Think Green! Saving Energy Saves Money Too!

Most of us have heard about the  "Go Green Initiative."   Goals include providing resources to homes, schools and business to create a culture of conservation by education and awareness.  

Like all things, it starts at home!  And if you can also save some greenbacks in the process, it's a win-win situation.  I've included some tips in this blog how to begin to lessen your impact on the environment while significantly saving money.  The tips included will not solve the world's energy crisis, nor will it change your tax bracket.  But hopefully it will help in even a small way!

The average household spends on average $1900 every year on energy bills!  Making standard energy efficient changes can save as much as 30%!  Some of these include:

• caulking cracks 

• insulating around outlets and light fixtures

• seal windows and doors

• installing draft snakes

• adding attic insulation

• replacing old bulbs with CFL bulbs

• use power strips to reduce "phantom loads"

But how do you know which improvements are most cost-effective for your home? Do a home energy audit, or hire a contractor to perform one for you. Check with your local utility or state energy agency, because there are incentives that will significantly cut the cost of such an assessment for most homeowners.  Residents of Onslow County can either check with Progress Energy or Jones Onslow Electric Membership Cooperation.  Both companies offer energy saving tips, rebates and assessments for the customers to check their payback.  The IRS is still offering credits for some home energy efficiency improvements which you can find here.  

I'm happy to help with all of your real estate needs!  Call me today so we can get started!  910.545.0450

I Want To Buy A Foreclosed Home!

Who wouldn't?  Foreclosed homes, also called real-estate owned (REO) homes, offer bargains, often not available in the purchase of a "non-distressed property."  It can be an exciting and sometimes overwhelming process to find and purchase a home.  You want to ensure the home you purchase is right for you and that you have a qualified real estate agent to help guide you through the process.

Negotiating the purchase price and terms of a foreclosed home may take a little longer than a typical real estate transaction because the process may require multiple levels of approval. First, the bank will have to approve the offer. In some cases, an investor may own the property and will have to provide approval as well.

Pricing for a foreclosed home is typically set at market value in an effort to move the property quickly. You will want to submit a fair and reasonable offer, as most banks will list properties at a fair price.

There are several considerations to keep in mind when purchasing an REO Property:

• Unknown property condition

• Given that the bank has not maintained or had first-hand knowledge of the foreclosed home prior to acquisition, there may be no record of property repairs or maintenance that would assess the true property condition. As a result, the bank is often unable to verify the condition of the property or complete a Seller’s Disclosure.

• Buyers are allowed and encouraged to complete professional home inspections on the property.

• As with a typical real estate transaction, out-of-pocket expenses can occur before and after an offer to purchase a property has been submitted. These out-of-pocket expenses may include lender required documentation such as an appraisal or home inspection and bank-required minimum earnest money. Earnest money is a “good faith” deposit demonstrating the buyer’s interest in the property and may be an indicator of how much money will be deposited as a down payment.

• Prior to closing, a buyer should work with their agent to coordinate the date on which they may take possession of the property. Title issues may be discovered during the closing process and will need to be addressed and resolved, along with completion of all necessary paperwork to support the transaction. An extension of the close date may be requested by the seller if these issues cannot be resolved by the contract close date. Because of this, the buyer should allow adequate time after the scheduled contract close date to schedule movers, furniture deliveries, utilities, etc.

A home inspection is almost always encouraged to address any hidden defects.  Most REO homes are sold as-is, where-is.  But forewarned is forearmed!  It's better to know what you're getting into before you potentially invest hundreds of thousands of dollars. 

If you or someone you know might be interested in purchasing a foreclosure home in the Jacksonville, North Carolina area, please give me a call.  

I would love to help!  I've taken the extra steps to become designated as a Certified Distressed Property Expert (CDPE) and a Short Sales and Foreclosure Resource (SFR), in order to better help not only distressed sellers, but also buyers who are interested in investing in these homes.  And, I'm never too busy for any of your referrals!