Those who know me know I'm all about being green. Not as much as I should be- but enough that I have a big interest in becoming an eco-broker . I had not known this until this past weekend, but the Museum of Science and Industry has an exhibit running until January 4, 2009: Smart Home Green + Wired.
The pre-fab home was built with and for energy conservation in a climate controlled environment in Decatur, In by All-American Homes. This allowed it to be completed 60% faster and with significantly less waste.
The home was designed by Michelle Kaufmann and pieced together on-site at the museum campus and tours everyday (except Christmas Day). I'm eyeing out the 20th as my field-trip day, but might have to run up sooner than that. Check out the links to find out more! I'll be sure to update after I see it in person!
Tuesday, December 2, 2008
Monday, December 1, 2008
First Time Home Buyer Steps Part 8
Your home inspection is completed and it either came away crystal clean, really really bad or most likely somewhere in between. If you have come to resolution with the issues you're continuing on with the transaction- if not, you're going back to the 'search for homes step.' Once you have this out of the way the rest is pretty much smooth sailing!
You'll possibly need to come up with documentation or sign papers to complete your loan paperwork and you will definitely want to shop around for homeowners insurance- something you will need to have done and ready before closing. Keep in mind that the insurance company is going to want you to pay a year in advance- just another one of those things you rarely consider when budgeting for a home.
You're through the process now. Home found, offered on, negotiated, inspected, (possibly re-negotiated), insurance purchased....now it's time for the big day, closing! You'll want to do a final walk-through of the property to make certain it is in the condition it was promised to be in. I recommend doing this immediately before closing, but the evening before is also a justifiable option in most cases.
As a buyer with a mortgage, you'll want to ice up your hand the night before (or is that heat? I never know). Bottom line is- you'll have a bunch of paperwork to sign with your attorney. He or she will explain what you are signing and why- and sometimes your lender will be there to answer questions as well, and of course, your favorite REALTOR will be hanging around should any complications arise. I've been in closings that were done in a half hour. I've also been in some that lasted 3,4,5 hours or had to be pushed back to the following day- almost always while waiting for funding. If funding is present, the closings go smoothly and everyone can go out and celebrate! And by celebrate, I mean moving furniture and boxes and cleaning!
You'll possibly need to come up with documentation or sign papers to complete your loan paperwork and you will definitely want to shop around for homeowners insurance- something you will need to have done and ready before closing. Keep in mind that the insurance company is going to want you to pay a year in advance- just another one of those things you rarely consider when budgeting for a home.
You're through the process now. Home found, offered on, negotiated, inspected, (possibly re-negotiated), insurance purchased....now it's time for the big day, closing! You'll want to do a final walk-through of the property to make certain it is in the condition it was promised to be in. I recommend doing this immediately before closing, but the evening before is also a justifiable option in most cases.
As a buyer with a mortgage, you'll want to ice up your hand the night before (or is that heat? I never know). Bottom line is- you'll have a bunch of paperwork to sign with your attorney. He or she will explain what you are signing and why- and sometimes your lender will be there to answer questions as well, and of course, your favorite REALTOR will be hanging around should any complications arise. I've been in closings that were done in a half hour. I've also been in some that lasted 3,4,5 hours or had to be pushed back to the following day- almost always while waiting for funding. If funding is present, the closings go smoothly and everyone can go out and celebrate! And by celebrate, I mean moving furniture and boxes and cleaning!
Monday, November 24, 2008
First Time Home Buyer Steps Part 7
Inspection and modification:
You're cruising along quite nicely. You've found a REALTOR, lender, house and have it all negotiated and agreed to....you're holding on to a signed contract to buy your first home. Congratulations! Now you've got to make certain that puppy is a good buy (home inspection) and that you're well represented (attorney).
Nothing scares me more, in working with buyers, than the potential call 6 months or a year later to complain that the house I sold them is a lemon. I always recommend the single-best inspector around. Your REALTOR can and will give references out as well. Here's some things to inquire about when selecting a home inspector (whether referred or not):
You're cruising along quite nicely. You've found a REALTOR, lender, house and have it all negotiated and agreed to....you're holding on to a signed contract to buy your first home. Congratulations! Now you've got to make certain that puppy is a good buy (home inspection) and that you're well represented (attorney).
Nothing scares me more, in working with buyers, than the potential call 6 months or a year later to complain that the house I sold them is a lemon. I always recommend the single-best inspector around. Your REALTOR can and will give references out as well. Here's some things to inquire about when selecting a home inspector (whether referred or not):
- How long have you been practicing?
- Are you member of a professional association?
- What is your continuing education requirement?
- Can I attend the inspection?
- How long will it take?
- What will you/won't you inspect?
- What is the fee?
- What type of report do you give and how long will it take to be completed?
Any inspector worth his or her salt should answer all of these questions quickly and confidently. If you have any hesitation towards the individual or team you're considering, step back and question yourself, "Can I wage possibly the largest investment of my life on this person's 'expertise'"? If the answer is no, move on.
Assuming you select a good inspector and the home being purchased is not an 'as-is', short sale or any type of REO or bank owned property- you will have until the end of your attorney modification period to ask for items requiring attention to either be fixed or credited for monetarily. Remember, this only applies for items over $500 (in my contract)...there is some risk involved in buying a home and as NONE are perfect, it's unrealistic to think a seller can or will get it in perfect shape in order to close.
In my board of REALTORS contract the home inspection clause goes longer than the attorney modification clause (10 calender days to 7). It's always wise to get the home inspection done immediately so any potential issues are unearthed and resolution can be found.
People ALL THE TIME want to bypass the attorney. That's your choice, but never recommended by this guy. A REALTOR cannot practice law (unless he or she holds such qualifications to practice as an attorney). I always tell folks mulling over the idea of skipping legal representation, "I'm no dummy but the worst attorney around is going to run circles around me in any sort of legal-based confrontation. Spend a couple of bucks to make sure you're well-covered."
Thursday, November 20, 2008
First-time Home Buyer Steps Part 6
Making an offer:
You've found your REALTOR, a great loan and lender and have been out shopping for homes; and now you've found it. The One. Your first house! Your REALTOR can and should do a market analysis on the home to give you a good feel for its current market value (just like he or she would do for a seller to determine the RIGHT price or it).
The next thing you need to do is make an offer on it. This will be in terms of filling out a contract to submit to the seller. The contracts are fairly in-depth and I'll probably go into them at a later date....know this: it is wise to go through every paragraph with your REALTOR. Make certain that you understand what you are signing and it is ALWAYS recommended that you have an attorney.
Once you have settled on an offer price and submitted the offer to the sellers, they have a finite amount of time in which to respond. My board's contract defaults to 3 days to hear back but that can be modified up or down. Sellers are out of town? You can make it 5 days. Property is very active and might sell quickly? Make it one day. Anyone who works with me knows there's no reason to wait in responding...."Get to the gettin'," is my favorite line when it comes to the contract. Even though there may be differing opinions on the price; sellers have a bottom line and buyers have a top dollar- negotiate it out....you'll either get it together or you won't.....but there's no sense in dilly-dallying.
After the initial inking of the contract, all negotiations will be done verbally until agreements have been made on all terms and price. At that point, the buyers will initial the adjustments and the sellers will do the same and sign the contract. Once the listing office (or whoever is holding) receives the earnest money, the deal is fully executed and the buyer has a finite time to conduct the inspection period while both sides are under attorney modification. To learn more about that- check out the next blog!
You've found your REALTOR, a great loan and lender and have been out shopping for homes; and now you've found it. The One. Your first house! Your REALTOR can and should do a market analysis on the home to give you a good feel for its current market value (just like he or she would do for a seller to determine the RIGHT price or it).
The next thing you need to do is make an offer on it. This will be in terms of filling out a contract to submit to the seller. The contracts are fairly in-depth and I'll probably go into them at a later date....know this: it is wise to go through every paragraph with your REALTOR. Make certain that you understand what you are signing and it is ALWAYS recommended that you have an attorney.
Once you have settled on an offer price and submitted the offer to the sellers, they have a finite amount of time in which to respond. My board's contract defaults to 3 days to hear back but that can be modified up or down. Sellers are out of town? You can make it 5 days. Property is very active and might sell quickly? Make it one day. Anyone who works with me knows there's no reason to wait in responding...."Get to the gettin'," is my favorite line when it comes to the contract. Even though there may be differing opinions on the price; sellers have a bottom line and buyers have a top dollar- negotiate it out....you'll either get it together or you won't.....but there's no sense in dilly-dallying.
After the initial inking of the contract, all negotiations will be done verbally until agreements have been made on all terms and price. At that point, the buyers will initial the adjustments and the sellers will do the same and sign the contract. Once the listing office (or whoever is holding) receives the earnest money, the deal is fully executed and the buyer has a finite time to conduct the inspection period while both sides are under attorney modification. To learn more about that- check out the next blog!
Wednesday, November 19, 2008
A break in our daily schedule
I'm interrupting our daily schedule of first-time home buyer tips yet again. This time's because I have bronchitis and don't really have "it" to properly piece together a worthwhile piece for the day.
However, I'll drop you some numbers that may surprise. Per the MLS statistics of 1/1/07 to 11/17/07 and 1/1/08 to 11/17/08.....
However, I'll drop you some numbers that may surprise. Per the MLS statistics of 1/1/07 to 11/17/07 and 1/1/08 to 11/17/08.....
- The Coal City/ Diamond/ Carbon Hill area is down 11% in volume of sales this year as opposed to last. However, both Morris and Grundy County are down over 20% so we're doing well by comparison.
- Also, the median value of home in Coal City has actually gone UP almost 6% in that same time. Both statistics bode well for sellers in Coal City/ Diamond/ Carbon Hill.
Also, congratulations are in order for Bobby Kroeger who was voted on this site as the Coal City player of the game versus Aurora Christian two weekends ago with 66% of the vote. AC, by the way, defeated Addison Driscoll last week- ending their run of consecutive state championships. 6 days left to vote for the player of the year here to close out CC football talk.
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