Saturday, November 13, 2010
WHERE TO FIND ME NOW
In case you are wondering why I have not written anything here for a while, I want you to know that I still write about real estate related manners. I have my own blog at TheQueenOfHUD.com. Please go there and subscribe by clicking the subscribe button in the top right corner of the page. You can subscribe by email to receive my news via email or homepage to have my articles show up at your home page periodically. I look forward to communicating with all of you for years to come.
Tuesday, June 22, 2010
What Do I Do When My Landlord Refuses To Make Repairs?
A.R.S. §33-1324 requires a landlord to:
- Comply with the requirements of applicable building codes materially affecting health and safety.
- Make all repairs and do whatever is necessary to put and keep the premises in a fit and habitable condition.
- Keep common areas in a clean and safe condition.
- Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, air conditioning etc.
- Provide and maintain appropriate receptacles for waste removal
- Supply running water and reasonable amounts of hot water at all times, reasonable heat and with a few exceptions, supply reasonable air conditioning or cooling.
Out of state landlords do have an obligation to you, so don't allow yourself to be alienated by property managers. If the property manager refuses to make repairs then approach the out of state landlord directly via a phone call or letter. Approach everyone in the spirit of cooperation and try to rectify problems not make demands. By explaining the nature of the problem to as many people as possible someone along the way may empathize with you.
Out of state owners must designate and record with the assessor a statutory agent who lives in Arizona and will accept legal service on behalf of the owner. The fact that your landlord utilizes a property management company does not relieve them of this obligation. Many in state and out of state landlords don't even have their property registered with the county as a rental. This also does not relieve them of obligations to tenants. In fact, residential rental property is not to be occupied if the aforementioned is not filed with the county assessor.
If you are not getting a response from your landlord on matters concerning repair then you should contact an attorney for legal advise. Most of us don't have the money for that, however. My suggestion is to start by reading Leasing Real Property by Michelle Lind, Esquire. You will need to seek the advice of legal counsel at some point, however, since articles are not meant to be legal advise.
Become an educated and aware tenant. Read the Residential Landlord Tenant Act for further information regarding your rights as a landlord or a tenant. When searching for rental property consult a licensed Realtor and thoroughly inspect the property prior to moving in. In addition to that get all promises in writing.
Sunday, June 13, 2010
SHED EVOLUTION
SHED EVOLUTION
By: Advantage Inspection Service
How is it possible to add more space to a home without the mess, noise and big expense? Start by looking to the garden - the garden shed, that is.
For some homeowners, an unused shed holds the promise of a separate work office, a bath spa, or maybe an artist's studio. And for others, an unused garden shed is an excellent spot, well, for gardening.
The best way to determine what an unused shed has to offer is to clear out any existing clutter. Often sheds become the repository for broken lawn equipment, old furniture and assorted small items. A shed can clean up very nicely and present a host of opportunities.
Most sheds have walls, a door and a roof, but sometimes little else. To ensure that a shed can stand up to a variety of weather conditions, it may be best to add insulation. An electrical system is needed to power lights, computer, radio, fan and other needs. Piping for electrical wires may need to be installed. The next step is installing, taping and painting drywall. Depending on the desired use of the shed, a water source might be necessary as well, probably requiring the services of a licensed plumber.
To access available light, an existing door can be replaced by a framed glass door. One ambitious remodeler wanted as much natural light as possible and replaced an entire wall with one made out of glass. But what about life in a shed? At the Modern-Shed Web site, you can purchase an outdoor shed that can accomplish a variety of purposes, including use as a permanent shelter.
Modern-Shed sells sheds in kits that are shipped and assembled on site. There are five different styles that range from a basic model to a much more elaborate and luxurious one. Each style can be configured or customized differently. For example, the Garden Shed is eight feet by ten feet and starts out at approximately $5,000. The 10 x 12 foot Studio starts at $13,000. The Dwelling, a 14 x 30 foot model begins at under $50,000. And any Modern Shed can be disassembled and taken along to the next back yard.
Ecospace Sheds are another option, available in modular form, built from sustainable material and causes minimal site disturbance. They feature a planted green roof system which provides a cooler interior as well as a pleasing aesthetic experience.
MetroShed provides do-it-yourself backyard sheds that, according to company literature, can be assembled in less than a day using only a screw gun, ladder and gloves. Components include cedar framing, insulated wall panels, aluminum sliding glass doors, ventilation shutters with screens and wood floor panels.
For newly installed sheds, most municipalities allow a garden storage shed of up to 120 sq ft. It's always best to check with local building departments regarding code and permit requirements.
By: Advantage Inspection Service
How is it possible to add more space to a home without the mess, noise and big expense? Start by looking to the garden - the garden shed, that is.
For some homeowners, an unused shed holds the promise of a separate work office, a bath spa, or maybe an artist's studio. And for others, an unused garden shed is an excellent spot, well, for gardening.
The best way to determine what an unused shed has to offer is to clear out any existing clutter. Often sheds become the repository for broken lawn equipment, old furniture and assorted small items. A shed can clean up very nicely and present a host of opportunities.
Most sheds have walls, a door and a roof, but sometimes little else. To ensure that a shed can stand up to a variety of weather conditions, it may be best to add insulation. An electrical system is needed to power lights, computer, radio, fan and other needs. Piping for electrical wires may need to be installed. The next step is installing, taping and painting drywall. Depending on the desired use of the shed, a water source might be necessary as well, probably requiring the services of a licensed plumber.
To access available light, an existing door can be replaced by a framed glass door. One ambitious remodeler wanted as much natural light as possible and replaced an entire wall with one made out of glass. But what about life in a shed? At the Modern-Shed Web site, you can purchase an outdoor shed that can accomplish a variety of purposes, including use as a permanent shelter.
Modern-Shed sells sheds in kits that are shipped and assembled on site. There are five different styles that range from a basic model to a much more elaborate and luxurious one. Each style can be configured or customized differently. For example, the Garden Shed is eight feet by ten feet and starts out at approximately $5,000. The 10 x 12 foot Studio starts at $13,000. The Dwelling, a 14 x 30 foot model begins at under $50,000. And any Modern Shed can be disassembled and taken along to the next back yard.
Ecospace Sheds are another option, available in modular form, built from sustainable material and causes minimal site disturbance. They feature a planted green roof system which provides a cooler interior as well as a pleasing aesthetic experience.
MetroShed provides do-it-yourself backyard sheds that, according to company literature, can be assembled in less than a day using only a screw gun, ladder and gloves. Components include cedar framing, insulated wall panels, aluminum sliding glass doors, ventilation shutters with screens and wood floor panels.
For newly installed sheds, most municipalities allow a garden storage shed of up to 120 sq ft. It's always best to check with local building departments regarding code and permit requirements.
Thursday, April 8, 2010
NEED TO KNOW TAX CREDITS AND DEDUCTIONS****
1) Energy-Efficient Home Improvement Credits:
Two tax credits repay homeowners for improving a home's energy efficiency. A 30% credit helps repay the cost of energy-efficient insulation, windows and doors. Another 30% credit reimburses cost and labor to install high-efficiency furnaces, air conditioners, water heaters and some heating stoves. Both are up to $1,500 for the 2009 and 2010 tax years. Yet another credit gives back 30 percent of long-term investments in alternative energy equipment. These improvements include solar electric or hot water systems, wind turbines, fuel cells or geothermal heat pumps.
2) First-Time Homebuyer Tax Credit:
First home purchases between Jan. 1, 2009, and April 30, 2010, could qualify for up to $8,000 in tax credit. The credit applies if you have never owned a home or have not owned a principal residence during the past three years.
3) Gambling Losses:
Gambling losses are deductible if they do not exceed the amount of reported gambling winnings (which are taxable and must be reported). You must itemize deductions to claim this deduction. Save those withdraw receipts!
4) Government Retiree Credit:
Some federal and state government retirees and Social Security recipients received a one-time tax credit of up to $250 per individual for 2009, which replaces the Making Work Pay credit.
5) Haiti Earthquake Relief:
Donations to help Haiti recover from the January earthquake can be deducted on 2009 income tax returns, thanks to special rules. Donations must have been made before Feb. 28. Donations after that date will be deductible on the 2010 tax return.
6) Homeownership Credit:
Home owners buying a new home after Nov. 6, 2009, and before April 30, 2010, who lived in their previous home for five of the past eight years, can receive a $6,500 tax credit.
7) Job Search Expense Deduction:
If you itemize deductions, you may be eligible to write off expenses associated with a new job search during the last year.
8) Making Work Pay Credit:
Most workers are receiving this credit automatically in their paychecks. Working individuals receive a refund of 6.2 percent of their earned income up to a maximum of $400 for a single filer or $800 for a married couple filing a joint return in 2009 and 2010. Check your W-2 form to determine if your employer has applied the credit to your paychecks. If not, claim it when you file your income taxes. Be careful not to double dip on this one.
9) Natural Disaster Losses:
Losses from casualty -- including natural disaster -- or theft may be deductible, minus the amount received in insurance reimbursement. Property lost in a natural disaster can be deducted, minus $500 per event, according to special rules for 2009. If your losses were greater than your income, you might have a net operating loss, whether you are in business or not.
10) Unemployment Compensation Deduction:
A special rule enacted in 2009 allows taxpayers to exclude the first $2,400 in unemployment pay received during 2009 from taxation. Report the unemployment compensation received (reported on form 1099-G, box 1) minus $2,400.
11) Vehicle Sales Tax:
All taxpayers can deduct state and local sales or excise taxes paid on the purchase of new vehicles between Feb. 17, 2009, and Dec. 31, 2009, up to a purchase price of $49,500.
Source
NBC 12. Retrieved on April 7, 2010 from: http://www.nbc12.com/Global/story.asp?S=12259808
Two tax credits repay homeowners for improving a home's energy efficiency. A 30% credit helps repay the cost of energy-efficient insulation, windows and doors. Another 30% credit reimburses cost and labor to install high-efficiency furnaces, air conditioners, water heaters and some heating stoves. Both are up to $1,500 for the 2009 and 2010 tax years. Yet another credit gives back 30 percent of long-term investments in alternative energy equipment. These improvements include solar electric or hot water systems, wind turbines, fuel cells or geothermal heat pumps.
2) First-Time Homebuyer Tax Credit:
First home purchases between Jan. 1, 2009, and April 30, 2010, could qualify for up to $8,000 in tax credit. The credit applies if you have never owned a home or have not owned a principal residence during the past three years.
3) Gambling Losses:
Gambling losses are deductible if they do not exceed the amount of reported gambling winnings (which are taxable and must be reported). You must itemize deductions to claim this deduction. Save those withdraw receipts!
4) Government Retiree Credit:
Some federal and state government retirees and Social Security recipients received a one-time tax credit of up to $250 per individual for 2009, which replaces the Making Work Pay credit.
5) Haiti Earthquake Relief:
Donations to help Haiti recover from the January earthquake can be deducted on 2009 income tax returns, thanks to special rules. Donations must have been made before Feb. 28. Donations after that date will be deductible on the 2010 tax return.
6) Homeownership Credit:
Home owners buying a new home after Nov. 6, 2009, and before April 30, 2010, who lived in their previous home for five of the past eight years, can receive a $6,500 tax credit.
7) Job Search Expense Deduction:
If you itemize deductions, you may be eligible to write off expenses associated with a new job search during the last year.
8) Making Work Pay Credit:
Most workers are receiving this credit automatically in their paychecks. Working individuals receive a refund of 6.2 percent of their earned income up to a maximum of $400 for a single filer or $800 for a married couple filing a joint return in 2009 and 2010. Check your W-2 form to determine if your employer has applied the credit to your paychecks. If not, claim it when you file your income taxes. Be careful not to double dip on this one.
9) Natural Disaster Losses:
Losses from casualty -- including natural disaster -- or theft may be deductible, minus the amount received in insurance reimbursement. Property lost in a natural disaster can be deducted, minus $500 per event, according to special rules for 2009. If your losses were greater than your income, you might have a net operating loss, whether you are in business or not.
10) Unemployment Compensation Deduction:
A special rule enacted in 2009 allows taxpayers to exclude the first $2,400 in unemployment pay received during 2009 from taxation. Report the unemployment compensation received (reported on form 1099-G, box 1) minus $2,400.
11) Vehicle Sales Tax:
All taxpayers can deduct state and local sales or excise taxes paid on the purchase of new vehicles between Feb. 17, 2009, and Dec. 31, 2009, up to a purchase price of $49,500.
Source
NBC 12. Retrieved on April 7, 2010 from: http://www.nbc12.com/Global/story.asp?S=12259808
Friday, March 5, 2010
SHORT SALE UPDATE- when will I be able to buy again?
HUD recently released its ruling on when and how soon a borrower may use FHA financing after surviving closing a short sale.
1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence, IF:
* They were current on their mortgage and other installment debts at the time of the short sale (no 30 day late payments in previous 12 months from time of new loan application for new purchase), OR
* The proceeds from the short sale serve as payment in full.
2. A buyer must wait 3 years from the time of a short sale, IF:
* They did a short sale simply to take advantage of declining market conditions, AND
* They are looking to purchase at a reduced price, a property that is similar or superior and within a reasonable commuting distance from the property that was sold short.
* They were in default at the time of the short sale
1. A buyer can immediately purchase a home if they executed a short sale on a previously owned residence, IF:
* They were current on their mortgage and other installment debts at the time of the short sale (no 30 day late payments in previous 12 months from time of new loan application for new purchase), OR
* The proceeds from the short sale serve as payment in full.
2. A buyer must wait 3 years from the time of a short sale, IF:
* They did a short sale simply to take advantage of declining market conditions, AND
* They are looking to purchase at a reduced price, a property that is similar or superior and within a reasonable commuting distance from the property that was sold short.
* They were in default at the time of the short sale
Monday, February 1, 2010
HouseLogic - NAR's resource for the consumer
I wanted to introduce you all to, HouseLogic, a free resource that the National Association of Realtor's now offers to the public.
At the site you will find information about protecting, maintaining, and increasing the value of your home. This is also a great resource for tax credits and incentives. Remember tax time is right around the corner and not all CPA's are created equal. Do your own homework and optimize your tax savings. At HouseLogic you will find information about the home buyer tax credit, energy tax credits and deducting private mortgage insurance, among other tax issues. There are plenty of Green articles also. These range from energy efficient appliances to geothermal home heating. If you are going Green this site is really worth checking out. There are also articles on the housing market and mortgage rates. Overall, I find the site to be an excellent resource. If you enjoy reading articles, like those in the newspaper or a blog, you will enjoy using HouseLogic.
Please give me your feedback after you check it out.
At the site you will find information about protecting, maintaining, and increasing the value of your home. This is also a great resource for tax credits and incentives. Remember tax time is right around the corner and not all CPA's are created equal. Do your own homework and optimize your tax savings. At HouseLogic you will find information about the home buyer tax credit, energy tax credits and deducting private mortgage insurance, among other tax issues. There are plenty of Green articles also. These range from energy efficient appliances to geothermal home heating. If you are going Green this site is really worth checking out. There are also articles on the housing market and mortgage rates. Overall, I find the site to be an excellent resource. If you enjoy reading articles, like those in the newspaper or a blog, you will enjoy using HouseLogic.
Please give me your feedback after you check it out.
Sunday, December 27, 2009
Home resales are soaring
For the 4th consecutive month, the Existing Home Sales report revealed what today's buyers and sellers already know -- there's a lot of buyer activity right now.
Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in 33 months. Sales volume is up 44% higher versus last year.
It's another example of the housing market in recovery.
There were other interesting statistics buried in the November data, too. According to the National Association of Realtors:
1. 51 percent of home buyers were first-timers
2. Distressed properties accounted for one-third of all sales
3. The median home sale price rose slightly
But of all the stats from the November Existing Home Sales report, perhaps the most important one is the one showing home supplies falling to 6.5 months. It's nearly half of the home supply available last November.
The rapid run-off of inventory throughout 2009 is more than a trend at this point and suggests higher home valuations in 2010. Especially because mortgage rates are low, tax credits are available, and the press is giving housing positive coverage.
Despite all the hype that now is a good time to buy you should keep your own financial situation in mind. If your job is not completely secure you may want to hold off when it comes to moving on up to a larger home or moving from the rental to home ownership. I recommend FHA loans to all first time home buyers. You may not want to pay the mortgage insurance, but it may be worth the peace of mind. Do not put all your eggs in one basket even if that basket is a home. By the way I am in the business of selling real estate, but not at the expense of your financial stability.
Existing Home Sales surged 7-plus percent in November, posting its largest number of recorded sales in 33 months. Sales volume is up 44% higher versus last year.
It's another example of the housing market in recovery.
There were other interesting statistics buried in the November data, too. According to the National Association of Realtors:
1. 51 percent of home buyers were first-timers
2. Distressed properties accounted for one-third of all sales
3. The median home sale price rose slightly
But of all the stats from the November Existing Home Sales report, perhaps the most important one is the one showing home supplies falling to 6.5 months. It's nearly half of the home supply available last November.
The rapid run-off of inventory throughout 2009 is more than a trend at this point and suggests higher home valuations in 2010. Especially because mortgage rates are low, tax credits are available, and the press is giving housing positive coverage.
Despite all the hype that now is a good time to buy you should keep your own financial situation in mind. If your job is not completely secure you may want to hold off when it comes to moving on up to a larger home or moving from the rental to home ownership. I recommend FHA loans to all first time home buyers. You may not want to pay the mortgage insurance, but it may be worth the peace of mind. Do not put all your eggs in one basket even if that basket is a home. By the way I am in the business of selling real estate, but not at the expense of your financial stability.
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