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Posts Tagged ‘flood’

This is a constantly changing market.  If you live anywhere near the water or are thinking about purchasing or selling and live near the water then you need to be aware of the current requirements put in place by FEMA.  Many homes will be required to have elevation certificates before an insurance quote can be given to place the flood insurance premium cost.

This video explains who, what, when and why in a simple and easy to understand manner.

https://www.dropbox.com/s/rct6xganj44qgfq/Allstate%20Video%20File%20%28YouTube%29%20%281%29.mp4

If you have any further questions or need some additional information on your own property or one you are thinking of purchasing please feel free to contact me and I will be happy to help you further as well as provide some references for obtaining an elevation certificate.

As always thanks for reading!

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Jenn

http://www.TodayByTheBay.com

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There is a tremendous amount of activity these days in the real estate market here in the friendly bay village.  I am going to give you the scoop on what is means when you read the words “as is” on homes for sale today by the bay…

“As Is” is a term that has always been used in the real estate industry.  In past years it may represent a home in disrepair, without appliances, possibly fire damage, or any other condition that is not typical.  It is almost akin to what you see is what you get. The owners will not be negotiating anything that a potential buyer may want and that the house is simply “as is”.  It may be a simple broken dishwasher that is “as is” or a wooden attached deck that is falling apart that is “as is”.  The term is broad in its scope.

Unfortunately in the aftermath of Superstorm Sandy most of these “as is” homes refer to water damaged homes.  Some may have been remediated completely, some may have nothing done to them at all.    There may be mold, the house may be totally gutted down to the studs, or some repairs may be started.  Each home will be in a different state but the most important thing to remember is if the listing states “as is” there is to be no negotiations for things that a buyer may want.  It is up to the buyer to put back the sheet rock, fix the electrical system or purchase appliances.  Every situation will be different and buyers should be well-educated in the costs to bring these homes up to current building codes.  This leads us in the financing of purchasing homes in these conditions.

Many “as is” homes are being sold for cash.  Investors are seizing this opportunity to purchase lower valued homes and then fix them up.  Some may plan to rent for a few years as the market continues its recovery while others may fix and immediately flip it back onto the market.  Other progressive home buyers are purchasing the home of their dreams even if there is no sheet rock.  There are loan programs such as a 203K loan which will incorporate the construction repair costs into the loan and they will in essence re-build the house as part of their mortgage agreement.  This program allows a home buyer to purchase a house much cheaper than they would have been able to afford and then pick out the bathrooms and kitchens of their dreams.  The bank will have some limitations in place and of course help oversee the process to make sure the appropriate equity is invested into the home but it is a fantastic solution to rebuilding the neighborhood.

I will warn you that buying an “as is” home is not for the faint hearted.  There is a lot to consider and tons of research to be done to ensure all repairs are up to current building codes.  Make sure your realtor knows what to look for…or you can just call me and I will be happy to help!

Oh yes..one last thing…these homes can not be considered a fair comp when appraisals are performed…but that is a story for another day.

~Jenn

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Banks to Meet One on One With Homeowners

Five of the largest banks and mortgage servicers will have representatives available at the Copiauge Memorial Library and Cedar Creek Park as well as two other locations Monday March 4th, through Saturday March 9th.  See the attached link for more information and details.

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Today we are living in the aftermath of a Hurricane. The effects of Hurricane Sandy have been devastating to all South Shore residents. We were part of a mandatory evacuation. Police told people if they stayed they should put their social security number on their arm with a sharpie.

Our friendly bay village is in a state of shock. The tides have yet to recede from the streets. I have reports back that water was pouring from windows. I personally have friends that have a sailboat through their windows. Another source stated that one of my neighbors drown in their own home.

My own damage will be dealt with. My boys are safe. Our world is upside down. We will need help from family and friends. Thank you for your offers will will take you up on them I promise.

Continue to be safe a pray. The devastation is severe!

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