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Write to info@teamscholz.com to have your question answered.
Ask Team Scholz:
January 25, 2010
Question:
I keep hearing about 'vampire' loads or power. What exactly is this?
J.W. Charlotte
Answer:
A few ‘Green' buzzwords we've been hearing about lately are ‘Vampire Loads', ‘Vampire Power' or ‘Phantom Power'. They all mean the same thing. They terms are being defined as the electric power consumed by electronic appliances while they are switched off or in a standby mode. Simply put, this is power that electronic devices use while they're not really in use, such as cell phone charges, printers, computers, etc. When making your home 'Green' you are advised to unplug these types of items when not in use.
January 20, 2010
Question:
Do you have to be a first time home buyer to get an FHA loan?
Answer:
No, you do not need to be a first time home buyer to get an FHA Loan. Also, FHA loans do not have income restriction either.
January 18, 2010
Question:
What is a modular home? Is it the same as a manufactured home?
Answer:
Modular homes are any home in which 80 to 95% of it is built in a factory. It is constructed in sections or modules. These modules are transported to a building site & placed on conventional foundations. Construction is completed on site.
Unlike stick-built or site-built homes, modular building techniques are used, the on-site builders involvement is limited to excavation, final grading, construction of a suitable foundation, interior and exterior wall finish, HVAC hookup and connection to utilities.
Modular Homes are not trailer homes, or mobile homes. Modular Homes are built to local building codes, not to the less stringent HUD code used by mobile home companies. There are no axles or telltale signs to indicate that a home was not constructed on site.
January 15, 2010
Question:
I am getting my home ready to put on the market for sale and noticed that my microwave really needs a deep cleaning. Any suggestions on how to get it clean without scrubbing for hours?
Madison in Charlotte
Answer:
First wipe out any crumbs. Then fill a microwave-safe bowl with water and half of a (lightly squeezed) lemon. Microwave until the water is boiling. Keep the door closed and let the steam do its work! After a few minutes wipe with a wet cloth.
January 14, 2010
Question:
Do to a job transfer we have our home on the market for sale with a REALTOR. We are considering renting our house instead so that we can move now. Is it possible to have the house listed for rent and for sale at the same time? How does it work?
C.M.; Charlotte
Answer:
Yes you can have it listed for sale and for rent at the same time. Team Scholz often list properties for rent that are listed with other agents as well as our own listings. We recommend if the home is rented to take it off the market for sale during the lease term. This is for the following reasons: 1) Tenants do not allow showings as regularly as needed. 2) The home is not kept in 'showing' conditions everyday. 3) Once you have it rented this is a great way to take advantage of a soft market. When the lease is up then re-evaluate if the market is stronger for you to sell and make a larger profit from your investment.
January 11, 2010
Question:
I think that the tax appraiser has my tax assessment for my property too high. Is there anything I can do about this?
Joe in Cornelius
Answer:
Joe, you will need to contact the Mecklenburg county tax assessor's office to see what procedures to follow to appeal your property tax assessment. Each county has a different procedure; in some areas it can be very informal while others have an exact procedure you will need to follow.
January 08, 2010
Question:
How do I know how much I can afford when purchasing a home?
J.L. in Maiden
Answer:
The price you can afford when purchasing a home is based on 6 main factors.
1) Your gross income
2) Amount of cash you have available for down payment, closing costs and any additional funds your lender requires you to have in reserves.
3) Debts that you owe
4) Your credit history
5) Type of mortgage you are applying for
6) Current mortgage interest rates.
We highly recommend before looking at homes to meet with a lender to determine how much you can physically and mentally afford.
January 07, 2010
Question:
What is the difference between the appraised value and market value?
Cynthia in Charlotte
Answer:
Cynthia, the appraised value of a house is a certified appraiser's opinion of the worth of a home at a particular point in time. This is required by lenders when approving the loan for the property. Market value is what price the house will bring at a particular point in time. Essentially what a seller is willing to sell the home for and what the buyer is willing to purchase the home for.
January 06, 2010
Question:
What does it mean when a listing says that the home is a short sale?
Answer:
If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market. The Bank that holds the mortgage has the final decision whether or not to approve the sale.
A short sale
January 05, 2010
Question:
We are getting ready to put our home on the market and we have been advised to get our home "pre-inspected". Is this an expense we should do? What are the pros and cons?
David in Stanley
Answer:
When putting your home on the market, having it "pre-inspected" can be a great marketing tool. Here are a few things to consider: Once it has been inspected, you are now aware of any problems/repairs that are needed. These will now need to be addressed and disclosed. You will either need to repair them now, prior to closing or market that the repair will not be made. We suggest that most if not all repairs should be completed and advertised that the home has been inspected and all repairs made. Keep in mind that majority of buyers will be completing an inspection on your property. By doing this ahead of time you can take care of items that could potentially terminate the contract.
When you have done the pre-inspection and addressed the issues head on, you can look forward to a smoother transaction!
January 04, 2010
Question:
Our home is currently on the market. When we have showings I like to be home to answer any questions the potential buyer might have. My REALTOR told us it is best to leave completely. Am I right to think it is better if I can point out all the wonderful things my home has that the REALTOR showing the property might not know?
Susan in Cornelius
Answer: Susan, we advise our clients to leave the property as well. Buyer and Renter prospects feel that they are intruding when the owner is present (even if you are waiting outside in the backyard). Your agent should have information in the house or at least on the MLS listing that will let the prospective buyer know the many upgrades you have in your home. In a Buyer and Tenant market there are too many homes available and your home can be easily discarded.
January 01, 2010
HAPPY NEW YEAR!
In the New Year,we wish you the best year you’ve ever had and that each New Year will be better than the last.
May you realize your fondest dreams and take time to recognize and enjoy each and every blessing.
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