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Sunday, May 3, 2009
HUD in Canal Winchester, MOLLY HAY
Central A/C
HUD in Canal Winchester, MOLLY HAY
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HUD in Groveport Schools, Columbus OHIO, Molly Hay
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Saturday, May 2, 2009
Slashing your real estate property taxes
Clearly, housing is still in a down market. During the second quarter of 2008, home prices dropped 15.4% over the same period in 2007, according to the S&P.
It’s not pretty. But it’s adding injury to insult to pay property taxes based on a home value assessed during the housing bubble.
Not all towns adjust their assessments every year to reflect the current market. Most are not raising taxes but keeping them the same until the housing market changes. While somemunicipilatites do revalue properties annually, others do so every five years. So if your home was last assessed during the market peak, it makes sense to consider challenging the assessment.
When to seek a reassessment isn’t an exact science. It depends on how much your home’s value has declined, and on what sort of dollar gain you’ll likely get in your tax bill. If your paying $1,000 in property taxes and getting your home reassessed will drop that by 10%, you’re pocketing $100…Probably not enough to justify the effort of an appeal. But if you can save say, $500 or more, it is probably worth it.
1. Know you towns methodology- Visit your auditors website or visit the office and find out when the assessments are done, what period they cover, and how and when homeowners can appeal those decisions.
2. Need help? - Once you have filed a reassessment you may get mailers from Realtors or Attorneys offering to help you lower your property taxes.
3. Check for mistakes - Mistakes on property assessment records often mean homeowners are taxed at higher rates than they should be. The inaccuracy rate on home assessments is between 30% and 50%, depending on the region. For example, if your county gives homeowner roll over credits to be an owner occupant make sure you are getting this credit. This is a very common mistake. Also check the acreage, size, and number of bedrooms to make sure they are all correct.
4. Check out similar sales - If your town’s assessment method is based on the market value, homeowners should ask themselves: Could I sell my house for this much? If the answer is no, look at what comparable homes in your town have been selling for. Comparable means: same school district, number of bedrooms and same lot size. Use sites such as Zillow.com, cyberhomes.com to search sales date of individual homes. Keep on this information to submit with your reassessment paperwork.
5. Make your claim - Most appeals are submitted in written form to county boards with a statement explaining why you think the valuation is inaccurate, how much you think your house is worth and evidence to support the claim.
It’s not pretty. But it’s adding injury to insult to pay property taxes based on a home value assessed during the housing bubble.
Not all towns adjust their assessments every year to reflect the current market. Most are not raising taxes but keeping them the same until the housing market changes. While somemunicipilatites do revalue properties annually, others do so every five years. So if your home was last assessed during the market peak, it makes sense to consider challenging the assessment.
When to seek a reassessment isn’t an exact science. It depends on how much your home’s value has declined, and on what sort of dollar gain you’ll likely get in your tax bill. If your paying $1,000 in property taxes and getting your home reassessed will drop that by 10%, you’re pocketing $100…Probably not enough to justify the effort of an appeal. But if you can save say, $500 or more, it is probably worth it.
1. Know you towns methodology- Visit your auditors website or visit the office and find out when the assessments are done, what period they cover, and how and when homeowners can appeal those decisions.
2. Need help? - Once you have filed a reassessment you may get mailers from Realtors or Attorneys offering to help you lower your property taxes.
3. Check for mistakes - Mistakes on property assessment records often mean homeowners are taxed at higher rates than they should be. The inaccuracy rate on home assessments is between 30% and 50%, depending on the region. For example, if your county gives homeowner roll over credits to be an owner occupant make sure you are getting this credit. This is a very common mistake. Also check the acreage, size, and number of bedrooms to make sure they are all correct.
4. Check out similar sales - If your town’s assessment method is based on the market value, homeowners should ask themselves: Could I sell my house for this much? If the answer is no, look at what comparable homes in your town have been selling for. Comparable means: same school district, number of bedrooms and same lot size. Use sites such as Zillow.com, cyberhomes.com to search sales date of individual homes. Keep on this information to submit with your reassessment paperwork.
5. Make your claim - Most appeals are submitted in written form to county boards with a statement explaining why you think the valuation is inaccurate, how much you think your house is worth and evidence to support the claim.
Tuesday, April 28, 2009
How earnest money works in real estate
What is earnest money deposit?
It’s a good faith deposit but no to be confused with a down payment. When buyer execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract, to show “good faith”, and how much money all together will be deposited as a down payment. The balance is generally financed as a mortgage or a combination of mortgages. An earnest money deposit says to the seller: “Yes, I am serious about buying your house”.
How much earnest money?
Buyers always ask how much of an earnest money is required. Typically, there is no set amount required. The laws in every state may vary. It will primarily be driven from your marketplace and local custom. The amount of the earnest money depends on the type of property you are interested in. A bank owned may want 1%. A HUD property depends on the offer accepted, it could range any where from $500-$1500. If a seller is involved unless they request a certain amount of earnest money your realtor will advise you.
Who gets the earnest money?
Here are a few points to remember! The money is typically held in the escrow account with your agents broker. If it is a bank owned property, they may ask for the earnest money to be held with the title company that will be used for closing.
1. Never give an earnest money deposit to the seller
2. Make the deposit payable to a reputable third party such as a well known real estate brokerage, legal firm, escrow company or title company
3. Verify that the third party will deposit the funds into a separately maintained trust account.
4. Obtain a receipt
Is your earnest money deposit refundable upon cancellation?
First, read your contract. Laws vary from state to state. you may also ask your agent they may advise you to speak to an attorney. If there are contingencies in the contract and you are cancelling because one of them it is a possibility you may be refunded all of you money. Upon cancellation, the sellers and buyers are asked to sign mutual release instructions. Make sure your realtor advises you on these procedures.
How to protect yourself
Things can happen, right? If you pull out of the deal for some unforeseen reason - one not included in the contract - you’ll lose your deposit. However, the seller could also sue you for additional damages or even force you to buy the home. To protect yourself, have a clause in the offer that specifies the earnest money as “liquidated damages” if you are in default. Your real estate agent can help with the language, but this basically means that if you need to default on the contract, the seller can’t ask for more than what you have already included as earnest money.
It’s a good faith deposit but no to be confused with a down payment. When buyer execute a purchase contract, the contract specifies how much money the buyer is initially putting up to secure the contract, to show “good faith”, and how much money all together will be deposited as a down payment. The balance is generally financed as a mortgage or a combination of mortgages. An earnest money deposit says to the seller: “Yes, I am serious about buying your house”.
How much earnest money?
Buyers always ask how much of an earnest money is required. Typically, there is no set amount required. The laws in every state may vary. It will primarily be driven from your marketplace and local custom. The amount of the earnest money depends on the type of property you are interested in. A bank owned may want 1%. A HUD property depends on the offer accepted, it could range any where from $500-$1500. If a seller is involved unless they request a certain amount of earnest money your realtor will advise you.
Who gets the earnest money?
Here are a few points to remember! The money is typically held in the escrow account with your agents broker. If it is a bank owned property, they may ask for the earnest money to be held with the title company that will be used for closing.
1. Never give an earnest money deposit to the seller
2. Make the deposit payable to a reputable third party such as a well known real estate brokerage, legal firm, escrow company or title company
3. Verify that the third party will deposit the funds into a separately maintained trust account.
4. Obtain a receipt
Is your earnest money deposit refundable upon cancellation?
First, read your contract. Laws vary from state to state. you may also ask your agent they may advise you to speak to an attorney. If there are contingencies in the contract and you are cancelling because one of them it is a possibility you may be refunded all of you money. Upon cancellation, the sellers and buyers are asked to sign mutual release instructions. Make sure your realtor advises you on these procedures.
How to protect yourself
Things can happen, right? If you pull out of the deal for some unforeseen reason - one not included in the contract - you’ll lose your deposit. However, the seller could also sue you for additional damages or even force you to buy the home. To protect yourself, have a clause in the offer that specifies the earnest money as “liquidated damages” if you are in default. Your real estate agent can help with the language, but this basically means that if you need to default on the contract, the seller can’t ask for more than what you have already included as earnest money.
Should I be concerned about radon in a home?
What is radon?
Radon is an invisible, radioactive gas created from natural deposits of uranium and radium in the soil. Radon gas can be drawn into a building and accumulate to concentrations that can increase the potential for developing lung cancer. Although there are rare cases where the source of the radon has come from building materials created from spent-uranium processing plants, the major source of radon in Colorado homes comes from the natural deposits of uranium commonly found in Colorado geology. High levels of radon are seldom caused by human intervention like other environmental concerns.
Why should I be concerned?
It has been shown in carefully controlled studies on animals, and on hard-rock miners, and most recently confirmed in residential case-control studies, that the effects of the radon decay products (due to prolonged exposure to elevated levels of radon) can significantly increase the potential of lung cancer. Radon is regarded as a Group A carcinogen; that is, it is known to cause cancer in humans with prolonged exposure. Many buyers are concerned about their health risk, as well as property resale value and want to test for and correct radon concerns. The United States Environmental Protection Agency and Surgeon General recommend that people not have long-term exposures in excess of 4.0 pico Curies per liter (pCi/L).
If I find a home with a radon problem should I look for another home?
The presence of high levels of radon should not keep you from buying the home of your dreams. If a properly performed test indicates an elevated level of radon in the home you wish to purchase, it is likely other homes in the same area will have elevated radon. So, if you like the house, consider taking a reasoned approach that will confirm levels and reduce the radon. Perhaps the best news about radon is that radon can be reduced, either before you buy the home, or after you buy it and move in. Of all the problems a house may have, radon is one of the easiest to identify and fix!
How do I test for radon?
Over the last 15 years, reliable testing devices and methods have been developed to determine indoor radon exposures. When using approved measurement devices, you can either determine the radon potential over a short period of time, or an average of radon exposure over a longer period of time.
Radon Potential: This is a short-term test, typically 2-5 days. It is conducted under closed building conditions 12 hours prior to and all during test. The test device is deployed on the lowest occupiable level of the home. This is commonly used at time of resale.
Occupant Exposure: This is a long term test, at least 91 days, up to one year. It is conducted under normal lived-in conditions without special closed building conditions. The device is deployed on lowest occupied level of home. It is commonly used outside of a real estate transaction, or used as the basis of escrow fund release, especially if a short-term test has shown results between 4 and 10 pCi/L.
More Information on Testing
Could there be radon in my water?
Yes, radon can dissolve in the groundwater and be released into the air of the home when it is used for showers, laundry, and other purposes. The concern with radon in water is not widespread and is primarily associated with homes whose water supplies are from wells or public water supplies that use groundwater. The major concern is not with drinking the water, but rather with the additional amount of radon added into the breathing space beyond that which comes from the soil. Normal radon in air tests will measure this contribution, if the house is occupied during testing. It takes a lot of radon in the water to have a measurable effect on the indoor radon concentrations. As a rule of thumb, it takes 10,000 pCi/L in the water to add one additional pCi/L of radon in the air. So always test the air first, before testing or becoming concerned with radon in the water. Your radon testing professional should be able to provide guidance.
How do I treat radon?
Radon is mitigated by installing a system that will draw the radon-laden soil gas from beneath the foundation and exhaust it outside of the building, far enough away from windows and other openings that it will not reenter. A mitigation system typically consists of a plastic pipe connected to the soil either through a hole in a slab, via a sump lid connection, or access beneath a plastic sheet in a crawl space. Attached to the pipe is a quiet, continuously operating fan that discharges the radon outdoors.
The type of mitigation system is a function of the construction of the home, rather than the radon concentrations that exist. A home with more than one foundation can present challenges to collecting the soil gas from under all portions of the building. However, talented mitigation contractors typically can connect multiple systems together so that only one fan system is required. Crawlspace foundations can be more costly, since the contractor needs to install a high density plastic sheet over the soil, seal it to the walls and then route the piping to the fan. However, the added benefit of reducing moisture in the crawlspace, in addition to reducing radon, can be a real plus.
Average U.S. installation cost: $1,200
Expected life span of fan: 11 years
Fan replacement cost: $145-300
Periodic maintenance: none
More information on Mitigation
What impacts the cost of mitigation?
The cost of a mitigation system is a function of the extra effort taken by the contractor to conceal the system and to maintain the aesthetic value of your home. Although a system routed up the outside of the house will reduce radon quite well, it may not be as aesthetically pleasing as one that was routed through the interior of the house with trim installed to conceal it. An increasing number of buyers are getting involved in how these systems will be installed, or waiting until they occupy the house to better control the manner in which their system will be installed.
How do I find qualified radon measurement and mitigation contractors?
Most states recognize qualified credentialing organizations that certify radon measurement and mitigation professionals as well as analytical laboratories. Lists of these trained individuals can be found on the websites indicated below. In addition, your state may also have a listing on the state public health department website. Homeowners should also ask for references; require proof of certification, including agreement to follow protocols and codes of ethics; ask for proof of insurance including workers' compensation; and ask for a clear contract with details of guarantee and warranty
Radon is an invisible, radioactive gas created from natural deposits of uranium and radium in the soil. Radon gas can be drawn into a building and accumulate to concentrations that can increase the potential for developing lung cancer. Although there are rare cases where the source of the radon has come from building materials created from spent-uranium processing plants, the major source of radon in Colorado homes comes from the natural deposits of uranium commonly found in Colorado geology. High levels of radon are seldom caused by human intervention like other environmental concerns.
Why should I be concerned?
It has been shown in carefully controlled studies on animals, and on hard-rock miners, and most recently confirmed in residential case-control studies, that the effects of the radon decay products (due to prolonged exposure to elevated levels of radon) can significantly increase the potential of lung cancer. Radon is regarded as a Group A carcinogen; that is, it is known to cause cancer in humans with prolonged exposure. Many buyers are concerned about their health risk, as well as property resale value and want to test for and correct radon concerns. The United States Environmental Protection Agency and Surgeon General recommend that people not have long-term exposures in excess of 4.0 pico Curies per liter (pCi/L).
If I find a home with a radon problem should I look for another home?
The presence of high levels of radon should not keep you from buying the home of your dreams. If a properly performed test indicates an elevated level of radon in the home you wish to purchase, it is likely other homes in the same area will have elevated radon. So, if you like the house, consider taking a reasoned approach that will confirm levels and reduce the radon. Perhaps the best news about radon is that radon can be reduced, either before you buy the home, or after you buy it and move in. Of all the problems a house may have, radon is one of the easiest to identify and fix!
How do I test for radon?
Over the last 15 years, reliable testing devices and methods have been developed to determine indoor radon exposures. When using approved measurement devices, you can either determine the radon potential over a short period of time, or an average of radon exposure over a longer period of time.
Radon Potential: This is a short-term test, typically 2-5 days. It is conducted under closed building conditions 12 hours prior to and all during test. The test device is deployed on the lowest occupiable level of the home. This is commonly used at time of resale.
Occupant Exposure: This is a long term test, at least 91 days, up to one year. It is conducted under normal lived-in conditions without special closed building conditions. The device is deployed on lowest occupied level of home. It is commonly used outside of a real estate transaction, or used as the basis of escrow fund release, especially if a short-term test has shown results between 4 and 10 pCi/L.
More Information on Testing
Could there be radon in my water?
Yes, radon can dissolve in the groundwater and be released into the air of the home when it is used for showers, laundry, and other purposes. The concern with radon in water is not widespread and is primarily associated with homes whose water supplies are from wells or public water supplies that use groundwater. The major concern is not with drinking the water, but rather with the additional amount of radon added into the breathing space beyond that which comes from the soil. Normal radon in air tests will measure this contribution, if the house is occupied during testing. It takes a lot of radon in the water to have a measurable effect on the indoor radon concentrations. As a rule of thumb, it takes 10,000 pCi/L in the water to add one additional pCi/L of radon in the air. So always test the air first, before testing or becoming concerned with radon in the water. Your radon testing professional should be able to provide guidance.
How do I treat radon?
Radon is mitigated by installing a system that will draw the radon-laden soil gas from beneath the foundation and exhaust it outside of the building, far enough away from windows and other openings that it will not reenter. A mitigation system typically consists of a plastic pipe connected to the soil either through a hole in a slab, via a sump lid connection, or access beneath a plastic sheet in a crawl space. Attached to the pipe is a quiet, continuously operating fan that discharges the radon outdoors.
The type of mitigation system is a function of the construction of the home, rather than the radon concentrations that exist. A home with more than one foundation can present challenges to collecting the soil gas from under all portions of the building. However, talented mitigation contractors typically can connect multiple systems together so that only one fan system is required. Crawlspace foundations can be more costly, since the contractor needs to install a high density plastic sheet over the soil, seal it to the walls and then route the piping to the fan. However, the added benefit of reducing moisture in the crawlspace, in addition to reducing radon, can be a real plus.
Average U.S. installation cost: $1,200
Expected life span of fan: 11 years
Fan replacement cost: $145-300
Periodic maintenance: none
More information on Mitigation
What impacts the cost of mitigation?
The cost of a mitigation system is a function of the extra effort taken by the contractor to conceal the system and to maintain the aesthetic value of your home. Although a system routed up the outside of the house will reduce radon quite well, it may not be as aesthetically pleasing as one that was routed through the interior of the house with trim installed to conceal it. An increasing number of buyers are getting involved in how these systems will be installed, or waiting until they occupy the house to better control the manner in which their system will be installed.
How do I find qualified radon measurement and mitigation contractors?
Most states recognize qualified credentialing organizations that certify radon measurement and mitigation professionals as well as analytical laboratories. Lists of these trained individuals can be found on the websites indicated below. In addition, your state may also have a listing on the state public health department website. Homeowners should also ask for references; require proof of certification, including agreement to follow protocols and codes of ethics; ask for proof of insurance including workers' compensation; and ask for a clear contract with details of guarantee and warranty
Monday, April 27, 2009
Pickerington Residents and Realtors listen up!!!!
On April 22,2009, The city of Pickerington imposed a fee that you need to be aware of. Starting at the end of May, Pickerington homeowners will pay an across-the-board $25 fee for city inspections of water heaters, furnaces, windows and similar home improvements. Inspections are free now. The city will notify residential property owners about the fee in utility bills being mailed this month. The new inspections bring the city in line with a statewide residential building code that took effect three years ago. Big alterations -- such as room additions, decks and refinished basements -- already required a city building-code permit, which costs $85 in Pickerington.The city building department began the new inspections Feb. 1 and was prepared to charge $85, but some City Council members said that was too high. Pickerington is broadening the list of what home modifications require an inspection permit because it wants to conform to the state residential building code that took effect in 2006.Before, Ohio didn't have a statewide, standardized residential building code. Now, inspectors in communities across Ohio will check for the same things in new and remodeled homes. The new code establishes minimum standards for the construction and installation of major components. Any local government that wants to enforce building standards must use the state's code, which requires inspections for certain home improvements that didn't require them before. Columbus and Groveport are among the central Ohio communities that have already added to the list of what must be inspected, said Don Phillips, who became Pickerington's chief building official last year and began reshaping the city building code to fit the state code. Inspections for minor modifications in Columbus cost $75; the fee is higher for more-complicated jobs.
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