In this issue, we begin a multi-part series covering an important subject, How To Buy A Home. In all too many instances buyers waste time and money by working without a plan, having no clear financial picture about their ability to buy, not truly understanding what they really want or need, and as importantly, not knowing about the importance of selecting the right agent to help get the job done.
I’m proud to announce that the National Association of Realtors has granted me the GREEN Realtor designation. The training I received was incredibly interesting and relates directly to the use of sustainable materials in the building process, advanced window systems, water filtration systems, on demand hot water heaters, the benefit of Energy Star appliances, cost saving home insulation systems, site development, water run-off management, and the retrofit of older homes to bring them into the new world of GREEN. These new technologies are exciting and environmentally friendly. And, long term, going GREEN saves money!
The last 60 days have generated much greater buy/sell activity than in prior months. But while the market has become more active, remember, there is a load of inventory still available. It will take a long and sustained period of brisk business to have a noticeable (upward) effect on prices.
Solve Chinese Drywall problems!
Until recently, I didn’t know of anyone who claimed the ability to effectively address this issue. I’ve just received an email from the company shown below who said they have a detection protocol as well as remediation procedures.
Driskill Environmental Consultants LLC.
1999 Hickory Ave. Suite 204, Harahan, LA 70123
PH. 504-738-2779 FX. 504-737-1960
www.brent@smarttipsolutions. com
There are potential health risks associated with certain brands of Chinese Drywall (sheet rock). If your home was built, remodeled, or renovated between 2004 and 2006 and you are experiencing unexplained electrical problems, corroding copper pipes, or A/C coils, have respiratory problems, (pets too), or there is a sulfurous smell in the house, these are symptoms caused by certain types of Chinese drywall (sheet rock).
For all of your real estate needs, I remain at your service.
The Miracle of Lakeview
As defined by the City of New Orleans Planning Comm. the boundaries of Lakeview are: Robert E. Lee Boulevard to the north, Orleans Avenue to the east, Florida Blvd., Canal Blvd., and I-610 to the south, and Pontchartrain Blvd. to the west.
The flood devastation inflicted upon Lakeview is a matter of record. But as time moves forward these wounds are healing, and many neighborhoods are recovering. In a recent conversation with potential clients looking to sell their home I asked about the condition of the neighborhood. The answer was a very enthusiastic, “terrific”! This is truly uplifting to hear. So if you are in the market for a great home at what appear to be great prices, in addition to Broadmoor, and Harahan, you can certainly add the miracle of Lakeview to your list.
How To Buy A House, Part 1
Part One. There is nothing more exciting or meaningful than buying a home. A home can mean shelter, sanctuary, prestige, and comfort. But before looking at homes, buyers need to know how much they can spend. That puts the subject of money right at the top of a home buyers list of things to do. Houses cost a lot of money, but the amount of cash needed up front depends on the financial avenue a buyer wants to take. For example, conventional loans with no mortgage insurance generally need a 20% down payment. But most loans with less than 20% down will require mortgage insurance. For example, an FHA loan could require as little as 3.5% down, but there is a mortgage insurance charge, it is .5% per year of the loan amount and charged to the homeowner each month. In addition, FHA charges an up front mortgage insurance premium of 1.5%. For more information about FHA Loans, go to this site,
http://www.fhaloan.com/ fha_mortgage_insurance.cfm The VA also offers special loan programs to qualified Veterans and their families. The loans require no down payment and are available from most lenders. In addition, the government limits the amount of closing costs and origination fees lenders can charge, as well as the appraisal fees. In general, the loans are available to some veterans, active service members, reservists and members of the Public Health Service. Another big benefit to VA home loans — no private mortgage insurance. Details at
http://www. bankrate.com/brm/news/ mortgages/20021030a.asp? prodtype=mtg
The best way to determine how much “up front” money you will need, and get your questions answered is to first, see a quality Mortgage Company, or Bank lender. Don’t know where to find a Mortgage Company? Take a look at this webpage.
http://middieomalley.com/ contractors.php.
Scroll down until you get to Mortgage Companies. Any one of them will guide you through the process of getting pre-approved or pre-qualified.
The smart move is to get financially qualified before you call a real estate agent or look at your first home. Lenders can also provide you with information about local, state, and federal, programs, special programs for first time buyers, and other financing opportunities that could help you get the home you can afford. If you are a first time buyer, you may qualify for a tax rebate. Take a look at this link for details. http://www. federalhousingtaxcredit.com/ 2009/glance.php. The Finance Authority of New Orleans has programs than can help qualified families with Soft Second Mortgages, first time buyer assistance, and more. Here’s their link:
http://www.financeauthority. org/.
Once you have a lender’s letter of pre-approval or pre-qualification, you will know the general price range to explore, and you will have much better bargaining power. (When calculating your monthly payment budget, don’t forget to add in estimated city taxes and estimated insurance!) Getting pre-approved or pre-qualified, up front, will make your search for a home much easier, and greatly improve your agent’s ability to find the right home for you!
For Sale!
Live/Rent, or buy for inve$tment
4222/24 Jena: $169K buys you this great double in Broadmoor. Very Good Condition. Fully rented at $850 a side. Very easy to maintain.
UNDER CONTRACT!This cute, over 2000 sq.ft., Carrollton area, Victorian Double has 2 bd and 1 ba per side, and it’s in Very Good condition. Both sides rented at $850 a month. Big Lot!
Call 504-579-4717, or email middieomalley@yahoo.com.
