I bring up the subject of mold because we just dealt with this situation. Please read our prior blog entitled "We Know What We Are Doing".
What I have learned about mold is that the very word sounds off alarm bells with most people. Realtors have placed mold with synthetic stucco and for sale by owner as terms we hate to discuss.
Here is what I will say about mold:
•Take the time to check your homeowners insurance to see if you have mold coverage
•If you suspect mold in your home call at least three certified experts to discuss optionos.
•Do not try to treat the mold yourself.
Very simple advice but words that my partner Barb and I had to put into practice recently (again read our previous blog).
Saturday, February 4, 2012
We know what we are doing!
I have had to emphasize this point for many years: THIS IS OUR PROFESSION.
My partner Barb and I have had the pleasure to work with many well educated, business savvy, experienced clients. Some of them have bought and sold more houses than I have!
However after 7 years of success in this real estate market we can say with confidence that we know what we are doing.
Recently we had a client who was dealing with a possible mold issue in a home that he was lease/purchasing. A water leak occurred in the bathroom (nail in a pipe). The homeowner sent out an insurance adjuster who made a report. The homeowner next sent out a plumber and contractor to fix some of the items but not everything in the adjuster's's report.
In the interim our client's son, who is 4, had been sick for over four months! Possible mold in the home and how it relates to their son's illness.
Once the "M" word was mentioned my partner Barb and I took this to a higher level.
We asked our clients to not talk to the current homeowner and let us discuss options. Our client, who had lease/purchased the home, wanted to work this situation out with the homeowner but nothing was being accomplished.
Reviewing our GAR contract with our broker, we looked at possible options.
After a professional mold certified inspector filed his report we were at our next step.
Barb and I then advised our client to discuss all options with an attorney.
The contract was to be terminated pending a final walk through by the current owner, our client, and my partner Barb present.
Needless to say the current owner did not welcome my partner Barb with open arms. They proceeded to make a lot of comments and accusations, some rather harsh, at her. She had to listen to these irrational comments because she represented her clients.
Moral of our story: A lot of us thinks we can do everything our self. Whether it is working on our car, our house, investing our savings, doing our taxes, buying our houses there are times when we need to use a professional.
Barb and I pride ourselves on our knowledge, integrity, and hard work. All we ask is that our clients let us "watch their backs".
My partner Barb and I have had the pleasure to work with many well educated, business savvy, experienced clients. Some of them have bought and sold more houses than I have!
However after 7 years of success in this real estate market we can say with confidence that we know what we are doing.
Recently we had a client who was dealing with a possible mold issue in a home that he was lease/purchasing. A water leak occurred in the bathroom (nail in a pipe). The homeowner sent out an insurance adjuster who made a report. The homeowner next sent out a plumber and contractor to fix some of the items but not everything in the adjuster's's report.
In the interim our client's son, who is 4, had been sick for over four months! Possible mold in the home and how it relates to their son's illness.
Once the "M" word was mentioned my partner Barb and I took this to a higher level.
We asked our clients to not talk to the current homeowner and let us discuss options. Our client, who had lease/purchased the home, wanted to work this situation out with the homeowner but nothing was being accomplished.
Reviewing our GAR contract with our broker, we looked at possible options.
After a professional mold certified inspector filed his report we were at our next step.
Barb and I then advised our client to discuss all options with an attorney.
The contract was to be terminated pending a final walk through by the current owner, our client, and my partner Barb present.
Needless to say the current owner did not welcome my partner Barb with open arms. They proceeded to make a lot of comments and accusations, some rather harsh, at her. She had to listen to these irrational comments because she represented her clients.
Moral of our story: A lot of us thinks we can do everything our self. Whether it is working on our car, our house, investing our savings, doing our taxes, buying our houses there are times when we need to use a professional.
Barb and I pride ourselves on our knowledge, integrity, and hard work. All we ask is that our clients let us "watch their backs".
Thursday, February 2, 2012
Time to Move
Moving is hard. Whether it is a new job, a transfer, different home, school, or church it is hard to say goodbye.
However moving brings about a new excitement to our life.
After 6.5 years at The Norton Agency of Cumming GA, The Wells Team has made a move. We are now members of Keller Williams Community Partners.
Keller Williams is the largest real estate company in Forsyth County Georgia (North side of Atlanta). We have an office in both Cumming GA and Dawsonville GA. Both of these offices are better located for The Wells Team and our clients. We will be able to more effectively serve our clients in the North Metro Atlanta area all the way to the North Georgia Mountains.
The change also gave us the "kick" we needed to jump start our business.
Even with our new partner The Wells Team will not change its overall recipe for success: Working hard for our clients. It is a simple recipe but has been the reason why we are where we are today.
The Wells Team and Keller Williams: A great combination.
Thursday, January 12, 2012
The Payroll Tax and the Increase for Mortgage Fees
Another tax is going to be implemented on real estate starting January 1st.
In order to cover the two month "payroll tax holiday" fees will be increased on government backed mortgages from Fannie Mae and Freddie Mac.
The fee will be an additional 0.1 "surcharge" paid monthly on mortgages from both government backed institutions.
A typical $200,000 mortgage will see an approximate increase of $17 per month.
The Payroll Tax is used to fund Social Security. A two month "tax holiday" will take around $33 billion dollars away from the Social Security Trust Fund.
Bottom line: There is not free ride. Regardless of your political affiliation one thing stays the same: Somebody has to pay!
In order to cover the two month "payroll tax holiday" fees will be increased on government backed mortgages from Fannie Mae and Freddie Mac.
The fee will be an additional 0.1 "surcharge" paid monthly on mortgages from both government backed institutions.
A typical $200,000 mortgage will see an approximate increase of $17 per month.
The Payroll Tax is used to fund Social Security. A two month "tax holiday" will take around $33 billion dollars away from the Social Security Trust Fund.
Bottom line: There is not free ride. Regardless of your political affiliation one thing stays the same: Somebody has to pay!
GAR Contract Changes for 2012
We just completed our 2012 GAR (Georgia Association of Realtors) contract class.
Every year we go through this class as GAR continually refines our contracts. Every change helps our buyers and sellers and the amount of protection we offer them in their real estate transaction.
The biggest change to the GAR contracts is in reference to access to the actual contracts. Starting this month there some new procedures in place.
Real estate agents, who are members of the National association of Realtors and GAR, will continue to have full access to all GAR forms.
However if an agent is not a member of GAR, they will have to pay an annual subscription fee in order to access the GAR contracts.
The last option is that an agent can us non GAR contracts that will be available on both of the Atlanta area listing services FMLS and GAMLS. As this time those contracts will be available on a limited basis.
Bottom line: Real Estate agents in the state of Georgia are not required to be a member of the GAR or NAR. The Wells Team, of The Norton Agency, chooses to be members of these very important organizations. NAR provides us with a code of ethics, access to information, and training that allows us to provide the best service possible. Full access to the GAR contracts just solidifies our position a little more.
Every year we go through this class as GAR continually refines our contracts. Every change helps our buyers and sellers and the amount of protection we offer them in their real estate transaction.
The biggest change to the GAR contracts is in reference to access to the actual contracts. Starting this month there some new procedures in place.
Real estate agents, who are members of the National association of Realtors and GAR, will continue to have full access to all GAR forms.
However if an agent is not a member of GAR, they will have to pay an annual subscription fee in order to access the GAR contracts.
The last option is that an agent can us non GAR contracts that will be available on both of the Atlanta area listing services FMLS and GAMLS. As this time those contracts will be available on a limited basis.
Bottom line: Real Estate agents in the state of Georgia are not required to be a member of the GAR or NAR. The Wells Team, of The Norton Agency, chooses to be members of these very important organizations. NAR provides us with a code of ethics, access to information, and training that allows us to provide the best service possible. Full access to the GAR contracts just solidifies our position a little more.
Monday, January 9, 2012
Obama Health Care Plan and Real Estate Tax
I just received an email from my Dad about a real estate tax that would be part of the Obama Health Care plan.
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
I have attached two links to the National Association of Realtors website. One link provides details on the tax with the other providing the position of the National Association of Realtors concerning this subject.
http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument
http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_advocacy?OpenDocument
This provision has been discussed since late 2010 but is worth revisiting. Please familiarize yourself with this tax provision.
Bottom line: Regardless of your political views if you want to have a federal program you have to find the money to pay for it!
Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions. Importantly, the “high income” thresholds are not indexed for inflation so will reach increasing numbers of middle-class taxpayers over time.
I have attached two links to the National Association of Realtors website. One link provides details on the tax with the other providing the position of the National Association of Realtors concerning this subject.
http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument
http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_advocacy?OpenDocument
This provision has been discussed since late 2010 but is worth revisiting. Please familiarize yourself with this tax provision.
Bottom line: Regardless of your political views if you want to have a federal program you have to find the money to pay for it!
Monday, January 2, 2012
2012 Real Estate Predicitions? NONE!
After seven years in the real estate industry it would be safe to say that we have an idea what is going on in our local real estate market.
Instead of making bold 2012 real estate predictions I have decided to decline.
Why?
Because every other real estate agent, real estate company, and professional organization has already published theirs! My clients have read some of them but not many.
So my crystal ball stays in the closet with my ouija board, rabbits foot, and all other prognosticating devices that I own.
All I tell my clients is to be realistic and hope for a 2012 that was better than 2011.
Happy New Year to all!
Instead of making bold 2012 real estate predictions I have decided to decline.
Why?
Because every other real estate agent, real estate company, and professional organization has already published theirs! My clients have read some of them but not many.
So my crystal ball stays in the closet with my ouija board, rabbits foot, and all other prognosticating devices that I own.
All I tell my clients is to be realistic and hope for a 2012 that was better than 2011.
Happy New Year to all!
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