Court puts property seizure plan on ice
By Tara-Nicholle Nelson Wed, May 12 2010

Law of the Land

Tara-Nicholle Nelson
Inman News

In the case United States v. Queri, the federal government indicted Joseph Queri on charges of mail fraud, wire fraud, securities fraud and money laundering, among other things. The indictment included a forfeiture allegation, seeking to have Queri turn over to the government any property that could be traced to the alleged crimes.

If property directly linked to the crimes was unavailable, the indictment specifies that an apartment complex owned by an LLC in which Queri was an 80 percent member would be forfeited as a substitute.

The United States recorded a lis pendens — a notice of pending action — against the apartment complex, The Bradford, the day after the indictment came down. The lis pendens prevented the LLC from refinancing or renegotiating a mortgage loan secured by The Bradford, causing the mortgage to become past due.

Queri filed a motion for the U.S. District Court for the Northern District of New York to order the U.S. government to remove or cancel the lis pendens, so that the mortgage on the Bradford could be renegotiated.

Queri’s motion was granted, and the court ordered the government to remove the lis pendens.

In argument on the motion, the government acknowledged “that federal law does not expressly authorize the filing of a notice of lis pendens on potential substitute property.” Citing United States v. Gotti, 155 F.3d 144, 149 (2d Cir. 1998), the court explained that the law authorizes the government to place a pretrial restraint to ensure that property directly connected to the charged offenses is preserved, but may not place pretrial restraints on substitute property.

In Gotti, the pretrial restraint the government was not allowed to place on substitute property was a restraining order prohibiting the sale of the property; in this case, the restraint the government sought was a lis pendens.

Following the rationale of a similar opinion issued by the Southern District of New York Court, the court ruled that there was virtually no difference between a lis pendens and a restraining order against the sale of the property in this case, because a lis pendens recorded by the U.S. government would in effect prevent the property from being transferred, realistically speaking.

The court rejected the government’s argument that the lis pendens on Queri’s substitute property was authorized by sections 6501 and 1343 of the New York Civil Practice Law and Rules, both of which “provide that such notices may only be filed in any action ‘in which the judgment demanded would affect the title to, or the possession, use or enjoyment of real property …’ ” The judgment sought by the indictment against Queri, explained the court, is Queri’s conviction — which affects only the title and possession of property connected to that offense, not substitute property.

Additionally, the government neither alleged nor provided evidence that Queri’s interest in The Bradford was acquired using assets he obtained by committing the crimes with which he was charged, as required for The Bradford to be forfeited as substitute property.

Accordingly, the court ruled, until the government satisfies the elements required to establish its right to forfeit Queri’s substitute property, the government is prohibited from recording a lis pendens against The Bradford. Queri’s motion was granted and the lis pendens was ordered to be lifted.

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CURRENTLY: SOLD

6821 Parkers Crossing Dr., Charlotte, NC, 28215
Bedrooms- 3
Baths- 2
Sq ft= 1533
Price- $149,900
MLS#- 917748

Call Rod Potter today at (704)840-4137 to find out more information on this listing.

Myth # 1
All real estate agents are the same.
Many buyers think that anyone who holds a real estate license is equally capable of assisting them in buying a home. But I would ask them, “Does everyone with a driver’s license operate a vehicle the same way?” Of course not. Both drivers and real estate agents are licensed by both their state. But just as drivers approach the road differently, so can real estate licensees vary considerably in how they approach their job.
In a similar vein, real estate designations indicate that an agent has completed advanced training, which is usually a sign of higher competence. After all, would you rather hire an accountant or a certified accountant? Still, designations don’t necessarily guarantee a higher level of service.
To by truly successful in this business, we all need to remain committed to personal growth and skill development. That effort includes designations but is also involves something more- an eagerness to constantly find ways to raise the bar. So if buyers, want to avoid the risks involved in believing that we’re all the same, they should take the same advice that most sellers employ- interview as least three agents before you make an informed decision about who you want to work with.

Myth # 2
The agent on the For Sale Sign will look out for my interests.
You would think that all the changes in agency disclosure laws over the years would have altered the way consumers approach buying a home. But in my experience, most buyers, and especially first-buyers, still don’t understand that concept of representation and mistakenly believe that a listing agent will watch out for their interests. Unfortunately, buyers are still more likely to shop for homes rather than shop for an agent who will assist them in finding a home.
I’ve tried to help dispel this myth with my advertising campaigns targeting buyers. Most of us would agree that it’s very challenging to prospect for buyers. But I believe that in order to reach them, my ads can’t just promote my listings; my ads need to promote me. One campaign I run uses this theme: “Don’t call on sings. Don’t’ call on ads. Call on Randy.” My marketing message goes on to explain what, specifically, I offer buyers.
But to really connect with buyers, you need to be very clear about your own unique value proposition, and be able to convey this very quickly. Are you going to tell buyers about your great negotiating skills? Your diligence in finding every prospective home? Or your unsurpassed knowledge of your market? Whatever it is, you need to pinpoint and refine your message to buyers and include it in all your communications directed towards them.

Myth # 3
I can find all properties for sale on my own.
As more and more first-time buyers search for and preview properties online, the myth has grown that they can find every property they may be interested in on their own. But not all available properties are advertised, or have a sign. Overnight updates too many online listing sites can lag real-time developments, particularly during hot markets. Buyers don’t really understand how the real estate listings work, nor are they plugged into their local real estate markets to the extent that agents are.

Myth # 4
If I just wait long enough, I’ll find the perfect home.
There is no such thing as a “perfect” home. Buying a house requires compromises, a big dose of reality, and an awareness of market conditions. But first-time buyers, in particular, don’t always understand this. They’re more focused on the enormity of the decision- they’ve never made such a substantial purchase before and they really want to get it right. On top of this, if the real estate market is slow in your area, I’ll venture a guess that you’re seeing even more foot-dragging with first-time buyers.
But I also recognize that many good buyer-clients simply need time to make a decision. (I think of them as “wait-watchers”) I always make a point of asking buyers how they want to proceed. Do they want to do all the watching, letting me step in to help them get the home after they’ve identified one? Or do they prefer that I do all the looking, letting them know if something comes up? Discussing and clarifying clients’ preferences in your/their role can go a long way towards managing expectations and helping you adapt your services to satisfy a wider variety of clients.

Myth # 5
I’ll improve the odds of finding the house I want if I work with more than one agent.
First-time buyers, eager to canvass a market for all possible homes and (again) not really under-standing buyer-representation, can mistakenly rationalize that they might as well have several different real estate agents searching for them. Before you know it, a buyer ends up seeing the same house with two different agents, creating, confusion over who is doing what for the buyer and who earns cooperative compensation.
Of course, this possible scenario could be completely avoided if we asked, up front, if a buyer is working with anyone else- and if we explained buyer-representation to buyers, so everyone was clear about who was working together, and how. This is why buyer’s reps are encouraged to get a signed representation agreement with their clients. And as standard of Practice 16-9 of the REALTOR® Code of Ethics instructs, we have an affirmative obligation to make reasonable efforts to determine whether the prospect is subject to a current, valid exclusive agreement to provide the same type of real estate service. So eliminating this myth among buyers may be as simple as following our own guidance.

Myth # 6
Buying a house is a simple as agreeing on a price and signing a few papers.
If only I were that simple! However, first-time buyers don’t always appreciate that purchasing negotiations can involve many other issues, beyond price. Nor do buyers realize how many other steps are part of the purchase process after the contract is signed including loan approvals, appraisal, title search, home inspection, etc. Helping a buyer move a transaction successfully from contract to closing takes a lot of effort!
This is anther area where I think it’s vitally important for buyer’s representatives to manage their client’s expectations; including explaining how each step will be handled to finalize their purchase. Are you planning to baby-sit the transaction all the way to closing? Or do you have other people on your team who will help guide the buyer? Regardless of how you assist clients with their transactions, buyers need to know what to expect right up front, so they don’t encounter any unpleasant surprises. To earn their long term loyalty (and referrals), keep them informed- and satisfied- until they’ve settled into their new home, and beyond.

Myth # 7
Foreclosures offer the best deal.
With so many more foreclosures taking place, and so much media attention focused upon them, it’s not surprising that many buyers assume that foreclosures are a good deal. But the fact is, some are overpriced. And some have undesirable conditions attached to them. I always tell buyers that when it comes to foreclosures, what you see is what you get-and what you don’t see is also what you get.
Still, foreclosure properties represent a growing segment that many buyers’ representatives don’t fully understand. To determine whether or not a foreclosure truly offers a good value required considerable research and due diligence
Myth # 8
Getting a mortgage should be quick and easy.
Many first-time buyers question and resent the whole lending process. Then ask, “Why do I need to provide that?” and “Why do I need to jump through all these hoops?” In my experience, their resentment has less to do with thinking they’re entitled to a mortgage, and is more about feeling annoyed and impatient.
Again, we can help smooth the process by explaining that, especially in the recently-turbulent mortgage market, lenders need to take important precautions before extending credit. Even if your buyer is seeking a loan from a bank where they’ve been a long-time customer, the fact remains that their mortgage will very likely be sold off in the secondary market to an investor who doesn’t know them, but expects to see complete documentation on creditworthiness.

Myth # 9
All mortgages are essentially the same.
Given all the recent attention on borrowers who are struggling to live with ballooning adjustable-rate mortgages, you’d think that more first-time buyers would be attuned to the notion that mortgages are not all alike. Perhaps it’s more important than ever for buyer’s representatives to help them understand the complexities in choosing a mortgage.
The key questions are: How does one rate compare- to another over the long haul? How long will you be in your home? What are you long-term investment goals? Does a 15-year versus 30- year program measure up against your goals? Does an adjustable rate mortgage make sense, and if so, what’s the best time frame? First-time buyers often don’t look at enough options before they buy. IN assuming that all mortgages are the same, they deprive themselves of making a fully-informed decision.

Call me today at (704)840-4137 to talk more about this.

• Roofs, gutters and downspouts
• HVAC systems (heating, venting and air conditioning)
• Plumbing and electrical
• Minor kitchen and bath remodels
• Flooring: carpet, tile, wood, etc.
• Interior and exterior painting
• New windows and doors
• Weather stripping & insulation
• Improvements for persons with disabilities
• Energy efficient improvements
• Stabilizing or removing lead-based paint
• Decks, patios, porches
• Basement completion and waterproofing
• Septic or well systems
• Purchase of new kitchen appliances or washer / dryer

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When looking for the perfect neighborhood for you and your family,  there are certain things  that you can look for including……

1. Make a list of all of the amenities that are close by in the neighborhood you are considering as your new residence.  Keep in mind what distances and routes to each of these places are acceptable and what are not.

2. Determine what the best features of the neighborhoods are.  This is especially helpful if you are deciding between a few different neighborhoods.

Are there parks nearby?
Is it scenic and visually appealing?
Are there quiet areas, streets, culs de sac?
Are the people friendly in the neighborhood?
Is the neighborhood clean?  Yards, streets, parks?
Are there nice trees and foliage?
Do the lots have large or small yards?
Are there walkways and are they easily accessible?
Is it a safe neighborhood?
What are the market values of the homes in the area?
Are there many houses for sale?
How long ago was the community developed?
What is the average age of the people in the area?
Are there families with small children in the area?
What is the proximity to schools?
Are there community events or organizations?

3. Walk around in the neighborhood.  The best way to determine the cleanliness and friendliness of the neighborhood is to walk around in it and meet its residents.

^{Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137 / Website:  www.rodpotter.com}

Moving to a new home is an exciting event.  Whether you plan to move down the street or five states away, the moving process does not change very much.  Keep in mind, though, that even when the move is to a better place, the process of moving can be very tiring and stressful for you and your family.

Realtors have many years of experience working with people like you and have gathered information about the moving process during that time. The information they can provide will be helpful to you whether you are selling and moving or buying a home for the first time. Naturally, there will be differences in the process for everyone, because no two situations are identical. But by following these practical tips, you will make your move ? and your life ? easier during this exciting time.

Keep a Calendar!
Once you have decided to move from your current home, even if that move seems to be in the distant future, you need to begin planning each step as soon as possible.  Advanced planning, when possible, will make the process smoother for everyone involved and it will also help you remember all the little details.

An organizer-type calendar with a folio cover will help you keep everything together. You can put important papers and notices in the folder to stay organized.  Organization is the key to success in almost everything, and planning a move is no exception.

If you know when you are moving, the first thing to write in your calendar is the date of the move. Work backwards from there to note critical tasks along the way.  As you think of things that you need to do, make a note of them in the calendar.

Schedule some personal time, too. It is important to make sure that you are spending time doing the things you love to do, as well as the things you have to do for your move.

Keep an Updated Phone List!
To ensure that you are ready to disconnect and connect your utilities when the time comes, and that you don´t forget anything of importance, keep a list of important telephone numbers inside your calendar folder.  Depending on where you are moving and how far it is from your current home, you may need to arrange for new doctors, dentists, and other professional services as well.

Try to establish a relationship with your new doctor as early as possible to ease the transition process. Also, if you are changing doctors or dentists, request that your medical records be transferred ahead of time.

Make a Complete Inventory!
Keeping an inventory of your assets is a good way to avoid forgetting anything when you move.  Well before moving day, begin to keep an inventory in a notebook.  Begin with your largest pieces of furniture and work your way down to smaller possessions.

Having a complete inventory will make the process of sorting and packing easier, too.  It will help you make an accurate estimate of the number and sizes of boxes required and decide whether you need to rent a storage unit. Also, if you are moving far away from your current home, you be estimate how large a moving truck you will need.

Determine Whether You Will Hire Movers or Do It Yourself!
Sometimes, home buyers know in advance whether they plan to use professional movers or complete the move themselves with the assistance of friends and family.  However, because every situation is different, sometimes this is a difficult decision.  In general, if you have a lot of heavy furniture and not enough help to move it on your own, hiring professional movers is an excellent idea.

On the other hand, if you are preparing to move into your first home and expect to purchase most of your furniture afterwards, then hiring professional help may not be worth the expense.

Most of the time, it is a good idea to hire movers for long-distance moves. First, consider the cost of renting multiple trucks and the fuel associated with hauling.  When you hire professionals, you are almost always sharing that cost with someone else for an interstate move.  This may be the case for short-distance moves, too. It really depends on the moving company and what you will be moving.

Clean Out the Clutter!
When you prepare for your move in advance, you have time to get ride of the clutter that you have accumulated.  The garage may be a good place to start, so that when you begin the process of packing you will have a place in which to store the boxes.

If you plan to sell your home while preparing to move, it is a good idea to eliminate clutter anyhow, since clutter-free homes are more attractive to potential buyers.  Consider holding a garage sale or making charitable donations.  You could also offer to give your items to friends and family members who could put them to good use.

Regardless of how you choose to eliminate clutter, it is a highly involved and time-consuming process.  Therefore, if you need to move soon, without much advance notice, know that it may be necessary to wait until you have reached your new destination to sort through your belongings and decide what to keep and what to eliminate.

Hire Help Throughout the Moving Process!
For families with young children, babysitting is the most valuable service that can be procured while preparing for a move.  Hire a local teenager, a relative, or even a daycare center.  This will give you the time and freedom necessary to successfully prepare for your upcoming move.

Again, the process can be more complicated when you are preparing for a move and selling your home simultaneously.  You may need to hire landscapers, painters and even haulers to help with some of the more difficult chores.

Hopefully, these tips on successfully preparing for a move will make the process less stressful for you and everyone else involved.  The value of a folio-style calendar cannot be stressed enough.  If you purchase one that is large enough to hold all your important documents in one place, you will never need to spend your valuable time searching for the information you need.

Allow yourself as much time as possible before the move, to prepare and pack.  And remember to take good care of yourself throughout the process. Getting enough sleep and eating healthy meals is critical.  Too many people rely on fast-food meals during the moving process, but a steady take-out diet is a recipe for disaster. Make wise choices and schedule time to eat nutritious meals.

Also, make sure that you are getting enough exercise.  Even a short daily walk will keep you refreshed and healthy, so schedule enough time every day for at least a short walk outside.  Sometimes, breaking up the tedium of moving preparations is the best gift that you can give to yourself.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

Many first-time buyers are unfamiliar with the process when they start looking for a home. Realtors know that the best clients are those who have done their research before starting the process of shopping for a home, because it makes the process much smoother and there are generally very few surprises.  Nothing is more critical for a buyer than being prepared for just about anything.

This holds true whether you are planning to by a small one-bedroom home or a pricey gated home in a beachfront community.  Knowing how the buying process works is definitely advantageous to you as a buyer.

Here are three important questions to ask yourself before deciding to buy a home:

FIRST:  Are You Financially Prepared?
Lenders make it simple for today´s home buyers to determine in advance just how much home they can afford to purchase comfortably.  The first step in making this determination is to use a pre-qualification service through a major lender in order to estimate how much you can afford in light of your current income and large monthly payments.  This process may be as simple as a calculation that tells you what amount you can finance based upon a monthly payment equal to 28% of your net monthly income, or it may factor in your car payments, student loan payments or other mortgage loan payments.  The calculation depends on the lender, but generally the pre-qualification process does not involve anyone reviewing your credit report or other details about your specific situation.

Note that pre-qualification is not a promise to lend.  For that, you will need to select a lender and request pre-approval of a maximum loan amount.  Most lenders use the pre-approval process to determine the borrower´s creditworthiness and decide whether to extend financing and, if so, in what amount.  Once a buyer is pre-approved for financing, he or she receives a pre-approval letter from the lender that states the maximum amount that can be borrowed and the conditions of the loan.

However, pre-approval is not the only thing you need to worry about.  As anyone who has ever purchased a home will tell you, you will need to have about five percent of the home´s purchase price in hand on the day of closing.  This money can and will be used to cover closing costs, such as attorney fees, property taxes, title insurance, documentation fees, and more.  The total closing costs will vary depending on the home´s location and your lender.  If you have made an agreement with the seller in advance, he or she may pay your closing costs for you.

The down payment is one more thing that you need to consider in terms of finances. Traditionally, buyers were expected to make a down payment of about 20% of the home´s purchase price in order to secure equity and demonstrate security to the lender. Fortunately, today´s buyers have access to many programs that provide down-payment assistance and even zero-down mortgages.  Therefore, if you feel that you are unable to put 20% down, research such programs before determining which loan program you will use to purchase your home.

Canadian lenders are more rigid about down-payment requirements, because they are subject to laws that govern the maximum borrowing percentage.  Therefore, Canadian buyers should plan to make a 25% down payment on the closing date.

Making a down payment is more than just handing the lender a check for 20% of the home´s selling price.  As part of the mortgage approval process, you will need to clearly document where

the money came from and how you came to have it.  A gift is allowable for down payments, but only if it is from a close relative or another person with whom you can prove having a very close relationship.  You can use funds from your checking and savings accounts as long as they have been there for several months prior to lender verification. You can also liquidate assets such as homes, vehicles and investments in order to generate the necessary down-payment cash.  Some employer-sponsored retirement accounts will permit you to borrow or cash out funds for the down payment on a home.  In generally, it is not acceptable to borrow funds in order to make a down payment.

SECOND: What Do You Want?
This open-ended question is a prompt to get potential buyers thinking about the list of must-haves for their home-buying process.  Realtors, friends and family alike will probably prompt you to make lists and to constantly revise them in the hopes that before too long you will determine what you can and cannot live without, as well as what you do not want to have in your next home.

A good example is the kitchen.  Do you frequently entertain, or do you have a large family?  If you answered yes, then a modern, well-equipped and large kitchen will probably be on your list of must-haves.  But you may be willing to update a less-than-perfect kitchen as long as the size is right.  Therefore, the size of the kitchen is what will be on your list.  As you make your list, scrutinize every entry and try to be as specific as possible.

THIRD: Where Are You Looking?
Many potential buyers begin searching for their new home on the internet.  Many realtors now include home listings on their website, and there are also sites that include all of the homes listed on the multiple listing service (MLS).  Look online, but only to narrow down the specific type and style of home for which you are looking.

Once you have a good idea of the type of home that you want to purchase, contact your realtor to see what information he or she has about the homes in which you are interested.  Your realtor may have already shown some of the homes and therefore be able to provide you with information that will be useful in determining whether or not a specific home will work for you.

Drive past the homes that you are considering and make a list of those that interest you.  Then make an appointment with your realtor to see as many of those homes as possible, so that you can get a true sense of how the homes compare to one another and how they stack up against your list of must-haves.

Conclusion
By asking yourself the three simple questions above, you are well on your way to a successful home-buying experience.  Remember that your realtor is your best ally in the home-buying process, and never hesitate to ask questions or request assistance in understanding the process.  Every homeowner was once a first-time buyer. You, too, will get through the process of buying a home unscathed.  Learn as much as possible about the local market, know what you are looking for, and know exactly how much you want to spend.  Once you have made those major decisions, you can relax and have a great time looking for the home of your dreams.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

As a buyer, you have probably heard over and over again how important a home inspection is in the home-buying process.  Home inspectors need to be certified and come with many good recommendations.  The security and health of your family depend on their attention to detail and ability to see things that are not visible to most other people.

When you are preparing to purchase a new home, the information provided in a home-inspection report is critical for protecting your family.  Here are the top ten findings of home inspectors, and what can be done to resolve the issues:

Inadequate Drainage
In most cases, you will realize that a home has inadequate drainage long before you purchase it.  You will probably smell dampness or see visible water damage along the walls of basement or crawlspace.  If a home inspector indicates that a home´s drainage is inadequate, you will probably need to repair or replace downspouts and gutters.  You may also need to install French drains or, in extreme circumstances, you might have to level the entire lot to facilitate proper drainage.

Out-of-Code Electrical System
This is a very common finding in home-inspection reports. The problem with bad wiring is that it presents a risk of fire and other problems, including ruined appliances and electronics. In general, an electrical system will need to be brought up to code before an occupancy permit can be issued for a home.

Leaking and Damaged Roof
A home inspector will check a home´s roof carefully to inspect the materials for aging and possible damage. In general, roofing materials can be replaced in small sections. Unless there is significant damage, a complete new roof will not be required.

Dysfunctional Heating System
A dysfunctional heating system can be a significant danger for the home´s inhabitants.  Most of the time, this sort of finding warrants replacing the heating system.  The good news for home owners is that furnace installations are relatively inexpensive. In addition, modern furnaces are much more efficient than those made in the past. A new heating system will most likely pay for itself in a few years, thanks to its lower utility costs.

Overall Poor Condition
An indication of overall poor condition means that the previous owners did not keep up on home maintenance.  Some of the indicators of poor condition might include haphazard repairs to the electrical system or plumbing, cracked walls, peeling paint, broken light fixtures, or non-working switches and outlets.  There might also be water damage or problems with the home´s foundation.

Structural Damage (Minor)
Most minor structural problems are easy to repair and do not pose a danger to the home´s inhabitants. The leading cause of minor structural damage is water damage.  Water that comes into the home through windows, doors, or cracks in the foundation will cause minor structural problems.

Plumbing Problems
A home´s plumbing should be up to code and composed of new materials wherever possible.  If a home inspector finds rusting pipes, lead-based materials, or broken fixtures, he or she will probably put these items on the home-inspection report.

Drafts
A home inspector will check to see whether the windows and doors of a home let air pass through.  If this is a problem, it can usually be fixed by re-glazing windows and applying silicone caulking around the openings.

Ventilation Problems
If a home seems to have a problem regulating moisture, chances are that the home inspector will indicate that there are ventilation problems.  This situation can be alleviated by installing fans and/or by adding windows that can be opened to bring fresh air into the home.  Attics require adequate ventilation for heat efficiency.

Environmental Hazards
Few home inspectors specialize in environmental hazards. Therefore, it is a good idea to have environmental inspectors assess the home for hidden dangers either before or after the home inspector has finished his or her portion of the inspection. Here is a list of some of the types of environmental hazards that may be present in homes:

• Lead-Based Paint: The presence of lead-based paint is extremely dangerous, yet a typical home inspector may not be able to locate the problem.  A special test must be performed to determine whether lead-based paint is present in a home.  Removing the danger involves a process through which the walls are either sealed or removed and replaced.  Lead poisoning is dangerous and can be fatal to young children.
• Radon Gas: A typical home inspector will probably not be able to detect the presence of this odorless and colorless gas that is known to cause cancer. If radon is discovered in a home, a mitigation pump will need to be installed to remove the gas.  This installation is expensive.
• Drinking Water Issues: A water test can determine the purity of your home´s water supply.  Correcting problems with the drinking water range from simple pipe replacement to the replacement of the entire home plumbing system, depending on the source of the problem.
• Leaking or Damaged Heating Oil Tanks:  A home inspector or heating system inspector should be able to spot a faulty oil storage tank.  Replacement is generally the only acceptable solution, but it is very expensive.

Conclusion
Now that you are familiar with the top ten problems that home inspectors find, you are better prepared to react to the presence of such problems.  You might be comfortable replacing a few missing roof shingles, but if the home has several of the problems described above, talk with the owners to find out how much they are willing to contribute to fix those problems.  They could offer to pay for repairs and updates directly, or they could agree to lower the home´s purchase price.

Ask your realtor for a recommendation for a local home inspector who is properly certified.  A home inspection is important for the health and safety of you and your family, and therefore the inspector should be chosen based upon the knowledgeable recommendations that you receive from others.

Knowing what to expect from a home inspection will make you a better homebuyer and a better homeowner.  Never skip the home inspection, because that would be like buying a vehicle sight-unseen.  You need to keep your family´s best interests in mind.  A home-inspection report that reveals significant problems is usually an acceptable reason for a buyer to back out of a sale.  Therefore, keep that in mind if you are unable or unwilling to do what is necessary to repair the flaws, backing out of the deal is one of your rights as a potential buyer.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137

As you consider buying your first home, you undoubtedly have hundreds of questions about the process. These questions begin as soon as you start thinking about moving and continue far beyond the closing. What should I expect? How can I prepare? Am I ready to own a home?  These questions are perfectly normal and are to be expected from first-time buyers.

In order to make the home-buying process as easy and smooth as possible, you need to know exactly what to expect .  By reviewing the following information, you will be well prepared to begin the process of buying your first home.

How Much Can You Afford?
The first step in buying a home for the first time is making sure that you can afford the home you plan to purchase. Even if you haven´t already found the home of your dreams, you probably have a fairly good idea of the type of home you would like to purchase.  However, you may or may not realize how much you can actually afford to spend on housing each month.  Surprisingly, speaking to a lender about your financial situation may not be the best place to start.

Lenders look at your debt-to-income ratio and not necessarily at your day-to-day spending habits.  Therefore, they will know if you have several credit cards that are responsibly maintained and a car loan that was paid off in full last month.  But they may not realize that you opt to spend several hundred dollars each month on the latest fashions or videos.  Begin tracking where and how your money is being spent and how much of that spending can or will be curtailed when you purchase a home.

Financial Counseling and Pre-Qualification
A financial advisor can help you to assess your financial information and determine how much home you can afford to purchase.  Speak with a financial advisor before beginning the search for your first home ? and know that there is one other thing you can do to ensure that you are looking at the right homes for your price range.

Most mortgage lenders are happy to complete a pre-qualification process for potential buyers who need to find out ahead of time what size of mortgage they can qualify for.  The pre-qualification process is not a guarantee that the lender will offer you funding, but it does takes into consideration your credit score and income level in order to determine how much the lender might be willing to offer through a mortgage program.  The process will also enable you to begin comparing the mortgage programs offered by different lenders.

Shopping for Lenders
With interest rates declining, you need to make sure that lenders are giving you the most competitive mortgage options and interest rates.  Talking to several lenders will help you decide which one can best serve your interests.

Ask the lender about the details of each program that you are considering, including the closing-cost requirements, down-payment percentage, and any early-payoff costs that your might face. Mention that you are a first-time buyer, because this could potentially make a difference in the types of programs that a lender offers to you.

Once you have selected a lender, make sure that the specific mortgage program you are considering is right for your borrowing needs. I can help you find a mortgage professional if you like, I have a list of individuals that I can recommend to you  that reside in Charlotte/surrounding areas.

Here are two of the most common types of mortgage programs:

Traditional 15- or 30-Year Fixed-Rate Mortgage
This type of mortgage loan usually has a 15- or 30-year payoff (amortization) schedule.  Over the years, you make equal payments that are applied to the interest and principal in varying proportions until you completely pay off the loan.  The interest rate does not change.

15- or 30-year Adjustable-Rate Mortgage (ARM)
The ARM is declining in popularity as a result of better fixed-interest rates with traditional mortgage programs.  However, sometimes a new homebuyer will want or need to purchase a home that is more expensive than what he or she can afford at the time of the purchase.  ARMs, which come with low introductory interest rates that are almost always locked-in for the first five years, can be a good option.  After the introductory period, the interest rate becomes variable and may drop or skyrocket, changing throughout the life of the loan according to a pre-defined time schedule and market interest rates.

Finding an Agent
First-time buyers often call the listing agent for homes that interest them, but this may not be the best way to protect your interests throughout the purchase process.  When a potential buyer works with a listing agent to purchase a home that is listed by that particular agent, the result is double agency. Double agency simply means that the buyer and seller have the same agent, who represents both parties and therefore cannot release information that could harm either party.

To find an agent, consider the area in which you want to buy. A local agent will be familiar with the area and can recommend specific neighborhoods for people with your particular lifestyle.  You can also request recommendations from friends and family members.

Before signing a contract with an agent, ask about the commission rate, although this cost is generally covered by the seller´s portion of the closing expenses.

Make sure that your agent understands what you are looking for and how much you are prepared to spend on your home.  As a first-time buyer, you need to work with an agent who is familiar with programs and lenders who specialize in working with first-time buyers. Please let me be that agent. I can be reached on my cell phone at (704)840-4137. My name is Rod Potter, I can help you find a home.

First-Time Homebuyer Programs
Many programs are designed specifically to assist first-time homebuyers with benefits like down-payment assistance and no closing costs.  Others offer first-time buyers competitive interest rates designed to make borrowing easier.  First-time homebuyer assistance programs almost always apply to anyone who has not purchased a home within the past three years.  Therefore, even if you are not a true first-time buyer but you have not bought a home in the past three years, you may qualify for these programs.

Conclusion
First-time homebuyers who approach the home-buying process with adequate preparation can be some of the best customers for lenders and agents.  If you are thinking of buying a home for the first time, do your research and plan for your home purchase.  Doing so will make you an educated consumer and give you a good chance of finding the best home for the best price.

Contact me today for more information!  Rod Potter/ Email: rpotter@carolina.rr.com / Phone: (704)840-4137