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Tomorrow Monday January 23^rd is the beginning of the annual Triangle Restaurant Week where dozens of the Triangles best restaurants offer discounted tasting menus.

Here’s the chance to check out some great food at great prices and discover for yourself why Chapel Hill- Durham and Raleigh are on every serious foodies radar regardless of where they live. (Particularly my home town Durham which afterall is said and done is the culinary capital of North Carolina)

Three course lunches for $15. Three course dinners for $20 – $30. Honestly the biggest problem is simply deciding which restaurants you’re going to try, an old favorite or some place new that you’ve been meaning to get to.

You can get a complete list of the participating restaurants on the web link above or check out their Facebook page.

Still can’t decide, send me an email and I’ll let you in on what I consider to be the best of the best, now get out there are start eating.

For me it’s been a hectic 2012 so far. I’ve closed one transaction so far, and have two buyers and one Seller closing this coming week. I’ve got several new listings I’m getting ready to put on the market and have a dozen active buyers I’m presently working with and whom I expect to have under contract in the next 4-8 weeks. Prices are still stable and mortgage rates are as good as I’ve ever seen them. So good in fact I’m presently refinancing my own home. If you’re paying above 4% on your current mortgage and plan on staying in you home at least another three years you probably should consider refinancing as well. Send me a message if you’re interested in more information and/or a list of reputable local lenders you could speak to. While I’m not expecting any significant changes in the marketplace, I am expecting to be even busier than last year and I’m looking to brig on a Realtor or two to work alongside me so that I can handle the number of buyers wanting experienced representation more efficiently.

Finally, I’m getting closer to letting you all know about the major changes that are about to take place with my company The Home Team, I’m very excited about what’s about to happen. Hopefully I’ll be able to start sharing the details this coming week. We’re just waiting on some final legal stuff to take place, but once it does I’ll be letting everyone know.

Related articles

• ResearchTriangle Home Sales up 17 percent in third quarter- 2011. (nchomesbylarryt.wordpress.com)
• 2012 – Buy a Home or Keep on Renting – What’s your Plan? (nchomesbylarryt.wordpress.com)

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This blog was written by a friend and one of the local resources I turn to when clients need some help either organizing their lives or more commonly getting their homes ready for sale. Deanne Morgan is a professional organizer and owner of Durham, NC-based Central Carolina Organizing LLC. You’ll find more organizing information and tips at www.centralcarolinaorganizing.com. I asked her to prepare a piece specifically designed to help you maximize your own home’s space so you can enjoy it even more.

No matter your home’s age or size, chances are you want and/or need more storage space. You can create that space yourself without spending a fortune or waiting for months and months on a contractor. Here are five tips to get started on making a home for everything in your house.

Do You Really Need More Storage

Before you head out to buy plastic bins, wicker baskets, hooks, filing cabinets and shelving, ask yourself why you feel you need more storage space. If you got rid of the things you no longer need or want as well as all the things that are expired, the wrong size, or broken with no hope of repair, would you still need more storage space? Find out.

Go ahead and get rid of everything you do not need or want and things you haven’t used in years and are not likely to use again. If something has been in a box in your attic since you moved in ten years ago chances are you haven’t missed it and you don’t need it. If your baby is now in second grade and you won’t be having more children, it’s time to part with the stroller in the garage.

Caution: Avoid hurt feelings and arguments — don’t get rid of anything that doesn’t belong to you without asking permission first.

Purge and Reassess

So, now that that’s done do you still need more storage space in your home?If so, you need a clear picture of where you need more space and the sizes and kinds of things that need homes. Start by looking at where you need space Do you need more storage throughout the house or are you lacking space only in certain areas or rooms? Next, make a list of the kinds of things that still don’t have permanent storage locations in your home .These might be clothing, shoes, sports equipment, papers, office supplies and so on. Finally, look at the quantity of each kind of item so you can roughly calculate the size or amount of storage space you need to create.

Choose Storage Containers That Are Right For You

If you need more containers for storing various things, think about what kinds of containers you want, how easy they are to use and whether they’re really functional.

Most of my clients are happy with practical, simple storage that’s easy for everyone in the family to use. They don’t care whether containers are made of plastic, metal, wood, wicker, or fabric. On the other hand, some of my clients feel strongly that they do not want plastic or painted wood, particularly if they have young children. Talk with your family about preferences they may have regarding containers. Find out, too, whether it’s important to have containers that match. For some, aesthetics are as important as being organized.

Additionally, think about what’s practical. For example, if you have cats who like to sharpen their claws on whatever’s handy, wicker baskets are probably not a good option for you. Another example: If you forget about things you cannot see (such as file folders in a filing cabinet) then you probably want to get clear plastic bins and open shelving. Final example: Toy boxes are not a good option for storing toys because everything ends up in a jumble and the kids have to pull out everything to find what they want.

Go Vertical

Vertical spaces are the most overlooked places for creating more storage. Vertical spaces include walls, shelves, the backs of doors (including cabinet doors), ceilings, the spaces between attic rafters, and certain types of furniture.

Walls: Get the clutter off your garage floor by hanging garden tools, snow shovels, and recreation equipment on the walls. There are all sorts of hooks, racks, bags and other devices designed to hang on the garage wall to store everything from tennis rackets to basket and soccer balls to fishing poles to rakes, hoes and hoses.

Shelves: Most closets have a single shelf over the rod used to hang clothing or a large gap between the top shelf and the ceiling. Use that wasted space by installing more shelves and/or by putting in vertical spacers so that, for example, folded linens won’t topple over to one side or the other. Alternatively, don’t add shelving but instead store tall things on the top shelf such as luggage or comforters. Also, you can use that empty luggage to store things you don’t need often such as out-of-season clothing, bedding or holiday linens.

Backs of Doors: You’ll find many products that hang on the backs of doors designed to hold a myriad of things, including canned goods, paperback books, shoes, purses, hats, craft items, and more. Wire shelving units are best for things like canned goods, books and DVDs. If you’re concerned about things falling through the wire shelving you can buy heavy plastic lining made specifically for wire shelves.

Get creative — just because the manufacturer designed the product to hold shoes doesn’t mean you can’t use it for other purposes. I’ve been in homes where shoe storage hung on the back of a door (fabric back with clear plastic holders) store art supplies, Matchbox cars, plastic dinosaurs, Barbie clothes, office supplies such as paper clips, pens and pencils, and even cleaning supplies.

Ceilings: Pot racks in the kitchen are one example of using ceiling space for storage. Another is to create a rope and pulley system in your garage to hang bicycles, ladders and other large, bulky items. Several of my clients suspended shelves from their garage ceilings over the space where the garage door opens. They use the shelving to store camping equipment and beach toys, things they use only a few times each year.

Attic Rafters: Don’t try to store anything in your attic if it doesn’t have flooring you can safely walk on. If you’re lucky enough to have flooring, utilize rafters themselves and the space between the rafters. You can cover and then hang wreaths on nails hammered into rafters. Hooks of various sizes will let you store fishing and flag poles horizontally. Finally, there is a North Carolina company that sells shelving designed specifically to fit between attic rafters. That vertical shelf space lets you store more than you could on the attic floor.

Furniture: You can buy foot stools and benches with built-in storage, etageres to go over toilets, end tables with drawers and shelves, dining room tables that have the extra leaves stored under them, and many other kinds of furniture with obvious and not-so-obvious built-in storage.

Get creative with how you use furniture. In my home office I removed the pole for hanging clothes in the closet and put a tall bookcase into the closet. That gave me more space for storing binders, books, extra office supplies and other things.

Remember: Keep It Simple

As you store the things in your home, group similar things together. Doing so will save space. For example, put all the boxes of pancake mix together, stack canned goods together and put bags of chips and cookies together. They’ll take up less space than they would if you mixed them up on a shelf. Plus, you can easily determine when it’s time to buy more of something.

Before you bring anything else into your home ask whether you really need it. If it’s not something you need then it’s more likely to end up as clutter. That’s true even if the item (pen, notepad, tote bag, coaster, Frisbee) is free.

If you need help parting with things and/or getting organized, call a professional organizer. You can find an organizer in your area at www.napo.net.

Related articles

• Billeater: Ways to Save Space in Your Small Apartment (savings.com)
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• Less Storage Space? Try these Simple Ideas (choiceofhomes.com)
• Conquer Clutter in the Garage, Basement and Attic (diyornotblog.wordpress.com)

I received a call from Brian at the restaurant yesterday morning who said they’d be more than happy to accommodate our request. We discussed any food preferences and I told him we were adventurous eaters, that I was formerly and executive chef and that we ate just about everything. We touched on price and he said he’d speak to the chef and give me a call back. In about thirty minutes he called me back and we were set.

From the moment we sat down both my wife Angela and I were impressed. There were specially printed menus on the table for us. Saffron Dinner Our waiter discussed briefly went over them with us and then bought us some complimentary champagne. (Always a good way to start a festive dinner.) The food was very good as were our cocktails and service and I know Angela appreciated the special attention she received. You’ll note the menu was signed, I mentioned that my wife and I appreciated the chef’s efforts and were wondering if he’d sign the menu, and our waiter said he’d ask. Apparently the chef was more than happy to accommodate us and we were told he really appreciated the opportunity to cook for us and loved hearing that we really enjoyed his work.

If you like well prepared Indian cuisine I can’t recommend Saffron enough.

Kensignton Trace is a popular condominium with UNC graduate students and young familes development in Chapel Hill NC

If you’re reading this and looking to buy in any other state you should really check with a local Realtor regarding how your specific state views these two forms of real estate. While much of the information I’m sharing below is likely to apply, I know it’s different in every state and these differences could be quite significant.

What’s the difference between the two — aren’t’ they basically the same thing?Possibly the single biggest difference between a condominiums and townhomes is that condo owners only own from middle of the exterior wall in, while townhome owners own the complete unit, including the exterior, the roof, and the land on which the unit is built and possibly additional adjacent land such as a front and/or back yard.

If you own a condominium you are not personally responsible for the exterior maintenance of the building which, as long as it’s being properly maintained, works well for some people. However if the development is under capitalized, this could potentially be a real problem as either the buildings fall into disrepair or special assessments are needed to pay for maintenance and repair of items like the roof, siding, parking lots, etc. While you might like the idea of paying low monthly fees now; if you get stuck with large special assessment bills unexpectedly you may not feel this way. Because of this I feel it’s critical that a condominium purchaser take a look at the development’s financial statement as part of their “due diligence” to confirm that they’re buying into a well-managed, financially stable development.

Every condominium and townhome development also includes “common areas” which can include, but aren’t limited to, sidewalks, parking lots, recreational spaces, hiking or biking trails, shared community amenities like pools, tennis courts, and fitness centers. In condominium associations these “common areas” are owned in common by all the property owners within the development. In townhome developments these are more commonly owned by the homeowners association for the benefit of the association’s members. In either instance owners should expect to pay a monthly or annual fee for the maintenance and costs of operating these common or community assets.

What other differences are there between the two? Legally there are some differences between the two. The creation, management and sale of condos built prior to October 1, 1986 is governed by the Unit Ownership Act while condos built on or after this date are governed by theNorth Carolina Condominium Act.Townhomes are not subject to these acts and the covenants, rules and regulations may vary considerably between different developments. That said townhome projects of more than 20 units created on or after January 1, 1999 are covered by the Planned Community Act as are other developments that have voluntarily chosen to abide by part or all of these rules. Developments that fall outside the Planned Community Act are typically governed as single family homes.

What are the restrictions in the development I’m considering buying in and how will they affect me? There’s really no simple answer I can give to this question as every development has their own set of restrictions typically set out in a document referred to as the Community Restrictive Covenants or Condominium Declaration. These rules can limit the number of people who may live in a unit, the number of vehicles you may park at the development, pets, fences, whether you may rent the unit, the types of landscaping you may have and literally dozens of other things. For this reason it’s important that a buyer ask for and review these documents. Getting a current and complete set of all the rules should be a simple and straightforward matter, but unfortunately it’s not. Buyers ultimately should assume that in order to be certain they may need to do more than simply ask their closing attorney or Realtor. I always start with a request to the Seller and typically make it a contingency in my buyers offer. I will then track down the manager of the Association and request a full and current set of all rules, regulations, by-laws, and restrictive covenants including any amendments. I also request a copy of their most recent financial statement issued to the homeowners. Occasionally I have had to go and ask the county to give me a copy of all these documents. If there is an expense to getting a copy of these the buyer should be prepared to cover it. If you have any concerns after reviewing them you should immediately discuss these with your agent and or the manager of the development. Don’t assume that they will make an exception for you and if they offer to do so, you’ll want it in writing. If you have any qualms at all about being able to comply with the rules of the development, do yourself a favor and don’t buy there. It’s important that you understand that to some degree the association has the right to tell you what you may and may not do with your property. I can share countless stories of unhappy home buyers who battle endlessly with their associations. Trust me: It’s not worth it.

How do I know my dues won’t be increased? The short answer is that you don’t. This is another reason to look into the financial picture of the association/development you are considering. If they have a substantial capital reserve, chances are that they aren’t likely to have to raise the fees. However, if the capitol reserve is low and the buildings appear to require maintenance it would be reasonable to assume that there will either be an assessment or an increase in dues. It’s a simple matter of speaking with the association manager early on and finding out if there are any plans to expand the common areas or amenities or if any major repairs such as roof, parking lots, etc are presently planned. Buyers should request that the Seller, the Sellers Agent or their own Agent supply them with the current contact information of whomever is managing the Association/Development and then confirm that this information is indeed current.

Keep in mind that it’s also possible for a municipal government to levy an assessment against any property owner, this could be for things like bringing public utilities to a neighborhood, or adding sidewalks, or taking over private roads etc. This applies to all property owners whether single family or condos/townhome. While not done frequently it’s certainly not uncommon and if you have any concerns about what may be planned in the near future for the neighborhood you’re considering buying into you should visit the local planners or development office in the municipality that the property is located within and ask.

Is there some way I can avoid paying my dues or special assessments if I don’t agree with the association or like what the money is going to be spent on? Absolutely not. All condominium owners (including the developer/builder) are responsible for paying their shares of the common expenses. This is also true of townhome owners if there are clear and definite written rules or guidelines in the townhome’s restrictive covenants. There are legal ramifications if you fail to pay; it’s even possible in some instance for your association to foreclose on your property even if you own it outright. If you have a dispute with your association it’s possible you may need to go to court or mediation to get it resolved. Even if there are clearly written rules or guidelines it doesn’t guarantee that they are legally enforceable. That’s what courts are for. In most instances as long as a rule is considered “reasonable” it’s likely to be upheld in a North Carolina court.

Anything else I need to consider regarding condominium or townhome ownership?One of the biggest and most significant differences is that for the past few years it’s gotten increasingly difficult to get financing for a condominium, while townhomes don’t have these same issues. This is not the first time the market for condo financing has dried up and it’s unlikely to be the last. I’ve been selling real estate full time for over twenty years and have seen this happen before. However, I haven’t ever seen it last as long as it has and honestly I see nothing that’s likely to change anytime soon.

This is directly related to the fact that a condominium owner doesn’t own the ground beneath their unit or even the exterior of the building. In order to get a mortgage for a condominium it’s going to be critical that it be FHA approved. To find out if the condominium your considering is on the approved list you can use this link: https://entp.hud.gov/idapp/html/condlook.cfm. You’ll need to narrow it down by state to see if it’s on the pre-approved list. If you don’t find it on the list it’s still possible it has approval. But be prepared that it may take a little time for your lender to make a final determination. There are many reasons a condominium project might not be on the list. These range from too many non-owner occupied (or investor owned) units, to failing to keep their paperwork current with FHA, too many owners not current with their dues, under capitalization, not enough units sold in a newer development, as well as others. Unless the development is on the approved FHA list there’s no simple way of knowing. What I as a buyer broker know is that the moment a lender realizes one of my buyers is interested in a condominium a red flag goes up and I’m always cautioned that while my client is approved for a mortgage, they may not be able to get one for the particular property their interested in. There are literally thousands of condo owners who are currently stuck trying to find cash buyers for their property as mortgages simply are unavailable for their units. It’s something every buyer should consider and discuss with their buyer broker.

Related articles

• Buying a condominium or a townhouse, what’s the difference? (goldenanswerman.wordpress.com)
• This will help out condominium and townhouse document fees (planbmortgageblog.com)
• 10 Things to Look for When Shopping for a Condo (doorfly.com)

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What a great way to start a new year. Once again Durham is hosting it’s annual free Paper Shredding, E-Waste and Christmas Tree Disposal Event, coming up on January 14^th. Available to all city and county businesses and residents it will be open from 8AM – 2PM in the Sears Parking lot at the Northgate Mall. For full details click Here The link takes you to the Environment RTP.org website which is a great local source of information. Now you have a chance to safely clean out your home, reclaim some space, help the environment and all for free! Thumbs up to Durham’s Solid Waste Management Department who is overseeing this event.

First Come- First Served- The Durham Home Energy Savings Program (HESP) is accepting application for subsidized assistance for professional energy retrofits to their home. Approximately 200 homes will be improved this year. and it’s decided on a first come first served basis. Participating homes will save roughly 20% of their total home energy use. Homeowenrs will pay $400 and HESP will pay up to an additional $1600 per house.

Homes must be Single Story or Two Story with both top and bottom floors having the same shape. All homes must be 2300 square feet or less.

The work that is done includes items such as sealing air leaks in heating and cooling duct work, attic and crawlspace. Installing programmable thermostats, carbon monoxide detectors and attic insulation. Installing high-efficiency shower-heads and faucet aerators. This is a great opportunity to really improve your home, save money and help the environment. You definitely need to act fast if you are interested as there only a limited number of homes that will be accepted. For more information visit www.GreenerDurham.net or call Tobin Fried @ (919)-560-7999

Two more reasons I love living here in Durham North Carolina.

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Wow, 2011 flew by and was a fantastic year personally. I appreciate how fortunate I was to have met and helped so many interesting people either buy or sell a home here in the greater Durham, Chapel Hill area in North Carolina where I live and work. You kept me incredibly busy and I’m certainly thankful.

2012 is shaping up to be another phenomenal year. In the past week alone I got one of my investor clients under contract on a foreclosure property they wanted, met with three new buyer clients and am looking forward to working with them. I’ve got several new listings I’ll be bringing onto the market in the next few months and all and all I’m expecting another great year. I have finally gotten myself a personal assistant to do some of the back office/Internet chores that occasionally limit my time. I’m hoping to find even more time to spend with my friend and clients. It also seems likely there’s going to be some major changes this year at my company The Home Team. While changes can sometimes be disruptive, I’m looking for to the challenge and believe it’s going to benefit my clients and myself in the not to distant future. I’ll write more about what’s going on in the coming month.

Had client/friends over last night for our annual New Years Eve dinner party. Had a great time and have attached the menu for those of you who are interested. NYE Menu 2011 In my former career I was an executive chef, and these dinner give me a chance to enjoy myself in the kitchen and serve as a form of artistic release. I only wish I could find the time to do more of them.

I’m presently reading That Used to be US by Thomas Friedman and Michael Mandelbaum and am recommending it to anyone interested in how we could see the country change for the better.

I’ve grabbed a couple of meals at the new NanaTaco since it’s opened and while not necessarily authentic Mexican cuisine, I’ve got to say it’s impressed the heck out of me and is another “must eat” restaurant here in Durham. Simple in concept, well executed, delicious and inexpensive. I’m personally recommending the Chile Relleno, and either the house smoked duck tacos or the grilled vegetable tacos, all are outstanding. They haven’t gotten a website up yet that I can find so the link is to Nana’s main website, I’m sure they’ll have a link up soon enough. Based on the two times I’ve been there, word is already out about how good it is. Located in between Nana’s and The Q-Shack on University you’ll want to check it out.

As always if you’ve got any questions about real estate in general, or what’s going on specifically in the market here in Durham, Chapel Hill, Carrboro, Pittsboro etc don’t hesitate to leave me a message or shoot me an email. I’d be happy to hear from you.

I wish everyone reading this a healthy, happy, and exciting 2012.

Larry

Related articles

• ResearchTriangle Home Sales up 17 percent in third quarter- 2011. (nchomesbylarryt.wordpress.com)
• 2012 – Buy a Home or Keep on Renting – What’s your Plan? (nchomesbylarryt.wordpress.com)
• Durham Continues to Rock! (nchomesbylarryt.wordpress.com)
• 2012 – Buy a Home or Keep on Renting – What’s your Plan? {Part Two} (nchomesbylarryt.wordpress.com)
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As a full time broker for over twenty years, I have attended nearly a thousand home inspections and have dealt with the attendant negotiations that follow. Trust me: They can occasionally get ugly.

Experience has shown me that more often than not the reason they occasionally get ugly is that either the buyer, the seller or, in some instances both, really don’t understand what the purpose of a home inspection is, or what’s reasonable to expect in terms of repair requests.

Once a property is under contract, the buyer should order their home inspection(s) to be done. If you are working with a good buyer broker, I would ask for them for recommendations for home inspectors. If you purchasing directly from the listing agent I would not consider asking for recommendations. The listing agent has already placed themselves in a questionable position and, in my opinion, has clearly indicated that they are more focused on retaining the entire commission as opposed to representing either the buyer or the seller — both of whom they originally swore to work for. I would be hesitant to trust anyone they recommended.

The bad thing is that many states have rather lax requirements for becoming a home inspector and, as with most things, experience counts as does a commitment to ongoing continuing education. I will only recommend ASHI (American Society of Home Inspectors) or InterNACHI (International Association of Certified Home Inspectors) to my clients. These professional organizations require their members to pass strict testing requirements as well as ongoing, certified, continuing educational courses. They have codes of ethics that their members agree to abide by and that also gives me more confidence than using an inspector who is not a member of one of these Associations. The report is the property of the Buyer. Typically buyers authorize their inspector to send a copy to their buyer Broker as well so that they can discuss it. If the Buyer is asking the Seller for consideration based on the report, then the report or the pages from the report related to the request should be given to the Sellers and their agent for review at the time the request is made.

Home inspectors are not hired to point out cosmetic defects; they are there to inspect the roof, basement and/or crawlspace, foundation, HVAC (heating and cooling systems), plumbing, electrical and structural components of the house. This is a non-invasive examination. They may not open up walls for example, and so it’s possible that some issues may not be discovered. Most inspectors will check that your stove, fireplace, dishwashing machine, jetted tub, etc. are all working as intended at the time of the inspection. They will generally not check your washer, dryer, swimming pool, water softener, irrigation system or well and septic. Good inspectors will not comment on what repairs may cost nor will they offer to make the repairs; that is not their job and if they do make an offer you should question their motives.

A good inspection on a 2000 square foot home will typically take between 2-3 hours (sometimes longer) and, when finished, you should receive a detailed report which should include pictures of any issues, as well as a brief written comment on the nature of the problem. It’s common for these reports to be e-mailed out within 24-48 hours of the actual inspection.

If you are buying a property with well and septic you should have a separate inspection of these systems by a qualified professional. You should also have a pest/termite inspection done and, if the heating and cooling systems are eight years or older, I routinely recommend having a qualified HVAC contractor do a separate inspection of these items. Yes, it’s going to cost a little extra money but these are two very expensive components of the home you’re buying and a home inspector is not qualified to take them apart and do an in-depth inspection of the coils, heat exchangers, etc. Remember the average lifespan of an HVAC system is between 8-12 years.

Once all your inspections are done then it is time to discuss the findings with your agent. Remember, unless you are buying a new home the inspection summary is not a punch list. Negotiations start getting ugly quickly when a buyer (and/or their agent) chooses to turn over the summary to the seller requesting everything on the list be fixed.

I think it’s important to consider the price paid. Generally speaking buyers haven’t offered full asking price which is what the seller wanted when he listed it. The buyer should have no expectation that after negotiating the price down, the seller is then going to fix or repair every little item mentioned on the report.

It’s very common to see No GFCI in the bathroom or Space between staircase spindles is greater than 4 on center or other similar issues that fall under the category of “No longer meets code.” It’s important to bear in mind that depending on the age of the home these items may not have been required by code and that as long as the home met all applicable codes at the time it was built, then it’s unreasonable to expect a seller to retroactively bring the home up to current code.

Building codes are changed every single year and if you are the type of buyer who wants a house that is current on every code, then you should purchase a brand new home. When you’re buying a used home you have to accept that there may be many things that don’t meet today’s code, and this doesn’t mean that there’s anything wrong with the home. Comments that the roof, HVAC or water heater are “nearing the end of their anticipated life expectancy” are for the buyer’s information. While undoubtedly true, unless the roof is actively leaking or the heating and air conditioning are not functioning as intended, then it’s unreasonable for a buyer to request compensation for these items. The buyer and/or their agent should have noticed this prior to making an offer and should have factored it into their offered price.

Sellers often get extremely distressed even when reasonable requests are made. My advice to sellers has always been, “The Buyer can go away, but the problems will be here for the next buyer to uncover. While you do not have to say anything, I am obligated to disclose these issues now that they have become known. So let’s work towards a satisfactory solution that both you and the buyer can live with.” In today’s market this is particularly true, as buyers have many options and sellers have very few. If the requests are for items that are no longer working as they were intended to, and the contract did not state that the sale was “as-is,” the repairs or compensation should be assumed by the seller. One way to avoid any unpleasant surprises is for Sellers to have their home pre-inspected, make the repairs and then have their listing agent use a copy of the rpeort and the repair receipts as part of their marketing.

When it comes to repairs, my advice is the same to both sides: “If possible let’s talk about money.” Sellers should not want to do repairs as the language on the contract is vague, “ALL REPAIRS MUST BE DONE IN A WORKMAN LIKE MANNER.” Making repairs in essence places the seller in a position where the buyer can simply reject the work done as unsatisfactory. Buyers should hesitate to have sellers do repairs, as most buyers would prefer the work be done well and that any warranty that may accompany the work be in their name. Sellers tend to want to do the work as inexpensively as possible. This is another point where things can get ugly. My preference is to get a few quotes, average them together and then come up with a median price that should be sufficient to cover the cost of the repair. This can, in many instances, be given as a closing cost credit.

As you can tell, inspections are vitally important as are reasonable expectations on both sides. Having a well experienced realtor who can explain what’s reasonable and what may not be, who can bring in tradesmen/contractors to give fair estimates, and most importantly who can help mediate any disputes can often make all the difference between having the sale close or seeing it blow up.

Related articles

• Get a Quality Home Inspection (mmejocelyne.wordpress.com)
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• Why You Need a Home Inspection (vancouversold.wordpress.com)

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Most of us who wish to buy a home will do so by getting a mortgage. The first requirement is that we manage to save up enough money for a down payment. In addition, there are many other costs when purchasing a home — collectively referred to as “closing costs” which may include: mortgage application fees, attorney fees, inspection fees, home owners and title insurance, property tax and possibly homeowner association pro-rations, filing fees, and others. Equally important is having a good enough credit score to qualify for a mortgage and, unlike saving up your money which everyone understands, very often many people don’t really understand how this works and what it will mean and how to improve their scores. If you are one of these folks, this is the information you need.

I spoke with several of my preferred mortgage lenders all of whom work with different lenders, both traditional banks as well as credit unions, in an effort to educate myself on how the credit scoring system works. Here’s what I learned.

The single most important thing you can do in order to maintain a good score (or build your score up) is to make your payments on time. I’ve been told that payment history counts for roughly 35% of your total credit score. From a lender’s perspective if you’ve recently missed or been continually late making payments, they feel that this is going to continue and will probably result on your defaulting on your loan. Whether this is entirely true is open to debate, but rest assured this is how it’s viewed. They also calculate severity; in other words how late did you pay the minimum amount (or more than what was required) and how late was your payment? They will also factor in how often you’re late with payments. Anytime a creditor starts the collection process, rest assured your credit is going to take a significant ding. You need to make your payments on time.

The next biggest part of their calculations (approximately 30%) is how much you owe. What they’re measuring is how “maxed out” you are. It’s less about the actual amount you owe and mainly about what percentage of your available credit is being used. Most of the lenders I spoke with said if you’re not able to pay your bill in full every month, you really need to focus on not carrying more than 50% of your available credit line. They feel much better (and your score will be much better off) if they believe that you have an ample cushion in case of an emergency. Even though it makes very little sense to me, this is why credit counselors advise not closing out credit cards you may not be using. The more access to credit you have the higher your score will be.

As you can see these two item account for two thirds of your credit score. The remainder is comprised of three items. The first is the length of time you’ve had credit. The longer you’ve had credit the better, as they assume you’ve learned how to manage your credit over time. This is why it’s important to begin developing your credit early on and manage it wisely. I’ve been told this accounts for 15% of your total score and is another reason why you don’t want to close out old accounts. The fact that you owe nothing on them matters less than the fact that you’ve had them and used them responsibly over time. The second item is the type of credit you have. Installment loans (mortgages, car loans, furniture loans, etc.) are better than credit or charge card loans as installment loan eventually get zeroed out while charge cards tend to go up and down. The final thing they consider is how often you’re out looking for credit. While your credit score will get dinged each time you apply for a new credit card, shopping for a mortgage will not affect it the same way. Multiple credit checks by mortgage lenders are viewed as one inquiry. The presumption is if you’re looking for credit cards you need credit and it should come as no surprise that they would rather lend to people they feel aren’t in need.

To give you some idea of just how important your credit score is when seeking a mortgage consider this: With 20% down the difference between having a credit score of 740 and 640 will cost you between 2.5% and 3% in terms of the cost of getting your loan. For a $200,000 loan this means a person with a score of 740 or above will save $5000 – $6000 over a person with a score of 640.

Everyone is entitled once a year to a free credit report. There is only one government-approved site to get your free report and it’s www.AnnualCreditReport.com. You should take advantage of this each and every year to maintain your credit so that you get the best possible offers when you’re ready to buy a home.

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The Home Team is once again proud to lend our support and many of us will be serving as hosts/hostesses at the various houses. I myself will be at 814 Old Mill Rd. on Saturday the 10^th between 1PM and 3PM and hope to see you there. It’s a wonderful opportunity to get an inside look at some remarkable homes and enjoy learning more about the rich history that is integral to the Chapel Hill we know and love today.

Tomorrow is Thanksgiving and my wife and I are visiting our son and my family to enjoy the holiday with them. It’s been a wonderful year so far with much to be thankful for. I am deeply appreciative for the level of confidence exhibited by my clients (both Buyers and Sellers) in allowing me to assist them throughout the year and hope that they all enjoy a wonderful Thanksgiving holiday.

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The least expensive upgrade any home can get is a sharp new paint job, but there are some caveats. Painting itself is pretty easy. What’s not as easy is the prep work required for a really great paint job. Be prepared to spend more time getting the room ready to paint than you will actually painting. Here are some secrets to help you make any room look awesome.

Prepare your surfaces. If you want a great looking paint job, start with nice smooth surfaces. If your walls have little dings in them, get some sheet rock mud from your local paint store and use it to smooth out any blemishes. When it’s dry, lightly sand it. You can also sand out most blemishes on your trim work. Always vacuum and/or wipe down all your surfaces before you paint. If you have stains on a ceiling or wall treat them first with a stain killer such as “Kilz.”

Tape. Use painters tape to cover what you don’t want to paint, like windows. The tape comes off easily and is readily available in any hardware or paint store. Take your time and focus on keeping good straight lines. This is absolutely critical if you’re going to have a great looking room.

Paint. Use the right paint. The higher the gloss the more imperfections will show. Walls should be painted with flat paint. Trim semi-gloss. In bathrooms an eggshell or satin finish hold up better, but avoid the inclination to use it anywhere else in your house. This may sound silly, but buy high quality paint. High quality paint will go on easier and provide better coverage. If you’re using colors, check with the people you buy your paint from and ask them what color primer they suggest. It’s often a different color than you might imagine and you would be better off taking their advice. Lastly, don’t paint in the evening when you’re already tired and don’t have good light. Professional painters typically bring in spot lights to work inside; they know the importance of being able to see what they’re doing and of not trying to paint in a room that’s full of shadows. You’ll get a better paint job if you paint in a well-lit room and when you’re really focused on the job at hand rather than simply trying to bang it out.

Trim. Inside or outside, trim should be a different color than the wall color. It’s a detail and looks best when it “pops.” Take your time, fill all nail holes and tape off the adjoining walls, floor and/or ceiling and then painting trim goes quickly.

Another great and reasonable way to improve the value of your home is to add crown or chair moldings to a room. This takes a little experience using a miter saw, but definitely can be done by many people on their own. Nowadays you can use a very reasonably priced MDF [Fiber board] product that, once it’s in place, is indistinguishable from the more expensive wood versions and typically costs less than half as much. Even if you don’t feel capable of doing this yourself, consider hiring a carpenter to come in and put it up for you. Crown moldings can really dress up a room.

Replace fixtures. Another great way to add appeal and value to your home is to update the lighting and plumbing fixtures. Again there are many homeowners who can tackle this task on their own, making it extremely affordable. Focus first on your lighting fixtures, in this order: kitchen, bathrooms, hallways, remaining rooms. With plumbing fixtures, start with the kitchen first, then master bathroom, then the remaining bathrooms.

Adding hardwood floors, tile in bathrooms or as a back-splash in your kitchen, putting in granite counter-tops, etc. are all great things to do, and definitely add to any home’s appeal. But these are bigger ticket items and typically beyond the skills of the average homeowner to do on their own. Don’t try tackling projects on your own that you’re not sure you can pull off. There’s nothing worse than spending your time and money and not being happy with the end result. It’s your home and it’s absolutely worth having it look great and reflect your unique style.

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