Archive for September, 2010

Condo Complications: Some Issues With Condo Ownership

September 27, 2010

Condo Ownership is the perfect lifestyle for some, but not for others. If you’re thinking of buying a condominium, you must do your due diligence regarding the Condo CCR’s (Covenants, Conditions and Restrictions). Also important is the financial stability of the Condominium (Budget and amount in Reserve Account).

“Condominium” is a form of ownership, not a physical description. In Georgia, stacked flats, mid-rises and high-rises are almost always condominiums. However, town homes can be fee simple ownership or condominium ownership. In condominium ownership, the unit owner owns everything from the sheetrock in as well as from the floors up to the ceiling. The outer walls and roofs are commonly owned by and maintained by the HOA. The land is also commonly owned and maintained by the HOA. There have been cases where a contract is written up as fee simple, and at the last minute the closing attorney’s title report shows it as a condo, and the entire loan has to be redone, causing a long delay in the closing.  (more…)

Closing Killers: Opening New Credit

September 20, 2010

opening new creditMy second “Closing Killers” story is about buyers relocating from Idaho who expose their closing to one of the Closing Killer gang leaders: “Opening New Credit”!

Sam and Sue Spud had found a peach of a deal in Peachtree City. This foreclosed home was perfect. It had taken the Bank seller over 7 weeks to respond to their offer. They were finally under contract and heading for closing. If they missed the original closing date, they would have to pay the seller $100 per day to extend the closing date. Their loan application had been in process for over 3 weeks… everything looked “fine”.

Their agent and loan officer had told them not to make any changes to their credit or finances until after closing. (more…)

Houses are SO Much More Than Just the Price!

September 13, 2010

Housing giving a thumbs upHomebuyers are always asking me to find them a “great deal”. Today’s market makes that easier in some respects (prices are depressed and mortgage rates at a lifetime low) and tougher in some respects (there is SO much inventory to look at). Inevitably, though, the buyer’s definition of a “great deal” involves much, much more than just the price of the home. Here are some examples of truly GREAT DEALS:

Example 1

A young first-time buyer tried his best, but was declined by the mortgage lender for the financing he needed. He had a 5% down payment, but the lender wouldn’t lend him more than 90% of the home’s value. Fighting tears, he told me he was so embarrassed not to be able to complete the purchase. I asked the seller if he would be able to hold a note for the missing 5% for a year or two until the buyer could arrange other financing. He was happy to, since he could receive interest income on the note and hold a security interest in the property. The fact that the seller also respected the young man for his honesty and integrity probably played a part, too. This was a GREAT DEAL because of the financing terms. (more…)

Life and Times of an Insurance Adjuster

September 7, 2010

glen curry, insurance adjusterI began my insurance career on February 12, 1988, as a Claims Representative (aka Insurance Adjuster) for a major insurance company. Little did I know the situations encountered for the next 10 years of my life would shape me as an individual in ways beyond I could ever imagine. No other career path I can think of requires one to be a contractor, psychologist, attorney, expert negotiator and doctor all rolled into one. In one single day, it was not uncommon to inspect 4 different property claims involving all five of these fields. The job was never boring! 

The schedule for any given day might look something like this:

9:00 AM – Take a recorded statement from the owner of a dog that bit a little girl in the face when she tried to go under a coffee table to retrieve the furry stuffed animal that happened to be alive.  While there, take photos of the dog and where the incident took place.

10:30 AM – Inspect the home of an insured that accidentally set a grease fire in their kitchen. There is fire damage to the house along with smoke damage throughout. Take photos, diagram and measure each room so an estimate to repair and clean can be written, advise the insured to find a contractor they want to do the work and explain the process. (more…)