Energy Saving Hints
10:19pm - Oct 1, 2008
One of the biggest improvements in recent years is the development of "low-e"and Argon gas filled windows.
The low-e component is a special glazing that is designed to reflect ultraviolet rays keeping heating in the summer to a minimum.
Argon gas is used between the two layers of gas and provides a greatly increased insulation factor for cold or heat.
The increased cost for these types of windows and door glass is greatly offset by the energy savings and quickly recouped in short time.
Septic 101
10:13pm - Oct 1, 2008
What Is A Septic System?
A septic system is an on-premises system designed to safely and efficiently dispose of biological waste.
How Do Septic Systems Work?
The septic system has a tank which decomposes human waste, turning it into material suitable for the environment. The end result is water that can be safely discharged.
How Do I Know If There Is A Problem With My Septic System?
One of the more obvious signs of a failing or clogged septic system would be sewage backing up into your home or business. Another sign would be the smell of sewage outside of the facility.
Septic Systems in the Mountains.
There are numerous types of septic systems used in Western North Carolina and rules and guidelines are regulated by county health departments. In Haywood County, NC the size of the septic system is based on the number of bedrooms in the home. Typically 75 feet of leach field for each bedroom. The county also requires a repair area of equal size in case the leach field fails. This means that a lot should be .75 acres or more if a typical installation is used and access to a well is also needed.
Maggie Valley Foreclosure market
5:23pm - Jun 20, 2008
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:
1. The borrower/owner reinstates the loan by paying off the default amount during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction. Properties repossessed by the lender are also known as bank-owned or REO properties (Real Estate Owned by the lender).
This foreclosure process allows for three opportunities for finding bargains on foreclosure homes.
Pre-Foreclosure (NOD, LIS):
Buying a property in pre-foreclosure involves approaching the borrower/owner and offering to buy the property outright. The borrower/owner can walk away with something to show for any equity in the property and avoid a bad mark on his or her credit history. The buyer has time to research the title and condition of the property and can realize discounts of 20-40 percent below market value.
More about pre-foreclosures
Wondering what happens after foreclosure? Then please read on. Remember that understanding foreclosures is the first step for homeowners to stop foreclosure. It is also the first step for investors to buy foreclosure properties.
Auction (NTS, NFS):
If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Buyers often are required to pay in cash at the auction and may not have much time to research the title and condition of the property beforehand; however, a public auction often offers some of the best bargains and avoids the unpredictability of dealing directly with the borrower/owner.
Bank-owned (REO):
If the lender takes ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair; however, the potential bargain for these REO homes is typically less than a pre-foreclosure or auction property. Bank foreclosures can become government foreclosures if the loan is backed by a government agency such as the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA). In that case the government agency would be responsible for selling the property.
Before you buy
You'll need to make sure you're armed with the foreclosure data you'll need to find and buy foreclosed homes. You can start by searching free on RealtyTrac’s foreclosure listings database, which includes pre-foreclosure and auction properties across the country and a nationwide bank foreclosures list.
Real Estate Market Conditions
12:36pm - Jun 20, 2008
Maggie Valley Real Estate:
Unlike many markets across the country, the supply of available
inventory is good. Prices are increasing with listings averaging
three-plus months on the market. While there are currently more sellers
than buyers, the market is heating up.
National Summary: Home Buyers Hold Advantage in Many U.S. Housing Markets
Home buyers continue to be in the driver’s seat in many U.S.
housing markets, with plenty of inventory to choose from in virtually
all price ranges. . Time required to sell a listing has lengthened to
more than 90 days, on average. Home prices appears to have stabilized,
becoming more in line with local market supply and demand. As a result,
most sellers say they are getting at least 90% of asking prices.
Concern over liquidity and tougher lending qualifying standards in
the mortgage industry are slowing any quick recovery in the national
housing market. Lingering problems with sub prime loans and homeowner
bankruptcies must also be resolved
The Home Inspection.
12:27pm - Jun 20, 2008
The condition of real estate is different in every situation. To protect yourself
when making such a substantial investment, it is important to have a thorough
inspection by a trained professional. Make your offer to purchase property
contingent on a satisfactory home inspection, and you will avoid investing in a
money pit.
What exactly is considered “satisfactory”? Any home containing wood should
have a pest inspection, where the inspector looks for evidence of damage
caused by termites, mice, carpenter ants or other pests. This inspection is
separate from that done by the home inspector.
Your home inspector should focus on every mechanical and structural aspect of
the property. They will look for substantial cracks in the foundation, levelness of
the structure, and moisture in the basement. Water penetration is evident when
there is mold, mildew or efflorescence - a white powder that shows where water
has penetrated. High tech inspectors use lasers to see if the things are level and
specialized radon gas meters to determine if there is a radon gas issue.
The structure of the home is closely inspected. Homes rest on top of a
foundation. Floors have been installed on top of this foundation, and it needs to
be inspected to ensure that proper materials have been used. Next, the walls
might have improper framing or possible damage from water. Electrical and
plumbing systems lie within the walls, and where possible, these interior systems
are inspected for wear, out-of-code construction, and damage. Pipes are
inspected for leaks or chemical concerns such as lead or rust. Some home
inspectors test the water pressure and flow rate of the house.
The home’s electrical system is completely inspected. The inspector looks for
uncovered switches or outlets, incorrect wiring, insufficient grounding, faulty
circuit breakers, or unsatisfactory GFCI trips.
Once in the attic, the inspector should check for water damage and air leaks. The
framing is looked at to ensure that it is strong. The underside of the roof is
inspected for a good seal where vent pipes go through the roof.
On the roof, the inspector examines it for holes, loose shingles or tile, poor
flashing, or any other concern that might cause the roof to not hold up against the
elements.
All appliances included with the sale of the house are examined. The hot water
heater, stove, wood stoves and any other built-in units are check for proper
function and standards compliance.
Heating and air-conditioning systems are inspected for adequate flow, duct leaks,
and filter condition. Outdoor faucets are tested to be sure they work and don’t
leak or have inadequate water flow.
All of this information is compiled in the comprehensive inspection report that is
available to the individual or company that paid for the inspection. Inspections
benefit the buyer because they can use issues with the property as bargaining
chips during negotiations. The home inspection is also beneficial to the seller
because they then get an honest assessment of the condition of their property
and can make improvements to some items before putting their home up for sale.
The home inspection is one area where a few hundred dollars spent often saves
thousands of dollars during the purchase process.