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Most current laws that require sellers to disclose knowledge they might have of the existence of mold in a home do not require testing or remediation, so purchasing a home with mold is truly case of buyer beware. How Does Mold Get Into a Home? Mold spores are airborne particles that are invisible to the naked eye. People are exposed to them on a daily basis both indoors and outside without suffering from any adverse reactions. The trouble begins when the spores land on a damp surface inside a house and mold begins to grow. None of the different types of mold is capable of growing without moisture, so eliminating mold in a home involves more than just treating the mold. Permanent results require getting rid of the source of the moisture. Health Concerns Home Inspection Remediation Controlling mold growth requires a combination of cleaning the growing mold and eliminating the source of the moisture. Homeowners who are highly sensitive to mold might want to leave removal of mold growth to experts rather than risk exposure. A Tennessee homeowner can clean mold from surfaces such as counter tops, walls, sinks and tubs, and shower stalls with water and detergent. It is a good idea to call in a company that specializes in mold remediation to handle mold behind walls or covering large areas. Elimination of the moisture source could involve repairing a water leak or stopping water seepage, using dehumidifiers or air conditioners to remove moisture in the air, or using a vapor barrier between a carpet and concrete floor to control moisture. Insurance and Mortgage Concerns An FHA appraisal that is finds evidence of mold in a home will be contingent upon remediation of the mold and elimination of the moisture condition before the lender will allow the closing of title to take place. Unless the seller or the buyer takes care of it before closing, the buyer might be unable to close on the mortgage loan. Buyer Beware One thing a buyer should always have in mind when negotiating to purchase a home with a history of mold issues is resale value. Some buyers do not want to have anything to do with a home that has a history of mold growth. Buyers should give careful consideration to the negative effect mold could have on the future resale value of the home they are thinking of buying. Call us at 901-730-6314 to begin your home buying adventure! |
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Would you buy a house with Mold?
Mold serves a useful purpose outdoors by helping in the decomposition of dead trees, but inside a house, it can cause allergic reactions that range from sneezing or a rash to potentially life-threatening asthma attacks. Because mold cannot grow without moisture, homebuyers should be concerned about identifying the source of the moisture and the cost to repair or eliminate it as much as they are about the mold itself.
How to Find a Good Homeowners’ Association
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How to Find a Good Homeowners’ Association
This begs the question, how can you tell if the HOA is doing a good job? If your HOA displays these seven characteristics, it probably makes the grade. #1: Clear Goals and Vision Some HOA leaders think their only job is to maintain the community facilities. For some communities, this may be an adequate goal. For others, particularly ones that wish to enhance the value of their homes, clearer, more aspirational goals could really make a difference to the value and visual appeal of the community. So, ask the HOA board a few pertinent questions. Do they think the community facilities should be limited to what already exists, or are they making a conscious effort to improve and upgrade them? Do they hold homeowners to high standards regarding the use and appearance of their private property, or do they let violations pass? If you’re a homebuyer, buying into a community whose HOA matches your own ideals and aspirations saves a lot of headaches in the long run. #2: Clear House Rules The Covenants, Conditions and Restrictions document sets out everything a homeowner can and cannot do within that community. Unfortunately, CCRs are useless if the HOA board interprets the rules only loosely or enforces them in a haphazard way. The key document to ask for here is the house rules. House rules are very specific rules that determine how board discussions are handled and motions are brought to the floor. Various proprietary rules are available; the House and Senate, for example, use Robert’s Rules of Order to guide parliamentary procedure. Many HOA boards follow the same rules at their own meetings. The best boards run structured, businesslike meetings that give transparency to every decision to board makes. If the board has and uses House rules, there’s a fairly good chance that the CCR will be applied objectively and fairly throughout the community. #3: Good Procedures for Safeguarding Money Homeowners’ associations are at high risk when it comes to losing their money. There are two reasons for this: HOAs are volunteer organizations that may not receive financial training, and they usually have large sums of money in their bank accounts. The best HOAs put in place checks and balances to safeguard against the risk of financial mismanagement. They employ a second set of eyes – someone not on the board – to collect the dues, pay the bills and review checks and invoices to make sure the HOAs financial affairs are in good order. Often the second pair of eyes is a professional property manager. #4: Funds Set Aside for a Rainy Day Nothing creates greater conflict in a community than a large special assessment. Who wants to be hit by an unexpected bill for several thousand dollars because the clubhouse roof has fallen in? A well-run HOA commissions ongoing reserve studies conducted by engineers to identify how much money is needed to meet repair and replacement costs over the long-term. A sufficient amount should be set aside from periodic dues to meet these repair costs when they arise. Ask to see the reserve studies and read the HOA’s financial statements. By comparing the reserve fund the HOA holds in its account with the amount recommended in the reserve study, you could tell whether the HOA has enough money set aside for major repairs. #5: Homeowner Can Challenge Policy HOAs are responsible for drafting the CCR document and the various policies that govern the community. If those policies are draconian, homeowners may be in for a rough ride. Some states obligate HOA boards to provide alternative dispute resolution hearings for homeowners who don’t agree with an HOA policy; others don’t. Irrespective of where you live, check that the HOA has a forum for hearing homeowner complaints and a history of acting on the wishes of the majority of homeowners. The HOA’s governing documents should also allow for the removal of a renegade board member, usually by board or community vote. #6: Good Communication This is your community and you have every right to know what’s going on in it. Do your research. Figure out how the HOA board communicates with homeowners. The options are numerous and include newsletters, websites, annual reports and e-mails. Check for flyers advertising community meetings. If homeowners are invited to attend committee meetings, it’s a good sign that their input is heard and valued. #7: The Community Looks Good If the community looks good, it usually means that something positive has impacted the community. Of course, the opposite is also true. If you’re thinking about buying into a community, take an objective look at its appearance. Is the structure of the building in good repair? Are the tress pruned, the beds weeded and the landscaping well maintained? Is the pool clean? Are any of the homes in the community eyesores? Your answers to these questions reflect on whether the HOA is performing its duties properly and requiring homeowners to do the same. The proof, as they say, is in the pudding. Call us at 901-730-6314 to begin your home buying adventure! |
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Buying a condo or a home could mean dealing with a homeowners’ association. HOAs manage, maintain and regulate everything that is not private property, such as the structure of the building, lobby areas, landscaping and the communal pool. The Homeowners pay for these services in the form of monthly HOA fees. Payment and membership of the HOA is usually mandatory for as long as you own a home in the subdivision. Unlike the membership of other community organizations, you can’t resign if you’re unhappy with the way the organization is run.4 Things to Look for when buying a Fixer-Upper
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Buying a fixer-upper can be a fantastic investment. Fixer-uppers tend to be much more affordable than houses that aren’t in need of many renovations or repairs. The money you save should cover whatever repairs and renovations are needed — not to mention that you’ll be able to have more say in the look and design of the home since you’ll most likely be remodeling extensively.
The following are four things that you should look for when hunting for a fixer-upper to invest in.
RELATED: THE FOLLOWING ARE FOUR THINGS THAT YOU SHOULD LOOK FOR WHEN HUNTING FOR A FIXER-UPPER TO INVEST IN.
If you are going to invest in a fixer-upper, whether it’s to flip the house for a profit, rent the house out or live in it yourself, make sure that you keep these four things in mind before you decide to buy. Call us at 901-730-6314 to begin your home buying adventure! |
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Many buyers will purchase fixer-uppers with the intention of flipping them for a profit. However, not every fixer-upper is a great deal. If you’re not careful, you could end up with a money pit. You may end up pouring more money into a fixer-upper than you thought you might without the value of the house increasing accordingly, resulting in a loss. Fortunately, there are ways to avoid purchasing what ends up being a money pit. How To Know What’s Included When You Buy A House
How To Know What’s Included When You Buy A House
Or, perhaps, the buyer is lucky. The chandelier, being wired and bolted to the ceiling, is included in the sale. Replace the chandelier with an antique mirror or an above-ground swimming pool, and the situation is not so clear cut. Here are five common items that often lead to dispute between buyers and sellers. 1. Appliances
The law aside, everything in a real estate transaction is negotiable. In some areas, sellers customarily leave appliances, whether they are built-in or not. Elsewhere, sellers routinely remove free-standing items. Your real estate agent can help you work out the norms in your neighborhood. If there’s any doubt, put your agreement in writing. 2. Window Dressings It has become customary in many markets for sellers to leave window coverings for the new owner. If this is the agreement, you must put the inclusion of window coverings in writing. Be sure to specify the “existing” window coverings; otherwise the seller may be entitled to replace the designer drapes with drapes of inferior quality. 3.Floor coverings A rug lying on the floor obviously moves house with the seller because it is not attached to the room. But wall-to-wall carpet is nailed or tacked and thus forms part of the realty sale, unless the seller excludes it in the sale contract. Similarly, linoleum tile is glued to the floor and becomes a fixture. 4. Hardware Doorknobs, letter boxes, light switches, kitchen and bathroom fittings all transfer to the new owner. The exception is trade fixtures — hardware used in a business which the seller is entitled to remove when vacating. Examples include kitchen equipment, office equipment and signs. If the seller runs a business from home, check what he intends to take with him and put your agreement in writing. 5. Flat-Screen TVs
However, given the history of TVs as personal property, no buyer should assume that a flat-screen TV will stay behind. The only safe course of action is to write in the sale contract whether the flat-screen TV stays or goes. In real estate, the message is clear: don’t assume anything you see on the property comes with the house. Ask about the items you want to keep (or remove) and write your agreement into the contract. It’s ALWAYS negotiable and ALWAYS in the written contract. Ask for you what you want and get agreement. Do not assume and do not go with anything verbal. Get it in writing. Call us at 901-730-6314 to begin your home buying adventure! |
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It’s a familiar story. The buyer of a Victorian home in a desirable neighborhood falls in love with the antique chandelier that hangs in the dining room. It fits the space beautifully and the crystal drops cascade light across the room. Yet, when she buys the home and moves in, the chandelier is gone. In its place stands a cheap shade, surrounded by discoloration where the chandelier once hung. The seller, it seems, loved the chandelier too; so much that she took it with her when she moved.
Legally, anything bolted, nailed, wired, cemented or permanently glued to the property becomes a fixture. Fixtures are included in the sale. Anything that can be removed without causing damage to the property, such as a washing machine that can be unplumbed and unplugged, is personal property. The seller is entitled to remove personal property when he leaves. Thus, a free-standing refrigerator or kitchen stove is not included in the sale. When that same item is built-in, such as a dishwasher, it is included in the sale unless the seller specifically excludes it.
Window coverings often cause problems between buyers and seller, but the situation is clear. Drapes can easily be unhooked, so they remain the seller’s personal property. But the drapery rods and cornices are bolted to the wall, so they must be left. Shutters and shades that are fully fitted and attached to the window should be left; decorative shades can be taken.
Flat-screen TVs are a legal gray area. For years, free-standing TVs were simply plugged into an electricity supply and an aerial point. As such, they were obviously personal property and the seller could take them with him when he moved. Today, many homes display a high-definition, flat-screen TV professionally mounted on the wall. Typically, the wires run through the walls, which, on the face of it, means the TV and its mountings are included in the sale. Indeed, any item that has been specially adapted to the property, such as a built-in stereo in a built-in cabinet, must stay with the new owner.11 Ways to get Cheaper Home Insurance Premiums
11 Ways to get Cheaper Home Insurance Premiums Many companies will offer you a discount if you have multiple policies with them. Don’t hesitate to ask your insurance company about special rates if you use them for car insurance, home insurance, life insurance and contents insurance. It’s generally a good idea to always get a combined home and contents insurance policy. In fact, ask for every possible discount! While asking for a multiple policy discount, why not ask for more discounts? Some insurance companies offer seniors discounts, no claim discounts, marital status discounts and nonsmoker discounts. Ask for a list of all discounts they provide and ask if they will match discounts that other insurance companies provide. If you have been with the company for a number of years, ask them for a loyalty discount. Check your renewal quote against a new customer quote Some insurance companies end up taking their existing consumers for granted. Make sure that they are not offering new customers any discounts on their insurance premium that you are missing out on. If you find that new customers are getting benefits that you are not, contact your insurer immediately and demand the same deal! Don’t over insure If you recently bought your home for $250,000, you won’t need that much coverage as it includes the value of the land. Also make sure you haven’t over insured the contents inside of your home and make certain you keep an eye on the declining value of your assets. You could potentially reduce the value of your contents policy in line with the reduced value of your assets and save some money. Increase your deductible Perhaps the simplest way to lower your insurance costs, lower your deductible. That means when you do make a claim your costs will be higher, but for most people a claim on a home and contents is quite rare. Don’t make claims on your insurance for small things Avoid claiming on small losses. For example if your house is broken into and your old television that is worth $400 gets stolen, reconsider claiming on it. For starters, your deductible might be $300 and then you have to consider the fact you lose any no claim bonus. You could be affecting the cost of insurance premiums for the next four or five years by making a claim. Review the “extras” attached to your insurance policy If you have any add-ons with your insurance policy like additional jewelry insurance or accidental damage cover, periodically review them. If you have decided to sell most of your jewelry or store it in a bank deposit vault, you could save some money on your insurance by skipping jewelry insurance. If your home is well maintained and unlikely to be damaged by accidents like damage to the main services, you may not need an add-on like accidental insurance coverage. If you once had full accidental damage insurance that included pet damage, but your pet has died, make sure you remove it because these small add-ons all contribute to the cost of the policy. Install an alarm system and make your home secure Make sure your home is secure and if possible, install a security alarm. Your insurance company could give you a discount if you make them aware of the various security measures you have taken. Maintain a good credit rating Insurance companies calculate your insurance premiums based on your risk profile. With home insurance that includes the condition of the home, the location of the home, the crime rate in that area, the type of home and the risk of natural disasters. Interestingly, many insurance companies also use your credit rating as an indicator of your risk profile, so if you maintain a good credit rating you can save on insurance. Prepare your home against natural disasters If you demonstrate to your insurer that your home is fully prepared for natural disasters you can also save on insurance premiums. Stay at home! Finally, the last way to save on home insurance is by staying at home. If you leave your home empty for 4 or more weeks, some insurers will consider that an increased risk for burglary and charge you higher premiums. Call us at 901-730-6314 to begin your home buying adventure! |
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Use the same insurance company for multiple policies4 Mortgages with low Money Down
4 Mortgages with low Money Down
4 Mortgages with low Money Down
According to multitudinous reports, the Housing market has recovered. There has definitely been a significant amount of activity over the past several years. Until recently, there have been two primary issues that have kept buyers from entering the Real Estate market in significant numbers. The first was the sharp rise in home values, causing the prices to rise rapidly. This has actually turned out to be a good thing and points to a more stable market in the future. The second issue was the lack of affordable and accessible lending.
The State of the Mortgage Industry
As banks continue to recover from the financial crisis of the previous decade, they have been forced to adppt more stringent lending policies. A significant portion of the financial crisis and the collapse of the real estate market was due to extremely relaxed lending practices. This resulted in masses of people assuming home loans that they could not afford. As the bubble continued to expand the industry became more and more unstable. As more loans went into default, the bubble burst.
This ultimately resulted in extremely strict and restricted lending practices in which buyers found it very difficult to qualify for a conventional loan. As the US economy continues to recover, banks are being forced to re-evaluate their mortgage lending criteria in order to ensure that they will be able to continue to generate revenue and profits. Some of their alternative lending opportunities are drying up and they are being forced to reconsider the home buyer.
This is good news for the home buyer. Another bit of good news is the fact that there are a number of mortgages in which the buyer does not have come up with a huge down payment.
No Down Payment VA Loan
There are loans that are guaranteed by Veteran Affairs — formerly known as the Veterans Administration. These types of loans are designed for veterans who qualify for VA home loans. These loans do not require any money down to obtain loan approval. These loans actually originate through private lenders, but they are guaranteed by the VA. Another great benefit with this type of loan is the fact that there are no mortgage insurance requirements. The borrower is required to pay what is known as a funding fee, but the fee can be rolled into the loan amount.
The funding fee for VA loans varies, depending on certain criteria such as whether the veteran in question served in the regular military or the reserves, and whether it is the veteran’s first VA loan or a subsequent one. The funding fee can be anywhere from 2.15 percent to 3.3 percent.
Navy Federal Loan
The Navy Federal Credit Union, which is the nation’s largest credit union in memberships and assets, offers 100 percent home financing to all of its qualified members for buying homes that will be used as a primary residence. The eligibility is restricted to members of the military, civilian employees of the U.S. Department of Defense, the military and their direct family members.
Department of Agriculture Loans
The Department of Agriculture has what is known as the Rural Development mortgage guarantee program. This program is so popular that it has consistently run out of money before the end of the fiscal year. This means that the timing of the homebuyer’s application is vital. Many mortgage consultants list this program as their favorite to recommend to many of their clients.
Despite the name of the program, the eligibility of this program is not confined to rural farmland. Those who may be interested should contact a mortgage broker or specialist to find out more about these types of loans.
Federal Housing Administration
The previous listed options are limited to certain groups, meaning that only the select group that qualifies are eligible; however, the Federal Housing Administration offers a low down payment option to the general public. With a minimum down payment of 3.5 percent, a homebuyer can receive a guaranteed loan.
In today’s market, about 15 percent of all mortgages are FHA insured loans. This is up by more than 12 percent from the market share that the FHA had during the housing boom. They have increased their market share due to the fact that many other low down payment options were eliminated when the housing bubble burst.
There are a number of other creative ways for home buyers to receive financing without having to produce large down payments. The problem is that many of these options are not commonly known by the average person. In most cases it is wise to contact a mortgage broker or consultant to help find the best mortgage program for a particular situation.
Working with the right mortgage expert will help alleviate a significant amount of the stress that is associated with finding the ideal lending situation
Call us to get started with your home buying process 901-730-6314.
675 Woodsedge Dr, Eads, TN – Open House / Food Drive
675 Woodsedge Dr, Eads, TN
October 25, Sunday 2:00 PM – 4:00 PM
$ Click for current price
5 BEDROOMS | 3 (3 full ) BATHROOMS |
Beautiful home in the Woodsedge neighborhood. This home sits on a large private lot. The open kitchen area includes a breakfast bar, oversized hearth room, and fireplace. Enjoy your outdoor space on the large covered patio which overlooks your private estate sized lot with lots of trees. The master bedroom with private bath, double closets, double vanities, and separate tub and shower is located on the first floor. There is a second bedroom on the main level to meet your office space needs or additional bedroom. If you need some private space to retreat, the upstairs area includes 3 bedrooms or 2 bedrooms and a bonus room. The bedrooms each have private access to the full bathroom with access also from the hall. There are walkin closets in all the bedrooms. For your storage needs, there is a floored walk in attic space from the bonus room and the hallway.
Presented By:
Suzanne White
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Eads home for sale with estate sized lot
675 WOODSEDGE DR Eads, TN 38028
5 Bedrooms / 3 baths
MLS # 9962282
Beautiful home in the Woodsedge neighborhood. This home sits on a large private lot. The open kitchen area includes a breakfast bar, oversized hearth room, and fireplace. Enjoy your outdoor space on the large covered patio which overlooks your private estate sized lot with lots of trees. The master bedroom with private bath, double closets, double vanities, and separate tub and shower is located on the first floor. Upstairs includes 3 bedrooms or 2 bedrooms and a bonus room.
To find out the most up to date information on this property call Suzanne at 901-508-4887
What the seller says::
There are many reasons we like the area we live in. It is very quiet, peaceful, and safe. In this area, you have the country feel but you are only 20 minutes from a shoppers delight at the Wolfchase area.
Pride of home ownership is evident with clean and well maintained homes and yards. There has not been any reported crime. Neighbors are friendly and considerate but also respect your privacy.
Major chain and proprietorship restaurants are available within 15 minutes in Oakland or Wolfchase area. A variety of cuisines are available. Grocery stores and all other conveniences such as fueling stations, Wal Mart, medical, clothing, beauty salons, and other niche stores are plentiful.
Our property was a new build construction in 2007. We were immediately drawn to the nice curb appeal, interior layout of the home, and large lot size that provided neighbors but also some privacy as well. The neighborhood showed great pride of ownership and upkeep.
Our area is a wonderful balance of peaceful country community living with a multitude of stores and shopping within a reasonable commute. Property taxes and utilities are very inexpensive compared to other local counties. You will also see that you can obtain a large amount of house at a very reasonable price.
Exclusively listed by Suzanne White, REALTOR, Keller Williams Realty
901-261-7900
901-508-4887
SuzanneWhite@kw.com
www.HomesListedInMemphis.com
Large Cordova home with 2 living areas
2652 Misty Woods Cove South, Cordova, TN
$ Click for current price
4 BEDROOMS | 3 (2 full, 1 half ) BATHROOMS | 3040 SQUARE FEET
Exclusively listed by Suzanne White. For the most up-to-date information on this property, contact Suzanne at 901-508-4887. www.HomesListedinMemphis.com Spacious home in a cove location. Wood floors, 2 living areas downstairs, separate laundry room, separate dining room. Lots of windows throughout. Large deck and pergola in back, large fenced backyard. 2nd floor includes 3 bedrooms and bonus room or 4 bedrooms. Wood floors and large closets in each room. Master bathroom features double vanities, large walk in closets, separate tub and shower. Active voluntary neighborhood association. Short Sale
Presented By:
Suzanne White
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Cordova home for sale with no city taxes!
1463 Sawmill Creek Ln, Cordova, TN 38016
4 Bedrooms / 2 baths
MLS # 9957836
Come see the beautiful Regency built home with an open floor plan. No city taxes which means a more affordable mortgage payment. Beautiful kitchen with breakfast bar and smooth counter tops. Wood floors in living room, dining room, kitchen and hallway. Large fenced back yard and covered patio. 4 bedrooms and 3 bedrooms and a bonus room. Master bathroom features jacuzzi tub, walk through shower, and double vanities with counter height cabinets. Come and see this beauty for yourself. This home can qualify for first time home buyer loans.
1463 Sawmill Creek Ln, Cordova, TN
To find out the most up to date information on this property call Suzanne White at 901-508-4887.
What the seller says:
The things that I love about my town are that is very safe and family oriented.
Our neighborhood is great for young children and families. We love to eat at the local eateries just minutes away on Germantown Parkway. Grocery stores are plentiful and there is a Kroger just outside my neighborhood.
When we brought the property we were drawn to the well kept neighborhood and all of the families with children.
Our area is wonderful for young families.
Our utility costs are much lower now with our new alarm system Vivint. It allows me to control my settings from my phone and create schedules for when we are not at home. My home is also energy efficient so my MLGW bill is normally under $225 a month.
Exclusively listed by Suzanne White, REALTOR, Keller Williams Realty
901-508-4887
SuzanneWhite@kw.com
www.HomesListedInMemphis.com
