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Top 10 Deal Breakers & How To Avoid Them

2011-05-25T06:58:00.000-07:00

(From Trulia, by Ginger Wilcox)

Your buyers have found the home of their dreams, started packing their stuff and have mentally moved in when suddenly a challenge arises that could put a serious wrench in the home buying process. In today’s market, finding the home is only the start of a transaction that can have many stumbling blocks along the way.

Here are the top 10 deal breakers buyers and sellers encounter that can impact the sale of a home:

1. Fixtures and Personal Property Pitfalls
I can’t tell you how many times I have seen deals falter because of disagreements over silly stuff like who gets the fireplace screen, the wall sconces or the appliances. For some buyers and sellers it can be difficult to distinguish between personal property and fixtures that come with the house. I once had someone try to take a beloved bathtub. Like the buyer wouldn’t notice?

How to avoid it- Disputes over fixtures and personal property are common. It is important to educate your client about the difference between attached appliances and personal property but there are times when the lines get blurred. Wall mounted flat screen TVs are frequently an issue. If something is really special to a homeowner, recommend the sellers remove the item before you put the house on the market. Have a beloved chandelier? Replace it before you start showing the home with an acceptable alternative. If this isn’t possible, exclude it in MLS along with frequently confused items like that flat screen and make sure it is excluded at the time the offer is written as well. Buyers should investigate and include any items that are important to them.

2. The dreaded ex-wife/husband
There may be many reasons to dread an ex, but when it comes to selling a property, it can impact the sale of a home. We often see situations where the owners got divorced but he/she didn’t sign off. Finding this out late in the process can be problematic, especially when one of the parties no longer has a financial interest in selling the home. This scenario along with other clouds on the title can take time to clear. Bank owned properties often come with title issues such as unpaid garbage fines that can impact your closing.

How to avoid it: Get a preliminary title report as soon as possible and be sure to ask your seller if there are any potential claims on the title.

3. Buyers Buying “Stuff”
Your first time home buyers are moving into their new home. They don’t have a washer and dryer of their own and the local appliance store is offering a smoking deal – get a store credit card, and save 15% on the purchase of your new appliances! Sound like a steal? It might just kill your deal.

Time and again we counsel buyers not to make major purchases before close of escrow such as a new car or major appliances, and time and again, some appliance store has a great “deal” that kills the deal. Any major purchase the impacts your credit can also impact your loan being funded too.

How to avoid it: Regularly remind your buyers to wait on appliance purchases, new car purchases, furniture and more until they the loan has been funded. Tell them to put those credit cards away until the paperwork is recorded.

4. Failure To Disclose
“But Ginger, I didn’t know I had to disclose that the hill behind the house next door came down last spring. It didn’t impact my part of the hill.” I have had to fight with sellers to get them to disclose certain facts about their home, but it is almost always better to over share when it comes to disclosure. Inevitably, a neighbor is going to tell the prospective buyer about the sliding hill, the formerly moldy basement or about the meth lab around the corner.

How to avoid it: When in doubt, disclose, disclose, disclose. Problems always seem much bigger when they are uncovered by a buyer after they are in contract.

5. Appraisal Nightmares
We went through a period of time when appraisals always magically came in at the offer price. For the most part, those times are gone. Appraisals are common deal breakers, and in many transactions, you don’t just have one. Review appraisals of the first appraisal are commonplace.

How to avoid it: Make sure the lender has a qualified appraiser. When possible, accompany the appraiser on the inspection. Prepare your clients in advance that the purchase price may have to be renegotiated or a higher down payment may need to be brought in if the appraisal comes in low.

6. Who Owns What?
Your buyer thinks they are getting a 6000 square foot lot, only to find out that the fence is built on the neighboring property. Or they think they own the driveway, but it is really an easement on property owned by the cranky old neighbor. Lot lines, shared driveways, and fences are common stumbling blocks in a transaction.

How to avoid it: Review the preliminary title report carefully. Legal descriptions aren’t always easy to read, but take the time and effort to have your client do so carefully. Have a title officer walk you through the title report to explain anything unusual. You should have your client go to the city/county authorities to review the items on file. If your client is concerned about the lot boundaries, have them perform a survey. While surveys can be costly, not knowing the actual boundaries can be costlier says Diana Rugh, a Realtor with David Lyng Real Estate, in Santa Cruz County, California. If a client is only concerned about one side of the property, she has her clients perform a partial survey for just the side in question.

7. No permits
In many areas, unpermitted additions or remodels have become serious deal killers. Many cities and towns have implemented pre-sale inspections to fill their dwindling coffers.

How to avoid it: If city/town inspections are required, get them in advance, correct any required issues, and get your clearance. Some municipalities don’t operate on the swiftest timeline, so start as early as you can.

8. Unexpected inspection findings
I used to work with an inspector that other agents called the deal killer and honestly, he was. But he was also a lawsuit saver. When you have a client paying hundreds of thousands if not multiple millions of dollars for a house, they should know what they are buying. I call inspection periods the second negotiation phase of the deal. Inspections are common deal breakers when agreement cannot be reached over repairs. Sarah Stelmok, a Realtor in Fredericksburg, VA almost lost a deal when the home inspection uncovered numerous dead felines in a crawl space. Amazingly enough, she was able to hold it together, the felines were removed and she closed the deal.

How to avoid it: Get inspections before the property is actively on the market. Buyers will probably still get their own, but at least you can resolve serious problems that may send a buyer running in advance. Repairs almost always cost a seller less if the buyer knows about it before they write their offer.

9. The lender changed the rules
This may be hard to imagine, but sometimes you are ready to rock and roll, you got your buyer pre-approved, not just pre-qualified, you are in contract and everything looks great until- poof- the lender changes the rules. Suddenly your buyer can’t meet the lender documentation requirements. This would have been helpful to know in advance.

How to avoid it: Unfortunately, there is not much that can be done to avoid it other than working with a reputable mortgage broker or lender with a solid record of closing transactions. If you represent the buyer, you may want to recommend the buyer leave their loan contingency in place until the loan is funded. If market conditions don’t permit this, make sure your buyer is aware of the ramifications if the loan doesn’t fund.

10. The bank doesn’t care
If the property being purchased is a short sale, the bank is pretty much in charge and they simply don’t care about your timeline. I have heard of people celebrating two and three year anniversaries of working on a short sale. When it comes to short sale timelines, anything goes, or better yet- who knows?!

How to avoid it: The best way to save a deal when a bank is involved is to make sure your buyers have appropriate expectations about the process. Educate them of the pitfalls of working with a bank. You might want to share the handout found in this article on the 5 Most Common Complaints of Short Sale and REO Buyers.

One of the best ways to avoid killing a deal- educating your clients about the entire home buying/selling process to make sure everyone is properly prepped goes a long way to holding deals together.

Ginger Wilcox is Head of Training at Trulia. Ginger has sold real estate in California and Arizona. Follow Ginger on Twitter

After all these glorious years, "Ludgates" is passing the torch!

2010-12-17T05:23:00.000-08:00

A few weeks ago, Mike Ludgate sent out this announcement. "After 37 years as a family business and no heirs to take it into the next generation, the Ludgate family is exploring new options. It has been especially difficult to manage without "The Squire" around to keep watch over everything. I think we: (Roberta, Linda and Mike) are ready to try something new. He sent this message yesterday which he invited friends to share: Our first choice right now would be to "pass the torch" of the family business to another family, person or group who could take Ludgate Farms to the next level - some youthful enthusiasm would be terrific right now! The food business has changed a lot in 37 years and is now entering another really exciting period with all this interest local, renewable and sustainable. We have taken what we think is the logical first step; this is a business that works the best if the owners are living on the premises - so we have put the entire business and real estate on the market. This would be an excellent opportunity for an energetic person or family to jump right into an established farm market with a loyal customer base."

Well ... it worked! We found someone! Or they found us, or both!

We are pleased to announce that Ludgate Farms is changing hands this coming January. Having run the farm stand since its inception in 1973, the Ludgate family has sold the business to another local family, the Quinn-Jacobs. The Ludgate family will remain in the area and are looking forward to a variety of "second careers".

The new owners, Katie & Dave Quinn-Jacobs, are looking forward to contributing to the productivity and future development of the farm stand in the years ahead. Katie is the founder of IthaCan, the local home food preserver’s network and both she and Dave are developers for Harvestation, the online farmer’s market that was launched this past harvest season. Betsy Appleton, who has a strong background in the local food movement, will be the new Ludgate Farms general manager-in-residence.

While bringing some fresh ideas and new initiatives to the store, the incoming management team is committed to maintaining the tradition of supplying the local community with a great selection of fresh produce, specialty groceries, bulk goods and locally produced items that Ludgate Farms has offered the Ithaca area for over three decades. Stay tuned for some innovations in the farm stand and we’ll be in touch as we move ahead.

Have a happy & healthy holiday season and see you at Ludgate's!

Roberta, Michael, Linda, Katie & Dave

IthaCan: http://ithacan.ning.com/
Harvestation: http://www.harvestation.com/
Ludgate Farms http://www.ludgatefarms.com/

PANCAKES ALL DAY LONG / ELECTION DAY, Tuesday, Nov. 2, 7:00 am - 7:00 pm

2010-10-29T11:14:00.001-07:00

The Ithaca Rotary Club's 37th Annual Rotary Pancake Day is November 2nd, 7am to 7pm Election Day.

Pancake Day is one of our great annual events that makes Ithaca such a fabulous place to live! Held at the Women's Community Building,located on the corner of Cayuga and Seneca Streets in Ithaca, Pancake Day has become an Ithaca tradition where we gather to eat, make new friends and see old ones, speculate on election turnouts, and generally have a good time!

Please come-- If you've never attended this event before I can assure you after the first time it will become part of your family's tradition, too! Call your spouse or a group of your friends, just decide when during the day you want to meet, and put it on your calendar. Pick up the kids-- don't let them miss out-- because they all eat free!

Blueberry pancakes and yogurt join this year's menu along with the traditional staples of pancakes, scrambled eggs, bacon, sausage, hash browns, applesauce, fruit, coffee, tea, and orange juice. Cooked and served on site by Rotarians and Youth Exchange Students, your meal will be hot and delicious!

Tickets are $7 for adults kids under age 12 eat free! Proceeds from this special event are used to fund our International Student Exchange Program, so please consider helping sustain this important opportunity to promote international understanding and good will.

My husband, David, and I usually meet there around 6:00 pm, if you're there at that time, too-- then I'll look forward to a quick wave or hello!
If you're not in town for this event, just think of us enjoying the good food and company! But wherever you may be this Election Day, be sure to get out and VOTE!

Oh, and if you have friends in Ithaca whom you think might appreciate a reminder of this event, please send this to them!

NEW LILSTING: 47 Hollister Rd., Freeville, NY, $369,000

2010-10-15T07:42:00.000-07:00

This is a definite MUST-SEE property located on the edge of Ellis Hollow on a spectaular Hilltop site.
Gorgeous and spacious 4-year-old Colonial sited on 2-1/2 acres has superb valley views, 3 bedrooms and 2-1/2 baths. Welcoming foyer has twin closets. Large eat-in kitchen open to the dining room w/ hickory cabinets, birch hardwood floors and huge pantry. French doors between dining room and living room. 3,000 sq. ft incl finished lower level w/workout area, laundry, mechanical room, and family room opening to patio w/ hot-tub for year-round outdoor entertaining. Oversize 3-car garage.

Features include hi-efficiency Buderus boiler, Superior lower level walls, 30-yr architectural shingled roof, welcoming front porch, back deck and new concrete patio.. Walk-in closet, Jacuzzi and twin sinks in Master. Twelve minutes or less to Cornell, 15 minutes to Ithaca College.

Check out the photos then call me or your Realtor to schedule an appointment!

Great Price Reduction on 5 Burheight Glen Rd., in Spencer-- NOW $162,900

2010-10-13T13:21:00.000-07:00

Just a quick note to let everyone know that I have a price reduction to announce on the property at 5 Burheight Glen Rd., a very well maintained, move-in-ready 3-BR, 2-BTH ranch on over an acre with stunning valley views. Remodeled with formal entry, kitchen with wonderful new stainless appliances and gleaming refinished cabinets. Spacious master suite s bath has double sinks, top-of-the-line spa tub, oversize tile-walled shower, toilet and bidet, all with gold-plated fixtures, beautiful hardwood/tile floors (carpet in master BR) , two oversize workshop/craft areas opening to the outside.

Watkins Glen Walk-thru and Closing

2010-10-13T12:56:00.000-07:00

It's such a beautiful day today-- the Leaves are at peak! The drive over to Watkins Glen for the final walk-through with my clients who have been searching for the perfect village home for over one year.
They're happy with their new property-- This grand old home offers such potential.
Next time I'll see them is at their housewarming!

Tips for Moving Day

2010-08-01T07:47:00.000-07:00

Having just moved last month myself I can say that these are great tips from Paige Tepping in a recent article:

RISMEDIA, July 31, 2010--With the summer selling season in full swing, millions of Americans are finalizing real estate deals and preparing for moving day. If moving day has you feeling stressed, the following tips from the experts at GoMovers.com will help you prepare for a seamless transition.

-Complete as much packing of the items you're packing yourself by the day before your moving day. Take care of any last minute items early in the morning on moving day. Doing so serves a dual purpose: Only the items the packers are handling will be left, which will help them concentrate only on what they're going to pack, and your mover won't need to wait around while you finish your portion of the packing job.

-Before the movers arrive to pack and load, remove any obstacles so they'll have a clear path from the door to the truck. Also, check hallways and stairways and eliminate any items that are in the way. If you'll need to remove a stair railing or other ‘impediment’ to get larger items out of the house (your estimator should have alerted you to this), do so before the movers arrive.

-Take a walk through the house and check closets and utility areas to make sure you haven't forgotten to pack anything that is coming with you to your new homes. Make sure the boxes you packed are clearly labeled and their room location at your destination is clearly marked on the box. Make sure all of your boxes are taped closed so nothing gets lost during transit.

-Move your cars as needed to make room in the driveway so the movers have a clear line between the house and the truck.

-Make accommodations for your pets. You might consider boarding or caging them on moving day or having them stay with a neighbor or relative during the actual move. You might be able to better accommodate them by taking them to your destination in advance. You'll want to do what's appropriate in order to keep them out of the way of the movers and help reduce their stress levels and anxiety.

-Plan to be around to keep a watchful eye on both the packers and the movers while they're packing and loading your possessions. That way, you'll also be readily available to answer any questions they might have. It doesn't hurt to build rapport with your movers and packers either, as they're more likely to do a good job if they like you.

Whatever Happened to Lindsay & Dan?

2010-07-26T14:40:00.000-07:00

Just an update from their agent--

Lindsay had been contributing to this blog on her experiences with the sale of their home. They had JUST put it on the market. Then we all got too busy to continue the thread.

They received a strong purchase offer on their home one week after it was listed. They reached a meeting of the minds not long after and it went under contract. The Home Inspection was without incident and they expect to close the first week of August.

Why So Easy? Two Transactions, Incident-Free & Hassle-Free

2010-07-26T13:13:00.000-07:00

Finally, two transactions that were incident-free and hassle-free. How and why did this happen? I'd like to hear from readers what were the characteristics of their smoothest real estate transaction ever.

In these two transactions, like all my transactions, I was careful to note phone calls, keep emails, notes from personal meetings, receipts, address requests for information as quickly as possible and respond to phone calls as quickly as possible.

In the first, I was selling my home. In the second I was buying a replacement home. In the first, my home wasn't actually on the market, another agent came to me because our home fit the needs of her client. At first request, having previously considered selling we gave an asking price, and verbally agreed to what we would accept, though the terms needed to be defined. We were not able to agree to the buyers' requested terms because we didn't have a home selected that would replace our current home. So we weren't able to reach agreement.

Two months later, however, we did find a home that met our needs. We acted on it immediately, at the same time going back to the aent who brought us the original offer to find out if her clients were still interested. They were. We accepted their offer and their original terms.

In the second, the purchase of what we hoped would be our replacement home, we looked at the home almost the first day it went on the market and put in our strong offer almost that day. There were other offers submitted and we immediately agreed to increase our offer price. Our offer was accepted, and we moved forward with both transactions.

What actually happened along the way to keep the transactions running smoothly?... more to come in a follow up post.

And by the way, I just don't buy this premise put forth in Wired Magazine: http://www.wired.com/wired/archive/13.05/realestate.html

Post #4 from Lindsay

2010-06-07T21:10:00.000-07:00

Well, We've survived "open house week" We took some fantastic pictures on Thursday for the house listing with Cande. She wanted to come in the afternoon to get the lighting just right. Cande is a fantastic photographer, and it was great to document the house in such neat and clean condition. I have to admit I really like living in a clutter-free zone. It makes me appreciate why we bought this house in the first place. It is an 1890's house that is by no means perfect or square but it has some amazing personality and soul. It was built when Interlaken was at its height of prosperity. We live on a street called Railroad Avenue, and by no coincidence. The street terminates where there once was a railroad stop. Our house was one of the nicest on the street and that is due to its proximity to the railroad stop.

Wednesday, Cande held a realtor's open house at our home complete with wine tasting, cheese, and bread. Another Realtor had a client in the area and they decided to stop by and do a walk through while Cande was here. We also had someone come for a showing on Saturday so we are doing well. Cande held a public open house on Sunday but no one came. The weather wasn't very nice. We will see what tomorrow holds, maybe there is an offer on the horizon...

Interlaken Open House, Sunday

2010-06-06T08:57:00.000-07:00

So here it is, Sunday, the day of our first public Open House at the sweetest Victorian at 3695 Railroad Ave in the Village of Interlaken.

BUT-- Not only is it / raining-- but it's blowing, the wind whirling and whipping through the trees! (see photo).

But I am in heaven on the porch, with wine, cheese, lemonade, crackers and other goodies. I know it's hard to get out today. But it's just such a pleasure to be here!

So, come on out if you can, until 1:00 this afternoon.

$125,000. New Village Listing in Interlaken: Beautiful Victorian

2010-05-29T20:38:00.000-07:00

I can't wait for you to see charming Victorian home in the Village of Interlaken!
This wonderful,well-maintained 1890s farmhouse has a huge,inviting wrap-around porch on two sides that affords three different entrances to the home. Upstairs are three bedrooms and one bath, and there's a second full bath down.
The formal dining room has large breeze-swept windows, and a built-in cabinet for linens and dining pieces. Two pass-thrus open up the dining room and living room to the updated kitchen for gracious entertaining.
Newer fixtures, fresh paint in soothing colors up & down. Many newer double-pane, easy-care windows throughout. Property has an exceptional barn/garage built in 1999,with garage door opener and space for 3 cars. A large second floor loft above the garage is ideal for workshop or studio space and has plenty of storage space.
The current owners have made lots of updates and have added stunning perennial gardens.
Here's the link to this Listing-- and you can register for more expanded listing information here on my website: www.CandeCarroll.com and type in mls 131763 or 3695 Railroad Ave., Interlaken

Post #3 from Lindsay: Getting ready to sell

2010-05-28T15:23:00.000-07:00

We had a realtor friend of my Mom's over (Cande) to give us an idea about what might be involved in selling our house.
My husband and I decided that the time was ripe to put our home on the market but we really didn't have the foggiest idea about how to do it. It's the first time we've ever done this because the house in question is the first place we've owned.
Cande hadn't ever seen the place before so it was fun to catch up. She got to see our place and meet our daughter for the first time. She asked a few very good questions about our situation. She wanted to know a.) How soon do you want to try and sell your home? b.) Where do you want to relocate to? c.) What will be the asking price of the home?
We wanted to know what we needed to do to show the home as soon as possible. Her answer was to fix a few odds and ends that we had to get to anyway even if we were going to stay and also in an off-hand sort of way "oh and just tidy up the place," and she'd be back the following week to take some photos for the listing.
This last sentence makes me smirk internally. You see, I am a recovering pack rat and my husband is a pack rat in denial. I say recovering because it's a disease that you are never really cured from. The idea of moving makes me cringe at the thought of having to get rid of the stuff one accumulates when one lives in one place for a while.
I like to consider ourselves green individuals. This is just a simple excuse to hang onto everything in case one might use it later. What does a person do about said problem? Call the family for reinforcements. I say family because only they could manage to tolerate doing such a heinous task and they work for unlimited food and beverages.
Over the weekend the family helped us clear the detritus of several years of living in one place. I'm not going to say that it was fun, but boy I guess I wouldn't mind staying so much now that it's done. Wouldn't they be mad if I called them up and said "April Fools!" Ha!

Post #2 from Lindsay: Why Does Anyone Move?

2010-05-28T12:01:00.000-07:00

My husband and I have recently acquired a beautiful baby girl who for the last 6 months has joined us on our daily 2-hour commute to our jobs. We live 7 miles from work, however, between us and work lies a giant 300-foot deep, 38-mile long chasm filled with fresh water known as Cayuga Lake.
There have been schemes hatched about getting a boat and working out dockage on both sides of the lake, but due to various logistical barriers, including a boat that just won't run when we get it to water's edge but will start on command within the confines of our yard with no trouble, we have scrapped the idea.
Getting back to our daughter, I have been lucky enough for the first six months of her life to bring her along to work with me. I have wonderful employers. That time now is coming to a close. It's hard for me because I'd really love to keep her at work but she is getting to the point where she needs to have a day care situation.
Truthfully the thought of leaving her with someone else has been one of the biggest heartaches of my life. It's amazing how you change when you become a parent. How someone can have such a death grip on your emotions and yet be so innocent and blissfully unaware of it themselves. You wonder if they will ever know just how much you unconditionally love them. What a sappy mother I am.
So with a new expense at our feet, daycare, one place in our budget that could be trimmed is gas expenses. Other benefits of getting closer to our jobs would be more time in the day not spent in the car. I can tell you for a fact that 2 hours a day of forced confinement with your spouse is good for your relationship but it might be boarder line overkill couples therapy.
We would also be closer to our family who also lives an hour away from our current home. It's time to sell.

Lindsay

ITHACA YACHT CLUB - Reduced rates for NEW members and re-joining members

2010-05-28T11:32:00.000-07:00

This is your invitation to enjoy one of the most beautiful lakefront settings on the West Shore, The Ithaca Yacht Club.
You don't even have to want to own a boat, but if you or your friends or clients have ever thought about joining (or re-joining) the Ithaca Yacht Club -- OR if you're looking for a great summertime social atmosphere for leisure activity-- for both adults and kids-- by the lake, NOW IS A GREAT TIME TO JOIN! IYC is offering a tremendous incentive to do so this summer... read on.
IYC has just announced two initiatives to increase membership....
1. NEW categories for SINGLE and JUNIOR Memberships
2. 2010 Membership Drive - 50% OFF Full Dues (in any category) for NEW and RE-JOINING Members (and pay only 75% of dues in 2011)
What does membership get you? The opportunity for you and your guests (and clients) to picnic, paddle, swim, sail, play, relax, eat, drink, and socialize -- all at IYC's beautiful west shore setting. IYC members have access to the lake for youth and adult sailing programs, summer recreation camps, kayak usage, and the chance to enjoy IYC's casual lakeside dining and pub. And we have our "laptop by the lake wifi" so you can enjoy your membership on your free time and during work hours too! You also get limited reciprocal privileges with the Ithaca Country Club.
Help IYC celebrate the beginning of its second hundred years at "your lake level cottage on the lake"! For more information see below or visit www.ithacayc.org or contact IYC at membership@ithacayc.org or 607-272-9171. You can also plan to tour the club during one of our open houses on Sunday May 30 or Saturday June 19 between 11:00 and 2:00.
It will be great to see you on the Point!
2010 DUES FOR NEW (or re-joining) MEMBERS
SENIOR Family (SR) Full: $1292 2010: $646 (+tax)
for all family households where the eldest member is over 35 as of July 1st and includes grown children through age 24
SINGLE (S) Full: $775 2010 $388 (+tax)
is for an individual with no family members, defined as no spouse, partner or children
JUNIOR Family (JR) Full: $646 2010: $323 (+tax)
for family households whose oldest member is 35 or less on July 1st
Remember to try to get to the Open House this Sunday, 11-2, and also tell the sign up person at the open house, or when you join that you learned about this great membership incentive from CANDE's BLOG INVITATION.
All the best for a wonderful summer!
Cande
Member West Shore Homeowners Association and IYC
Don't hesitate to Invite your friends. And if you have questions, just email or call me!

A Love Letter to our House

2010-05-27T10:10:00.000-07:00

Dear House,

You were our first house. You were our dream. We needed a place close to work and a place where we could launch our boat to sail on the beautiful lake that you are so near to. We needed a place to plant a vegetable garden, and to have beautiful flowers planted just where we wanted.

We needed a place to call our own, with a big kitchen, a great laundry room, and a place to keep our cars warm and dry in winter. We needed a house with a great porch for summertime grilling and warm insulation to keep us toasty warm in the winter. You have provided that for us.

It's true, there were some things that we improved about you. We didn't like the floors upstairs so we put in laminate flooring. We planned to replace the downstairs flooring with hardwoods Dan sawed himself. We didn't like the old ceilings and lighting in the kitchen and the dining room so we replaced those too. You are a great house and we wish we could pack you too when we move.

We both now have jobs on the other side of that beautiful lake. We don't have time to enjoy your great wrap around porch, or ping pong in that great big garage. We have to move on, I hope you understand. It's not you it's our circumstances. We will find you a new family to enjoy your great virtues. As they say, breaking up is hard to do.

(written by the owner of a VERY wonderful village home, 17 miles north of Ithaca, that will be coming on the market soon...)

Absolutely MOVE-IN Ready, 116 Woolf Ln., Ithaca

2010-05-27T07:29:00.000-07:00

Leave your toolbox behind! This beautiful home at 116 Woolf Lane, in Ithaca is totally move-in ready!

This low maintenance, must-see Colonial is on a very quiet street, near Cayuga Medical Center. Lovingly maintained and immaculate like-new two story, 3-bedroom, 1-1/2 bath home with many recent updates. Fabulous floor plan with great working kitchen with breakfast room / family room open to kitchen. Extra Large living room with newer bay window. Spacious dining room perfect for entertaining. New front porch and cozy rear patio. Newer flooring and recent interior paint. New storage shed and side patio. A must-see close to Ithaca and Cayuga Medical Center.

Directions: From Ithaca, drive 3-1/2 miles on Rt. 96 (Cliff St.). Turn right on Woolf Lane, drive .3 mi. to beige, 2-story home. Call your Realtor or go to 116 Woolf Lane, Ithaca for more info and a complete list of updates.

Request a Showing Appointment.

Interest Rates are Low, Low, Low!

2010-05-27T06:55:00.000-07:00

It's hard to imagine that interest rates have continued to remain at 50-year lows.
My lending representative, Kimberly Rozell, at CFCU in Ithaca, sent me their Rate Sheet for today, and listen to this: Just 4%-- that's FOUR-- for a 10-year, Fixed Rate Mortgage, with a 60-day rate lock, no points, (4.471% APR, based on $100,000 loan amt and 20% down).
See all CFCU Mortgage Rates
Find your dream home at: www.CandeCarroll.com

First Quarter's done, and we're well into the Second... ??

2010-05-27T06:15:00.000-07:00

Good grief!Where is this year going!

I recently decided to revitalize my blog (more about that later), so here I am looking at that stupid clock ticking down to -- well, of course, now it's ticking down to New Year's Eve 2010/2011.

Oh, well, Let's review. How's the Real Estate Business in Ithaca? Right now there are 741 residential properties on the market. As of today, the average days on the market is 146. The average selling price here is $184,332, and homes are selling at an average Listing Price to Selling Price of 94.93%.

For an individual agent such as myself? My first quarter surpassed my total sales in 2009; two months into the second quarter I've surpassed first quarter's numbers. And I'm psyched to push forward for my clients, getting them the best price for the homes I'm listing, and the best price for my clients who are ready to buy.

Go to www.CandeCarroll.com to search for YOUR perfect home, or to contact me about how to get your home ready to put on the market and we'll get it listed. Cande@RealtyUSA.com, or just pull out your phone and call me at 607-227-2978

2009-12-30T07:13:00.000-08:00

$6500 "Replacement Home" Tax Credit Clarification

2009-12-04T06:39:00.000-08:00

Q: I'm already a homeowner. If I buy a replacement home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?

A: If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a replacement home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)
IRS.gov Newsroom Link

First Time Homebuyer Tax Credit Extension

2009-11-09T17:44:00.000-08:00

Obama Signs Credit Extension for first-time homebuyers -- by Lewis Green
Recently, President Barack Obama signed legislation that will extend a tax credit for first time homebuyers into next year.

Through the tax credit, first time homebuyers who have a contract in place on a new home by April 30, 2010, are eligible for an $8,000 tax credit. Those buyers must close on their new home purchase by June 30 of that year. Also, members of the military who find themselves serving overseas are eligible for the credit until May, 2011.

Many experts in the housing market tied an increase to housing sales to the tax credit, which was slated to expire soon. In fact, home sales dropped 3.6 percent in September, with some saying that the coming expiration of the housing credit played a role in that decline.

"The rebound in the housing market was one of the big factors that contributed to the growth of the economy in the last quarter and brought hundreds of thousands of families into the housing market," Obama said. "We want to give even more families the chance to own their own home."

A smaller version of the credit has also been created for people who plan on buying a new home. A homeowner who has lived in their house for at least five years is entitled to a $6,500 credit if they buy a new primary residence.

There are a number of limitations on the tax credit. For example, the property people plan on purchases cannot be more than $800,000. How much people earn also plays a factor, though the bill does expand income thresholds for the credit. For individuals, the limit was expanded from $70,000 to $125,000, and for couples it was moved from $150,000 to $225,000.

History Center invites all To Day of Family Fun, Aug 29

2009-07-16T10:57:00.000-07:00

Saturday, August 29, Come to the History Center for a Day of Family Fun! Time: 12:30-3:30
Featuring:

Free Ice Cream Sundaes!! Compliments of Purity Ice Cream, and special ‘guest appearance’ by Ithaca’s own Ice Cream Sundae Inventor Chester Platt sponsored by the Tompkins County Visitor’s Bureau!
Live Music by June Apple
An Interactive Display on Preventing Pollution from the Cayuga Lake Watershed Network
Have a chance to ‘meet’ some of Ithaca’s historic figures from the Living History Tours
Scavenger Hunts and Prizes
Family Games and Activities
Enjoy a guided walking historical tour of downtown Ithaca
Tour details: The tour is a 40 minute walk. Tours will embark at 2:45pm, 3pm, 3:15pm and 3:30pm. Special family day rates of $5 for adults (kids are free.)

Visit us at www.TheHistoryCenter.net

7 Reasons to Own Your Home

2009-07-10T12:29:00.000-07:00

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

How Big a Mortgage Can You Afford?

2009-07-10T11:31:00.000-07:00

How Big of a Mortgage Can I Afford?

Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.

The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.

Rent: _______ x 1.32 = Mortgage payment: _______

Because of tax deductions, you can make a mortgage payment — including taxes and insurance — that is approximately one-third larger than your current rent payment and end up with the same amount of income.

For more help, use Fannie Mae’s online mortgage calculators.

The Six Most Aggrevating Strategies of Listing Agents

2009-07-02T06:22:00.000-07:00

It's all about posturing and one-upmanship.
But why do people feel they must resort to such strategies. My opinion is that they don't work (although I believe agents who use these DO think they do, because of the ultimate outcome, which would have been the same either way.

Here they are-- the Six most annoying habits of Listing Agents -- At least in my book:

Get all out of breath, making an argument in which the pace, tempo and intensity of their speech impairs their thinking so that they don't know when to stop.
Say one thing on the phone then write something just a little different in the confirming Email.
Push and threaten that their Seller is going to back out of the deal.
Say, I just showed this property this afternoon and I expect these people to make an offer tomorrow."
Say, in the middle of negotiations that the Seller is "not going to give the property away for anything under $ X . Nine months later the deal closes with another buyer at $X minus $50,000.
Say "The Seller isn't really sure she wants to sell."

http://homebuying.about.com/od/realestateagent1/qt/AboutREAgents.htm

Job Loss Protection for Your Mortgage

2009-06-29T15:54:00.000-07:00

The Rainy Day Foundation's Homeowner Education and Loan Protection service (HELP) includes a Mortgage Protection Program that protects homeowners if they experience a loss of their employment. Many Americans today are concerned with job stability and how they are going to make their mortgage payments if they lose their job.
The unemployment coverage included in the Rainy Day Foundation's HELP service assists in keeping homeowners current on their mortgage payments each month so homeowners can minimize their financial stress while they are looking for a job. This coverage is underwritten with an A-Excellent by A.M. Best ranking.

Overview:
Provides up to 6 months of mortgage payments if the borrower (or co-borrower becomed involuntarily unemployed.
Coverage period is within the first 24 months of the closing date.
Coverage amount is the lesser of the actual mortgage payment or $1,800
Vesting period of 60 days from mortgage closing date
Waiting period is 30 days from the commencement of unemployment.
More info: http://www.helpprogram.org/

The History Center Presents: Out Upon Cayuga's Waters-- 100 years of life on the lake

2009-06-15T11:45:00.000-07:00

The History Center Presents: Out Upon Cayuga's Waters-- 100 Years of Life on the Lake
June 16th through October 2009
Cayuga Lake, the longest of New York's Finger Lakes, lies at the heart of Tompkins County. More than 38 miles long and 3-1/2 miles wide at its widest point, Cayuga Lake is famous for its beauty, and for the gently rolling lands surrounding it.

Commercial boating thrived here since the early 19th century as steamboats and ferryboats traveled the lake, and recreational and competitive boating and swimming have brought fun and prosperity to lakeside communities.

Opening on June 16th, this new exhibit uses artifacts and images to depict the commerce and sport, the swimmers, and the steamboats that have made lake life rich and rewarding. See early 20th century bathing suits, images of 1980s crew races, and a replica of the famous Frontenac, the magnificent Cayuga Lake steamboat that came to so tragic an end.

Out Upon Cayuga's Waters: 100 Years of Life on the Lake will be on view at the History Center from June 16th through October 2009, on Tuesdays, Thursdays and Saturdays between 11:00 am and 5:00 pm.

Location: The History Center
401 East State Street, Ithaca, New York
In the Gateway Center, one block east of The Commons
For more information, call 607-273-8284 or visit www.TheHistoryCenter.net

The Basics: 2009 First-Time Home Buyer Tax Credit (up to $8,000)

2009-06-14T11:40:00.000-07:00

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

reprinted from www.Realtor.com

Buyers Looking for Residence PLUS Rental Unit

2009-06-13T11:15:00.000-07:00

In looking to find a new home, more and more people in the Ithaca market are seeking to buy a residence big enough for their own family and lifestyle, while having a rental unit attached or detached for the extra income it will produce to meet mortgage payments, taxes or in some cases both.

In Ithaca, with our long established and quite large college populations, this isn't too hard. Buyers can find a home with income unit in almost any price range and in every neighborhood. I found a great property for a recent buyer, who wished to find a single-family invest property under $200,000. Instead, we found a duplex well under $300,000. Twice the house!

Some people see cons to living in the main part of the home and renting out the apartment. You definitely give up privacy, even with the best tenants. And sometimes the additional revenue isn't enough to offset the open living atmosphere that results.

Anyone have any thoughts on this subject?
Here are some available:
http://ithacarealtors.com/search.asp?cmd=view&listing=128701
http://ithacarealtors.com/search.asp?cmd=view&listing=128828

How does "Days on Market" relate to "Percentage of Selling Price to Asking Price"?

2009-06-04T11:06:00.000-07:00

My Buyer, who is seeking an investment property of under $300,000, asked me an interesting question while we were looking at properties together this morning, which I'll get to in a minute. From our previous outings she's narrowed down her choices to five (and will narrow it further before making an offer on one of them).

Her top five (in no particular order), have been on the market for 10, 48,82, 114 and 375 days respectively. The one on the market for 10 days has had no price reductions, while the one on the market for 375 days has been reduced three different times and is currently at 85% of its original asking price.

Her question as she is mulling over her Purchase Offers: To what degree does "Days on Market" relate to "Percentage of Asking Price to Selling Price"?

In our market, residential, 1-4 family homes the current quarterly median List/Sell ratio 94,9%, just 1.3 points off last year's; and the Days on Market is currently 122, up 12 days from last year. Without applying for a grant to do the research myself, has anyone out there recently quantified the data in a market similar to ours?

In researching this, a couple of articles come to light, but nothing substantive:
http://www.move.com/home-finance/real-estate/sellers/setting-price-for-selling-home.aspx
http://www.trulia.com/voices/Market_Conditions/What_percentage_less_than_the_asking_price_are_hou-5126
www.city-data.com/forum/charleston-area/176479-asking-price-vs-sale-price-mt.html

This was not the subject I expected to open with, but in a small city that has arguably the highest percentage of PhDs relative to the general population, my client, her husband (and my husband) just three of them) , it can be the way people think.

In the end, I believe she'll pick the properties that "work" best for her lifestyle, location, the amount of time she foresees having to devote to the properties and the value each represents, and can potentially return.

But is IS undeniably an intriguing question. So any and all input will be appreciated! In the meantime, Catch Cande next time, right here.

Welcome to Ithaca-Home: Sensible, Straightforward Attitudes about Real Estate

2009-06-02T19:47:00.000-07:00

First, a short explanation for my silence to date. In the short decade since I started buying, selling and renting properties, and reading everything I could get my hands on about the subject, I've made forays into writing and publishing. But in truth, I was hesitant because I felt others were far more articulate than I on the subject.

I finally realize it's what you have to say, not necessarily how you say it, that really matters. So I'm coming out to share facts, opinions, advice, values, ideas, statistics, information and links to others out there whose opinions and ideas I value (or once in a while, whose opinions and ideas I believe are completely off the mark!).

In the interest of full disclosure, I should say that I am a Licensed New York State Real Estate Salesperson, a Landlord & Property Manager, a Property Owner, an intermittant Tenant, a Real Estate Investor, a Student of the Subject of Real Estate and partner in the FREE Real Estate Website, www.STRUTYOURHUT.com where Sellers, Landlords and Agents can do much more than merely List their properties... (but that's a subject for another day!).

So stick with me. you can "Catch Cande" right here.