The Deborah Arends Team's Blog

Handling an Estate Property?

Thu, 15 Apr 2010 11:47:00 GMT

Our estate program is designed so that we handle all the details so you don't have to:

Communicate with all parties involved in the transaction including attorneys, real estate agents, escrow, title and lenders.

Order title insuance and review title report as it pertains to estates.

Provide recorded documents to parties as needed (saves you from having to locate and deliver).

Deliver paperwork to your attorney for review and modifications.

Ensure proper estate terminology is included in listing published in the Northwest Multiple Listing Service in order to protect seller.

Negotiate terms of purchase and sale agreement including:
- Waiver of Form 17 (Seller disclosure statement): This form is not required in estates; however, the buyer can back out if waiver not signed.
- Lead based paint disclosure: Required on all properties built prior to 1978. - Special Warranty Deed -Preprinted purchase and sale agreement specified the use of a "statutory warrant deed", which we will change to "Special warrant deed" to limit the scope of warranty.
- Use of special "As-is" clause to protect the administrator or executor.

Review need for possible change in homeowner's insurance policy. Due to an estate, property may not be covered by the existing policy.

Ensure that buyer's earnest money check is deposited into a trust account.

Indicate that property is to be sold in its present condition, or if seller prefers to make modifications:
- Provide suggestions for improvements to maximize profit (Some small items can generate a big return).
- Supply our "preferred provider" list of cleaners, landscapers, contractors, etc.
- Collect bids, schedule and provide access for work to be completed.

Provide recommendations and referrals for removal of personal property (Estate sales, charity, dump hauling).

As needed, communicate with multiple family members to keep you "out of the middle."

Maintain a file with all documents for a minimum of three years, in case information or copies are needed at a future date.

Ensure confidentiality at all times.

Q&A

Wed, 10 Mar 2010 14:27:00 GMT

Q: I would like to know if my home has appreciated in the 10 years since it was purchased. What factors may affect its value?

A: Many people are wondering about the value of their homes. There are many factors that can influence value, including;

Neighborhood - if the homes in your neighborhood are well-maintained, it can help your home hold its value or appreciate consistently through time. Even such intangibles as friendly neighbors or low noise levels can affect property values.
Community - good schools can have a positive impact on property values, along with responsive city services, low crime rates and thriving businesses. Having such amenities as a library, parks and walking trails nearby also help property values.
Roads and transportation - if the roads are maintained properly and offer convenient access to the businesses, shopping and attractions, your property value will tend to be higher.

Call me for a comparative analysis to give you a reasonable idea of your home's value in today's market. I can also provide selling prices of similar homes in your area.

Tax Credits at a Glance

Tue, 09 Feb 2010 01:00:00 GMT

$8,000 First-time Home Buyer Tax Credit at a Glance

The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Q: I am just starting to look for a new home. What do I need to take along when I am house hunting?

Thu, 04 Feb 2010 13:17:00 GMT

A: That's a good question. You want to learn as much as possible about each potential home and you may need a few simple tools to help you do so. Here's what you'll want to bring on each house-hunting excursion:

Note pad and pen. You'll want to take notes about each property. As you visit more homes, details may begin to blur together and your notes will help keep them straight.
Flashlight. This will help you take a closer look into enclosed areas.
Tape Measure. It's important to check such dimensions as room sizes, clearances and the depth of the garage, etc.
Camera. This will allow you to look back and compare homes side-by-side. You can also share photos with children or other family members who may not have been able to go on each tour. This way everyone can be involved in the final home-buying decision.

If you have more questions about purchasing a home, call me. I would be happy to walk you through this exciting phase in life.

Interviewing Agents? Get the Facts!

Mon, 25 Jan 2010 01:00:00 GMT

Questions to ask if interviewing agents.

1. Are you a full time agent?

2. Do you spend 100% of your time assisting buyers?

3. Will you point out the negative aspects of each property as well as the positive?

4. Do you have a list of lenders, home inspectors and other professionals that you recommend?

5. Are you a member of a team? If so, please explain.

6. What area and in what aspect of the market do you specialize?

7. Can you give me references of past clients to contact?

8. Will you guarantee me that you will not be representing any seller at any time while you are working with me?

9. Will you show me all the homes on the market that you feel meet my needs, including For Sale By Owner properties and other properties?