Archive for the ‘Chattanooga homes for sale’ Category

Before Painting Your Chattanooga Home For Sale

Thursday, April 1st, 2010

Nothing makes a Chattanooga home for sale look better than a new coat of paint.  Many people are intimidated by the thought of painting the exterior of their home, and hire someone else to do it.  But, you can do it yourself, with these easy steps:

Getting Your House Ready to Paint

The first thing that you’ll need to do is inspect the house.  Look at all the walls, under the eaves and around the doorframe and windows.  Check for peeling paint, mildew and rough surfaces.

You’ll need to gather a few tools before getting to the repairs and putting your Chattanooga home up for sale:

  • Power-washer
  • 2-3” inch putty knife
  • 2-3” inch pull scraper
  • Wire brush
  • Sander
  • Chlorine bleach

Preparing the Surface

Power-wash the walls so you’ll have a clean surface.  You don’t need to use detergents; plain ol’ water works the best.

The putty knife and the wire brush remove problems where paint has peeled, blistered or wrinkled.  Avoid gouging the surface by holding the putty knife perpendicular to the wall and using moderate force.

The pull scraper is for areas that won’t easily come clean.  It’s used the same way as the putty knife, but it has a sharp blade attached that quickly gets through old paint.  The walls will need to be sanded smooth after you finish this step.

For small spots, a piece of sandpaper wrapped around a sanding block works just fine.  An electric sander is best for large areas; it’ll save you time and energy.

Removing Mildew

Mildew is a dark patch of fungus, like a dirty spot, often found on a damp, shady spot in your house.  If you aren’t sure it’s mildew, put a few drops of chlorine bleach on it.  If the spot fades away, you know you have a mildew problem.

Mildew shows through new paint, so you’ll need to get rid of it before you start painting.  A simple mix of chlorine bleach will kill it quickly.

All you have to do now is pick out a paint color and wait for the right weather to paint.  Soon you’ll be ready to put up your Chattanooga home for sale.

If you’re thinking of selling your home, I can help.  Call me today at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

Keyword/Tag: Chattanooga home for sale

Links:

Painting the exterior of their home:

http://www.house-painting-info.com/exterior-painting.html

Mildew

http://www.naturalhandyman.com/iip/infxtra/infroo.html

Power-wash:

http://www.hometips.com/diy-how-to/house-siding-power-pressure-wash.html

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Thinking About Buying a Chattanooga Condo? What You Need to Know

Sunday, January 10th, 2010

If you’re thinking about buying a Chattanooga condo, it’s imperative that you know what you’re getting into, and how the past year has changed things. The rules and regulations for condominium mortgages have changed a lot in 2009…

In April, the two government-run mortgage companies, Fannie Mae and Freddie Mac, tightened their guidelines for those looking to own a Chattanooga condo or any multi-family home. The restrictions make it harder for potential buyers to get financed through Fannie Mae and Freddie Mac, which makes a mortgage more expensive.

The April policy requires that the condominium association and operations be evaluated, as well as your credit qualifications. The new requirements touch on subjects such as:

  • The association’s insurance
  • Financial statements
  • Status of dues receivable from those living in the condo
  • Who owns what units
  • How many units are empty

If the condominium you’re looking at doesn’t come back with a good report, you may have to go to a private mortgage insurer. Unfortunately, private insurers are becoming even pickier; some have quit covering condo mortgages all together. To be able to get a loan, even with good credit, you may end up paying as much as 40% down to get mortgage payments you can afford.

Even if the condo is approved, however, you’ll still need to come up with 25% or try government financing. Fannie Mae and Freddie Mac say it doesn’t matter what your credit score is. If you can’t pay 25% or more in the down payment, you’ll end up with a three-quarter point add-on penalty – $750 for every $100,000 borrowed. What’s the penalty for? Not buying a “traditional,” single-family home.

What’s the moral of the story? If you want to buy a [city] condo, spend more time researching than you normally might. Look for those that have at least a 50% occupancy rate. Find out if the occupants pay their dues, and if one person owns more than 10% (a big “no deal” for the two mortgage companies). Good condos are out there and available, but the rules make buying a hard game to play.

If you’re looking for a great condo that qualifies for Fannie Mae/Freddie Mac financing, I can help. Call me at 423-488-1882 or email me at tclose@realtycenter.com for more information.

Keyword/Tag:  Chattanooga condo

Links:

Tightened their guidelines

http://www.mortgageloan.com/condo-owners-may-be-denied-mortgage-financing-3030

Private mortgage insurer

http://www.nytimes.com/2009/03/01/realestate/01Mort.html

Three-quarter point add-on penalty

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/15/RE3F15Q74A.DTL

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Costs for Newly Constructed Homes for Sale in Chattanooga Area May Rise

Thursday, January 7th, 2010

Not too long ago the “Greening of America” was just an idea.  Now, it’s a government mandate.  The latest requirements for new construction may just cause the cost of new homes for sale in the Chattanooga area and around the nation to rise.

 

In December, the Environmental Protection Agency (EPA) announced new stormwater management requirements for new construction.  These new requirements have the National Home Builder’s Association (NAHB) up in arms. In a news release posted on the NAHB website, the Chairman said the new housing regulations are unrealistic.

 

It all comes down to stormwater. When it rains, water hits the ground and seeps into it. In most cases, that water is absorbed and filtered by the ground, and then replenishes the world’s water supply. Not so in developed areas, where pavement and roofing, among other man-made surfaces, prevent the water from being absorbed.

 

The remaining water becomes runoff, which, according to the EPA, damages the infrastructure of surrounding development, causes downstream flooding and bank erosion. In addition, the water carries pollutants, which are carried into streams and water supplies. The new regulations have a strict limit on pollutants in stormwater, as well as requiring that the stormwater has little to no soil or sediment in it.

 

While less pollution is a fantastic idea, NAHB says something is missing – such as understanding soil differences. Certain types of soil absorb water better, reducing the amount of run off, while other types of soil produce a naturally high amount of sediment. The cost for homebuilders to meet these regulations can be expensive – an expense that will be passed on to those looking for newly built homes for sale in Chattanooga.

 

The EPA has done some wonderful things for environmental protection, such as the Clean Air Act (CAA) and the Resource Conservation and Recovery Act (RCRA), that already affect construction costs. However, for newly built homes for sale in Chattanooga, this new stormwater requirement may end up not only being impossible to keep but impossible to pay for.

 

If you’re looking for new home construction that meets all necessary requirements, I can help. Call me today at 423-488-1882 or email me at travis@travisclosehomes.com  for more information.

 

Keyword/Tag:  Homes for sale in Chattanooga area

 

Links:

New storm water management requirements for new construction

http://www.epa.gov/oaintrnt/stormwater/index.htm

 

new housing regulations are unrealistic

http://www.nahb.org/news_details.aspx?sectionID=148&newsID=10074

 

Resource Conservation and Recovery Act

http://www.epa.gov/lawsregs/laws/rcra.html

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FHA On Solid Ground: Hope for Chattanooga Real Estate Owners

Wednesday, December 30th, 2009

A recent interview with FHA commissioner David Stevens on CNBC gives hope to Chattanooga real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.

 

Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Chattanooga real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.

 

Once it was out that the FHA wouldn’t meet its 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.

 

It appears that the FHA, put in place for instances like this when people can’t afford other loans, actually has two capital accounts. According to Stevens, the FHA has “lots of capital in primary reserve to cover expected defaults.” Combined, FHA capital is over $30 billion dollars.

 

At the present, says Stevens, the FHA isn’t considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.

 

So, when thinking about buying Chattanooga real estate and looking at mortgage companies, don’t forget to look at the FHA. If Fannie Mae and Freddie Mac are lending, the FHA is – and it’s going strong!

 

You can watch the CNBC video for the full interview.

 

If you’re looking for a beautiful home, I can help. Call me now at 423-488-1882 or email me at travis@travisclosehomes.com for more information.

 

Keyword/Tag:  Chattanooga  real estate

 

Links:

Might not make its 2% capital reserve

http://portal.hud.gov/portal/page/portal/HUD/federal_housing_administration/docs/FHA%20Actuarial%20Review%20Briefing.pdf

 

FHA

http://www.hud.gov/offices/hsg/fhahistory.cfm

 

CNBC interview

http://www.cnbc.com/id/15840232?video=1274114504&play=1

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Sprucing Up Your Home for Sale in Chattanooga? Pay Attention to the Permits

Wednesday, December 30th, 2009

A lot of owners who have their homes for sale in Chattanooga are taking advantage of the remodeling sales going on around the nation.  From tools and building supplies to the remodeling agencies themselves, they’re finding they can save money.

 

Unfortunately, a lot of homeowners are also choosing to forego the legal building permit process, trying to further save money.

 

Every building, occupied or unoccupied, has a set of building codes. Any changes that you make to your home must comply with those building codes, which means most home improvements, whether done by you or by a professional you hire, needs a permit. Depending on your locality, the home improvement that requires a permit could be as simple as installing a water heater.

 

Hire Someone to Get the Permit

The National Association of the Remodeling Industry (NARI) says hiring a contractor can actually save you money and time, even if all they do is handle the permit process. They also warn that a contractor that expects you to handle the permits is a contractor you don’t want to use.

 

Get the Permit Yourself

So how do you get a home improvement permit if you’re doing your own remodeling for your home for sale in Chattanooga? Submit a building plan for big projects or a description of the work for smaller projects. The plans are approved for a fee (if they comply with building codes). Building inspectors will look over the job while it’s in progress, after it’s finished or both, and make sure you used the right materials and techniques.

 

Cost of Not Getting a Permit

It may sound like a lot of trouble to go through, but the cost of not getting a permit can be a lot worse. For instance, if a potential buyer hires a home inspector to look over your property, the home inspector may see signs of your remodeling. They might then look for the permit record. Without one, you could lose the deal.

 

As well, home appraisers may look for permit records to see if a remodel changed the property value. If the work wasn’t covered by a permit, there’s a very real possibility of the escrow not going through.

 

If illegal home improvement is found, you might end up paying hefty fees for further inspections. You might even have to tear down sheet rock inside the house so framing, insulation and other interior work can be seen. In addition, you might have to tear out what you’ve done just so you can legalize the work and sell the home.

 

If you have a home for sale in Chattanooga and are thinking about sprucing it up to attract more buyers, a word of caution. Don’t skimp on the permits!

 

If you’re ready to sell your home, I can help. Call me now at 423-488-1882 or email me at travis@travisclosehomes.com  for more information.

 

Keyword/Tag:  Home for sale in Chattanooga

 

Links:

National Association of the Remodeling Industry

http://www.nari.org/

 

Get a home improvement permit

http://blog.mortgage101.com/2008/04/18/getting-a-home-improvement-permit/

 

Home appraisers

http://www.ehow.com/how_2187046_six-critical-questions-must-ask.html

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