Your listing agent should be able to give you the names of reputable people who can assist you with cleaning, painting, hauling, storing, inspections, staging, landscaping and whatever else you need to prepare your home for a profitable sale. THE CLOSING: With this ground work completed, you are ready to seriously hunt for a home. |
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| Earnest Money * what is it? Why do i need it? http://www.teamfratt.com/earnestmoney_135303.cfm Why use a REALTOR®? http://www.realtor.com/Basics/AllAbout/Realtors/Why.asp?poe=realtor Search the MLS http://www.teamfratt.com/propertysearch_104716.cfm Ways To Take Title in AZ http://www.realping.com/pages/index.cfm?action=p1&id=5838,1402 Open House Tips http://www.realping.com/pages/index.cfm?action=p1&id=5838,1212 |
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