http://jpeterken.seacoastrealty.com/blog/archive_201010/sort_entrydatetime-desc/ Article From HouseLogic.comBy: Joe BousquinPublished: June 14, 2010When it's time to replace your water heater, you'll find a wide array of high-efficiency models offering big energy savings.Since hot water accounts for as much as 25% of your home's energy use, when your water heater dies, the replacement you choose will have a big impact on your monthly bills. New technologies make many of today's models far more energy efficient than that old tank you're getting rid of. Some of the greenest options are tankless units that heat water on demand, but even conventional water heaters--the classic metal cylinders that are by far the most popular in the U.S.--have gotten less expensive to operate.Water heater basics Most households need a 50-gallon tank, according to Jeff Haney, a product manager at manufacturer Rheem. That'll cost $900 to $2,000, installed, depending on which model you choose. Your plumber will put it where the old tank was, with the cold water supply pipe attached at the bottom of the tank and a hot water outlet pipe on top.Inside the tank, a thermostat constantly assesses the water temperature and fires up a heating mechanism when it falls below the desired setting (120 degrees is standard). When you turn on a hot water tap, heated water flows from the tank and gets replaced by more cold water from the supply line below.To do this work, water heaters use electricity, oil, or natural gas. Choosing a new water heater that uses the same fuel type as your old unit is the easiest way to keep replacement costs down, says contractor Andy Wargo of Marcellus, N.Y.What to look for on the label Within each fuel type, you'll find a range of models and price points. To compare, look for these key differences, marked right on the label:First Hour Rating is a measure of how many gallons the unit can produce in one hour (which is more than its tank capacity since it starts making more hot water as soon as you draw some out). With the average shower using 20 gallons of water, a shave using a couple more, and washing breakfast dishes another 5 to 10, a busy family might need an FHR of 60 to 70 gallons to handle the morning rush. Your plumber can help you analyze your needs.Energy Factor tells you how efficiently the unit operates. The higher the number, the more efficient the unit, and the less it will cost to run. In 2010, the highest EF units qualify for a 30% federal tax credit up to $1,500 for the purchase price and installation costs--as well as state credits and local utility rebates.Check the Database of State Incentives for Renewables and Efficiency for local details.Here's a breakdown of your basic water heater options from the American Council for an Energy-Efficient Economy:Water Heater TypeInstalled CostYearly Energy CostLife (years)Total Cost (over 13 Years)Conventional gas$850$35013$5,394High-efficiency gas$1,025$32313$5,220Conventional electric$750$46313$6,769High-efficiency electric$820$43913$6,528Conventional oil [there are no high-efficiency oil options at this time]$1,100$2308$4,777 High-efficiency options Three types of tank heaters are eligible for the federal tax credit: high-efficiency gas, gas condensing, and electric heat pumps. Ask for a Manufacturers Certification Statement from your retailer. If it doesn't provide one, the model doesn't qualify.High-efficiency gas storage: These are just like standard gas water heaters, but with more efficient burners, better insulation, and other upgrades that make them about 7.5% more efficient, saving the average household about $30 a year. Costs for high-efficiency gas tank water heaters start around $850 (about $175 more than a conventional gas tank unit), plus around $200 for installation (the same as a conventional unit). As long as it has an EF rating of 0.82 or higher, it qualifies for a 30% tax credit in 2010.Gas condensing: To achieve even higher efficiency, these systems vent the exhaust from the gas burner back through a closed system of coils inside the tank, allowing the water to absorb heat that would otherwise escape up the chimney, explains Potomac, Md., contractor Jay Irwin. That makes them about a third more efficient than conventional tanks, for savings of about $100 a year for a typical household. Energy Star models, which will hit the market in mid-2010, have an EF of at least 0.8 and qualify for the 30% tax credit in 2010.Gas condensing units are expensive--around $1,600. And because they produce condensation as the exhaust cools, they need a special drain to discharge the runoff, pushing installation costs up to around $400.Electric heat pumps: Heat-pump models work like air conditioners, by pulling heat out of the surrounding air. But rather than exhausting the heat outside like an air conditioner, they concentrate it and pump it into the water tank. As a result, they use 55% less energy than traditional electric water heaters and qualify for the tax credit in 2010 if they have a minimum EF rating of 2.0. Since these utilize ambient heat in the air, they produce the biggest year-round energy savings in hot climates.You'll pay around $1,400, or three times what a conventional electric unit costs, but you could save $300 a year in energy costs, meaning it will pay for itself in about three years. Throw in the 30% federal tax credit, or $420, and you'll recoup your investment even faster.Joe Bousquin's work has appeared in the Wall Street Journal, Kiplinger's Personal Finance and Men's Journal. His 80-year-old home in Sacramento, Calif., has a conventional gas-fired water heater--for now.Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).Copyright 2010. All rights reserved. http://jpeterken.seacoastrealty.com/blog/1574/appliance-buying-guide:-water-heaters/ Sun, 31 Oct 2010 12:00:00 -0500 Article From BuyAndSell.HouseLogic.comBy: G. M. FiliskoPublished: February 10, 2010Be sure you're walking away with all the money you're entitled to from the sale of your home.When you're ready to close on the sale of your home and move to your new home, you may be so close to the finish line that you coast, thinking there's nothing left for you to do. Not so fast. It's easy to waste a few dollars here and for mistakes to creep into your closing documents there, all adding up to a bundle of lost profit. Spot money-losing problems with these seven tips.1. Take services out of your name Avoid a dispute with the buyers after closing over things like fees for the cable service you forgot to discontinue. Contact every utility and service provider to end or transfer service to your new address as of the closing date.If you're on an automatic-fill schedule for heating oil or propane, don't pay for a pre-closing refill that provides free fuel for the new owner. Contact your insurer to terminate coverage on your old home, get coverage on your new home, and ask whether you're entitled to a refund of prepaid premium. 2. Spread the word on your change of address Provide the post office with your forwarding address two to four weeks before the closing. Also notify credit card companies, publication subscription departments, friends and family, and your financial institutions of your new address.3. Manage the movers Scrutinize your moving company's estimate. If you're making a long-distance move, which is often billed according to weight, note the weight of your property and watch so the movers don't use excessive padding to boost the weight. Also check with your homeowners insurer about coverage for your move. Usually movers cover only what they pack.4. Do the settlement math Title company employees are only human, so they can make mistakes. The day before your closing, check the math on your HUD-1 Settlement Statement.5. Review charges on your settlement statement Are all mortgages being paid off, and are the payoff amounts correct? If your real estate agent promised you extras-such as a discounted commission or a home warranty policy-make sure that's included. Also check whether your real estate agent or title company added fees that weren't disclosed earlier. If any party suggests leaving items off the settlement statement, consult a lawyer about whether that might expose you to legal risk.6. Search for missing credits Be sure the settlement company properly credited you for prepaid expenses, such as property taxes and homeowners association fees, if applicable. If you've prepaid taxes for the year, you're entitled to a credit for the time you no longer own the home. Have you been credited for heating oil or propane left in the tank? 7. Don't leave money in escrow End your home sale closing with nothing unresolved. Make sure the title company releases money already held in escrow for you, and avoid leaving sales proceeds in a new escrow to be dickered over later. Other web resources Closing: steps to house-selling successClosing costs explained G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).Copyright 2010. All rights reserved. http://jpeterken.seacoastrealty.com/blog/1575/7-tips-for-a-profitable-home-closing/ Fri, 29 Oct 2010 12:00:00 -0500 Article From BuyAndSell.HouseLogic.comBy: G. M. FiliskoPublished: February 10, 2010Have a plan for reviewing purchase offers so you don't let the best slip through your fingers.You've worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You'll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here's a plan for evaluating offers.1. Understand the processAll offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.2. Set baselinesDecide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won't fall apart because the buyer can't get a mortgage, require a prequalified or cash buyer.3. Create an offer review processIf you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.4. Don't take offers personallySelling your home can be emotional. But it's simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don't be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.5. Review every termCarefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures-such as appliances, furniture, or window treatments-to be included in the sale that you plan to take with you?Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.Have the buyers attached a prequalification or pre-approval letter, which means they've already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can't get a mortgage, and they'll take their earnest money back, too. Are you comfortable with that uncertainty?Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer's proposed closing date mesh with your timeline?With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?6. Be creativeIf you've received an unacceptable offer through your agent, ask questions to determine what's most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).Copyright 2010. All rights reserved. http://jpeterken.seacoastrealty.com/blog/1576/6-tips-for-choosing-the-best-offer-for-your-home/ Wed, 27 Oct 2010 12:00:00 -0500 Article From BuyAndSell.HouseLogic.comBy: G. M. FiliskoPublished: March 19, 2010While you'd like to get the best price for your home, consider our six reasons to reduce your home price.Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.These six signs may be telling you it's time to lower your price.1. You're drawing few lookersYou get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it's overpriced and are waiting for the price to fall before viewing it.2. You're drawing lots of lookers but have no offersIf you've had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.3. Your home's been on the market longer than similar homesAsk your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you're pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there's something wrong with it, which can delay a sale even further. At least consider lowering your asking price.4. You have a deadlineIf you've got to sell soon because of a job transfer or you've already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It's not how much money you need that determines the sale price of your home, it's how much money a buyer is willing to spend.5. You can't make upgradesMaybe you're plum out of cash and don't have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn't as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it's time to accept that buyers expect to pay less for a home that doesn't show as well as others.6. The competition has changedIf weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.More from HouseLogicHow to ready your home for sale at little costHow to review offers on your homeOther web resourcesSetting the right priceG.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).Copyright 2010. All rights reserved. http://jpeterken.seacoastrealty.com/blog/1577/6-reasons-to-reduce-your-home-price/ Mon, 25 Oct 2010 12:00:00 -0500 Article From BuyAndSell.HouseLogic.comBy: G. M. FiliskoPublished: March 30, 2010After finding a buyer, all you have to do to make it to closing is to avoid these five traps.Finding a buyer for your home is just the first step on the homeselling path. Tread carefully in the weeks ahead because if you make one of these common seller mistakes, your deal may not close.Mistake #1: Ignore contingenciesIf your contract requires you to do something before the sale, do it. If the buyers make the sale contingent on certain repairs, don't do cheap patch-jobs and expect the buyers not to notice the fixes weren't done properly.Mistake #2: Don't bother to fix things that breakThe last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn't in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.Mistake #3: Get lax about deadlinesTreat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you're selling, move out a few days early, so you can turn over the keys at closing.Mistake #4: Refuse to negotiate any furtherOnce you've negotiated a price, it's natural to calculate how much you'll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.Mistake #5: Hide liens from buyersDid you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowners association fees? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great. If not, the sale isn't going to close.More from HouseLogicHow maintenance adds to home valuesReducing closing stressOther web resourcesMore on calculating closing costsMore on the closing processG.M. Filisko is an attorney and award-winning writer who wanted a successful closing on a Wisconsin property so bad that she probably made her agent rethink going into real estate. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.Reprinted from HouseLogic (houselogic.com) with permission of the NATIONAL ASSOCIATION OF REALTORS (R).Copyright 2010. All rights reserved. http://jpeterken.seacoastrealty.com/blog/1578/keep-your-home-sale-from-falling-apart/ Sat, 23 Oct 2010 12:00:00 -0500