If you haven’t had a chance to read First-time Homebuyer Magazine, it’s definitely worth your time. While the magazine focuses on people who haven’t owned real estate yet, it has great information for anyone who owns real estate, is planning on selling real estate and/or planning to buy real estate.
One tool they have on-line is a guide to typical closing costs in Connecticut. The guide gives the prospective homebuyer some idea of what is included in your closing costs and about how much they can be. The overall amount when you total the individual costs is lower than real life because this list excludes pre-paid items like homeowner’s insurance and real estate taxes. As the disclaimer notes, total closing costs are usually around 3% of the mortgage amount.
Your lender should review the closing costs with you when you are going through the pre-approval process and can give you a better idea.
May 31, 2007
If anyone tells you we’re in a buyer’s market in Connecticut, kick them for me, please.
By Fall of 2006, it seemed like Connecticut’s real estate market was levelling off. Buyers were out looking but not really buying, especially properties over the median value of around $250,000. The slow market continued throughout Winter. I was beginning to think I could finally get my first-time buyers into properties without fighting tooth and nail.
But something happened in March - buyers started sprouting up like the bulbs in my flower beds. And, they started buying, especially starter homes and condominiums. In the last two weeks, I’ve had four different buyers put in offers that were multiple offer situations. And there were at least two offers on each of those. It’s been a busy two weeks.
The properties had these characteristics in common:
- Move-in condition
- Priced right - either very close to or below recent comparable sales
- Would be considered entry-level or starter homes for the community or were condominiums
- They were in suburban communities usually more affordable to first-time buyers
What isn’t selling fast? Houses that need a lot of repairs or updates are sitting. Houses above the median sales price are also moving slowly in many towns.
If you’re looking for a house, be aware that the market conditions vary greatly depending on the type of home you’re looking for and that the market is changing from month to month. Market knowledge is especially critical.
May 27, 2007
A few weeks ago, I snapped some photos of my in-laws’ property that had been recently vacated by tenants. They left the home in really bad shape, as evident in the title of my post Really, Really, Really Bad Tenants.
If you can believe it, those pictures only revealed part of the damages they caused. The carpet and cabinets have been ripped out and all the trash they left behind has been removed. What’s left behind are cat urine soaked sub-floors. According to a contractor that specializes in this kind of work, the pressed board sub-floors have to be ripped out and replaced in the living room, dining room, hallways and 1st floor bedroom/office. Then, the rooms have to be bombed. Then, we need to treat and seal all the floors, from above and below in the basement with Kilz.
May 24, 2007
NOTE: I have closed off comments to this post due to comments consistently containing names, email addresses and phone numbers.
I recently posted an ad on Craigslist in Hartford, CT for an apartment I have for rent. In addition to the people actually interested in renting, I received about 20 scam e-mails.
Here’s my favorite:
Good-day With sound of good health. I’m Professor XXXXX Paleontologist “A fossil Hunter” Am interested in your apartment/house
for rent posted on Craigslist.com With the little descriptions you gave
there-in, am satisfied and it redeemed my stress of searching around
for an apartment to rent. I would like to make an inquiry if the apartment is
still available for rent and the duration in which you want to lease the
unit. Preferably 6-12monthsGet bak to me with the following:1- Security deposit fee ?
2- Monthly rent fees ?
3- Utilities if applicable ?
4- Dimension/measurement of the unit {s} ?
5- Crime rate of the area where the apt is located ?
6- Park lots if any ?
7- If the unit is Furnished or Unfurnished ?
8- Total Move in fees ?
ProfessorXXXXX
The Fossil Hunter {Paleontologist}
Never mind that the guy refers to himself as “The Fossil Hunter,” when you click on the link with his name, it takes you to several references - all to a man born in the 1700s!! Other signs that it’s a scam:
- Poor English.
- Asking questions about details you already gave in the advertisement. In my case, all the questions in the e-mail would have been answered if the writer had actually read my Craigslist post.
- No direct contact information.
- The writer is overseas. While you can’t tell for sure with this e-mail, many of the scams are from people claiming to be in other countries.
How do the scammers make money? If I had contacted this person, he/she would have likely offered to pay the rent for the apartment site-unseen. In addition, the person would have offered that his/her employer will include money for expenses in a check, which I would cash and then send the difference to my new “tenant.” Obviously, I would never see my new tenant again - or my money.
May 21, 2007
An easement is defined as:
A right to use the land of another for a specific purpose, such as a right-of-way or for utilities; a nonpossessory interest in the land. - Fundamentals of Real Estate Appraisal
Easements can be temporary or permanent, said to “run with the land.” Examples of easements include:
- Land owner may have an easement over another property in order to gain access to his/her property, such as in the case of a rear lot.
- A land owner may also have an easement over another property to gain access to a beach or a boat launch.
- A developer may require an easement over a neighboring property to gain access to sewer drainage or other public utility such as power lines.
- A developer or town may require that land be sold with conservation or wetland easements which would restrict the land owner from ever building on that part of the land.
Depending on the type, easements may have little or no effect on the value of a property.
May 15, 2007
