West Hartford Property Records Database

If you are considering a move to West Hartford, CT in the near future, you should know about their property records database.  Their on-line database is a model for other towns in the state, providing instant access and detailed information for anyone seeking information about real property in town.

Some features: 

• free online access
• no login required
• search by property address
• detailed property information including sales history, photo, permits, and building sketch
• interactive map, allowing you to select neighboring properties without knowing address
• comparable sales info by address and also shows you location on map in relation to property you’re comparing
• you can even pick a place of interest, say a golf course, and view properties near that location

Some towns offer limited information on property records online and many offer no information at all.  If you’re looking for property in West Hartford, consider yourself lucky that you have this database at your disposal.

Home Buying 101 – Step 6: Shop for a Loan

This is the sixth installment in a series of twelve called Home Buying 101.  Click here for the other articles in this series. 

Once you’ve located a buyer’s agent, use him/her as a resource for a lender, inspector, attorney or anyone else you may need in the home buying process.   Many agents will not begin to show houses to a client until they have obtained mortgage pre-approval from a lender – I am one of those agents.  For this reason, some people choose their lender first.  That’s alright if you either have a previous business relationship with the lender or were referred to them by someone you know and trust. 

If you don’t know the lender, then be careful about picking one based on what you see on-line and what you discuss with a salesperson over the phone.  I suggest finding the agent first and then asking them for a referral to a lender.   If you’ve already started working with a lender and have obtained a pre-approval, you don’t have to stick with them if your agent suggests someone else.  While you’re looking for houses, you can also look at other lenders.

Agents know who the best lenders are – we work with them personally and get feedback from our clients.   There is a big difference in service, fees, rates and reputation among lenders. Also, your agent should be able to match you to a lender who can offer you the type of loan(s) that are best for you such as VA, FHA, CHFA, or conventional – not all lenders offer all programs.

This is an excerpt from an article I wrote called, “Your Dream Team – Finding the Best Homeownership Professionals,” regarding hiring a lender:

While your interest rate is very important, also consider the reputation of the lender, how the lender responds to your questions and the location of the lender.  You need to be able to rely upon your lender to be available when needed (nights, weekends) and to be responsive to your needs.

• Ask your agent or attorney for lenders.
• Search for rates on-line at www.bankrate.com or www.hsh.com.  Your local paper’s real estate section will also publish rates.  Check local banks or credit unions, too.
• Consider using a mortgage broker.  A broker has access to more loan options than most banks.  The downside is that their fee, which is paid by the actual lender, may get passed on to you.  Check with the National Association of Mortgage Brokers at www.namb.org for local members.
• Review all the loan terms before making a decision.  Each lender will have a unique set of services and fees –  such as points paid at closing, type of loan, private mortgage insurance, prepayment penalties, and rate lock-in fees and time period, to name a few.   The Federal Trade Commission has a wonderful lender checklist for consumers on their website: http://www.ftc.gov/bcp/conline/pubs/homes/bestmorg.htm. 

Whomever you choose, your goal is to get the best terms available to you. 

The Fuzzy Logic of Tolls in Connecticut

While this isn’t directly real estate related, the issue of tolls in our state does impact our economy, cost of living and quality of life.  And ultimately, those things do impact real estate and our ability to attract people to our state and keep them here.

What boggles my mind is that Connecticut is already one of the most expensive places to live in the country – taxes, cost of housing and cost of energy are all big factors.  And a panel is suggesting that to make the state more attractive to businesses and residents, we need to improve infrastructure and therefore we need to reinstate tolls.  Fuzzy logic. 

I agree that we need to improve the infrastructure and I could even agree to some tolls – like on our state lines.  I have no problem taxing visitors.  But to put in tolls all along I-95, I-84, the Merritt Parkway and I-91 would be another ridiculous tax on our residents.  And with few decent alternatives to commuting by car (unless you’re by the shoreline), people will just have to pay. 

The idea for the tolls would be to fund major transportation projects.  My prediction, as demonstrated by the state’s spending of the tobacco settlement money on just about everything but tobacco related health or prevention, is that the state will not spend the money as is promised.  We will not get the improvements and we will be poorer. 

And what about making some budget cuts to fund improvements???  We don’t hear about that anymore. Why is the only answer to raise taxes?  If I need to make a major repair to my car, I have to save my money and not purchase those really cute shoes at Nordstrom.   It hurts but I have to do it.  The state shouldn’t be any different.

Hey, we elected them and it’s still a democracy.  If the idea of tolls makes you foam at the mouth, then you can voice your opinion at a special legislative session on highway tolls at 9 a.m. Jan. 31 in Room 1E of the Legislative Office Building.  Or, contact your representative and let them know what you think.

For more opinion on this, visit the Norwich Bulletin or Connecticut Local Politics.

December 2006 and Year-End Real Estate Market Report for Greater Hartford

Here are the numbers that have been recently released by the Greater Hartford Association of Realtors for single-family residential properties.   As data for other areas is released, I’ll update this posting.   (Sorry for the alignment issues – formatting is not my specialty.)

Year-to-Date Single Family Residential

                                          2006                                2005                               % Change

New Listings                  19,642                               19,085                             +2.92

Pending Sales                11,656                              12,833                              -9.17

Closed Sales                  10,571                               11,941                            -11.47

Avg. Sales Price           $296,501                        $287,831                             +3.01

Med. Sales Price        $255,000                         $249,900                            +2.04

Avg. Days on Market        56                                       48                               +16.67 

December 2006 Single Family Residential

                                          2006                                2005                               % Change

New Listings                  910                                     894                            +1.79

Pending Sales                630                                     611                            +3.11

Closed Sales                  728                                      844                          -13.74

Avg. Sales Price           $290,607                       $293,699                          -1.05

Med. Sales Price          $250,000                       $255,000                         -1.96

Avg. Days on Market        63                                      53                              +18.87

Home Buying 101 – Step 5: Get a Buyer’s Agent

I took a little break from my Home Buying 101 Series.  This is the fifth installment of a total of twelve.  Click here for the other posts in this series.

Previously, on Home Buying 101, I told you about the rights you have as a home buyer and borrower.  Now, it’s time to find a good agent – a buyer’s agent that is.  As a home buyer, you need to have an advocate on your side, looking out for you.  Your buyer’s agent will not only show you houses, but will help you locate financing, negotiate on your behalf, educate you on the buying process, set up inspections, locate an attorney and other people who are integral to buying and will help you determine value. 

In order to receive the benefit of all of these services and truly be represented by an agent, you will be asked to sign a contract.  This contract also ensures that the agent can be paid.  While sellers pay for the services of a buyer’s agent on paper,  the buyer really pays the agents because the cost of commissions is built into the home price.  However, for arguement’s sake, sellers pay the buyer’s agent fee at closing.

Exclusive Buyer’s Agent vs. Buyer’s Agent.  First, I have to tell you that I am an exclusive buyer’s agent, so I only work with buyers.  And, I naturally think I can do a better job than anyone else.  

A buyer’s agentmay represent both buyers and sellers.  Of course, there are agents who represent both buyers and sellers and who do so very honestly, professionally and are true advocates for their clients.   But the real estate system is inherently flawed in the form of dual agency or designated dual agency, which stacks the cards against true buyer representation by anyone other than an exclusive buyer’s agent.

If you choose not to work with an exclusive buyer’s agent, then at the very least, you should work with an agent who represents buyers at least 50% of the time.   Do not, and I repeat do not, assume that the person who has the most signs in an area or the most ads in a real estate book works with a lot of buyers.  The only way to know is to ask the agent.

You may also want to look for the ABR (Accredited Buyer’s Representative) designation.  This means that the agent attended special classes to learn about buyer representation and had to have a certain number of transactions where they acted as the buyer’s agent.

Where can you find a buyer’s agent? The National Association of Exclusive Buyer’s Agents has a free referral service on their website.  You can also look for agents who have the ABR designation here.   Another great place to find an agent is through people you trust – an attorney, an accountant, family, friends, etc.

Here are some questions you might want to ask any prospective agent (this is from the National Association of Exclusive Buyer’s Agents so it’s biased towards exclusive buyer’s agents – I believe in full disclosure):

Questions to Ask a Real Estate Professional

Donate Food to Feral Cats and Get $25 Off Tax Return Preparation in Manchester

Liberty Tax Services and Our Companions are holding a feral cat food-raiser on January 20th at the Liberty Tax Services office in Manchester at 143 West Middle Tpke.   From 10 AM – 2 PM, drop off any cat food supplies you have and receive a $25 coupon off having your tax return prepared. 

If you don’t know any thing about feral cats, go to the Alley Cat Allies website. 

Get it in Writing

Repeat after me, Get it in writing. Again, Get it in writing.  And one more time, Get it in writing.

Here’s why:

My clients are in the process of buying a house.  After the inspections were completed, I issued a letter asking the seller to repair certain items that were identified in the inspection.  I received a call back from the listing agent and we began to haggle over the phone.  Back and forth we went for days and days eventually turned into a few weeks.  Luckily, I anticipated this and so built in plenty of time until the closing. 

This agent is hard to deal with so I never got a written acknowledgement back from him or his client agreeing to the inspection items – the parties had come to an oral agreement. I had asked for the written acknowledgement several times and finally got the “the attorney will draft it up” brush off.  Fine.

The attorney drafted the inspection agreement alright, leaving out two items the seller had agreed to verbally.  His omission caused my buyers to panic.  I had to call the buyers attorney and the listing agent, who eventually called me back to say that the attorney had made a mistake.  The seller is handling the repairs as we agreed, so there is no problem in the long run.  However, this incident smacked me back into reality – GET IT IN WRITING!  I will never again accept an oral agreement from a listing agent.

The Lesson for Buyers: Real estate purchase and sales contracts are not enforceable in Connecticut unless they are in writing.  This also applies to inspection agreements.  According to state real estate law:

An offer for the purchase of real estate must be in writing, contain all essential terms and conditions and be
communicated to the Seller or his agent in order for the agreement to be enforceable.
Regulation §20-328-2a(d) requires that no licensee shall submit a written offer unless it contains all the essential
terms and conditions including the manner in which the purchase is to be financed.