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Pass the Buck Home Inspections

Friday, February 17th, 2012

Pass the Buck Home Inspections

If you bought or sold a house recently, you may have encountered the pass the buck (PtB) home inspection report.  This report, which contains some information about the property, is also likely to recommend consulting other (many other) professionals for a definitive opinion.

I received a report recently in which the inspector deferred to the expertise of an arborist, licensed roofing company, chimney specialist, electrician, pest control company, and structural engineer!

In our increasing litigious and specialized world, home inspectors are not unnaturally cautious about passing judgment. So they call for back up.

Which is all well and good, but know that your 2012 home inspection is likely to involve more professionals, more hassles, and more dollars than in previous years.

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Fabulous Fashion & Fashionable Real Estate

Sunday, February 12th, 2012

3821 Whitland Avenue

In February Fashionistas Flock Here!

It’s that time of year again, the StyleBlueprint Consignment Shopping Event!

I am thrilled that this sale which benefits The Women’s Fund of the Community Foundation of Middle Tennessee will be held at charming 3821 Whitland Avenue.(Yes, the house is for sale too, but really, that’s not the point or not the entire point!)

Early bird shopping kicks off the sale on Thursday, February 23 from 6:00 pm – 9:00 PM.

Only 100 tickets are available to the early bird evening at a price of  $79  each. Come be the first to shop the women’s boutique for quality clothing, shoes, and accessories. 

To purchase a ticket, click here.

If you can’t join us for the Early Bird Party, come shop Friday, February 24 from 9-6 or Saturday, February 25 from 8-12.

See you there!

 

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It’s a Date!

Friday, February 10th, 2012

To the uninitiated, the period between the signing of the home purchase and sale agreement and the closing is a bit scary.

A better understanding  of the various responsibilities, contingencies, and deadlines can mitigate those fears, but the contract is not written in an easy-to read, bullet point format.

Which is why, once an agreement is signed, I send my clients a list of the important deadlines.  (I love bullet points!)

When you know what is supposed to happen when,  it’s not so scary, after all!

  • Date of binding agreement (date from which all other deadlines are based)
  • Date by which the Buyer must make an application for a loan
  • Date by which the Buyer must provide a conditional commitment letter
  • Date by which Buyer must provide proof of funds
  • Date earnest money is due
  • Date of closing
  • Date of possession
  • Date on which Buyers must inspect the property and make repair requests
  • Dates on which Buyer must order appraisal, land survey, septic letter, or flood zone certification
  • Date on which  Buyer and Seller must resolve inspection issues
  • Date by which the Seller must provide HOA information
  • Date of final inspection 
  • Dates of  offers and counter offers

 

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Are you considering a home renovation this year?

Friday, February 3rd, 2012

If so, I recommend that you review Remodeling magazine’s annual “Cost vs. Value Report 2011-12.”

The report surveys the average costs recouped for thirty-five home improvement projects, and the results may surprise you.

For example, despite our weather challenged times, the installation of a backup power generator recoups only 53.6% of its investment at resale.  And a home office remodel lags at the bottom of the list every year.

The addition of an attic bedroom provides the biggest return on investment (83.8%); a minor kitchen remodel returns a satisfactory 72.8 % and a basement remodel 70.3%.

It you are planning to be in your home for many years, renovate to your heart’s content. If you may sell in the next few years, consider the scope and budget of your renovation carefully.

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Is 2012 The Year To Move?

Tuesday, January 31st, 2012

I don’t know if 2012 is the year for you to make a move, but I see a promising trend in the local real estate market! Is it real, and is it sustainable? Only time will tell. Read on for details.

3821 Whitland Avenue

This cute house is for sale!

DAVIDSON COUNTY

In 2011, the number of closings increased 3.7 % from 2010, and the average closing price increased as well.

Year 2011 2010 2009 2008 2007 2006 2005
Number of Closings 5660 5457 5979 6774 9015 10,536 10,481
Average Closing Price $207,015 $203,976 $199,111 $220,669 $229,160 $215,220 $200,264
Ratio of CP to LP % 95.8 96 96.1 97.2 98 98.8 98.8
Average Days on Market 87 83 79 74 63 59 62

 WILLIAMSON COUNTY

For the second year, the number of closings is up.

The average closing price has jumped around the past two years, and is down from 2010.  

Year 2011 2010 2009 2008 2007 2006 2005
Number of Closings 2917 2703 2367 2697 3947 4896 4812
Average Closing Price $398,242 $411,435 $407,615 $432,345 $454,730 $426,065 $361,780
Ratio of CP to LP % 96.1 95.1 95.2 97.1 98.3 99.8 99.8
Average Days on Market 93 95 94 82 65 49 57

  (more…)

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Look Up

Tuesday, January 17th, 2012

One of the joys of NYC is great architecture around every corner. Whenever Brian and I headed somewhere on foot, it always took twice as long to reach our destination because Brian (a serious student of NYC architecture) had to stop at every significant building along the way.  Often we ventured into the lobby, where a bemused security guard would usually let us snoop around. It is amazing how many original features remain in the most humdrum of buildings.

 Barbara Sallick, co-founder of Waterworks,  recently posted photos of a find of her own in the City, the  Bayard Building (1897), which was designed by Louis Sullivan, his only building in New York.  Isn’t this fabulous—I love terra cotta!

Next time you are in NYC, look up; there are treasures hidden behind scaffolds, Duane Reade stores, and phony facades.

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7 Habits of Highly Effective Home Buyers

Tuesday, January 3rd, 2012

Having astutely described the 7 Habits of Highly Effective Home Sellers in an earlier blog post, Realtor Jay Thompson of Phoenix returns with the 7 Habits of Highly Effective Home Buyers.

If you are thinking about buying a home this year, read this before you launch the first internet search!

  1. Get pre-qualified (or pre-approved) for a loan

  2. Define your must haves, like to haves, and can not haves

  3. Be realistic

  4. Be flexible

  5. Understand the home buying process

  6. Be responsible

  7. Have fun!

Read Jay’s post in its entirety, here

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Imagine the Possibilities

Friday, December 2nd, 2011

When it comes to buying a home, a good imagination is as important as a down payment.

Unfortunately, most of us have difficulty imagining the potential in a quirky, dated, or just plain awful house.

That’s where the advice of an experienced architect such as my friend Sharon Pigott (a/k/a the house doctor)  is invaluable. She can help you see the beyond the flaws to create a truly custom home. 

I asked Sharon to tell us about one of her recent home “cases.” 

Homes, like people, experience physical ailments. Many older homes in Nashville suffer from closed- in spaces, lack of flow, small rooms, inadequate storage space, dysfunctional kitchens, and tiny bathrooms.

 Few things satisfy me more than healing such a house. Some call me the house doctor, and unlike most doctors, I make house calls!

DIAGNOSIS

 This home suffered from several painful symptoms:

  • Underused tiny, dark entry
  • Unappealing flat-roofed wings
  • Closed- in kitchen
  • Small bedrooms 
  • No covered parking

 

TREATMENT

 A new entry wing closer to the guest parking area creates flow to both the living room and the dining room and allows for a new staircase to the second floor.

At the top of the stairs is a common area used for TV watching. A gabled roof over the left side wing creates a spacious child’s bedroom. The existing dormers are widened, and exterior now has a French flair.

RECOVERY

Here is the end result of the corrective surgery.

 

 Home buyers, have you seen a house that you think has potential, but you’re not sure? Call Sharon and let her help you imagine the possibilities. 615.297.0123

Sharon

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Surprised By The Small Print

Tuesday, November 29th, 2011

You hate the small print; so do I.  I studiously avoid tiny type whenever possible, especially the directions for a new gadget or the cell phone contract.

But in a real estate transaction, you need to read the small print. Because almost everything you need to know about your deal is in the TAR contract. Read it. Or at the very least, ask your agent about the key points. (NOTE: I am referring to the standard TN Association of Realtors Purchase and Sale Agreement which is used by most, but not all, agents in Middle TN.)

I see you yawning already! I know, I know, but you will thank me for this information when you go to buy or sell a house. 

The Stuff

Whether you are the buyer or seller, the section about the stuff—the refrigerator, the chandelier, or the basketball goal is important, and often overlooked.  (more…)

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More Savvy Staging Room-By-Room

Tuesday, November 22nd, 2011

Whether you are staging to sell or just “styling,” your home for the holidays,  I have some easy suggestions that will instantly spruce up the bedroom, bathroom, home office, and exterior of your home. 

Bedrooms

How cute is the red & white theme in this bedroom? From Rue magazine

  • Invest in new bedding.  
  • Take the phone, clock, books, and anything else off the bedside table. Store these items under the bed.
  • In the master bedroom, the closet must look large. This means some of your clothes, shoes, purses, and hats must go. For those items that remain, arrange by type of clothing. For example, place all shirts together, all skirts etc.
  • Remove family photos.   

(more…)

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