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Before you make your final buying or selling decision, you should have the home inspected by a professional. An inspection can alert you to potential problems with a property and allow you to make an informed decision. Ask these questions to prospective Montgomery home inspectors:

montgomery home, inspection1. Will your inspection meet recognized standards? Ask whether the inspection and the inspection report will meet all state requirements and comply with a well-recognized standard of practice and code of ethics, such as the one adopted by the American Society of Home Inspectors or the National Association of Home Inspectors. Customers can view each group's standards of practice and code of ethics online at
www.Ashi.org or www.Nahi.org. ASHI's Web site also provides a database of state regulations.

2. Do you belong to a professional home inspector association? There are many state and national associations for home inspectors, including the two groups mentioned in No. 1. Unfortunately, some groups confer questionable credentials or certifications in return for nothing more than a fee. Insist on members of reputable, nonprofit trade organizations; request to see a membership ID.

3. How experienced are you? Ask how long inspectors have been in the profession and how many inspections they've completed. They should provide customer referrals on request. New inspectors also may be highly qualified, but they should describe their training and let you know whether they plan to work with a more experienced partner.

4. How do you keep your expertise up to date? Inspectors' commitment to continuing education is a good measure of their professionalism and service. Advanced knowledge is especially important in cases in which a home is older or includes unique elements requiring additional or updated training.

5. Do you focus on residential inspection? Make sure the inspector has training and experience in the unique discipline of home inspection, which is very different from inspecting commercial buildings or a construction site. If your customers are buying a unique property, such as a historic home, they may want to ask whether the inspector has experience with that type of property in particular.

6. Will you offer to do repairs or improvements? Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest. Contact your local ASHI chapter to learn about the rules in your state.

7. How long will the inspection take? On average, an inspector working alone inspects a typical single-family house in two to three hours; anything significantly less may not be thorough. If your customers are purchasing an especially large property, they may want to ask whether additional inspectors will be brought in.

8. What's the cost? Costs can vary dramatically, depending on your region, the size and age of the house, and the scope of services. The national average for single-family homes is about $320, but customers with large homes can expect to pay more. Customers should be wary of deals that seem too good to be true.

9. What type of inspection report do you provide? Ask to see samples to determine whether you will understand the inspector's reporting style. Also, most inspectors provide their full report within 24 hours of the inspection.

10. Will I be able to attend the inspection? The answer should be yes. A home inspection is a valuable educational opportunity for the buyer. An inspector's refusal to let the buyer attend should raise a red flag. 

Are you a Montgomery home buyer with questions concerning home inspections? Give me a call. I'm happy to answer all your questions. Also, visit HatTeam.com to learn more about buying a Montgomery home. 

Information is courtesy of Realtor Magazine with permission by the National Association of Realtors.

Montgomery Homes For Sale: 2060 Gorgas Street

by The Hat Team

Montgomery Homes For Sale:

2060 Gorgas St, Montgomery AL 36106MLS 266155

Cloverdale Home With Lots Of Character

 montgomery homes

If you are looking for large rooms, lots of character, and Cloverdale style without Cloverdale price...this is the house for you! Conveniently located to shopping and dining, this well maintained home is ready to move into. Spacious living room with gas log fireplace and great custom built-ins, large dining room with custom drapes allow for entertaining. Cozy breakfast nook with built in china cabinets perfect for casual dining. Large central hallway perfect "gallery" for your artwork or family photos. Great screened porch invites morning coffee or bug-free evenings. Shady patio out back perfect for outdoor living, and there is a separate fenced area for your pets. First time home buyers...jump on this deal AND get the $8,000 tax credit! Hurry, the credit offer runs out end of November!!

Learn more about 2060 Gorgas Street and other Montgomery homes for sale by visiting HatTeam.com.

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Montgomery Real Estate For Sale: 3511 Ramsey Road

by The Hat Team

Montgomery Real Estate For Sale:

3511 Ramsey Road, Montgomery AL 36111
MLS# 266203

This Home Has The Space You Need!

 montgomery real estate

Need lots of space? This one has it...inside and out! The big corner lot has multiple areas to play, garden, and entertain. Inside you'll find the traditional living room/dining room combo and an extra-large den/family room addition. The cook in your family will love the spacious open kitchen with great views of the back yard. And, the garage has been converted into a huge heated and cooled bonus room perfect for toys, pool table, work/craft shop, etc. Fresh paint inside and out and brand new heating and AC unit make this home move-in ready. Start packing and call us today!

Learn more about 3511 Ramsey Road and other Montgomery real estate by visiting HatTeam.com.

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Montgomery Homes For Sale: 3332 Narrow Lane

by The Hat Team

Montgomery Homes For Sale:

3332 Narrow Lane Rd, Montgomery AL 36111
MLS# 266212

montgomery homes for sale

If you enjoy outdoor living...check out this gorgeous Edgewood home. Wide covered front porch with swing is perfect for relaxing and large enough to entertain! Out back, you'll love the party deck overlooking an expansive yard. This deep lot has boundless possibilities for kids to play, gardening, there's even room for a pool or tennis courts if you like! Inside you will find a spacious formal living room and formal dining room plus a family-sized den. Who wouldn't enjoy preparing meals in the well appointed and tastefully updated kitchen? Big master suite addition boasts walk-in closet and new bath with jetted garden tub and separate tiled shower. All this with the charm and character you expect in classic older homes, such as hardwood floors and built-in extras. This home is perfectly located just a stone's throw from Cloverdale's dining and entertainment districts.

Learn more about 3332 Narrow Lane and other Montgomery homes for sale by visiting HatTeam.com.

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More Reasons To Invest In Montgomery Real Estate

by The Hat Team

Montgomery real estate investors have benefited from a steady rental market created by Air Force families. The current economic climate is changing the face of the typical renter however, as more and more tenants come from civilian ranks. Housing affordability is at an all time high, but many families cannot buy due to marred credit. In the past, military families have made up ½ of the tenant population, but nomontgomery real estatew it is only 1/3. 

What does this mean for investors? It is a great time to purchase income producing property. Rents are inching up and the number of prospective renters is growing. Let us help you take advantage of this unique opportunity to invest. Give us a call today!

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Montgomery Real Estate For Sale: 5857 Brewbaker Blvd

by The Hat Team

Montgomery Real Estate for Sale:

5857 SE Brewbaker Blvd Montgomery AL 36116
MLS
# 262914

Priced below market for quick sale! In-demand location and good rental history make this property ideal for trouble-free ownership. Separate meters for easy bookkeeping. Owner pays only water/trash, which run $110 per month. Fully leased with property manager in place. Quality-built and originally owned by local builder Bob Cleland. Each unit has 2 bedrooms, 2 full baths, fireplace, living/dining combo and eat-in kitchen.

 

Learn more about 5857 Brewbaker Blvd and other Montgomery real estate by visiting HatTeam.com.

 

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Montgomery Real Estate For Sale: 86 Williamson Way

by The Hat Team

Montgomery Real Estate for Sale:

86 Williamson Way, Montgomery AL 36054
MLS# 263925

 

Lender's loss is your gain in this fantastic Legacy-built home with space for everyone. A study/office off the foyer could double as a music room...or Mom's private getaway. Big den with wonderful views across the patio to the pool and immense yard. And upstairs a "man cave," also know as recreation room with wet bar that offers plenty of space for both a huge-screen TV and a pool table. Put your privacy-loving teen up there as there's a bedroom and bath. For peace of mind, the kidney-shaped pool is secured by a Coast Guard-approved safety fence that's easily removed when no longer needed. And right down the street in the common area your children will love frolicking on the huge playground while you relax with friends under the shady gazebo right at the edge of the lake. It's resort living right at home...and all easy on the budget!

Learn more about 86 Williamson Way and other Montgomery real estate at HatTeam.com

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Montgomery Real Estate Podcast - June 2009

by The Hat Team

Sandra Nickel of The Hat Team presents:




This month's edition covers Montgomery real estate market activity and then we'll uncover three unique factors that are benefiting buyers and sellers.

Features special guest Terri Murphy of US Learning.


Program length: approximately 8 minutes

Ins And Outs Of Montgomery Short Sales

by The Hat Team

If you're thinking of selling your Montgomery home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it. 

montgomery home, short sale1. Consider loan modification first. If you are thinking of selling your Montgomery home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: 

  • Refinancing your loan at a lower interest rate
  • Providing a different payment plan to help you get caught up
  • Providing a forbearance period if your situation is temporary 

When a loan modification still isn't enough to relieve your financial problems, a short sale could be your best option if 

  • Your property is worth less than the total mortgage you owe on it.
  • You have a financial hardship, such as a job loss or major medical bills.
  • You have contacted your lender and it is willing to entertain a short sale. 

2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional* and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. 

A qualified real estate professional can: 

  • Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
  • Help you set an appropriate listing price for your home, market the home, and get it sold.
  • Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
  • Ease the process of working with your lender or lenders.
  • Negotiate the contract with the buyers.
  • Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can't sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.  

3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include 

  • A hardship letter detailing your financial situation and why you need the short sale
  • A copy of the purchase contract and listing agreement
  • Proof of your income and assets
  • Copies of your federal income tax returns for the past two years 

4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender's review of the short-sale package can take several weeks to months. Some experts say: 

  • If you have only one mortgage, the review can take about two months.
  • With a first and second mortgage with the same lender, the review can take about three months.
  • With two or more mortgages with different lenders, it can take four months or longer.  

When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender's loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)

5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind: 

  • You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can't pay back the balance, talk with your real estate attorney about your options. 
  • Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify. 
  • Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy. 

If you ar someone you know is in financial distress, selling your Montgomery home through a short sale may be the right move for you. Give us a call for a private consultation.

Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. 

Reprinted from Realtor Magazine with permission of National Associatin of Realtors.

 

Montgomery AL Real Estate Sales Statistics - May 2009

by The Hat Team
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Let’s take a look at the May sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for May show pending sales increased by 2% in 2009 compared to May 2008. The average sales price decreased by 25% to $112,384 while sold listings were down 13% from 2008.  Market times showed a increase of 1 day or 1% from 2008.

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

May 2009

42

33

87

$112,384

May 2008

41

38

86

$150,966

 

The decline in Midtown's average sales price reflects the continued absorption of many inexpensive foreclosure properties.  Investors in our market have decided now is the time to buy, and they are grabbing up the low-priced houses and rehabbing them for resale.

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit

HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed. 

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