Tips

Don’t Let the Bed Bugs Bite…Bed Bugs and the Real Estate Market

by Lisa Udy on January 10, 2012

Don’t Let the Bed Bugs BiteYou may have heard the phrase, “sleep tight, don’t let the bed bugs bite” a few times before.  And perhaps at no time in recent history has that warning been more fitting, since the incidence of bed bugs within the U.S. is at an all time high.

Don’t Let the Bed Bugs Bite!

Bed bugs don’t discriminate, and they don’t just live in beds.  They can make themselves at home in your carpeting, drapes, upholstered furniture and other areas.  No home, business, hotel, or other property is immune from bedbug infestation.  In fact, you don’t even need a bed on the property to get these little boogers!

One thing will kill these nasty little critters that have officially been classified as vermin by many states.  DDT.  This pesticide is super effective at eradicating bed bugs, but is not so healthy for people.  Thus, a major snag in wiping out the entire North American bed bug population!

Outbreaks of these creepy crawlers have been reported from coast to coast, in homes, hotels, offices, schools, stores, libraries, and even hospitals.  Bed bugs don’t care if you’re rich or poor, an average Joe or someone as famous as Bill Clinton, the former U.S. president.  Clinton’s Manhattan offices had to undergo bed bug eradication.

According to the Environmental Protection Agency (EPA) and the Centers for Disease Control (CDC), the resurgence in the bed bug population is likely due to the “increased resistance of bed bugs to available pesticides, greater international travel, lack of knowledge regarding control of bed bugs due to their prolonged absence, and the continuing decline or elimination of effective vector/pest control programs at state and local health agencies”.

These little guys can be found in big cities and small towns everywhere and it is thought that they like to hop aboard your luggage, which is how they make their way from town to town so easily, reproducing wherever they end up along the way.

According to Orkin, one of the nation’s leading pest control companies, the top five cities in the U.S. for sheer number of bed bug infestations are, in order of worst infestation to least: Cincinnati, Ohio; Columbus, Ohio; Chicago, Illinois; Detroit, Michigan; and New York, New York.

Bed Bugs and the Real Estate Market

The challenge with bed bugs lies in getting rid of them, which can be a costly procedure that requires several visits from an exterminator.  Many states have created legislation in regards to bed bugs, which will hopefully curtail the problem.  Still, homeowners must be diligent when traveling.

Take a flashlight along, and look high and low for bed bugs, including along the mattress, the headboards, under the tags on the mattress.  Check the drapes, the carpet, and any furniture in the room.

Leaving your luggage in the bathroom may help, since the bugs do not usually migrate to the bathroom, especially if there is no carpet.  Take a good look at your luggage before you bring it inside, or better yet, store your luggage in the garage.

Launder all clothing that you had in the luggage when you get home.  Dry the clothing on high heat for at least thirty minutes. This will kill bed bugs of all ages that might have hitchhiked home in your suitcase.

This guest post was provided by Vickie Nagy who specializes in helping home buyer’s with real estate Pheasonton, CA.  If you’re interested in learning more about Vickie or to search homes for sale in Blackhawk, CA, you can visit her Livermore CA homes for sale website for more information.

{ 3 comments }

What Is A Modular Home?

by Lisa Udy on December 4, 2011

What Is A Modular Home?Most people hear the word modular home and think “trailer” or “single-wide.”  You can still get a home much like those terms conjure up.

You can also get an amazing home possibly for less than an identical site built home.  It is very important to understand a few industry terms to determine the value of a home you are considering.  Even real estate professionals sometimes confuse the terms.

“Mobile Homes” were built prior to 1978 and did not need to meet building codes.  The Department of Housing and Urban Development created a national building code in 1978.  A home built to “HUD” code is called a “Manufactured Home.”

In the 1990s several manufacturers started building homes in factories to the International Residential Code (IRC).  The IRC code is what local general contractors use for site built homes.

These factory homes are called “Modular Homes.”  There is at least one company now making what are called “Hybrid Core” homes.  Hybrid core homes have sections made in factories, usually the kitchen, laundry room, and bathrooms (wet areas).  The bed rooms, living room, roof, and garage (dry areas) are built on site.  Here are some basic differences:

Mobile Home – Over 30 years old, usually built cheaply, expensive to heat, nearly impossible to find financing from a traditional lender.

Manufactured Home – built to national building code, varies from cheaply built to very well built, has a serial number, steel frame, can be made real property if placed on permanent foundation, currently appraises about 15% less than site built, currently finances about ½% higher interest rate.

Modular home  – built to same local building code as a site built  home, finances the same as site built home, appraises same as site built home.

Hybrid Core  - site built home with some rooms delivered already assembled from the factory.

How can I tell the difference?

You cannot assume a home is manufactured, modular or site built just by looking at a photograph.  Many manufactured and modular homes do look “boxy” because the builder chose to have more floor space rather than more amenities.

Factory built homes can also have steep roofs, porches, attached garages, solid surface counters, hard wood cabinets and so on.  A manufactured home will have a steel frame under the wooden floor joyces.  The title history should show the home being converted to real property.  This was sometimes neglected until the start of the recent economic downturn.

Why should I care?

Manufactured homes usually cost less to build and appraise for less than modular or site built homes of the same size.  You save some money when you buy it.  Don’t be surprised when it is still less expensive than a site built home when you sell it.

They do tend to appreciate at the same rate as modular and site built homes.  Most national lenders will finance manufactured homes.  Modular homes can usually save the original builder and/or buyer some money.  Buying an existing modular you can expect your appraisal and financing to be the same as for a site built home.

Article Provided By Aaron Seekford: Aaron is a real estate agent in Arlington VA and provides expertise for local neighborhoods in the area. You may want to check out Clarendon VA real estate and Columbia Pike VA real estate on Aaron’s website for some up and coming neighborhoods in the Arlington, VA area.

{ 1 comment }

Choosing A Lender To Buy Logan Utah Homes

by Lisa Udy on January 21, 2011

Choosing A LenderWhen you are looking to apply for a mortgage, the first step will be to consider whether you should use a direct lender or a mortgage broker.

Both direct lenders and brokers attract clients through marketing campaigns. Both are able to gather information regarding your financial status so as to determine whether or not you are eligible for a loan. Despite this, there are several differences as well.

Lending Sources

Brokers typically represent several sources whereas direct lenders are a single source. The broker acts as an intermediary between the lenders and yourself. Although this is helpful, there are also some downsides to brokers. For example, an intermediary may increase the time it takes to close the loan.

Guidelines and Rates

Many individuals believe that brokers offer rates that are lower. The truth of the matter is that all rates are based solely on the secondary market which is a factor regardless of whether you use brokers or direct lenders. Even if some differences exist between the rates, it will not be significant. Additionally, brokers are required to follow certain guidelines which may make it more difficult to obtain the loan.

Licensing

Direct lenders are usually licensed to provide funds in all 50 U.S. states. However, brokers are often only licensed in several states. This may be a problem if the property which you want to purchase is not located in a state where your broker may conduct business. If this is the problem, a direct lender may be a better choice.

Sub-Prime Lending

The sub-prime marketplace has undergone severe financial strain in recent years and, because of this, it might or might not be a better choice to use a mortgage broker instead of a direct lender. The sub-prime lending guidelines are constricted. Therefore, if you do not have good credit, finding a broker that will provide you with a loan will probably be quite difficult. There are several direct lenders who are less affected by the market.

Mortgage Fees

All lenders are required to charge fees for the processing of the loan. However, in order for brokers to make a profit, they are required to charge more money as they are the individuals who are actually doing the work that you would otherwise do if you were using a direct lender. This means that you will be paying the fees for the broker as well as the fees for the lender.

The number of people who use direct lenders and mortgage brokers are about equal and depends primarily on the person’s needs and situation. There are several benefits to using either one or the other. However, because the brokers serve as intermediaries, it may be more time-consuming and costly.

Information that is Required by Either the Lender or the Broker

Credit Cards With LockThe information that is required usually includes:

• Personal information
• Asset information
• Credit information
• Income information
• Property information
• Selecting the type of mortgage

The first piece of information that is required is the type of property which you are looking to purchase. For example, it is imperative that they are aware of whether you are buying a condo, a single family house, or a townhouse. You will also need to inform them whether the home will be used as a rental property, a vacation home, or a primary residence. They will also need the address.

Next, the lender will ask you how much money you will need to borrow and how much the house costs. The lenders will then ask about the down payment you will make as well as your financial information so that they can determine that you actually have the money required to put a down payment on the home.

The income information that you provide to the lender will largely affect whether you are given the mortgage for your new home. The lender will ask for proof of your income including any salary and commission information along with any bonuses that you receive, retirement plans, and any other information regarding other properties and automobiles you possess. Ask the lender or broker what information that you will need to provide so that you make sure that you cover all the bases.

About the author: Tim Ryan helps buyers find great deals on Naples real estate. To learn more about buying in Naples, FL visit his site where you can search for thousnads of Naples homes for sale.

{ 2 comments }

Tips For Buying Your First Home: A First Time Home Buyers Guide

by Lisa Udy on September 30, 2010

Realtor Holding A BinderI have written many articles on real estate, going into extreme details about complicated real estate deals. I have tried to inform my readers about the most surprising twists and turns of the real estate process.

Today, this article is about the basics. If you have never bought a home, it’s best to start at the very beginning, and this article should give you some great information to get started.

Hire A Buyer’s Agent

Realtor with help wanted sign.I would highly recommend using a real estate agent for your first deal. I would also recommend specifically hiring a buyer’s agent. A buyer’s agent is required by law to work as a fiduciary to you, the buyer. They work for you. They have your best interest in mind.

No Upfront Costs – You don’t have to put any money upfront when you hire a buyer’s agent. When you purchase a home listed with a real estate agent, the commission is already added into the purchase price. The seller is responsible for the commission to both a buyers agent and their sellers agent.

Get A Referral – Talk to family members and friends about the experiences they’ve had with Realtors they’ve used in the past. Interview agents they recommend and hire the one you feel the most comfortable with.

Listing Alerts – Ask your agent to sign you up for listing alerts. A listing alert is automatically sent to your email through the agents website or sent directly through the multiple listing service (MLS). Listing alerts can be set to the specifications of your choice. If you need 3 beds and 3 baths, you can set your alert to show you only homes with those attributes.

Agent Advantages – Real estate agents have many advantages. We often know of new listings before they hit the market.  You can waste the agents gas and not your own when touring homes. Agents can preview homes for you. Agents know if listings are overpriced. Agents have market data. Plus many more.

Don’t forget to check out our post on real estate agent interview questions.

Woman Holding Piggy BankTalk To A Lender

Unless you have cash to purchase a home, you will need to obtain a mortgage. Many people get excited about buying a home, only to find out after they find the perfect house, they can’t get approved for what they thought they could. It is recommended to get a pre-approval before you go house hunting for this reason.

Get Pre-Qualified – Also, if you write an offer on a home, and you haven’t at least been pre-qualified, you could lose out to a competing offer. Home sellers today are very adamant about home buyers providing proof they can obtain financing before they will commit to a contract.

Prove Your SeriousOnce under contract, a seller will have to remove their listing from the MLS. They won’t be willing to do that unless you are serious about purchasing their home. Talking to a lender, providing proof of your ability to purchase, and submitting an offer with that proof, tells a seller you are ready to go.

Ask For A Referral – Just as all real estate agents aren’t the same, all lenders are not the same either. Talk to your agent about lenders they recommend. I would also suggest you look for a lender with in house underwriting, as it makes the deal go more quickly, and there is less chance of something getting lost in the shuffle.

Check out our post on Utah home loan programs.

Find A House

Have A House!When looking at homes, I would recommend scheduling no more than 7 appointments at a time. After viewing 7 homes, your head starts to spin, and it makes it difficult to distinguish properties.

Research OnlineIf you have access to the internet, you can find many websites to preview homes on. If you are in the Cache County area, you can view all Logan real estate listings by visiting that link.

Attend Open Houses – Open houses are a great way to get started looking at homes, especially if you haven’t found an agent yet. You can pop from one house to the next talking to a different agent at each one. If you find an agent you click with, ask them if they would like to work with you.

Check out our post on how to pick the perfect house.

Write An Offer

First Time Home Buyer Writing An OfferIf you find a home you feel is right, don’t be afraid to write an offer. Be sure to run the numbers, and don’t offer to much to start out with. Talk to your agent about comparable properties, and determine if the home is priced right.

Comparable Sales - When writing an offer, the great thing a Realtor can do for you is give you information on the market. Your agent should complete a comparable market analysis of the property to give you a starting point with your offer.

Check out our post on writing an offer.

Buying a home is a serious financial decision and can be extremely frightening. As a first time home buyer, remember that the roller coaster of emotions is normal. I always recommend to my first time buyers, before submitting an offer, take a day to think it over. Talk to friends and family, run the numbers, and don’t do it if you aren’t 100% in. If you feel it’s the right time to buy a home, have some fun, and enjoy your new place. Good luck!

You read through this whole post? Great! Want more information Super! Check out our:

Complete Guide To The Home Buying Process

{ 3 comments }

Why Short Sales Fail And How To Avoid Short Sale Denial

September 24, 2010

Short sales are complicated, time consuming, and stressful to all parties involved. Depending on the bank you’re dealing with, it could take up to a year for a final approval on a short sale. The fact that it takes so long makes it that much more difficult to find a buyer who is willing to [...]

4 comments Read the full article →

The Real Costs Of Selling A Home

September 16, 2010

There are many fees and extra costs associated with selling a property. The last thing you want going to the closing table is unknown costs popping up at the last minute. Any decent Realtor will give you a net sheet sometime prior to closing, but I also recommend you become familiar with these costs make [...]

3 comments Read the full article →

How Home Sellers Should Price Their House To Sell In 2010

September 13, 2010

When selling a home, pricing your property is crucial, and the psychology that goes into determining a price can leave your insides churning. Should you start out high and see if you can get top dollar? Should you start low knowing the competition out there is tough? If you just drop your price later, how many [...]

0 comments Read the full article →

Cheap And Easy Tips To Make Your Utah Home Greener

September 2, 2010

Who isn’t searching for ways to save money today? I know I am. So, I did a little research on how to make my Utah home greener to save some greenbacks. Here’s some things I found that you can try too: 1. Install more energy efficient lighting. This is probably the easiest way to go [...]

2 comments Read the full article →

Lower Down Payments To Boost Housing Recovery?

September 1, 2010

I recently read an article on CNBC where the author talked about Bill Gross’s recommendation to lower the down payment requirements for people to purchase homes. He states that in order for housing to play a role in the recovery, it’s paramount to ease the up-front cash requirements. This article brings many questions to mind, [...]

0 comments Read the full article →

Struggling Home Sellers Should Consider Lease Options

August 27, 2010

Before I get into why you might want to consider a lease option, let me give you a little background on market statistics. The other day, the National Association of Realtors (NAR) released a troubling statistic. In July, home sales across the nation dipped 27% year over year from July 2009. This was due to many buyers [...]

1 comment Read the full article →
Google Analytics Alternative