As energy prices increase and the nation searches for cheaper renewable resources, the housing industry has been improving the way it builds and remodels homes. Today’s homes and building materials are more environmentally responsible than ever–conserving resources, using recycled materials and building for longevity. Many of the Wilmington NC home builders are “going green.”  We will be happy to help you select a builder for your new home.

The National Association of Home Builders reports the following “green” innovations. Be sure to look for them if you’re shopping for a new home or consider installing them if you’re remodeling or repairing a home you already own.

• More-durable roof coverings

such as steel and fiber-cement

• More and better insulation

in walls and attics, conserving energy, lowering utility bills and reducing pollution related to energy production

• OSB (Oriented Strand Board) and laminated fiberboard

made from smaller younger trees, replacing plywood on roofs and board sheathing in walls, both made from larger, older trees

• Greater use of carpet, sheet vinyl and laminates

rather than wood flooring that taxes lumber supplies

• Foundation insulation

to reduce energy loss while providing more-comfortable floors

• Insulated exterior doors and windows with insulating and low-E glass

to keep homes more comfortable and energy efficient

• Vinyl siding and fiber cement siding

, reducing the use of cedar, redwood and other wood products

• High-efficiency heating, cooling, and water-heating equipment

to cut energy consumption

• Water-saving appliances and plumbing fixtures

to reduce water use. They also require less energy to heat water

• Factory-built components

, such as trusses and pre-hung doors, resulting in more-economical use of materials than cutting wood on the job site

• Recycled plastic “lumber”

instead of weather-resistant woods (e.g., redwood) for decks, porches, trim and fencing

• High-efficiency refrigerators

that use less energy and operate using refrigerants that have less potential impact on the ozone layer

• Passive solar designs

using the sun’s “free” energy to help heat homes

• Xeriscaping

, which employs native plants that can thrive with little or no extra watering

• Tree preservation

around homes to provide shade, reducing summer energy costs.

Let us help you with your relocation needs. Click on our relocation kit to get ideas to de-stress to make your move more enjoyable.  For more tips, please visit www.cbbaker.com to search all Wilmington NC real estate.  Enjoy….

We are very pleased to announce our new mobile site to search Wilmington NC real estate. Please visit mobile.cbbaker.com and give it a test drive.  If you drive by a house and want to see what the price is, just type in the street and you will get the information you need.  If you want to see if there are any other homes in the neighborhood, just use the tool “Search Nearby Listings”.  There is an advanced tool button that lets you search by price.  We want to make it easy for you to find out the information that you desire.  Call us with any questions.  Enjoy…

FORECLOSURE: What Every Buyer Must Know In today’s market, you’ll hear lots of terms used to describe “bargain” properties – distressed, short sale, pre-foreclosure, auction, REO, bank owned, foreclosure, foreclosed, and more. Confused? That’s understandable. Some of these terms are interchangeable, some are not, and some cover a whole range of bargain property types.

To understand the terms, it’s important to understand the three stages of foreclosure:

1. Pre-foreclosure stage. This stage begins when the homeowner falls behind on home-loan payments (or sometimes other terms of the loan). Lenders may wait for a second, third or even fourth missed payment before sending the homeowner a Notice of Default — which becomes public record. The homeowner then has a given period of time to respond to the notice and/or come up with the outstanding payments and fees — sometimes by selling the home in a pre-foreclosure sale, also known as a distress sale. (If a judicial procedure is required, it occurs after the notice of default is given.)One type of pre-foreclosure or distress sale is a short sale — when proceeds from the sale of a home are less than the amount of mortgage still owed to the homeowner’s lender. A lender-approved short sale (or short payoff) occurs when the homeowner’s lender agrees to accept the proceeds of the home sale as satisfaction of the mortgage owed, even though proceeds are less than the outstanding debt.
2. Foreclosure stage. At this stage, the former homeowner may or may not have been evicted — depending on state law — when the lender puts the home up for public auction (after a judgment of foreclosure in those states requiring judicial procedure).If the home sells at the foreclosure auction, (sometimes called a sheriff’s sale, trustee’s sale or step sale) money from the sale is used to pay off the costs of the foreclosure, taxes and other prior liens, service charges and advances, interest and principal on the mortgage, late charges or fees, and liens recorded after the first mortgage. Any amount left over is paid to the borrower (former homeowner). When proceeds from the sale are less than the various amounts owed, the lender may be able to hold the borrower responsible for the difference (deficiency judgment).
3. Post-foreclosure stage. When a property that does not sell at auction — either because no one bid on it or because bids did not meet the lender’s or agency’s minimum price — the property becomes real estate owned (REO) by the lender or government agency that guaranteed the loan (such as FHA/HUD, VA, etc.). You’ll also hear the term bank-ownedapplied to these properties, whether they are owned by an actual bank or some other type of lender. (Be aware: The term REO also applies to properties purchased by companies from employees who didn’t sell their home on the market before relocating, which is to say that not all REOs are foreclosed properties.)Once the lender or agency has repossessed a property following a failed auction attempt, the home is put back on the market. Most REO properties are listed for sale through real estate brokers and placed on the Multiple Listing Service.

At this stage, the foreclosure process is complete, and the property may be accurately described as a foreclosed property, while in the first two stages the home is in foreclosure and should be referred to as a foreclosure property. (You’ll find, however, that real estate writers and others sometimes misuse this terminology; be sure to ask if you are unsure what stage of foreclosure a particular property is in.)

If you are thinking about buying a foreclosure, make sure that you go to the Register of Deeds and search the property for liens.  These are not posted online.  If there are liens on the property, you will be buying them as well.  To search foreclosures in the Wilmington NC area please visit http://www.cbbaker.com/idx/residential/search . To get guidance if you are close to being in a short sale situation, please visit http://www.cbbaker.com/foreclosureNew.php

We have a Certified Distressed Property Expert on our team. Call us and we would be glad to help.

What do real estate agents mean when they say the three most important factors in selecting a house are “location, location, location”?

The house is wonderful! But before you buy, carefully check the location to be sure this is the house you want to buy.

• Consider destinations

Where will family members go most often from this new location? How easy is it to reach those places from here? How accessible are schools, churches, grocery stores, medical care, public transportation, shopping malls, and neighborhood services?

• Be sure rooms have a view

What is the view from the house and yard? Is the yard right for your anticipated activities? What uses are possible for nearby undeveloped land? Is a new road planned?

• Check around the clock

Is rush hour traffic a problem? What will be the impact of special events like local high school games or church picnics?

• Crash test the driveway

How easy is it to get into and out of the driveway?

• Be service conscious

What utilities serve this property? Are the rates competitive? Do you want an all-electric house, or do you want gas or oil heat? Where will you get your mail? Where are the easements?

• Dig below the surface

Is the soil stable? Is part of the property on a flood plain — if so, what is the history of floods on the property?

• Visit the neighbors

How will you fit in with the neighbors? Do people seem to be friendly? Are houses well-maintained?

• Read the fine print

If the community has special by-laws or architectural controls over changes to a house, what are the pros and cons?

Make a list of the positive and negative aspects of each property as you tour it. Assign priorities to important elements of the house’s location.

Do you have home questions about a specific location? We can help. Call or e-mail us now. Kay Baker 910-202-3607 or kaybaker@seacoastrealty.com

To search all Wilmington NC real estate please visit www.cbbaker.com

If  spring cleaning is on your to-do list, you’re not alone. A study conducted by International Communications Research for the Soap and Detergent Association (SDA) found that 66% of Americans regularly conduct spring cleaning. According to the survey of 1,000 American men and women, top priority goes to kitchens, living rooms, master bedrooms, and bathrooms.

Cleaning By Gender

The SDA study found those most likely to do spring cleaning were women aged 35 to 54 and men in the 18 to 24 and 55 to 64 age groups. Women reported feeling most rewarded after cleaning kitchens and bathrooms. Men, however, felt most rewarded cleaning garages and basements–the least rewarding choices for women.

Reasons To Clean

“It just needs to be done,” was the answer 53% of spring cleaners chose when asked why they conduct their annual ritual. Other reasons were to: “Get rid of a winter’s worth of dust and dirt” (22%); “It just makes me feel better” (12%); and, “Get organized” (2%).

Rooms By Rank

When asked what their top cleaning priority was, respondents said:

Most Rewarding Cleans

Least Rewards Cleans

Too Busy?

Of the 1,000 respondents, 22% of women and 11% of men said they were too busy to do spring cleaning. To that response, the SDA has some suggestions:

• Put cleaning on your agenda, just as you do professional and personal appointments.
• List your cleaning priorities and the supplies you’ll need to accomplish the jobs.
• Pick up the supplies you need while making your regular rounds to grocery and drug stores.

Convenience Sells

The report indicated single-use wipes and dust mitts have gained popularity for their ease of use and disposability. Such products are now available for glass, furniture, floors, and even leather upholstery. All-in-one electro-static mops have also found a strong market. Another increasingly popular product: all-in-one battery-operated floor cleaning appliances with cleaning pads and all-purpose cleaning solutions.

Some of the money you spend on your home can be added to its “cost basis,” your legally recognized investment in the home. That cost basis becomes important when you go to sell your home because the difference between the sales price and your “adjusted cost basis” is the amount of profit (capital gain) the government may be able to tax you on.

By tracking all the money you invest in your home, you reduce your capital-gains tax liability at sale time. Aside from the price you paid for the home and some other acquisition costs (again, cost basis), tax law allows you to add the costs of improving your home as adjustments–within limits. So, what can you count?

If the home improvement is a major replacement, addition or alteration, it probably is an adjustment to the cost basis. If it’s a maintenance or repair expense, it usually isn’t. The IRS offers some further guidance.

Improvements are expenditures that add life to your home, increase its value or adapt it to a new use. For example, the addition of a bedroom or storm windows would be improvements. So would upgrading the kitchen or replacing an old heating system with a new high-efficiency unit. (Only the extra expense for upgrading, instead of replacing with similar quality, may be added to the adjusted cost basis.) Want to turn your garage into a family room? It’s an improvement because it adapts the area to a new use.

You may not, however, count improvements for which you have already collected residential energy credits or, in case of casualty, for which you have received insurance payment. Any civic improvements, such as a new sidewalk or street, can be added to the home’s cost basis, unless you have already been paid for an easement or right of way.

Repair And Maintenance
Repair or maintenance work does not affect the cost basis, even though it adds to the aesthetic value of a home. For example, you cannot count costs for:

• painting

• patching damaged walls

• repairing broken windows

• cleaning carpeting

• fixing a leaking faucet

• replacing a non-functioning doorbell

• maintaining lawn and trees

Caveats
Repairs and maintenance when they are part of an extensive remodeling or renovation are considered to be capital improvements–and can be added to the cost basis.

Fix-up expenses to make a home more saleable–if accomplished within 90 days before the sales contract is signed and paid for within 30 days after closing–will become selling expenses that also increase the cost basis.

Consult your professional tax advisor for further details.

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Moving companies have a host of terms for the details of handling household goods.

A Short Glossary

• Accessorial service. Packing, unpacking and services other than transportation.
• Advanced charges. Fees paid for services performed by others. They’re added to the moving bill.
• Bill of lading. The document for shipping goods.
• Claim. The written statement requesting reimbursement for a lost or damaged item.
• Contract number. Identifying number of a shipment. It’s found on the order for service and the bill of lading.
• Consignee. The person at the destination receiving goods shipped by someone else.
• Delivery spread. The period when a mover will deliver household goods.

• Destination agent. The agent who will provide services at the destination.
• Flight charge. An accessorial charge — for moving goods up flights of stairs.
• Freight bill. The amount indicating the actual cost of the move.
• Gross weight. Total weight of the van and the shipment.
• Linehaul. The transportation portion of the move.
• Order for service.The document the customer signs authorizing the movement of goods.
• Origin agent. The agent responsible for the packing and loading of goods.
• Pickup spread. The period during which the mover will pick up goods.
• Storage-in-transit (SIT). Temporary storage of household goods for not more than 90 days.
• Tare weight. Weight of the van before loading.
• Tariff. Price schedule on file with the Interstate Commerce Commission.
• Valuation. The value the customer places on the goods when releasing them to the carrier.