It’s an 1878  home, 3 bedrooms 1.5 baths with some outbuildings – a larger garage and barn most notably.  The lot is pretty cool, L-shaped with some ground back away from the road.  1.56 acres on the books.

It’s a bank foreclosure priced ONLY AT $124,900!!!  The negatives are that the house needs lots of work (but is not in disrepair as I understand it) and that the septic system is a cesspool that needs to be pumped.  It’s my understanding that the property may actually qualify for FHA or VA financing!  If you could finance it using FHA’s 203K program you could potentially install a proper septic drainfield or sandmound system and still be way under market price…

If you want to see this property give me a call at 717-799-0851 or email at farmettes@yourlancasterhome.com.

]]> http://www.lancasterparealestateblog.com/2011/08/03/lancaster-pa-farmettes-watch-great-deal-in-conestoga/feed/ 0 http://www.lancasterparealestateblog.com/2011/03/04/gary-seidel-fix-mortgage-issues-early-on-lancaster-pa-real-estate-video-blog/ http://www.lancasterparealestateblog.com/2011/03/04/gary-seidel-fix-mortgage-issues-early-on-lancaster-pa-real-estate-video-blog/#comments Fri, 04 Mar 2011 16:43:06 +0000 Jeff http://www.lancasterparealestateblog.com/?p=1133

Today I’m in Denver, PA at the offices of Fulton Mortgage Company speaking with manager Gary Seidel about what mortgage reps actually do, and why it’s so important to talk to one early on in your home search.

Gary points out that mortgage reps have a critical role in getting you the house of your dreams:

1) The mortgage rep pulls your credit report and review your credit history & scores. This is an important discussion, since most people have a somewhat inflated view of their credit worthiness and often some corrective action is needed to get ready for a mortgage.

2) The mortgage rep works with you to get your ideal payment and savings numbers, then applies his knowledge of the various mortgage products (FHA, Conventional, RHS and others) to figure out which product will work best for your needs. Then he works up an estimate of costs that is so critical to make you comfortable with the buying decision.

3) The mortgage rep is on top of the rapidly changing mortgage market, espcially important today in 2011 as government guidelines and regulations are constantly afftecting interest rates, tax questions and many other factors that will keep your plan up to date.

As I say so often, it’s very important to get your mortgage plans in place EARLY – no mortgage, no house. Nobody wins when a prospective buyer overestimates their ability to afford a home and ends up frustrated. If you’re thinking of buying a home, I encourage you to reach out to Gary at 717-629-7257 (cell) or gseidel@fultonmortgagecompany.com today.

Questions about buying a home in Lancaster, PA? I’d love to hear from you at jeff@yourlancasterhome.com or by commenting below. Hope you’ve enjoyed this episode of yourlancsterhomeTV!

Visit our homepage for Lancaster PA Real Estate

This week I again was dealing with a great-priced HUD home sale in Lancaster City ($57,000 for a 2,300 square foot home on West Walnut) that was generating a lot of buzz.  This prompted me to cut an episode talking about HUD homes in Lancaster County and how you might benefit some day from buying one.

The federal Dept. of Housing and Urban Development acquires properties through the foreclosure process of certain homeowners nationwide.  Once they have these properties, they need a vehicle to liquidate them back to the public.  This is accomplished by breaking the country down into regions and giving contracts to “asset management” companies to administer the sales in assigned regions.  For Pennsylvania and some neighboring states, there are 3 asset management companies.

Now that the asset management companies have properties to market, they hire listing brokers in different geographic areas such as cities and counties.  You can search HUD homes at http://www.HUDhomestore.com, by the way.  Once you find one you want to buy, you’ll need a registered SELLING broker to place an online bid for you.  HUD rules stipulate a 30 day “owner occupant priority” period where only buyers planning to actually live at the property may bid.  Investors (and there are many) are shut out of the process until day 31 for most sales.  HUD does accept FHA mortgage financing on qualifying homes, unlike most other foreclosure listings.

Once your online bid is accepted, the sale proceeds fairly normally to closing.  There is some extra paperwork involved, but the contract is much shorter than the standard contract and since the homes are sold “as-is” there’s no complications with inspections, etc.

Buying a HUD home has never been easier and if the property works for you, the savings may be substantial over a similar privately-offered property.  Email me if you’d like more info or have comments at jeff@yourlancasterhome.com.  Visit my Lancaster County foreclosure website at http://www.yourlancasterhome.com/lancastercountyinvestors.htm. Search Lancaster PA Homes for sale.

Press Release – Lancaster County Pennsylvania 2010 Home Market Review

Download the PDF version – Lancaster County 2010 Real Estate Market Review

Local experts look at data and trends from the past year in Real Estate

Lancaster, PA (January 20, 2011) – The Jeff Geoghan Realty Group reported its analysis of the previous year’s residential real estate market for Lancaster County, Pennsylvania this week.

For full year 2010, residential home sales in Lancaster County were down 9% from 2009, totaling 4,102 units.  New inventory on the market in 2010 topped 9,000 listings, up 8% over 2009.  On another note, the median sold price in the county rebounded slightly from losses in both 2008 and 2009 – 1% over 2009 to $172,000.  “The residential home market in Lancaster County saw a clear correction downwards in 2010, the tax credit ‘bubble’ in spring notwithstanding” commented Jeff Geoghan, founder of the realty group.  “Homeowners can expect to see this trend of more listings and fewer sales continue into 2011 as HUD (US Department of Housing and Urban Development) and private banks release more foreclosure inventory into the real estate market”.  Geoghan continued “the ultimate effect of these devalued properties on median prices in 2011 will be a factor to watch”.

Home sellers in Lancaster settled on average for 94.5% of the original list price in 2010, making the county among the markets nationwide to see better than 90% of list prices at the closing table.  Commented Geoghan “Lancaster County is a stable environment for prices overall, and the long-term trend looks to continue

Other Lancaster PA Real Estate highlights in 2010: The School Districts of Lampeter-Strasburg and Manheim Township tied for highest median home price at $210,000, while Quarryville Borough posted top median price, also of $210,000.  The highest-priced residential sale was $992,000 for a 6,500 square foot home in Manheim Township.  The fastest-selling (average days to close) area in Lancaster County was Lititz Borough at 81 days.

For more 2010 Lancaster County Real Estate statistics and analysis watch yourlancasterhomeTV at http://tv.yourlancasterhome.com, and visit http://www.lancasterparealestateblog.com for charts and graphs of Lancaster home prices and sales.  All data from Keystone MLS.

I’ve known Steve for a few years now, and he is one of the best analyzers of industry trends and data I know of. Great job on national TV, Steve!

You can see more of his work at www.keepingcurrentmatters.com and http://kcmblog.com

Today I talk about the “basics” of how a real estate agent can work with the public in the state of Pennsylvania (mostly similar to other states as far as I understand it).  Since we’re talking about either home buyers or home sellers, the relationship of the real estate pro to the client can’t be too hard to figure out, right?  Well, almost.

1) Listing Agents (or Seller Agents) – have a written “listing agreement” that empowers them to represent the owner of a property complete with “fiduciary responsibility” to tell the seller anything they know that would be of material importance.

2) Buyer Agents (or Selling Agents – note the possible confusion in terms) – have a written “buyer agency” agreement with a home buyer that empowers the agent to represent the buyer to various agents and miscellaneous parties.  Has a fiduciary responsibility to the buyer to protect their confidentiality.

If a buyer does not have a written agreement in place with their agent showing them homes, they should not be disclosing sensitive information to that agent since the law seems to indicate that that agent would be compelled to disclose what they know to the seller should the seller (or listing agent) want to know about the prospective buyer’s financial situation, etc.   So get that buyers agency signed ASAP if you’re a buyer!

3) Dual Agent – represents both parties through separate agreements with each.  I do not understand why anyone would consent to letting an agent do this to them, although it is legal in PA.  It makes no sense – how does an agent truly best represent both a buyer and seller at the same time?  Run away…

Dual Agency shouldn’t be confused with the situation where a listing agent “works with” a member of the public while remaining loyal to the seller.  This happens all the time in new construction sales – the person waiting for you in the model home represents the builder and ONLY the builder.  Even so, people continue to go into models without proper representation of their interests every day…bad idea in my opinion.

4) Transaction licensee – where the agent represents NO ONE but writes up a sales transaction at the request of parties.  This is not usually a good option either because there is always the assumption of liability on everybody’s part.  IMO it’s best to just hire your own representative and be done with it, even if you’re buying your mom’s house…  It’s what you don’t know that will…you get the idea.

There are lot more nuances that your agent can explain as you go, but these are the basics.  Remember, always get it in writing!  If you have any questions feel free to email me at jeff@yourlancasterhome.com.

Today we take a look about the mailings coming into our homes around the area from mortgage sellers that bear a striking resemblance to an official government mailing, and that purport to offer solutions to homeowners. Don’t be deceived…if you have seen any of these or have comments feel free to comment here or email me at jeff@yourlancasterhome.com.

Got a call from a customer asking about Lancaster County Sheriff Sales – she and her husband want to buy an adjoining property that’s become blighted and is going to sale next month.  I explain how the process works and what the role is of the Lancaster County Sheriff Sale in the foreclosure process.  If you want more detailed info on Lancaster PA foreclosures check out my special foreclosure webpages at http://www.yourlancasterhome.com/lancastercountyinvestors.  Email me at jeff@yourlancasterhome.com if you have any questions.

Post by Mike Blank, MBC Building & Remodeling

The EPA rule requires lead-safe work practices in pre-1978 homes, including posting warning signs; using disposable plastic drop cloths; cleaning the work area with HEPA vacuuming and wet washing; and individual certification through a training course. The full rule and brochures for consumers can be downloaded from the EPA’s Web site.

A 2006 NAHB study on lead-safe work practices showed that a home was better off after a remodel than before, as long as the work was performed by trained remodelers who clean the work area with HEPA-equipped vacuums, wet washing and use disposable drop cloths.

Summary of the Rule

1. Training and Certification

As of April 2010, remodeling firms working in pre-1978 homes need to be certified. In addition to firm certification, the company must employ a Certified Renovator. When hiring a remodeler, home owners should verify the firm is certified and employs a Certified Renovator to be sure the work is completed properly.

2. Work Practices

The Certified Renovator has a number of responsibilities. The remodeler must distribute the Renovate Right brochure to the homeowner and ask them to sign the pre-renovation form several days before work begins. They must also post warning signs outside the work area and supervise setting up containment to prevent spreading dust. The rule lists specific containment procedures for both interior and exterior projects. It forbids certain work practices including open flame or torch burning, use of a heat gun that exceeds 1100°F, and high-speed sanding and grinding unless the tool is equipped with a HEPA exhaust control. Once the work is completed, the regulation specifies cleaning and waste disposal procedures. Clean up procedures must be supervised by a Certified Renovator.

3. Verification and Record Keeping

After clean up is complete the Certified Renovator must verify by matching a cleaning cloth with an EPA verification card. If the cloth appears dirtier or darker than the card, the cleaning must be repeated.

A complete file of records on the project must be kept by the certified renovator for three years. These records include, but aren’t limited to: verification of owner/occupant receipt of the Renovate Right pamphlet or attempt to inform, documentation of work practices, Certified Renovator certification, and proof of worker training.

Starting in July 2010, remodeling firms are also required to share with home owners a copy of the records created under the rule within 30 days of completing the renovation.

4. Exemptions

It is important to note that these work practices may be waived under these conditions:

• The home or child occupied facility was built after 1978.
• The repairs are minor, with interior work disturbing less than six sq. ft. or exteriors disturbing less than 20 sq. ft.
• If the house or components test lead free by a Certified Risk Assessor, Lead Inspector, or Certified Renovator.
• The homeowner may also opt out by signing a waiver if there are no children under age six frequently visiting the property, no one in the home is pregnant, or the property is not a child-occupied facility. The EPA is revoking the opt-out waiver as of July 2010. This means all remodeling work conducted in pre-1978 housing must comply with the regulation after this date.

Learn more about EPA’s lead paint rule by visiting www.epa.gov/lead/pubs/renovation.htm.

Mike Blank, CGR CAPS, President

MBC Building & Remodeling, LLC

cell: (717) 371-5136

We have all seen the car commercial where the guy is on the used car lot and says “Show me the CARFAX®” before he purchases a vehicle. A CARFAX® report provides potential buyers a vehicle’s history of ownership, titles and accidents. The report allows buyers to make an informed purchase decision and gives them confidence that they are buying what is advertised. Did you know the same type of report is available when you buy a house too?

The CARFAX® for a home is called a C.L.U.E.® or Comprehensive Loss Underwriting Exchange report. A C.L.U.E.® report shows insurance claims made on a property for the past 5 years and insurance companies use this information for underwriting homeowner insurance (See a C.L.U.E. example).

However, home buyers can also get a C.L.U.E.® report by requesting the seller to purchase a C.L.U.E. Home Seller’s Disclosure Report for $19.95. Remember that the buyer or real estate agent cannot order the C.L.U.E.® report and it only can be provided by the seller or owner. The report shows the same claim history on the property that insurance companies use but it removes all of the seller’s personal information that they would want to keep private.

If you wouldn’t buy a car without the CARFAX® report, should you buy a home without a C.L.U.E.® report? Let me know your thoughts.