Monthly Home Maintenance

Our homes are our biggest investments and to make the most of our investments we need to do occasional maintenance. Having a good plan in place will help make sure you stay on track. Here are some ideas for monthly maintenance for your house:

• Check and fill gas cans for lawn mowers, weed eaters, snow blowers, etc.
• Oil squeaky doors and tighten up as needed.
• Check and clean range hood filters.
• Check and replace furnace filters.   Maybe tape a piece of paper to the furnace so you can write down each time you change the filter.
• Remove grills on forced air system ducts and vacuum inside the ducts.
• Check the foundation for any cracks.   Also pay attention to sloping to make sure water doesn't run towards the house.
• Examine exposed wood for insect damage.
• Drain a pan of water out of the bottom of your water heater.
• Clean all vents and make sure nothing gets in their way.
• Check your sump pump.
• Test all smoke detectors and carbon monoxide detectors.
• Check all window and door locks to make sure they work correctly.
• Check faucets for leaks and replace any washers if you have any leaks.
• Check the gauges on all fire extinguishers.
• Check all pipes for visible leaks. Don't forget the kitchen and bathroom sinks!

Most of this is pretty easy to do.   It's just checking to make sure everything looks okay.

I will try to remind you each month of things to do around the house.   I will also try to give you quarterly and annual things to do to make sure nothing catches you off guard.   And since it's October, you might want to get out your snow blower (if you own one) and start it up and check it over.   I hear we could be in for a nasty winter.

FAQ for Buyer, Seller and Dual Agency

When you're looking to buy a new home you usually find a real estate agent to help in the search.  Do you know about buyer and seller agency?  Sometimes it is implied and at others it is explicit.  Agency has to do with the fiduciary responsibility the agent has to someone else.  In seller agency the responsibility is to the seller and in buyer agency it is to the buyer.  In short, a seller agent is an advocate for the seller and a buyer agent is an advocate for the buyer.

In Nebraska, all agency used to be seller agency.  All agents were sub-agents to the seller.  This caused a lot of confusion and anger because buyers thought the real estate agent they contacted had their best interests at heart.  That changed later when the unicameral passed the legislation to create buyer agency.

Now in Nebraska, the agent can have seller agency, buyer agency or be a dual agent.  Dual agents work for both the buyer and seller and have to walk a very fine line. (There are other types of agency but these are the three important ones.)

What is buyer representation?

Working with a buyer's agent means you have someone who pledges to you his loyalty, confidentiality, obedience, accountability, reasonable care and diligence.  In other words, he is putting your interests above his own.  If he knows something about the property he needs to tell you and he can guide you in negotiations.

Can I just call the agent whose name is on the sign in front of the house?

The agent who is listing the house is a seller's agent.  That agent has already pledged to the seller to do his best for the seller.  If you agree to work with the seller's agent he then becomes a dual agent.  In Nebraska you will all have to sign a dual agency agreement -- buyer, seller and agent.  The agent will help you as much as possible without violating any previous commitment to the seller.  In other words, he will work for you but is limited compared to a buyer's agent. Why would you want to limit yourself?

Will I get a better deal if I go to the listing agent?

The seller's agent has already pledged fiduciary responsibility to the seller.  He will not counsel the seller to take a lower offer so that you can benefit.  If you have signed a dual agency agreement with the agent, he cannot be advising you or the seller one way or another on price.  At this point, only you and the seller are in charge of the sale.  The agent is just acting as a courier.

Can you show me properties that aren't your listings?

Absolutely!  I can show you listings in the MLS and For Sale by Owner (FSBO).  I can even show you mobile home trailers!  If there is a FSBO you want to see, most of them will agree to pay a buyer's agent if the agent can bring someone qualified.  Do your searching online if you want, then come to us with properties you want to see.  Or give us a call and we will sit down in the office and sift through the MLS together.

How much does buyer representation cost?

Buyer representation normally costs you nothing.  The commission is paid for out of the proceeds of the sale.  The buyer's representation agreement does state you will pay the buyer's commission if the seller refuses but we know ahead of time if that is the case.  You are not going to get caught at closing with a bill for a commission.

Do I have to sign anything?

Yes, our agreement is called Disclosure of Brokerage Relationships in Real Estate Transactions and it outlines what each of our responsibilities are. We need to give this to you at our first substantial meeting.  we will go over each section of the agreement so that you understand it, but essentially it says that for a period of time we will work together in an agency relationship and that we will represent you in the purchase of your new home or land.

How long do I have to sign the agreement for?

The period of time that we are under agreement is negotiable.  It is at-will, meaning you can walk away from us whenever you like. It is over once closing happens.

What else do I need to know about buyer representation?

Buyer's agency means we will do our best to find you a home and this extends all the way through the process.  We will help you look at houses; give you our best opinion on pricing and offers; negotiate inspections and the repair of items found; help with transferring utilities and such; work with the lender and make sure closing happens; and more.  We discuss this all up front so you are comfortable with what is going to happen through the process.

After reading about agency, why wouldn't you want a full-time buyer's agent representing your best interests?  Dual agents will help you but will not advocate for you.  If you want the best representation possible for pricing, negotiations and everything that goes into buying a home, you need a buyer's agent.

Purchase A Home That Needs Repairs

Have you ever wanted to buy a home that needed some work but turned down the chance because you didn't have the money for the repairs? Or maybe the house wouldn't appraise because it needed repairs? What if you could finance the house AND the repairs?
That's what a 203K loan is all about! With a 203K loan you can get a home loan, including the cost of repairs -- both NEEDED and WANTED.

How does it work?
You apply for a 203K loan just like you would an FHA loan -- because it is an FHA loan. There are two types of 203K loan, the 203K Streamline and the 203K. The 203K Streamline is just a simplified version of the 203K.

Do all lenders do 203K loans?
No, not all.

How much can I finance?
Repairs costs can range from $5,000 to $35,000.

Can I buy investment property?
No, this is for owner-occupants only.

Can I buy just a single family home?
No, you can buy single family homes through four-plexes. There are restrictions, like is the property within local zoning laws?

Can I use it to purchase a condo?
Yes, if the condominium complex has been approved by FHA. There are other restrictions, so check with a loan officer to get more details.

You can find out about the 203K program here.

You can also contact Dana Krehmke at HomeServices Lending: (402) 697-4131. And tell her the Campbell Team sent you!

Market Stats for August 2011

Curious about how the market is doing over last year?   Here are the stats for August 2011 vs. August 2010.

	2010	2011
Active Current Listings	5,997	5,564
Avg List Price	$224,745	$194,661
Days on the Market	64	72
List to Sales Price Ratio	97%	95%
Number of Sales YTD	6,687	6,372

As you can see, the number of houses on the market has gone down. The asking price is lower, the time on the market is greater, the time to sell a home has increased and the actual price received as a percent of the list price is lower. The market has slowed down some over this time last year.

Compared to last month, we have fewer houses on the market and they are going for more money, though they stayed on the market one day longer and still sold for 95% of the asking price.

If you have any questions or would like a market analysis of your home, please feel free to contact us.