Important Items To Look For In A Home Inspection
Important Items to Look for In a Home Inspection
For Buyers and Sellers
Home inspections can vary from simple one page check lists to extensive multi-page documents. When evaluating written reports and/or selecting an inspector based on the report produced, there are several
important factors to consider:
- What is the scope of the inspection; what systems, fixtures, and components are inspected? Does the report include general information to improve the reader’s overall knowledge about the property in addition to reporting problems? How much of the property is inspected? Is there a systematic approach to the inspection? Knowing what is included in the inspection report is key to knowing if the inspection is thorough. Obtaining information about the status of all components (those in good condition as well as those needing attention) provides you with a benchmark of condition for ongoing maintenance.
- Is the report easy to read? Is the layout straightforward and is redundancy avoided? Is there a summary that supports the details? Are the items numbered and in categories that are easy to follow? A report that’s easy to read and identifies items by category and/or room as well as numbers makes communication with others regarding the findings easier.
- How detailed is the report? Does it include photographs of the findings? A picture paints a thousand words. Photographs make it easier to understand items included in the report.
- Is an electronic version of the report provided? Frequently the report needs to be distributed to others in order to work through negotiations and contractor evaluations. A report that’s easy to forward on to others streamlines those processes.
- How quickly will the report be provided? Often times there are tight time lines associated with negotiation of inspection related items. Prompt delivery of the inspection is an essential element of the inspection process.
- Does the report “package” include items of added value? Some inspectors provide coupons, home
maintenance checklists and simple home repair guides as added value to their reports. - Is the inspector available to answer questions after the fact? Being able to communicate with the inspector about the specifics of the report and clarification of findings helps simplify the corrective action process.
How Would You Spend Your Tax Credit?
How Would You Spend Your Tax Credit?
COLDWELL BANKER REAL ESTATE STUDY FINDS CONSUMERS’ ANTICIPATED ‘SMART SPENDING’ OF HOMEBUYER TAX CREDIT WILL AID ECONOMIC RECOVERY
83 Percent of Current Homeowners Surveyed Say They Would Spend Tax Credit on Repaying Existing Debts, Home Improvements, Savings/Investments and Household Expenses
Coldwell Banker Real Estate LLC today announced the findings from a new survey that looked at how the recently expanded federal homebuyer tax credit, which opened up the credit to existing homeowners, might impact the economy. Of the more than 1,000 homeowners surveyed, 83 percent responded that if they were to purchase a home and qualify for the tax credit, they would engage in “smart spending” or put the money toward paying off existing debts, home improvements, savings/investments, or everyday household expenses. Only 6 percent of respondents indicated that they would spend the money on what are commonly referred to as luxury items such as a vacation or a shopping spree.
According to the survey, the top way homeowners would spend their $6,500 tax credit in a “smart” way would be to pay off debts (34 percent), followed closely by making home improvements (29 percent) and putting it into savings and investments (28 percent).
In addition, Coldwell Banker Real Estate found that 20 percent of homeowners indicated they were more likely to consider purchasing a home than they were six months ago, after learning about the $6,500 federal tax credit. The tax credit, which previously only was for first-time homebuyers, is now available to existing homeowners who sign a binding contract before April 30, 2010 and close on the purchase of a home before June 30, 2010. To learn more about the details of the expanded homebuyer tax credit, go to www.coldwellbanker.com
If you’re considering purchasing a home in Corvallis, Albany, Lebanon or Philomath (and surrounding areas of the mid-Willamette Valley); I’d like to help you meet your goals. I work with buyers and sellers at all price levels. Please get in touch and we can get started today.
Other resources for information about the tax credit:
National Association of Realtors frequently asked questions about the tax credit
I.R.S. information abut the tax credit
Coming Soon | 3 Bedrooms | 2.5 Baths | $257,000
I have a new listing coming on the market very shortly and just wanted to let everyone know about it before it gets here!
Spacious and clean Philomath home with amazing views of Mary’s Peak and the rest of the Coast Range. Landscaped yard with underground automatic sprinklers and trickling stream water feature. Large open living area with westward facing balcony to take advantage of those wonderful views! 3 bedrooms, 2.5 baths, approximately 1843 sq. ft. on .38 acres. Take advantage of the extended first time home buyer/expanded buyer tax credit.
Located just of west of Corvallis and easy commute to Corvallis employment, including Oregon State University)
J.D. POWER AND ASSOCIATES RANKS COLDWELL BANKER HIGHEST IN HOME SELLER SATISFACTION
J.D. POWER AND ASSOCIATES RANKS COLDWELL BANKER HIGHEST IN HOME SELLER SATISFACTION
Coldwell Banker Real Estate LLC ranked “Highest among Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” according to the recently released J.D. Power and Associates 2009 Home Buyer/Seller StudySM.
The independently administered study measured customer satisfaction of homebuyers and sellers among the largest national real estate firms. The study incorporates more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2008 and June 2009. The survey was fielded between April and June 2009.
J.D. Power and Associates examined four factors in the home-selling experience including agent; marketing; office; and package of additional services. Among home sellers, Coldwell Banker Real Estate ranked highest with a score of 815.
Complete results for the study.
When you work with Coldwell Banker Real Estate, you will be working with a brand:
- That has built a legacy of being an industry leader;
- That has a commitment to innovation;
- That has a network of experienced and extremely successful Sales Associates, ready and willing to help you through any step of your real estate buying or selling process.
Source: http://www.jdpower.com/corporate/news/releases/pressrelease.aspx?ID=2009136
House of Representatives Approves Tax Credit | Bill Signed by President
Update: Bill signed into law by President Obama this morning. 11/06/2009
Now, it’s on to President Obama for signature in the next few days.
Here’s a chart of the differences between the existing tax credit and the revised (primarily there’s provisions not just for First Time Homebuyers but also for those that have owned a home and are purchasing a replacement property.) There are many fine points to the changed tax rules. It is in your best interest to get advice from qualified tax professionals and understanding your options in relation to these “new” tax guidelines.
The Home-buyer Credit is an amendment (S. A. 2712) to the Unemployment Compensation Extension Act (H.R. 3548)
(click on chart for a larger view or use your zoom tool on your browser)
This should prove to be very helpful for buyers and sellers in the Corvallis, Oregon and surrounding markets of Albany, Oregon; Philomath, Oregon; Lebanaon, Oregon and Linn and Benton County by creting movement throughout the market, not just in the “first time homebuyer” segment.
Senate Passes Homebuyer Tax Credit…
Today the US Senate passed the Homebuyer Tax Credit witha 98 to 0 vote. The credit is included in the Unemployment Bill. In order for it to be effective The house must still pass this legislation and then President Obama must sign it into law. It is generally expected to be to The President by the end of the week.
In essence, the bill extends the $8,000 first-time homebuyer credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five or more years.
In Corvallis, Albany and Philomath, this should help create movement in the housing market by assisting the mid-range of the market to move-up into the currently slow upper range; assisting owners of lower cost “entry level” homes to move into the mid-range; thus, freeing up entry level housing for first time homebuyers.
Exciting news for the real estate industry in Oregon; and good news for buyers and sellers in Corvallis, Albany and the surrounding communities in the Willamette Valley of Oregon.
The extension was expected in late October, but has been slow in coming…
“People are going to wonder, how is it, that something that is just common sense and fairness should take so long to make its way through the United States Congress,”‘ Oregon Sen. Ron Wyden said after the vote.
Key Provisions of the Bill Follow (Provided by Teresa “Terry” Estergard, Wells Fargo Bank):
HOMEBUYER TAX CREDIT SUMMARY
S.A. 2712 would:
- Extend through April 30, 2010 the tax credit for first-time homebuyers (up to $8,000 or up to 10 percent of the purchase price of the residence), allowing 60 days to close, provided that the homes are under a binding contract by that date;
- Provide homebuyer tax credit of up to $6,500 to owners who have been in the same principal residence for five consecutive years during the previous eight years;
- Increase the income limitations to $125,000 for individuals and $225,000 for joint filers;
- Phase out the credit for individuals with incomes above $125,000 for individuals and $225,000 for joint filers at the same rate as current law (over the next $20,000);
- Limit the credit to purchases of principal residences equal to or less than $800,000;
- Eliminate the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service; and
Extend the tax credit for one year for military personnel serving outside the United States for at least 90 days in 2009 or 2010. - S.A. 2712 would also include anti-fraud language. The measure would not extend the credit to taxpayers under the age of 18 on the date of purchase unless that person is married to a taxpayer above the age of 18. The amendment would also require a properly executed copy of the settlement statement to be attached to the tax return. Moreover, the substitute would expand the restriction on a residence acquired from a family member to include a residence acquired from a spouse’s family member.
- S.A. 2712 would also extend math and clerical error authority to the Internal Revenue Service.
Breaking News | First Time Homebuyers and others
There was a lot of chatter on the news (and real estate blog sites and on-line news posts) yesterday and this morning about extending and possibly expanding the (first time home buyer) tax credit. Most news reports did not make it clear that the agreement reached by Senate leadership has not found its way into an existing bill or a stand alone bill. That may be resolved today. Once a bill passes the Senate, it still must go to the House for concurrence; and then has to be signed into law by the President. In other words, any action has a long way to go before it becomes law. The action in the Senate yesterday was good news and significant; however, this is not yet a done deal. If you support extending and/or expanding the tax credit, now is the time to contact your senators and congressmen to let them know how you feel.
A side note: Jobs are important; statistically every home transaction brings into the local community approximately $63,000. That movement of money can help improve the local economy.
Agree or disagree, this is an important issue for Real Estate Agents and those concerned with the Corvallis, Albany and Mid-Willamette Valley market.
If some form of this bill passes, I would expect to see some movement of Buyers and Sellers in the Corvallis, Oregon and Albany, Oregon markets. More first-time home buyers will have time to enter the market, and the move-up buyer will be in a better position to purchase in the Luxury Home Market; creating demand at all levels.
To get in touch with (or find out who they are) your elected officials you may want to visit Senate.gov or your Congressman at House.gov
Related articles:
This Place Matters
Earlier this year, It was my privilege to be recognized by Benton County and the City of Corvallis Historic Resources Commissions and Preservation Works for Leadership and Commitment associated with my work in the historic neighborhoods of Corvallis, Oregon. This award centered on the efforts associated with my real estate career, including the marketing materials that I produce when listing homes and the information and advice provided to buyers of homes in neighborhoods designated as historic and with historic homes in other neighborhoods and communities. I am very appreciative and honored by this recognition.
The opening remarks were quite inspirational and are repeated with permission here:
The theme of this historic preservation month is –“This Place Matters”.
“Places are made up of the physical – the landscape, climate, and the built environment. But of course, when we are talking about Historic Preservation we can’t separate the physical place from the human community and its culture that formed that place. This human community and culture can’t JUST be that of the historical creators of the “place”. (Though our predecessors acting on and manipulating the environment gives us something to preserve.) This community and culture that helps make up “Place” must include us, as we act out our stories, build our lives, and play with the environment; the environment that we inherit from those who have gone before us, and borrow from those who come after.
All of us, as individuals, or groups and organizations, through our actions, both big and small, pass on a legacy. We pass on another piece of the story that is told by our places; the story about who we are, and what matters to us. Historic Preservation is about making sure that story has a richness and depth that a single individual can rarely achieve over a lifetime.
In giving awards – for leadership and commitment –for Stewardship – and awards for Projects that assure the continued life to Designated Historic Resources- we want to recognize the diversity of efforts, and the different scale and scope, that make up the preservation of this place that matters to us.”
Other awards and honorees include:
Benton county Preservation Award to Willamette Community and Grange Hall
Designated Historic Resource Project—Caton House; Kearney Hall, Oregon State University
Leadership and Commitment—Dava Behrens; BA Beierle
Stewardship—Ed and Gwen Peachey; Oregon State University
Preservations Works Honor Award—Van Buren Bridge Project, Oregon Department of Transportation
Part of the program included a presentation by Art DeMuro (President of Venerable Properties and Chairman of the Portland Historic Landmarks Commission) describing the efforts and success story of the “green” preservation efforts associated with the “White Stag” and other buildings/blocks of significance in the Portland Historic District(s) The following is a slide show he provided (posted with permission.) It is well worth the read to understand the differences that can be made when “green” is included in the preservation of historic properties.
If you are interested in buying or selling a historic home in Corvallis, Oregon or in the surrounding area, please do not hesitate to be in touch. 541-740-3844 or send an email to Dava
Equal Housing Opportunity. Each Office Is Independently Owned and Operated.