Real Estate Disclosures

Real Estate Matters with Tim Bro

Real Estate Disclosures

If you’re in the process of selling a home, be mindful of laws covering full disclosure. The best thing to do if you’re unsure what to disclose is to consult your real estate professional, Tim Bro, who has the knowledge and expertise to walk you through the disclosures.

The general rule of thumb is that anything that could affect the value of the property or the desirability of the property should be disclosed.

When it’s time to fill out the disclosure forms, answer all questions to the best of your ability. Disclose everything that you’d want disclosed to you if you were the buyer. If you don’t know the answer to a question answer “Do Not Know.” But not having precise facts about defects does not permit you to answer “Do Not Know” to the question.

If you desire an agent who will walk you thru the entire process, including the disclosures, call Tim @ 858-354-2354, “The Right Choice in Real Estate”. BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Lock in Your Loan

Real Estate Matters with Tim Bro

Lock in Your Loan

A lock-in holds an interest rate and points for a specified period of time, usually 30-60 days. Depending on the lender, you can lock-in at the time of application, during loan processing, at the time of loan approval, or later.

A lock-in at application is useful when interest rates are on the rise, protecting against rate increases. If interest rates are falling, it may be best to wait until after application approval to lock in.

Lock-ins aren’t always free. Some lenders charge up-front fees, which may or may not be refunded upon application withdrawal or denial. Other lenders charge the fee at settlement. The fee may be a flat fee, a percentage of the mortgage amount, or a fraction of a point added to the lock-in rate.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Your New Neighborhood

Real Estate Matters with Tim Bro

Your New Neighborhood

Congratulations! You are moving into your new neighborhood. Of course you want to know all that it offers. Here are eight ways to get to know your new neighborhood and it will feel like home in no time.

1. Walk the neighborhood and make a map, marking down street names, bike paths, parks, tennis courts, etc.

2. Drive around the area and find the post office, the closest grocery store, a favorite restaurant, mall, bank, hospital, etc.

3. Go to the library, community center, or parks.

4. Go to the local recreation center and see what’s available … clubs, classes, events … for every member of the household.

5. Subscribe to the community newspaper for lists of local events, discount coupons to local businesses, etc.

6. Participate in your new community. Join your homeowners association and attend the meetings. Join the PTA. Volunteer at the local food bank.

7. Research the community online. Read about what others have to say.

8. Don’t wait for the neighbors to come introduce themselves. On the weekend, whip up a batch of cookies and go door to door, introducing yourself and distributing goodies. Enjoy your new neighborhood!

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Protect Your Investment - Homeowners Insurance

Real Estate Matters with Tim Bro

Protect Your Investment – Homeowners Insurance

For most people, your home is your greatest investment which needs a lot of protection. Homeowners insurance does just that, it protects your home and belongings. If something happens to your home or belongings, homeowners insurance pays you for the loss covered under your plan. Things to remember when choosing the best coverage for you include:

1. Set higher deductibles to lower your premiums; just make sure you have enough cash to cover the larger deductible.

2. Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, and Neighborhood Watch programs.

3. Earn “multiple coverage” discounts by using one carrier for all insurance needs.

4. Premiums will be higher if the fire stations and fire hydrants are too far away.

5. Going without a claim for three to five years may warrant a discount. Most companies also reward longevity of service.

6. Some companies offer discounts to people who have paid off their mortgage.

7. Discounts may also apply if your home was built or rebuilt within the past 10-15 years.

8. Check out non-smoker, early retirement, and live-in-housekeeper discounts.

How to Collect: You are partly responsible for loss recovery. To prevent forfeiture of coverage and increase your ability to get a settlement: Notify carrier immediately after a loss. Make repairs to prevent further damage. List personal items damaged. Show an insurance rep the damage. Complete a statement explaining circumstances for the insurance company.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Tips for Hiring a Contractor

Real Estate Matters with Tim Bro

Tips for Hiring a Contractor

The decisions made for hiring a contractor are important. Everyone wants to enjoy their home and have good things in working condition. Here are eight tips to make your home repair choices smart ones.

1. Ensure proper permits are obtained and paid for.

2. Check with friends, neighbors, trade associations, and home improvement stores for referrals.

3. Get three bids, then bargain. Question extremely low bids.

4. Don’t hire someone who “just completed work in your area” and offers you a good deal.

5. Avoid contractors with no street address. Verify phone numbers.

6. Get written estimates and references.

7. Resist high-pressure tactics.

8. Never pay in full up front and make sure you are satisfied before paying the final fees.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Leasing with the Option to Buy a Home

Real Estate Matters with Tim Bro

Leasing with the Option to Buy a Home

In today’s market the lease with the option to buy a home does not come along readily. There are many advantages to this choice. You live in the home and experience what its surroundings offer. If you lack the funding to purchase, the lease with option to buy may act as a forced savings. Best of all if you fall in love with home you get to purchase it!

Leasing with an option to buy a home: a renting tenant signs an agreement with a landlord stating that the tenant can buy the property at the end of a prearranged time period. The owner is obligated to sell at the option price, but the tenant is not obligated to buy. However, the tenant can buy the property only if the landlord exercises the option to sell.

The option to buy is terminated if the tenant in any way violates the lease before closing the agreement to purchase. An option to buy only gives the tenant legal title upon exercise of the option which becomes an absolute and binding contract of sale.

The tenant often pays above-market rent for the property, but a (nonrefundable) portion, called the rent credit, is credited toward the purchase price.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Two Kinds of Lender Points (fees)

Real Estate Matters with Tim Bro

Two Kinds of Lender Points (fees)

1.    Discount points are prepaid interest on your mortgage loan—you’re basically paying finance charges in advance. Discount Points are used to "buy" your interest rate lower. This is known as a rate "buydown." A general rule of thumb is that one full Discount Point will lower your fixed interest rate .250 percent or your adjustable rate .375 percent.

Lenders regard this type of points as covering their cost for offering a lower interest rate over the length of the loan. The more points you pay, the lower the interest rate on the loan, and the fewer you pay, the higher the interest rate. Paying discount points is a good idea if you plan to live in the house for a long time.

2.    Origination points are charged by the lender to offset the costs of making the loan or to boost profits. Most loan officers’ compensation is based on origination points, but they still may be negotiable in whole or in part. Some lenders add origination points into their quoted points while other lenders add an origination point in addition to their quoted points. Origination points are gross profit for the lender. They are not tax-deductible.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

What are Property Deeds?

Real Estate Matters with Tim Bro

What are Property Deeds?

Property deeds are written documents used to transfer real estate from a seller (grantor) to a buyer (grantee).

General warranty deed guarantees: the grantor is the owner of the property and has the right to sell it to the grantee; there are no debts on the property or defects in structures other than those recorded in the deed.

Special warranty deed: includes the warranty. It only guarantees that there are no debts on the property or defects in structures other than those stated in the deed during the period of the grantor’s ownership.

Grant deed: implies that the grantor has the right to sell the property, and that the property itself is unencumbered. However, it does not make explicit warranties.

Quitclaim deed: has no warranty at all. Its purpose is for one party to release any interest that they had in a property such as in divorce cases.

Deed-in-lieu of foreclosure: a homeowner who misses several payments and defaults on a loan transfers the deed to the lender in order to avoid foreclosure. This can use any of the above deed types in the transfer. There is no transfer of money because the homeowner owes the lender; the lender sells off the house to recover at least part of what the homeowner owes.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Healthy Aging

Real Estate Matters with Tim Bro

Healthy Aging

Healthy aging has several key components: Good physical health; possession of basic resources (housing, food); good social network; sense of purpose; and engaging in activities such as volunteering, working, and hobbies or interests.

Make a list called 100 Things I Want To Do. The list helps to uncover past dreams, wishes and activities or interests you haven't pursued.

Some questions to ask yourself: What if age weren’t a factor or you were 20 years old? What if you weren’t afraid of seeming foolish? What if you had the resources and energy to make your dreams come true? The point is to open up possibilities, even ones that seem “too young.” Movies need older extras. Skydiving can be done at any age with good health. Why not get a college degree now? Go play golf! Forget about what is “expected” just follow your heart’s desire.

Retirement need not be viewed as the end. It should be anticipated as the beginning…of the time of your life.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Seniors Choice for Real Estate”.

When Real Estate Matters, contact Tim.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Top 10 Things You Can Do to Make Your Home Energy Efficient

Real Estate Matters with Tim Bro

Top 10 Things You Can Do to Make Your Home Energy Efficient

1. Keep heat producers far from your thermostat in summer. Floor lamps and televisions can significantly raise the temperature in the area near a thermostat, turning on your air conditioner too often.

2. Operate large appliances during low-use periods in summer. Use your washer and dryer and other heat-producers early in the morning or late at night. Use the air-dry method on your dishwasher to save energy.

3. Lower the thermostat on your water heater. If your hot tap water is too hot to touch, lower the temperature a few degrees.

4. Close the air vents in rooms not in use. For example, close the vents and shut the door to an unused guest room.

5. Replace existing insulation. A proper barrier keeps heat and cold from penetrating your home’s exterior and provides for even temperatures between rooms. The EPA recently reported that proper ceiling insulation may reduce electric bills 20%.

6. Replace existing appliances. If money is no object, replace old appliances with Energy Star appliances, specifically created to optimize energy consumption.

7. Check for air leaking around doors. A lot of the air you pay to heat or cool escapes through unsealed doors. Install or replace worn weather stripping.

8. Clean your furnace and air conditioner filters. Replace existing dirty air conditioner or furnace filters. During heavy use periods, replacement is recommended every 30 days.

9. Buy new light bulbs. Replace incandescent bulbs with fluorescent or LEDs.

10. Request an energy audit. Contact your local utility company to request a free energy audit.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.  BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US

Distinctions between a Condo, PUD, and Co-op

Real Estate Matters with Tim Bro

Distinctions between a Condo, PUD, and Co-op

Condos: Walls, floors, and ceilings owned by all residents; HOA dues; covenants, conditions, and restrictions; value depends on the desirability of entire development.

Planned Unit Development (PUD): Individuals own structure and some land.

Co-op: Corporation made up of all tenants; larger units have more power in how building is run; fees for taxes, mortgage, repair, improvement; heavy scrutiny of financial, personal history.

Townhome: Not a form of ownership, but a term for an attached row house.

Advantages of each: Prices often lower than for single-family home; maintenance minimal or nonexistent; safety in “cluster” environment.

Condsiderations: HOA dues; CCRs may be complex.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.   BRE #01224576

www.youtube.com/c/TimBroHomesUS

www.TimBroHomes.US