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    Flint Foley Real Estate Blog

    What to Consider When Choosing a Mover

    1/30/2020

    1 Comment

     
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    ​You’re buying a new home? That’s wonderful--congratulations. But soon you’ll have to move all your things into it. That’s bound to be one of the more stressful experiences in your life.
     
    There’s no way to move hassle-free, but there are things you can do to minimize risk of being taken for a ride. There are three basic questions you should answer before you get into serious negotiations about rates and services.
     
    Question No. 1: Am I Dealing with a Mover or a Broker?
     
    Moving companies own the trucks that transport your things. They hire people to drive them and to load and unload them. Brokers are agents for moving companies and usually partner with a number of different moving companies. They often give the business to the company that makes the lowest bid for the job.  
     
    It can be hard to tell whether a company is a mover or a broker. But it’s a critical distinction to understand. Movers do the actual work of moving your things—and they’re responsible for everything. In the event something does go wrong, you, the consumer, know exactly whose feet to hold to the fire. 
     
    But brokers may be able to save you money. This may seem strange, since they are classic middlemen who take a cut of each moving job they assign. Think of that mortgage lender whose slogan is “when banks compete, you win.” Moving brokers can hook you up with the mover who can move you efficiently and (relatively) inexpensively. They steer clients away from incompetent and unethical carriers to protect their reputation.
     
    Question No. 2: May I Have a Detailed Written Estimate?
     
    Moving is expensive. And risky. While there are many straight-up honest moving companies and brokers in the business, the moving industry has its share of deceptive practices. That’s why it’s important to get an estimate in writing, one that includes your full moving contract.
     
    Don’t rely on an oral estimate or one prepared without actually seeing all your stuff. Sketchy estimates open you up to unpleasant surprises on moving day when you will have little choice but to agree to new terms. Estimates should list all of your heavy, valuable, and fragile items and should describe how and where they will be delivered.
     
    Question No. 3: What Do I Really Know About This Company?
     
    Moving companies are regulated by both state and federal authorities. You can check up on them at the US Department of Transportation’s website and through whatever agency regulates them in the state where you live. Be aware that the license requirements for interstate movers are more stringent than the requirements for in-state movers.
     
    Check out what consumer publication are saying about where to find the best moving company. Look at each company’s BBB page.
     
    You can also jump into your car and drive by the moving company’s offices just to make sure they’re real. If the business is run out of someone’s home, you might want to look for a more substantial company. 
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    What You Need to Know About the Fair Housing Act

    7/28/2018

    1 Comment

     
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    If you’ve searched for a new place to live recently, you’ve likely seen the Equal Housing Opportunity logo (an equal sign inside a house) on a landlord’s, real estate agent’s or lender’s paperwork.

    But the Fair Housing Act is more than just a logo. It’s a federal law designed to protect renters and buyers from discrimination.
    Here are some key points to know about the Fair Housing Act when you’re searching for a place to live.

    ​What is the Fair Housing Act? Also known as the Civil Rights Act of 1968, the Fair Housing Act was signed into law by President Lyndon B. Johnson just days after the assassination of Martin Luther King Jr., who had championed the cause for many years.

    ​The act prohibits housing discrimination based on race, color, religion, national origin, sex, disability and familial status (sex was added in 1974, and disability and familial status were added in 1988).

    At the time the act was signed, overt housing discrimination was a huge problem throughout the country, including the attempted segregation of whole neighborhoods and the outright rejection of qualified renters based on race and other factors.
    Today, much of the discrimination in the housing market is less obvious, but it’s still an unfortunate reality.

    According to the National Fair Housing Alliance (NFHA), over 25,000 housing discrimination complaints were filed with the federal government and local and national fair housing agencies in 2017. Over half of the complaints were based on disability, followed by race at 20 percent.

    But these numbers reflect only reported incidents. The NFHA estimates that over 4 million instances of housing discrimination occur annually, but many people don’t realize they’ve been discriminated against — or know what steps to take when it happens.

    ​What does housing discrimination look like?Most of the people you encounter in your home search, including real estate agents, sellers, landlords, property management companies and lenders, are bound to Fair Housing Act regulations and additional state and local laws, based on where you live or are looking to live.

    Fair Housing Act violations can occur in all phases of buying and renting, including in advertising, while you search, throughout the application process, in financing or credit checks, and during eviction proceedings.
    Here are a few examples of discrimination people in protected classes have encountered:
    • A real estate agent tries to “steer” a buyer away from a certain neighborhood
    • A landlord tries to avoid renting to someone by saying the unit advertised has been rented when it hasn’t
    • A property management company refuses to rent to a family with children or requires a higher deposit
    • A landlord evicts a person of color for a reason they wouldn’t evict a white tenant for
    • A mortgage broker asks questions or requests excessive documentation from an immigrant couple that they wouldn’t request from another buyer
    • A lender charges a single woman a higher interest rate than what her credit score should dictate
    • A landlord refuses to make reasonable accommodations for a tenant who is disabled
    What do I do if I’ve been discriminated against?If you’ve been discriminated against in any of the ways above, or if you suspect that other actions taken by a property manager, landlord, real estate agent, broker or lender may be discriminatory, there are many resources at your disposal.
    1. File a report: File a complaint with the Department of Housing and Urban Development (HUD) at HUD.gov. You can also file a complaint with local housing resources found through the NFHA.
    2. Get more info from local housing agencies: You can find a list of local housing counselors at HUD.gov. Besides answering questions about discrimination claims, these agencies provide home buyer education workshops, pre-purchase counseling and rental housing assistance.
    3. Talk to an attorney: Like any other legal issue, when pursuing a complaint under the Fair Housing Act, it’s smart to consult a lawyer.
    4. Find people you can trust: If you experienced housing discrimination from your real estate agent, mortgage broker or lender, it’s time to find a new professional to help you in your home search. Ask friends, family members and colleagues for referrals they know, like and trust. Remember — these real estate professionals are working for you, so their only concern should be finding you the home that’s right for you.
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    4 Tips for Home Buyers in a Seller's Market [VIDEO]

    7/11/2018

    2 Comments

     
    Everyone is talking about the seller's market in real estate, especially in the Carolinas. When we are in a seller's market, we are experiencing low availability of houses up for sale, which means when you decide sell your home you can ask for top dollar because competition is low. This is great for anyone thinking about selling their house. 

    But this doesn't mean that buyers are completely disadvantaged because of the seller's market. Check out my video and read below for my tips for buyers in a seller's market.

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    How to Buy a Vacation Home in 5 Steps

    6/14/2018

    1 Comment

     
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    Dream of owning a vacation home but find the idea of buying one too intimidating? It’s actually easier than you may think. Here’s a guide to help you analyze your options.
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    1. Match housing choices to your lifestyle
    Many people assume they must own a primary residence before owning a vacation home, but that’s not necessarily true. What’s really important is matching your housing choices to your lifestyle.

    You may live in a city and want lots of space that you can’t afford there. You could rent a modest condo in the city and buy a large vacation home outside the metro area.

    Or you may live in a large country house and want to enjoy city life as much as you can. In that case, you could own your country home and also buy a vacation condo in the city.

    Either way, the financing and tax implications are almost the same.

    2. Decide how you’ll use it
    From a financing and tax standpoint, you need to consider how you intend to own and use your property. You have three options:
    Primary residence. You can buy for as little as 3 percent down (if your loan doesn’t exceed $417,000), and you get significant homeowner tax benefits.

    Second home. You can use your second home anytime you want, but lenders won’t let you rent the home. Buy for as little as 20 percent down, and qualify for the loan using your full primary residence cost plus your full second home cost. Mortgage rates and tax benefits are the same as primary residences.

    Investment property. You can rent the home and use it when it’s not rented. Rates are .25 percent to .375 percent higher than second home rates, and your down payment usually starts at 30 percent. You qualify for the loan using your full primary residence cost plus your full investment home cost, but you can use rental income to help qualify. Tax treatment is less beneficial, but the extra income can help with affordability.

    3. Understand the total cost of owning it
    You can determine what you can afford in seconds. Then you’ll find a lender to formally analyze the cash available for down payment, closing costs and reserves. You’ll also calculate the total monthly cost on your existing home (whether you rent or own), plus the total monthly cost on the vacation home.

    You also need to plan for personal budget items that lenders don’t use in their qualifying calculations:
    • Gas, electric, cable TV and internet
    • Furniture and housewares
    • Travel costs to your vacation home
    • Total cost of property maintenance items, like cleaning, landscaping and pool/spa upkeep

    4. Review monthly and transactional cost line items
    Suppose you live in San Francisco and want to purchase a home in the wine country of Sonoma County, CA, for $600,000. Here’s how much it would cost as a primary residence, second home and investment property.
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    5. Make an offer using a local real estate agent and lender
    Many vacation properties are in specialized local markets, so it’s best to find local real estate agents and lenders.

    Your real estate agent will clarify local transaction fees, taxes and commissions, as well as advise on local zoning and property rental rules. For example, the town of Sonoma doesn’t allow short-term rentals for vacation homes, but other towns in Sonoma County do.

    In destination areas, real estate agent commissions can be higher and can also be seller- or buyer-paid, depending on the area. Only a local expert can advise properly. And, of course, they will structure your offer for you and negotiate on all facets of the deal that are a priority to you.

    Likewise, local lenders will be comfortable with appraisals and lending in rural areas. Appraisals are more difficult in less populated areas because comparable sales can be old and hard to find.

    If you follow these steps, your closing will be a snap, and you’ll be relaxing in your vacation home before you know it.

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