A new breed of insurance is emerging from the current unemployment crisis. Some mortgage lenders, home-builders and even realty companies are offering various forms of “job loss mortgage insurance.”

 Although not offered across the board, some real estate companies incorporate a “Worry Free Mortgage Protection,” that can be offered by home sellers. Genworth offers a similar protection package at no charge to buyers who purchase their mortgage insurance. Other organizations provide grants; for example, The Rainy Day Foundation assists home owners during their first 24 months after purchase if their lender or real estate agent has partnered with them. They can also offer tips for financial survival should a crisis occur. 

Not everyone qualifies for these protection packages – and make sure you understand all terms and conditions of these policies. To learn more about these options, and to find the Bennington, Vermont home of your dreams, contact Troy Richardson at RE/MAX Maple Leaf Realty!

You’ve seen the ads in the newspaper for mortgage foreclosure auctions for homes in the area.  Are you curious about how those auctions work?

If you do your homework and work with a Real Estate Professional like me, you won’t be buying blindly.

A lot of people are just plain scared because it’s a completely new experience, and it’s hard to jump right in without some guidance.  I’m here to give you that guidance.

I’m sure you’ve been to an auction, and don’t those auctioneers talk way too fast?  I think they have that patter of “auction-speak” to create excitement and get the crowd revved up to buy.  Some buyers let their excitement get the better of them and they over-bid.

I have a few tips to share on real estate auctions:

1. Work with a Real estate Professional, experienced in Auctions, like me!  I have spent considerable time learning the auction business from the buying perspective, and I can assist you with all of the steps below, and look out for your best interests.  I’ll even attend the auction with you and keep you focused on what’s important.

2. Inspect, inspect, inspect…. You cannot visit the property too many times!  By going to the property in advance of the auction, you can spend as much time as you want there looking over everything.  You’re not going to get a Seller Property Information Report like you would on a regular home sale, so you have to check things out for yourself.  How old is the roof, the furnace and the chimney.. These are all questions you need to answer for yourself.  Did you know the serial number on a furnace can give away the age of the unit?  That’s a little Realtor® secret I can let you in on.  In the Winter months, you also want to be sure you look for frozen pipes.  I can help you spot the warning signs of those.  Usually I can gain access to the house anytime, so call me to see an auction property.

3. Prepare….  You must read all the auction documentation.  Every auction company operates differently.  Do you need to bring a $1,000 cashiers check, or will a personal check be acceptable?  Do you need to pre-register or can you do it on site.  Is there a website where you can see more information as the auction date gets closer?  When I work with auction buyers, they are always prepared with the right documents and information they need so they are ready to buy.  If you don’t arrive at the auction with the proper documents and money, you won’t be able to bid.

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Your insurance company wants you to clean up your room! If you file a claim, most likely your claim will be paid according to the contract. But if you are found to have excessive clutter in or around your Bennington, Vermont real estate, it is possible your homeowner’s coverage could be canceled. Why? Because to the insurance companies, your clutter is a risk:
• Paper, trash and flammable materials are a fire hazard.

• Clutter could indicate a lack of maintenance on the property, such as plumbing leaks, roof or electrical problems. Damage from these problems could result in an insurance claim.

• There is an increased chance of rat or insect infestation, causing health and public safety hazards.

Call Troy Richardson for a property evaluation and learn how to get top dollar for your Bennington, Vermont home!

According to a British newspaper, a new 450-house development in the community of Farnsborough has instituted a “no pet” policy as a way to protect wildlife. The development is near a 32-mile stretch of heathland that is protected by the European Union Birds Directive. The directive requires area communities to protect, maintain and restore habitats.

So far, Bennington, Vermont has no communities that have a ban on pets as part of their homeowner guidelines. Pet owners are encouraged to call Troy Richardson to find the perfect Bennington real estate to call your home!

The number of contracts for pending home sales dropped after a flurry to get in on the first-time home buyer tax credit. Indicators based on those contracts fell 16.0 %  – but the drop was expected. Lawrence Yun, chief economist for the NAR, says, “We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

What does that mean for Bennington, Vermont home buyers? Low mortgage rates will start to creep up – so call Troy Richardson today to start viewing Bennington VT real estate!

Five Ways to Shine in the Bennington, Vermont Real Estate Market.
• Think inside the box – add liveable space by improving an attic or basement.
• Look outside – add a deck to increase living space.
• The window to your sale – energy-efficient windows are a thumb-up for savvy buyers.
• The prize is behind door replacement – especially an entry door. That first look counts.
• Cook up a contract – replace ancient kitchen appliances with mid-level, energy saving new ones.

The 2010 plan to encourage energy efficiency is the government rebate for appliance buyers. The plan lets people swap their old appliances for new energy-efficient models at very low prices.
 
Here are some things to keep in mind:
·      State plans vary. For state by state specifics, check out the state-by-state rebate program.

·       Is it really a deal? It may not be worth replacing appliances that are fewer than seven years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model.

·       Buy now before it ends. There is only about $300 million available and some states got more money than others. It is expected to run out fast.

Source: The Associated Press, Vinnee Tong (12/30/2009)

Learning the Lessons of the Past

BENNINGTON, VT — It’s often said, “What’s Past is Prologue.” In real estate, the past can indeed determine the future, when buyers choose to restore or preserve a historic property. “Opportunities abound for those wanting to purchase a historic home, but so do questions about the soundness of the investment,” says Troy Richardson, ABR, Broker / Owner of RE/MAX Maple Leaf Realty].

Before making an investment in history, the Troy Richardson recommends that potential home buyers consider these questions:

• What regulations govern local historic buildings and districts?

• Does the house need extensive restoration?

• Are original or substitute materials available for repairs?

• Are craftsmen who are knowledgeable about historical materials and building systems available?

• How will the house be appraised?

Knowing what to look for is an important first step. “Potential buyers should understand that there are significant differences between a historic house and a new one,” Richardson says. “Before purchasing a historic home, consumers will want to research just how much restoration is needed and how much the restoration will cost. That includes, of course, uncovering any possible environmental problems not typically found in new construction such as the presence of asbestos or lead paint.” 

Knowledge of any structural problem and the time and money needed to fix it should not only influence the decision of whether to buy, but also how much to offer. In some cases, the seller may be required to undertake some of the work as part of the purchase agreement.

Yet the advantages of owning a historic house often outweigh the work that goes into finding and securing one. There is a rewarding sense of history in the unique detailing and meticulous craftsmanship found in historic homes as well as the satisfaction of restoration. 

“There may also be financial benefits for a historic home owner,” explains Richardson. “Those benefits range from reductions in property taxes and adjustments to assessed value, to state income tax credits and property tax freezes for qualified rehabilitation and restorations.”

The National Trust for Historic Preservation reports that 37 states and the District of Columbia have laws that provide individuals with incentives for owning historic properties. 

Not every old home is historic. “A historic house is an example of the cultural or physical development of a community, state, or the nation due to its architecture or association with an important historical figure or event,” Richardson says.

If a home does qualify as a historic property, then it may be listed individually or as part of a historic district. The listing of a building or district in the National Park Service’s “National Register of Historic Places” provides public recognition of its importance, but will not interfere with an owner’s right to alter, sell, or determine how an individual property may be used. 

“A local or state government housing preservation organization usually will assist owners who want to pursue a historic designation,” Richardson says. However, even if the historic building meets the designation criteria, it will not be listed if the majority of property owners in a district object for whatever reason. In this case, the building is put on an “eligible” list should the objections be overcome in the future.

For more information on historical properties, contact the National Conference of State Historic Preservation Officers at 444 North Capitol Street, NW, Suite 342, Washington, DC 20001-1512. For a list of historic real estate specialists, contact the National Trust for Historic Preservation at 1785 Massachusetts Avenue, NW, Washington, DC. 20038. For a list of professional real estate buyer representatives, please contact the Real Estate BUYER’S AGENT Council, 430 N. Michigan Avenue, Chicago, Illinois 60611; phone (toll-free) 800-648-6224 or direct 312-329-8656. 

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

Troy Richardson is Broker / Owner of RE/MAX Maple Leaf Realty at 203 Northside Drive in Bennington VT.  He can be reached at 802-447-3210 or www.TroyRichardson.com

Bennington, VT— With all the choices in today’s market, how do you go about finding the right home? It seems the more research you do, the more alternatives you discover.

It’s important to visualize your needs and plan ahead. “Know what you want in a home, what’s important to you, and what you can live without,” Troy Richardson, ABR, Broker / Owner of RE/MAX Maple Leaf Realty says. “Many of us start out with a champagne taste and a beer pocketbook, so it’s important to be realistic,” he adds.

Where and what you buy will affect you for as long as you live in the house. “Get your priorities in order before you start looking or even talk to a real estate broker or sales associate,” Richardson says.

For first-time home buyers this is a new experience, so it’s especially important to do your homework. If you currently own a home, you know exactly what’s lacking. You may need another bedroom or bathroom, or a good school nearby.

First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly. “Regardless, you should practice the commute in rush hour before you make a commitment. A seemingly quiet road can transform into gridlock during peak hours,” Richardson cautions.

People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. On the other hand, a lavish public school system may indicate high local real estate taxes. Check them out.

Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb. “In other words, make sure you’re in close proximity to the things that matter most,” Richardson says.

It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op. 

In planned unit developments (PUDs), you can find almost any combination. In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.

On the other hand, you’ll pay fees for these services. “In addition to checking the documents and financial soundness of the homeowner’s association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room,” Richardson explains.

Affordability can be a factor not only in the type of housing, but whether it’s new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.

New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. “Make sure you’re dealing with a reputable builder, and have an attorney review all documents, Richardson says.

Selecting a real estate professional is an important first step in beginning your search. “Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service,” Richardson says. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.

Richardson is one of more than 50,000 members of the Real Estate Buyer’s Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS®, who have attained the Accredited Buyer Representative (ABR®) designation. As the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is “The Voice for Buyer Representation,” with more than 50,000 active real estate professional members of the organization throughout the world.

Troy Richardson is Broker and Owner of RE/MAX Maple Leaf Realty at 203 Northside Drive in Bennington VT.  Troy can be reached at 802-447-3210 or www.TroyRichardson.com

Are you looking for a larger home in the Bennington, Vermont area? You could be eligible for a tax credit of up to $6500! To claim:

• You have owned and resided in your own home for five consecutive years out of eight.
• You must be a single taxpayer with income up to $125,000 or married with incomes up to $225,000 to qualify. 
• The Bennington, Vermont real estate is purchased for $800,000 or less.
• The new home must be purchased  after November 6, 2009 and on/before April 30, 2010 (or have a binding contract in place by this date provided the purchase is completed by June 30, 2010)

Bank of America and JPMorgan Chase & Co. both said their failure to help more borrowers stemmed from the fact that many home owners fail to complete mortgage-relief paperwork.

Jack Schakett, Bank of America’s credit loss mitigation strategies executive, cited “ineffective communications with customers, shortcomings in document maintenance, misunderstandings about program requirements, and the inability to comply by some borrowers.”

Likewise, JPMorgan Chase said only 4,300 home owners have completed the paperwork, although 16,000 have been approved.

“We are facing challenges with borrowers completing documentation or making trial plan payments as agreed,” Molly Sheehan, JPMorgan Chase’s executive in charge of housing policy, said in written testimony.

Source: Associated Press, Alan Zibel (12/07/2009)