Home Ownership

4 Buyer Regrets After Purchasing a Rehab: Don’t go it alone hire a agent to guide you through the process:

Posted by danetteoneal1 on November 21, 2018
Posted in: Home Ownership, Uncategorized. Leave a comment
#DanetteONealRealtors.biz, #5043657325-Nola; #7709811999-
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Rookie buyers looking for an affordable home may purchase one in need of repair in hopes of turning it into the house of their dreams. But an extensive rehab can quickly become the stuff of nightmares.

Construction workers analyzing blueprints

© skynesher – E+/Getty Images -Realtor.com®

1. Figure out exactly what you want before you start. Do you only want to remodel the kitchen and master bathroom instead of the entire house?
 
2.. Shop for what you need before beginning the project. Sweeney suggests making as many decisions about the look of the house and materials you want early in the process. This will help you get a better sense of your budget before you start. Prioritize what rooms or items are most important to you as you shop.
 
3. Beware of the neighbors. If you’re doing a big renovation, you may want to inform your neighbors and apologize in advance for any inconvenience. It’s important to keep the construction site as secure as possible, such as fencing it off with a “no trespassing” sign. It’s a good idea to let the entire block know and remind neighbors about the dangers of a construction site.
 
4. Check everything. “This is something I can’t emphasize enough: Check each invoice, list of materials, quotes, and anything else”. Chances are something will be wrong, and problems found early are much easier to fix.

INCREASED BLACK HOMEOWNERSHIP FOCUS OF NAREB CONVENTION IN NEW ORLEANS

Posted by danetteoneal1 on July 25, 2017
Posted in: Home Ownership, Uncategorized. Leave a comment
INCREASED BLACK HOMEOWNERSHIP FOCUS OF NAREB CONVENTION IN NEW ORLEANS
National Association of Real Estate Brokers (NAREB) to enlist support from Black clergy, civil rights organizations and financial services sector to grow Black wealth through homeownership.
Washington, DC – July 24, 2017 – The National Association of Real Estate Brokers (NAREB) at its 70th Anniversary Convention is issuing a call to Black real estate industry professionals, leaders of Black church denominations, financial services executives, social, and civic engagement organizations to come together to increase Black homeownership. Meeting under the banner, “Building Black Wealth through Homeownership,” July 28-August 1, 2017, at the Intercontinental Hotel, 444 St. Charles Street, New Orleans, LA 70130, NAREBexpects to draw more than 600 attendees committed to a multi-pronged action agenda designed to re-boot and support Black America’s pursuit of the American dream of homeownership.
“Homeownership is a key indicator of our nation’s economic strength and the prosperity of its people.
Black Americans occupy the lowest rung on the homeownership ladder, and therefore, the prosperity ladder.  Not because we want to be there, but Black Americans never recovered from the economic devastation we experienced during, and after the nation’s 2008 economic tsunami. NAREB is committed to reversing this homeownership trend and prosperity prospects for Black Americans,” said Ron Cooper, president of the National Association of Real Estate Brokers (NAREB), the 70-year old minority trade group formed to ensure Democracy in Housing.
The call for collaboration comes at a time when Black homeownership hovers nationally at 42.7% compared to 71.8% for Non-Hispanic Whites. Latest available Home Mortgage Disclosure Act (HMDA) data for New Orleans analyzed by LendingPatterns™, an online HMDA data analysis software program, indicates that of the 6,592 mortgage loans originated in 2015 where race was known, only 1,425, or 22% of those loans were granted to Black Americans; even though they represented 60% of the city’s population of 343,829. Moreover, Black Americans were denied mortgage loans at a rate of just over 36%compared to a denial rate of 13.5% for whites.  In May 2017, Zillow reported, that the average loan amount in the New Orleans metro area was $293,000.  “These concerning statistics are the reasons why NAREB has implemented its “2 Million New Black Homeowners in 5 Years” program and is reaching out to create a national community of concern and action to Building Black Wealth through Homeownership,” Cooper added.
Keynoting the convention’s opening session, scheduled for Sunday, July 30 at 11:00 a.m. is Marc Morial, current president of the National Urban League (NUL) and former mayor of New Orleans. Other prominentconfirmed speakers presenting at different times throughout the convention include U.S. Congressman Cedric Richmond (D-LA), current chair of the Congressional Black Caucus (CBC), U.S. Congressman Emanuel Cleaver (D-MO), amember of the House Financial Services Committee, Mel Watt, Director, Federal Housing Finance Agency (FHFA), the independent agency charged with oversight and regulation of Fannie Mae and Freddie Mac, among other housing finance responsibilities.  Reverend Dr. Jerry Young, president of the National Baptist Convention, USA is scheduled to keynote the Community, Civic and Faith-Based Leaders Luncheon as part of NAREB’s efforts to engender broader support to increase Black homeownership. All presenters are expected to give their unique perspectives on Black homeownership and the pathways forward to re-instill hope among Black Americans that homeownership is possible and desirable.
NAREB is also devoting a day to connect with New Orleans residents about the long-term benefits of homeownership. NAREB’s free Community Wealth Building Day is a consumer education event scheduled for Saturday, July 29, 9:30 a.m. – 2:00 p.m. at the Southern University at New Orleans (SUNO), Memorial Library, 6400 Press Dr., New Orleans, LA 70126.    Residents can get answers about the home-buying process, learn how to purchase a home, low down payment mortgage financing, and available down payment assistance programs that make homeownership affordable and sustainable.
For Convention registration and Community Wealth Building Day information visit: www.nareb.com.
The National Association of Real Estate Brokers (NAREB) was formed in 1947 to secure the right to equal housing opportunities for all regardless of race, creed, or color.  NAREB has 90 chapters located nationwide and publishes annually The State of Housing in Black America (SHIBA) Report. Visit www.nareb.com for more information. or call 301-552-9340.

Did you know that homeowners pay between 80 and 90 percent of all federal income taxes? If you are a homeowner, it’s time to stand up and be counted!

Posted by danetteoneal1 on June 13, 2017
Posted in: Home Ownership, Uncategorized. Leave a comment

Did you know that homeowners pay between 80 and 90 percent of all federal income taxes? If you are a homeowner, it’s time to stand up and be counted!

Show your support now for a Homeowner Bill of Rights by signing it below.

The Homeowner Bill of Rights:

I endorse policies that protect the dream of home ownership for all Americans. Specifically, I support polices that:

  • Protect home ownership incentives like the mortgage interest deduction
  • Ensure accessibility to home loans for qualified applicants
  • Safeguard affordable insurance for property owners across the country
  • Support investments in infrastructure that help local communities thrive and grow

    Screen Shot 2017-06-13 at 10.31.34 AM.png

Use this link to voice your opinion: http://homeownershipmatters.realtor/thank-you-for-the-endorsement/

Compliments of DANETTE O’NEAL REALTORS: Spring Roof Maintenance Tips

Posted by danetteoneal1 on May 3, 2017
Posted in: Home Ownership, Uncategorized. Leave a comment

INMAN NEWS: (05/01/17)-

  • Regular inspections. As the days grow longer and the weather gets warmer in most locales, the time is now to refocus on roofing maintenance to ensure that the winter elements have not caused any damage or issues that could compromise performance as the year goes on. In addition to inspecting both before and after every winter, it’s critical that those responsible for overseeing roof inspections is trained and has experience identifying potential problems.
  • Two, recognize the need to focus on common issues. More specifically, focus on the two most likely areas of a roof to be damaged or in disrepair after a long winter: the field and flashings.
  • Three, take steps to ensure the safety of those caring for your apartment community’s roofs. More traffic increases the chances of dangerous situations such as falls. This can be helped by providing proper safety equipment such as harnesses and gloves. Installing grab bars, railings, or screens over skylights are other options. Walkway pads and roof pavers can also reduce the risk of falls.
  • Finally, document any and all findings. “Each biannual roof inspection performed on your building should use a document such as a checklist to make sure the same areas are checked and nothing slips through the cracks.”

Part 2: 5 Things Every Loving Homeowner Should Know About Their Own Home

Posted by danetteoneal1 on February 14, 2017
Posted in: Cool facts, Economy, Home Ownership, Uncategorized. Leave a comment

Q: Where are all your filters, and when was the last time they were replaced?

Lots of appliances in your home have filters. In fact, any device that conducts air or water should have some sort of filter in place to remove impurities and particulates. Changing these filters routinely can save you money, and keep you safe, which is why it’s helpful to know when they’re due to be replaced. Furnace filters should be replaced every two to three months; HVAC, ice maker, and water dispenser filters must change at least once a year. But that varies based on the manufacturer, so be sure to check your maintenance manual and not let it slide.

Q: Does your home have a sump pump, and do you know how to maintain it?

A sump pump is a pump (duh) installed in certain basements and crawl spaces to keep these areas of your home dry, which it does by collecting water that tries to seep in and moving it far, far away (or at least as far as the drainage ditch in your yard). They’re especially common in regions where basement flooding is an issue. Without a sump pump, the invading water can result in thousands of dollars in damage.

The good news, though, is that sump pumps are relatively easy to maintain. Check both lines, in and out, to make sure they’re not clogged with debris, and make sure the float component (this is the little bob that floats upward when water begins to fill the sump pit, activating the pump) can move smoothly.

Buying a House on a Single Income : Compliments of Danette O’Neal Realtors 504.365.7325 New Orleans, 770.981.1999 Atlanta. Right now we have The Georgia Dream Program giving 5% towards down payment and closing cost. Call us today to see if you qualify.

Posted by danetteoneal1 on January 9, 2017
Posted in: education, Home Ownership, Public Policy, Special Interest. Leave a comment

At a time when a lot of young adults are postponing marriage, the number of Americans buying a house on a single income is substantial. According to the mortgage software firm Ellie Mae, as many as 47% of Millennial home buyers last year were unmarried.
Buying a House on a Single Income Is Possible

Because single mortgage applicants rely on one salary and one credit profile in order to secure a loan, getting through the underwriting process can be a bit trickier. However, the more you understand about what the process entails, the better your odds will be of getting a lender to say “yes.” Here are four crucial things that can help.
Check Your Credit

When you apply for a mortgage on your own, lenders will be looking at just one credit profile: yours. Needless to say, it has to be in great shape.

It’s always a good idea to review your credit report beforehand, but that’s especially true of solo buyers. You can get a free copy once a year, from all three credit bureaus, at http://www.annualcreditreport.com. Make sure that it doesn’t contain any mistakes that will make you look like a bigger risk than you really are. If you see any, contact the credit reporting company right away, so it can investigate on your behalf. (For more, see Check Your Credit Report.)

You’ll also want to avoid doing anything that could hurt your credit, such as making big credit card purchase right before or after you apply for a home loan. And think twice before canceling any old credit cards. You might think you’re helping your cause, but you’re actually reducing the average age of your accounts and lowering your credit utilization ratio, two things that could hurt your application.
Look at Government Programs

A conventional mortgage typically requires a 20% down payment, something that can be hard to do if you’re drawing on only one person’s savings. But government-insured loans have a much smaller requirement – and sometimes none at all. For example, the popular Federal Housing Administration (FHA) mortgage program only mandates a 3.5% down payment. And if you’re a veteran or active member of the military, a Veteran’s Administration (VA) loan lets you finance the entire amount of the purchase, as long as it doesn’t exceed the appraisal amount.

There are some caveats, though. With an FHA mortgage, you’ll have to pay an upfront mortgage insurance payment (which can be financed) as well as a monthly premium. VA loans don’t carry an insurance fee, but they do assess a “funding fee” that can either be spread out over the course of the loan or paid in cash.

While low-down-payment requirements can help open the door to home ownership, they do carry risks. For example, paying 3.5% down doesn’t give you much of an equity buffer if the stock market takes a hit soon after you make the purchase. Putting down a little more, say 10% of the loan amount, will give you a little more peace of mind.
Protect Your Income

That first monthly mortgage payment can be startling for younger homeowners unaccustomed to such a big bill. As single home buyers rely on one source of income to pay the lender, it’s a good idea to take out some protection.

If your employer either doesn’t provide disability insurance or offers a bare-bones plan, you might consider looking into more-robust coverage on your own. That way you’ll get help paying your bills should you experience an illness or accident.

A specialized product known as mortgage protection life insurance can also help take care of your mortgage payments if you become unable to work. It’s only intended to help with home loan payments (some policies are a big more flexible), so it’s not a comprehensive financial solution. Still, because it typically has a looser underwriting process, it’s an option for those with riskier jobs or poor health, who consequently have trouble finding affordable disability coverage. (For more, see Why You Don’t Need Mortgage Protection Life Insurance)
Put Someone Else on the Loan

Having a co-borrower on the loan can sometimes help home buyers clear the underwriting hurdle, especially if you don’t have a long credit history. The lender will look at the co-borrower’s income, assets and credit history – not just yours – when assessing the application.

While he or she may be doing you a huge favor by joining you on the loan, make sure the co-borrower knows the consequences. In the event you have trouble making your loan payments, the bank can go after the co-borrower, too. If you don’t want to worry about that, you should wait until you can qualify for a loan by yourself.
The Bottom Line

Thanks to low-down-payment programs, you needn’t be well-heeled in order to get a mortgage on your own. However, it does require having a sparkling credit report and making sure that you have sufficient income protection. Government-insured loans and co-borrowers can also be of help.

Investopedia http://www.investopedia.com/articles/investing/010717/buying-house-single-income.asp#ixzz4VHT4jUCU

Compliments of Danette O’Neal Realtors: How to Assess the Real Cost of a Fixer-Upper House

Posted by danetteoneal1 on September 8, 2016
Posted in: Home Ownership. Leave a comment

When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix.

Trying to decide whether to buy a fixer-upper house? Follow these seven steps, and you’ll know how much you can afford, how much to offer, and whether a fixer-upper house is right for you.
1. Decide what you can do yourself.– TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.

Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.

Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

2. Price the cost of repairs and remodeling before you make an offer. -Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do. If you’re doing the work yourself, price the supplies. Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

3. Check permit costs. -Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it’ll cause problems when you resell your home. Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit. Factor the time and aggravation of permits into your plans.

4. Doublecheck pricing on structural work. -If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems. Get written estimates for repairs before you commit to buying a home with structural issues. Don’t purchase a home that needs major structural work unless:

You’re getting it at a steep discount

You’re sure you’ve uncovered the extent of the problem

You know the problem can be fixed

You have a binding written estimate for the repairs

5. Check the cost of financing. -Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings. If you’re planning to fund the repairs with a home equity or home improvement loan:
– Get yourself pre-approved for both loans before you make an offer.
– Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.

Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).

6. Calculate your fair purchase offer. -Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.
– For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

-Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

– The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair.
7. Include inspection contingencies in your offer. -Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.

Radon, mold, lead-based paint, Septic and well, Pest
(Houselogic 8/24/10)

RED STICK REPORT PART II: LA REAL ESTATE concerns w’ the recent Catastrophic Flooding

Posted by danetteoneal1 on August 20, 2016
Posted in: Economy, Finance, Gulf Coast Environmental, Home Ownership, politics, Public Policy. Leave a comment

Q. Are landlords impacted by the Executive Order issued by Governor Edwards?

A. Executive Order No. JBE 2016-57 was issued by Governor Edwards on August 17, 2016 (copy at http://gov.louisiana.gov/assets/ExecutiveOrders/JBE16-57.pdf), and amends Executive Order No. JBE 2016-53 by further providing that nothing in the Executive Order shall be interpreted to prohibit an owner of immovable property from: (i) reclaiming rental property, if abandoned, as provided by law; or (ii) entering rental property to make necessary repairs, as provided by law. In short, the Executive Order does not prohibit property managers and landlords from retaking possession of abandoned rental property or repairing rental property, if allowed by Louisiana law. Whether or not a tenant has abandoned rental property is determined on a case-by-case basis. Generally, abandonment requires both the tenant to actually abandon the rental property, and for the tenant to intend to abandon—and not return to—the rental property. Mansur v. Cox, 898 So.2d 446 (La. Ct. App. 1 Cir. 2004).

Q. What about “Act of God” or “Fortuitous Events” provisions in contracts, including Purchase Agreements?

A. Many contracts contain provisions specifying remedies or expanded timelines in the event that a natural disaster (or “Act of God” or “Fortuitous Event”) occurs which prohibits the parties from completing the transaction. The term “Fortuitous Event” is used interchangeably by Louisiana courts with the term “force majeure”, and is defined as an event that prevents someone from fulfilling a contract that, at the time the contract was made, could not have been reasonably foreseen. The Louisiana Civil Code articles addressing “Fortuitous Events” do not specifically suspend the performance of contracts upon the happening of a Fortuitous Event or disaster. In the absence of a specific provision in a contract changing deadlines or suspending delays for “Fortuitous Events” or “Acts of God”, deadlines generally continue to run; it is possible that the purchase agreement would be deemed expired upon the expiration of the deadline for closing, despite the occurrence of such disaster. Generally, Louisiana law does not grant purchasers in private contracts an automatic extension of time to perform such obligations in the event of a flood or natural disaster. The Louisiana Residential Agreement To Buy Or Sell (the “Purchase Agreement”) form does not include a delay or suspension of deadlines for “Acts of God” or “Fortuitous Events”.

Catastrophic Flooding: FAQs for Real Estate Professionals

Posted by danetteoneal1 on August 20, 2016
Posted in: Economy, Environmental Policy, Gulf Coast Environmental, Home Ownership, Uncategorized. Leave a comment
The record-setting rainfall over the past week has caused catastrophic flooding in Southeastern Louisiana, including flooding in areas of cities that have never before been flooded.  This unprecedented natural disaster has impacted tens of thousands of Louisiana homeowners; resulting in many questions for homeowners and real estate professionals regarding pending real estate sales.  This article addresses some of the questions real estate professionals may be receiving from their clients, and provides information regarding applying for assistance and filing insurance claims.Q.  Are closing deadlines set in Purchase Agreements suspended by the Emergency Executive Order issued by the Governor

A. Governor Edwards issued Executive Order No. JBE 2016-53 on August 15, 2016 (copy at http://gov.louisiana.gov/assets/ExecutiveOrders/JBE16-53.pdf) (the “Executive Order”). The Executive Order suspends all deadlines in “legal proceedings, administrative, and regulatory proceedings” including “in all courts, administrative agencies, and boards…”  However, the Executive Order does not appear to specifically encompass closing deadlines contained in private contracts between private parties, such as purchase agreements.  Timelines and closing deadlines contained in purchase agreements represent terms of contracts negotiable between the parties to such contracts, and may be amended by agreement of the parties.  The failure of parties to perform within such timeframes, or agree to amended timelines, may result in the default of a purchase agreement, if not amended.  See Louisiana Civil Code Article 2017. By: Baker, Donelson, Bearman,
Caldwell & Berkowitz, Patricia B. McMurray and Natalie K. Maples

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