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Timeless Real Estate Services
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Timeless Real Estate Services
The following checklist will help you prepare for the big day.
Arrange for a Mover or Moving Truck
Get Moving Supplies
Change Your Address
Complete a change of address card from the post office so they’ll know where to forward your mail. You’ll also want to notify other people directly.
Settle Financial Matters (if you are moving out-of-town)
Cancel Services and Establish Services at New Location
Cancel Utilities and Establish Utilities at New Location
Contact Schools and Daycare
Tie Up Loose Ends
The master bath is one of the top three areas that a buyer will inspect closely when considering your home.
National Flood Insurance Program
Top Ten Facts… YOU need to know about the National Flood Insurance Program (NFIP)
1. Everyone lives in a flood zone.
– You don’t need to live near water to be flooded.
– Floods are caused by storms, melting snow, hurricanes, and water backup due to inadequate or overloaded drainage systems, dam or levee failure, etc.
2. Flood damage is not covered by homeowners policies.
– You can protect your home, business, and belongings with flood insurance from the National Flood Insurance Program.
– You can insure your home with flood insurance for up to $250,000 for the building and $100,000 for its contents.
3. You can buy flood insurance no matter what your flood risk is.
– It doesn’t matter whether your flood risk is high or low. You can buy flood insurance as long as your community participates in the National Flood Insurance Program.
– And, it’s a good idea to buy even in low-risk areas: between 20 and 25 percent of all flood insurance claims come from low-risk areas.
4. The low-cost Preferred Risk Policy is ideal for homes and businesses in low- to moderate-risk areas.
– Homeowners can insure buildings and contents for as little as $112 per year.
– Business owners can insure building and contents for as little as $500 per year.
– Residential renters can insure contents for as little as $39 per year.
5. Flood insurance is affordable.
– The average flood insurance policy costs a little more than $400 a year for about $100,000 of coverage.
– In comparison, a $50,000 disaster home loan can cost you about $240 a month at 4 percent interest over 20 years.
6. Flood insurance is easy to get.
– You can buy NFIP flood insurance from private insurance companies and agents; call yours today!
– You may be able to purchase flood insurance with a credit card.
7. Contents coverage is separate, so renters can insure their belongings too.
– Up to $100,000 contents coverage is available for homeowners and renters.
– Whether you rent or own your home or business, make sure to ask your insurance agent about contents coverage. It is not automatically included with the building coverage (except under the Preferred Risk Policy).
8. Up to a total of $1 million of flood insurance coverage is available for non-residential buildings and contents.
– Up to $500,000 of coverage is available for non-residential buildings.
– Up to $500,000 of coverage is available for the contents of non-residential buildings.
9. There is usually a 30-day waiting period before the coverage goes into effect.
– Plan ahead so you’re not caught without flood insurance when a flood threatens your home or business.
10. Federal disaster assistance is not the answer.
– Federal disaster assistance is only available if the President declares a disaster.
– Flood insurance pays even if a disaster is not declared. It’s just good sense.
For more information about the NFIP and flood insurance visit:
Heavy rains in Calico Rock, Arkansas caused widespread flooding. Unfortunately, the powerful flood waters also raised this house from its foundation.
Who To Contact
Insight Communications: 502-876-5076
Gas & Electricity in Louisville
Both gas and electricity are supplied by LG&E, the Louisville Gas and Electric Company
Telephone In Kentucky
To have water turned on in your new home, just call your respective water company. Most water companies operate on a five-day business week and request a 24-hour notice. Some companies bill monthly, others bill every other month. All require small deposits for new customers. The basic minimum rate covers water, drainage and sewer services. Rates may vary based on location and usage and reviewed annually for adequacy.
Louisville Water Company (Jefferson, Oldham, Shelby, Buillett)
Water Numbers for Bullitt County
Water Numbers for Oldham County
Water Numbers for Shelby County
Offers, Contracts and Closing!
A buyer makes an offer by submitting a written and signed offer to purchase. This document becomes the sales contract when signed by all parties involved. The selling agent customarily notifies the listing associate of the offer, and the listing associate will then arrange an appointment with the seller to present the offer.
At this point, the seller has three options:
1.Accept the offer as written.
2.Reject the offer if it is totally unacceptable.
3.Counteroffer, changing any unacceptable conditions.
(When the counteroffer goes back to the buyer, the buyer has the option of withdrawing, accepting, or countering the counteroffer.)
When both buyer and seller agree to all terms (including changes made in any counteroffer), and indicate agreement by their signatures, the contract becomes “firm.” With signatures and notification to all parties, a sales contract now exists.
Several professionals may come into the home-selling process after the offer is accepted, including a housing inspector (if hired by the buyer), a termite inspector, and an appraiser.
If the buyer is financing the purchase of your home, the process will typically take 30 to 60 days. On the chance that a buyer’s financing will not be given final approval, you should keep the house in good “showing” condition.
As part of the contract process, you must prove to the buyer that you have a clear title on the house – that you own the property, and that there are no legal claims against it. The attorney representing the buyer and/or financial institution will do a title search and issue an opinion that the title is clear.
Some of the details you will need to handle include:
*Notifying your lender that you will be paying off the mortgage and asking for a statement of what you owe. Your outstanding balance will be subtracted from the amount you receive from the seller.
*Having any fix-up work completed according to the contract, so that final inspections may take place.
*Gathering all warranties and instruction books for your home’s appliances or major systems to give to the buyer.
*Once you have a closing date established, notifying the utility, telephone, water and other services to advise them on your final billing date.
A walk-through inspection prior to the closing allows the buyer to determine if conditions of the contract are satisfied. It is up to the buyer to perform the inspection, and if they should be accompanied by the selling and/or listing agent. The seller may or may not be present, but should make sure that utilities are on so that equipment can be operated.
At the settlement (closing), the home seller should bring all warranties on equipment (or leave them in an obvious place in the house) and instructions on equipment maintenance or operation. Be sure to bring all keys and electric door openers.
Typical costs for the seller include:
The closing attorney will explain the settlement sheets to you.
*State deed transfer tax
*Mortgage balance pay-off
*Interest on the mortgage up to the date the mortgage is paid off
*The real estate commission
*Pro-rated taxes and homeowner’s association dues, if applicable
If property or homeowner’s insurance has been in escrow with your lender, you will receive any money that is accumulated in that escrow account for bills not yet due. Funds will be disbursed at or after settlement.
The seller, the buyer, and the agents receive a copy of the settlement sheets.
Congratulations! Sold and Settled!
Information Provided by Semonin Realtors.
Should You Sell Your Own Home?
Consider the following steps you must take to get the BEST price for your home:
* Inspect your home and make any repairs or improvements before you put it on the market
* Investigate properties recently sold or for sale in your area
* Determine financing for your prospective buyers
* Purchase weather-proof “For Sale” signs
* Advertise and hold an “Open House
* Write and design an advertisement that will attract the right buyers to your property
* Make sure you are available to show your home anytime
* Separate “lookers” from qualified buyers
* Negotiate with buyers- remember you want the BEST price
* Home inspection preparation-Research what takes place and what to expect
* Obtain all forms necessary for the legal sale of your property
* While marketing your current property, locate and negotiate your next purchase.
Information provided by Semonin Realtors.
What Are Taxes?
In 1913 the 16th Amendment (an addition) to the U.S. Constitution was approved. This created the modern U.S. income tax system. Each year residents of the United States are required to file an income tax form based on their income during the year. One type of income is called wages. Most taxpayers are employees and earn a money in exchange for their work. Taxes are taken out of their pay check. At the end of the year they are sent a form stating how much they earned for the year and how much taxes were with held. Calculations on a tax form is done to see if the taxes with held during the year was enough or too much. If it was too much then you get a refund of the taxes you over paid or if you didn’t pay enough then you would owe the extra.
There are many factors used to calculate your taxes including credits, dependents, filing status, and deductions. Depending on the above factors the government has set up what is called a standard deduction that is taken off of the income you earned during the year and what is left is your taxable income.
Certain kinds of deductions are called itemized deductions. If you have enough of them to beat the standard deduction, it is usually a good idea to itemize. For most taxpayers, owning a home makes itemizing worthwhile. To deduct expenses of owning a home, you must file Form 1040 and itemize your deductions on Schedule A. There are three primary areas: real estate taxes, home mortgage interest, and mortgage insurance premiums. Generally, your real estate taxes, home mortgage interest, and mortgage insurance premiums are included in your house payment.
If you have investment property other items can be added to the above list. Advertising, utilities, repairs, maintenance, supplies, and professional fees. All of which can be used to make your deductions higher therefore lower your taxable income.
There are also credits which the government gives you a certain amount of money to take off your income before it is taxed. Energy credits are one of these. You can claim a credit for energy-saving home improvements made for the cost of skylights, outside doors, windows, pigmented roofs and high-efficiency furnaces, water heaters and central air conditioners installed this year in a primary home. This is usually not what you paid for the improvement but a standard deduction for what type of improvement. I look for other items to be added each tax year.
Selling A House
Say to yourself, “This is not my home; it is a house — a product to be sold much like a box of cereal on the grocery store shelf.
Make Minor Repairs.
Make the House Sparkle!
Check Curb Appeal.
Pricing Your Property
Pricing your property right can sell your home faster.
Don’t be tempted to over-inflate the value of your property. The first days of the listing period are when the greatest activity occurs while selling your home. Overpricing may discourage prospective buyers from ever looking at your property.
For best results you should list it at a realistic price right from the beginning.If you’d like a free no obligation confidential home valuation I would be happy to assist you. This is valuable information if you are thinking of selling your home or just want to check on your investment.