Sold and closed one of my favorite listings. 22 acres, house & barn. $83K
April 1st, 2011 § Leave a Comment
It funny how some properties just speak volumes of history of days gone by. In it’s day, this place was one of the nicest county farm houses in southern Kenton county. It still has it’s original 6 inch hardwood baseboard and hand carved front door with a skeleton key.
http://NorthernKentuckyHomes.com
CENTURY 21 Garner Properties
859-363-9900 office
859-391-2100 mobile Sent from my iPhone
Northern Kentucky Home Sales Get Boost From Million $ Closings
February 24th, 2011 § Leave a Comment
Florence, KY – February 23, 2011 – Northern Kentucky Association of REALTORS® – Even though the region saw near record cold and snow in January, it did not keep Northern Kentucky home buyers idle. January 2011 (226) home sales rose nearly 16.5% over the previous January (194) sales, just enough to encourage local REALTORS® that 2011 could be a turn around year. “We were pleasantly surprised when we saw the final numbers from January,” said Mike Becker, President of the Northern Kentucky Association of REALTORS®. “To see positive numbers across the board in a month that is typically affected by seasonal weather conditions was a definite morale booster,” he added. In comparison, the information shown below tells the story for N.KY sales in January.
Further analysis of NKY home sales in the first month of 2011 showed that the unusually high jump in the average selling price was courtesy of 3 closings over the million dollar range. All 3 premier properties were located in Campbell County and are notable for their expansive view of the Ohio River. When those three sales are excluded, the average sales price is still a respectable $153,247. Locally, sales activity seems to be strongest in the price point from $100K to $160K. In January, there were 65 sales in that price range. Additionally, there were clusters of strong sales activity (24) in the $160K- $190K range and in the $200K-$250K range (25); indicative of increased consumer’s confidence in their jobs and realization that homeownership is one of the best opportunities for growing personal wealth. “REALTORS® know better than anyone else just how crucial home ownership is to families, communities, and the nation”, said Mr. Becker. In the coming months, REALTORS® will be calling on Congress and the White House to implement policies that advance the healing of the nation’s housing crisis. Part of the healing process includes job creation. If you’ve ever doubted the importance of the stabilization in the housing market, please consider these statistics released by the National Association of REALTORS®:
- For every 2 homes sold, a job is created.
- Every home purchased pumps up to $60,000 into the economy over time for furniture, home improvements and related items.
- Housing accounts for more than 15% of the Gross Domestic Product.
- Housing led this country out of six of the last eight recessions.
- We have seen a jump in the “days on market” statistics recently which indicates a longer time on the market for the average home sale but, The REALTORS® Leader has a message for sellers, “It could to take longer to sell your home in the current housing market but, buyers are entering the marketplace in numbers that we haven’t seen in years.” It’s no time to sit on the fence, trying to time the market. Now is the time to list your home while inventories are down.
Becker encourages all sellers to work with a REALTOR® professional who knows your local market and who will help you price your property competitively. As reported last month, Northern Kentucky REALTORS® report that more sellers are receiving multiple offers which hasn’t been reported in recent years. It’s important for sellers to know that Northern Kentucky agents sold over $37,000,000 in real estate in January alone, proof that the local housing market is very much alive.
The 900 member Northern Kentucky Association of REALTORS® and the 1300 users of the Northern Kentucky MLS (NKMLS), Northern Kentucky’s leader in the real estate information and services business, operates with a professional staff from 7660 Turfway Road, Suite 100 in Florence, KY. Both NKAR and the NKMLS work to protect the publics’ right to transfer real property and promote better public understanding of the profession and the real estate transaction process
Do you know the EPA rules for Repair, Renovation and Restoration?
October 8th, 2010 § Leave a Comment
The EPA has establish extensive resources for anyone who is making repairs, painting, or renovating housing built before 1978. If your hiring someone to do the work for you they MUST be certified in lead paint. Check the EPA web site, know the rules before you paint or before you hire anyone to paint for you.
Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children.
Owner Financing has been practically eliminated by the S.A.F.E. Act.
July 29th, 2010 § 3 Comments
Now that the real estate market is trying to rebound in many areas the problem we, as real estate brokers, are experiencing, is many lenders have established new lending regulations that is making it very difficult if not impossible to obtain financing for buyers that just a couple of years ago would have been labeled a “Grade A” loan.
If you’ve been around long enough to remember the last big real estate crunch of the early 80’s, many people turned to owner financing to sell and or purchase real estate when financing was not available or was extremely difficult in order to qualify for.
Now that the real estate market is trying to rebound and buyers are wanting to buy, many owners have revisited the owner financing boom of the early ‘80’s as a way to move some real estate by financing all or part of the purchase price as a way to make their property “saleable” or, more attractive than the competition that requires buyers to get third party financing.
Unfortunately, Congress, in it’s “hurry up and clean up this mess” attitude established legislation that required states to establish laws regarding mortgage lending. Thus, we now have the S.A.F.E Act.
The SAFE Act applies to “residential” properties up to and including a 4-plex. The SAFE Act requires the establishment of a national tracking system, and requires states to adopt statutes meeting certain minimum standards for registration, for continuing education, for criminal background checks and the like. Under the SAFE Act, all states must implement licensing systems that require Mortgage Loan Originators, private lenders and seller’s willing to carry financing to:
- Provide fingerprints for an FBI criminal history background check;
- Provide authorization for Nationwide Mortgage Licensing System and Registry (NMLS&R) to obtain a credit report;
- Input and maintain their personal Mortgage Loan Originator record in NMLS&R as their license in each state in which they wish to conduct loan origination activity;
- Pass a national mortgage test;
- Take 20 hours of pre-licensure education courses approved by NMLS&R.
The Act allows for fines of between $1,000 and $25,000 for violations.
There are a few exceptions to Kentucky’s S.A.F.E. Act. The exceptions are as follows:
1. A natural person (i.e. a real human being, not an LLC or Land Trust) may make a residential loan to an immediate family member (i.e. spouse, child, sibling, parent, grandparent, grandchild). However, the person cannot be compensated by a mortgage loan officer, broker or originator.
2. A seller who is a natural person may originate a mortgage loan secured by a dwelling that served as the natural person’s residence. However, the seller cannot be compensated in connection with that transaction by a mortgage loan company, mortgage loan broker, or other mortgage loan originator, or by an agent of such company, broker, or other originator.”
If the seller is selling a personal residence, the transaction will be exempt from the SAFE Act. However, the exemption is very narrow in that it states that the dwelling must be the person’s residence. There is not an exemption for an individual offering owner financing or selling under land contract that is not his/her residence. Therefore, investors or builders may not carry the financing on the sale of any of their real estate, provided it is not the investor or builder’s primary residence of the buyer is not immediate family.
In their “ move at a snails pace” attitude, HUD has not issued its regulations regarding the S.A.F.E. Act, and therefore, we do not know the answers to many questions such as the definition of personal residence. Does it mean that a seller must have occupied the property immediately before closing or the IRS version of occupied the property 2 of the last 5 years? HUD is not expected to issue the regulations until possibly July of 2011.
I understand the intent of the law. There were a few unscrupulous lenders who created instances that were shown in a spotlight when the housing market took its down turn. Unfortunately, the law was drafted so narrowly that it now prevents most owner financing or private financing on residential properties, despite the fact that this type of financing is not what the law was targeting.
There is a push both on the state level and on the federal level to change this law. However, in the meantime, it is important that owners of residential properties are aware of the law and its implications.
UPDATE: July 2011 – S.A.F.E Act implementation Update
This blog post should not be used or considered legal advice and is only for informational purposes. Please consult an attorney for your particular situation.
Picasa Web Albums – Lewisburg – Mainstrasse Covington KY 120509 “The Happiest Place on Earth”
December 7th, 2009 § Leave a Comment
