Debra Barker South Carolina Real Estate

Hard to believe it's that time again! Fall is here, and you need to start getting your home ready for the winter months to come. To help get you started, here's a checklist of some of the projects that you need to consider:

Indoors

__ Check the fireplace: It's about time to get those logs burning, so get the fireplace ready! Clean the fireplace chimney or wood stove flue using brushes approved for the size and type of flue you have. If you're not partial to ladders, roofs and soot, this is a good project to leave to an experienced chimney sweep company. A good chimney sweep will also inspect the fireplace from top to bottom, and talk to you about any repairs that need doing. Clean out the firebox, making sure you place the ashes in a fireproof container with a tight lid for proper disposal. If you have an airtight wood stove or fireplace insert, check the door-seal gasket, and clean the glass on the door.

__ Change your furnace filters: Replace your old furnace filter with a new one. While you're at it, check the furnace for worn belts, lubrication needs or other servicing that might be required; refer to your owner's manual for specific suggestions, and follow any manufacturer safety instructions for shutting the power and fuel to the furnace before servicing.

__ Change smoke detector batteries: Replace the batteries in each of your smoke detectors with a fresh one. When you're done, take a moment to test each detector and make sure it's operating correctly.

__ Install a carbon monoxide detector: As houses get closed up for winter, the chances of carbon monoxide poisoning from malfunctioning gas appliances increases substantially. If you have a furnace, fireplace, water heater or other appliance that is fueled by propane or natural gas, now is the ideal time to install a carbon monoxide detector. They're available inexpensively from many home centers and retailers of heating system supplies.

Outdoors

__ Check the gutters: Fall is the ideal time to check your gutter and downspout systems. Clear the gutters of leaf and pine needle debris, and check that the opening between the gutter and the downspout is unobstructed. Look for loose joints or other structural problems with the system, and repair them as needed using pop rivets. Use a gutter sealant to seal any connections where leaks may be occurring

 Drain sprinkler systems: In colder areas, now is the time to be thinking about having your sprinkler and irrigation systems blown out. You can rent a compressor and do this yourself, or contact a landscape or irrigation system installer and them handle this for you. This is also the time to shut off outdoor faucets and install freeze-proof faucet covers as needed.

__ Handle those yard chores: Many plants require pruning this time of year, and lawns should be fertilized with a fall/winter fertilizer to feed them through the winter and get them ready for a fast green-up when spring returns. Clean up all your yard tools and put them away for the season.

__ Close off foundation vents: Depending on the winter climate in your area, you'll want to be thinking about closing off your foundation vents to help prevent pipe freezes. You can leave the foundation open for as many months as the weather remains mild, but close them off when the local forecasts begin calling for freezing temperatures. Once closed, you can leave them that way until it warms up again in the spring.

__ Pack up the patio: Check and clean patio furniture and put them away for the winter. Clean and cover removable furniture cushions to protect them from dust and dirt, but be sure the cushions are dry before storing in order to prevent mildew growth.

__ Check weatherstripping: Air leaks around doors and windows can rob your home of expensive heated air and create uncomfortable drafts that keep you feeling chilly. Check the weatherstripping around doors and windows, and replace any that are worn -- retailers who specialize in doors and windows can fix you up with the proper replacement type for your situation. Now is also a good time to close up a few more air leaks by checking the condition of caulking around exterior door and window frames.

__ Change light timers: If you have exterior lights that are controlled by timers, including low-voltage ones, check the timer settings. Change the "on" times to an earlier hour to reflect the earlier winter darkness, so that you always have adequate outside light available.

Source:  Inman News/ Paul Bianchina

The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA.

Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves. Half of the units will have to be sold to owner-occupants before FHA will back any loans.

 

I love Charleston!

In an important move, FHA said it wouldn't require the recertification of some 40,000 projects that have already been certified for FHA financing.

"If what the MBA says is the deal, it's essentially a nonevent," said mortgage banker Faramarz Moeen-Ziai.

The U.S. Department of Housing and Urban Development confirmed a delay in implementation but wouldn’t comment on the changes the MBA says FHA has agreed to.

[Editor's note: FHA Commissioner David Stevens talks about the new condo rules and other FHA issues, including appraisal guidelines and the agency's credit performance, in an interview with REALTOR®Magazine. Listen to excerpts in a blog post on the interview.]

Source: Inman News

I love Charleston!

I love Charleston!

With rates at incredible lows, if you have good credit and some money to put down on a home, you can be selective when it comes to shopping for a mortgage.

Here are the steps to finding the best rate and loan for you:
1) Shop Around for a Competitive Rate
Ask your Realtor, friends, co-workers and family for recommendations on mortgage lenders.   If you belong to a credit union, it is smart to get a quote from them as well since they are usually able to charge less than commercial banks.  The key is letting each lender know you are shopping around.

2) Get Pre-Qualified for a Loan
Once you decide on your lender, get pre-qualified and ask for financing options that will work for you. During this process, you will also learn how much you qualify for.

3) Apply for the Loan
Once you contract on a home you will begin the full loan approval process with your lender.

4) Lock Your Rate
Interest rates fluctuate and most lenders will not suggest locking until you are 30 days from closing.  Your lender will keep you updated on the market and rates. 

I love Charleston!

FANNIE MAE announced Thursday it is going to give borrowers on the verge of foreclosure the option of renting their homes for a year. 

The government-controlled Fannie Mae through its new DEED FOR LEASE program will allow qualified borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with the option for month-to-month after that period.

The change could give a temporary break to thousands of homeowners.  It also helps save money because the lender does not have to complete the foreclosure process on these homes.

Fannie Mae executives said the rental program is designed to help delinquent homeowners who don't qualify for a loan modification, but still want to stay in their homes.

To QUALIFY, homeowners have to live in the home as the primary residence and prove that they can afford the market rent, which will be established by the management company running the program. Rents will be based on the current market. Rent can also not exceed more than 31 percent of the homeowners pretax income.

I can't tell you how many houses I drive past daily thinking to myself if the agent is going to have a flyer box in front of the house can't they fill it?  It isn't the ones that I drive by and it is only empty a day or two but the ones that I drive by everyday and they are empty for weeks at a time.

 Another thing that aggravates me is if your agent sees that the house next door is having an open house to your home that is listed shouldn't they have an open house, too? 

 I guess I am an overachiever, but since the majority of websites that feature listings are syndicated for free shouldn't your agent take the initiative to pay the $12.00 a month to get their own website so as to syndicate your listing and get it out on the world wide web?

 Just a few thoughts to stimulate the housing market further!  Have a great day.

I love Charleston!