HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com

May 31, 2011

Foreclosures Flooding The Market And Diluting Prices

Good Morning,

   Hope you are making most of this short week (short for the lucky ones).

   The woes of the housing market surface and resurface in many different ways. The S&P/Case-Shiller Home Price Indices were just released, and the numbers indicate that home prices in the Nation hit a new low in Q1 of this year. The figures showed a 4.2% drop, along with a, "new recession low" with the latest data. Additionally, home prices posted an annual decline of 5.1% when compared to Q1 of 2010. The release of these figures from Standard and Poors indicate that, "Nationally, home prices are back to their mid-2002 levels."

   "There's a three-year inventory of homes in foreclosure for sale, and that's devastating home prices.", says Les Christie, in a story titled, "Foreclosures for sale: Big supply, low prices", in a story on Yahoo Real Estate/CNN Money. The story points to data from RealtyTrac, and says that more than half of homes sold in Nevada are, "in some stage of foreclosure". California and Arizona are not far behind, with foreclosures representing 45% of sales.

   Rich Sharga of RealtyTrac was quoted very accurately as saying that this, "is very bad for the economy.".

   Homes, such as REOs (bank-owned homes), are selling dramatically lower than comparable properties, at an average of 35% less, per RealtyTrac. On the high end of this data is New York State, with a 53% discount for REOs in Q1. It is also worth mentioning short sales, which average at a 9% discount.

   Sharga says that it will take 3 years to sell the nearly 2 Million distressed properties, and about 2 years to clear out the REOs, to which he says, is, "without any new foreclosures at all coming into the system."

   This goes along with the S&P/Case-Shiller figures, where Minneapolis, for example, posted a double-digit 10.0% annual decline ("the first market to be back in this territory since March 2010 when Las Vegas was down 12.0% on an annual basis."). Always eager to end on a bright note, Washington DC was the, "only city where home prices increased on both a monthly and annual basis."

   Where do you think we'll go from here in terms of home prices and inventory?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #foreclosure #realestate #REO #shortsales

May 29, 2011

Thanks To Our Armed Forces For Their Major Sacrifices


Hi Everyone,

   As Today is Memorial Day, some folks look at it as a day off to spend in the sun, but on this very day (and always), let's remember the men and women in uniform that are on the front lines protecting us, and sometimes, they pay the price with the "ultimate sacrifice", thus, it is "Memorial Day". It is a day of remembrance, where you should definitely spend time with family and friends, and at the same time, keep our forces in your thoughts and be thankful for what they do for us.

   On a side note, the Pending Home Sales Index for April was released late last week by the National Association of Realtors (NAR), and the result (which is a forward-looking indicator based on contract signings) showed a decrease. More specifically, an overall drop of more than 11.5% from last month and almost 27% from April 2010. Lawrence Yun, NAR chief economist said that, "tight credit is the primary long-term factor holding back the market."

   In closing, have a great day, enjoy the Holiday, and remember our heroes !!

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #armedforces #homesales #NAR #realtor

May 26, 2011

Home Prices - Look Out For The Herd

Happy Hot, Sticky, Summery Day,

   The one and only Winter fan shouting out to you today !

   When you think about Housing and Real Estate, one of the first things that comes to mind (or should come to mind), are Home Prices. This week, the Federal Housing Finance Agencys (FHFA) released their seasonally adjusted purchase-only house price index, which, as described, is, "calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages."

   The "skinny" on these numbers boils down to the 2.5% drop in Q1 2011 vs. Q4 2010, and the 5.5% drop from Q1 2010 to Q1 2011. In the actual breakdown of the figures, "the strongest prices", as they were referred, were in the West South Central Division, where prices, "declined only 0.5 percent." Amongst the largest price drops (for the 25 most populated metropolitan areas) was the Atlanta-Sandy Springs-Marietta, GA area, which saw prices drop in excess of 13% from Q1 2010 to Q1 2011. Ouch !

   What does this all mean? "Absolutely nothing!", says Eric Bramlett, a Real Estate Broker in Austin, Texas, who says that all Real Estate is "local", and that the only buyers who are interested in purchasing "anywhere in the United States" are investors. Bramlett says that the, "vast majority of home buyers need to buy a property in a specific city or metro area, and most want to purchase within a sub-market of that area."

   In the world we live in, and the way we are wired, when we hear a market is in decline, many people go into the "Herd" mentality mindset, slap the blinders on, and forge along with those negative thoughts, so in a way, I believe it does effect us, even if indirectly.

   Bramlett provides some solid advice for homeowners and buyers, which is to, "find out where your local market stands, and you will have an accurate read on where you stand as a homeowner or buyer."

   Hopefully, you will read this for knowledge purposes and will not slap on the blinders. Educate yourself, check your desired area for crime, business, expansion, employment, etc. Did we miss anything? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #homeprices #FannieMae #FreddiaMac #Atlanta #realestate

May 24, 2011

Low Housing Inventory As A Common Denominator

Morning Folks,

   Glad to have you here with me.

   This morning, the New Residential Sales figures were released for this past April, and there has been a nice bump over the past month in the sales of new one-family homes, specifically 7.3% above March. Over the longer term (since April 2010), there was a drop of over 23%. Does this come as a shock?

   According to 3 separate sources, not really, as they all cite low inventory as the common denominator.

   Barry Goodhart, a Property Manager, says that there is "less inventory for buyers to choose from", and thus, "The decrease in new houses coming on the market should help support".

   Ken Pozek, a residential real estate agent in Suburban Metro Detroit, says that they are having an "Amazing" sales year, and that, "low inventory is making this a crazy market!"

   Finally, Ken Koenen, LLM Attorney at Law, says that he has, "little faith in the numbers provided.", and that, "too much inventory is owned by the banks", and that, "they are controlling the market place at their whim."

   What are your thoughts? Were you happy about the increase over last month? Concerned over the big drop from last year? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #residential #homes #propertymanager

May 22, 2011

Fear Over The Closing Of Escrow Process?

Good Morning,

   Monday has rolled around today, and summer is fast approaching (WOW!).

   On the topic of "Heat", one of the times we sweat to most is during Closing on a property. As on Ron J. Kuhn, a Sr. Mortgage Planner, says, "Closing" or settlement or "escrow" is listed as one of the top ten problem areas that occurs in a real estate transaction. It is probably the least understood, and most feared, aspect in a property purchase. Misunderstandings about closing costs can result in hundreds or even thousands of dollars of needless expenses, and put seemingly solid deals at risk". If that's not enough to make you sweat, let's examine this topic today.

   "In general: The process is dependent upon conditions set by the lender", says Nigel Swaby of Primary Residential Mortgage, Inc.. Swaby says that the conditions are quite often set by the investor that will, "end up buying the loan on the secondary market.", and adds that With loan buybacks becoming more prevalent, "this is very, very important as no originator wants to buy back loans that can't be sold." Susan Anderson, a Broker with Inspired Real Estate, adds that, "The closing process is generally the same in any transaction, but there are some definite differences depending on whether the transaction involves a traditional sale, short sale, or REO (foreclosed property), as well as whether the(re) is financing involved or the purchase is all-cash."

   As you can imagine, each state has their own unique process, and as Swaby says, "State law will impact the closing process.", and provides the state of Maryland as an example. "Maryland has transfer taxes that are levied on buyer and seller.", he says, but adds that the state specific requirements are "handled by the closing title or escrow company."

   Anderson says that one thing that is unique in California is that, "in Northern California, the escrow and title are usually handled by the same company. In Southern California, they are often different companies. Also, the buyer gets to pick the escrow/title company and the offer negotiation determines who pays for it (usually 50/50)." She says that usually, the escrow officer is in the local community, but says that, "However, with an REO, the selling bank usually picks the escrow/title, but they also pay for it, saving the buyer a big chunk of money. In that case, the escrow is most often handled by a company out of town who is working in a 'bulk' arrangement with the seller."

   Timothy G. Kearney, a Real Estate Attorney in Connecticut, says that Connecticut is an "attorney state" which means, "attorneys do the closings as opposed to an escrow or title agent in a title state." He says that the rules, "can vary from county to county but are, for the most part, standard." Kearney says that the normal process starts with the Execution of a P&S Contract, passes through title search, scheduling of closing, and then all of the settlements and figures are compared and adjusted, ultimately reaching the closing and conveyance of security deeds.

   Anderson says that, "as an agent, I prefer having someone local handle the transaction as it provides the ability to meet face-to-face if a problem arises.", but says that "one of the very best, pleasant, most efficient escrow officers I ever worked with was a woman in Southern California assigned to an REO transaction. And, of course, in California we do not use attorneys as part of the closing process. The real estate agent and broker are responsible for the entire process. I believe have the most rigorous broker license testing in the US."

   Kuhn adds the following comment about the Closing: "This final step to your purchasing a home or property can go smoothly if you take a few precautions beforehand. Knowing what questions to ask and reviewing all documents well in advance of the closing day will prepare you for a hassle-free and smooth closing.

   Good sound advice and good information. Tell us about your state's procedures and what are your suggestions. We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #escrow #realestate #REO #foreclosure #California #closing

May 19, 2011

Housing Numbers Down, But Positivity Remains High

Hi Everyone,
   Glad to have you with me here this Friday. How was your week? Did you meet all of your goals? I hope so.

   There were two very important housing numbers released this week, and I'd like to take a look at each of these, along with some commentary on what these numbers mean for the Housing Market and the Economy.

   The first set of numbers released were the New Residential Construction figures for April, which is broken down into Building Permits, Housing Starts, and Housing Completions. Overall, there were minor drops in each of these numbers from the previous month (March), but anywhere from 13% to 35% below the figures from April of 2010.

   Additionally, the National Association of Realtors® (NAR) released their figures for Existing Home Sales, and these did not fare so well, either. Even though the market for Existing Homes made gains in 6 of the last 9 months, the numbers, which represent completed transactions that include single-family, town homes, condominiums and co-ops, dropped almost 1% from March, but almost 13% from April 2010. Some additional notes, per the NAR, show that "Total housing inventory at the end of April increased 9.9 percent", and the very interesting side-note which says that, "First-time buyers purchased 36 percent of homes in April, up from 33 percent in March; they were 49 percent in April 2010 when the tax credit was in place. Investors slipped to 20 percent in April from 22 percent of purchase activity in March; they were 15 percent in April 2010. The balance of sales was to repeat buyers, which were 44 percent in April."

   Although these numbers point to some not-so-good conditions, not everything and everyone is negative on the Housing Market. Jane Frederick, an architect who specializes in custom residences, says that she believes that, "architects are the "canary in the mine" in that we see the slowdowns first and the increase in work first.", and says that they have signed 2 new contracts for new houses in the past three weeks and that their phone, "is ringing more now than it has in the past three years. "I believe that we are finally moving out of this recession", says Frederick.

   "I recently read an article about the severe drop in housing starts and how that will eventually effect supply and prices.", says John Boyd of MeetingWave.com, who adds that, "I'm not suggesting now is the exact time to buy but seems to be getting close with low rates starting to creep up. Not sure when it will happen with the current joblessness, etc., but there are many folks renting houses, adult children living with parents, etc. that eventually we'll hit a solid floor and see an uptick."

   What's your take on the market. Where do you think we are headed? How soon? Why?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #residentialconstruction #realtors #existinghomes

May 17, 2011

Big City, Big Rent? Think Again

Hi Folks,
   Glad to have you back today!

   Quite often, we hear people say that the Rent is too high (we even heard a potential political candidate run on that platform a while back!). Well, yes, Rent can be quite high, but as everything else in life, it's all relative.

   Venessa Wong for Bloomberg Businessweek ran an article titled, "The 10 Worst Cities for Renters", which ran in the Yahoo Real Estate Section, which took a look at how "much" is rent, relatively speaking. In the article, Wong states that over the past few decades, "...rent levels grew faster than renter income.", and that the amount of income, "apportioned to rent" has grown dramatically over the past fifty years. Wong cites research by Harvard University's Joint Center for Housing Studies, which shows that, "In 1960, about one-quarter of renters in the U.S. were at least moderately burdened, including 12 percent with a severe burden", and by 2009. the rate doubled to nearly half of renters with at least a moderate burden, including 26 percent with a severe burden.".What this means, as stated in the article, is that nearly half of renters pay more than 30 percent of their monthly income for rent, including 26 percent that pay more than 50 percent of income.

   Taking this data into account, which are the worst cities for Renters? Wong states that it’s not necessarily the most expensive cities that are to blame (and as you will see, not the biggest cities, either).

   Here is the list of the top 10 metropolitan areas ("toughest U.S. cities for renters"), ranked by the percentage of tenants spending more than half of their income on rent, per the article:

No. 10 Metro: Bridgeport, Conn. - Renter households with severe cost burdens: 30.5%
No. 9 Metro: Toledo, Ohio - Renter households with severe cost burdens: 30.8%
No. 8 Metro: Orlando - Renter households with severe cost burdens: 30.9%
No. 7 Metro: Memphis - Renter households with severe cost burdens: 31.6%
No. 6 Metro: Akron, Ohio - Renter households with severe cost burdens: 31.8%
No. 5 Metro: New Orleans - Renter households with severe cost burdens: 31.8%
No. 4 Metro: New Haven - Renter households with severe cost burdens: 32.7%
No. 3 Metro: Detroit - Renter households with severe cost burdens: 32.8%
No. 2 Metro: McAllen, Tex. - Renter households with severe cost burdens: 33.1%
No. 1 Metro: Miami - Renter households with severe cost burdens: 34.2%

   A quick glance at this list might make you wonder: What about New York City? Los Angeles? Chicago? This might change your perception; as the title suggests, "Big City, Big Rent? Think Again". The forecast in the article mentions that, "increases in rent levels are expected to continue outpacing income growth. Demand for rentals also may continue to grow as the preference for homeownership changes."

   What are your thoughts? Have you calculated rent as a percent of monthly income in your area? What was the percentage and what area did you calculate it for?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #rent #realestate #miami #renter

May 15, 2011

Home Security When Selling or Residing

Hi Folks,

   Glad we all made it through another week, and even (gladder? Is that a word?) to have you back !

   Let's face it, we live in a dangerous world. It's sad, but very true. It is always necessary to make sure you are safe and protected, and in the context of this Blog, you also want to ensure your property is secure, as well. Today, we will be looking at security for your home, apartment, etc, and we'll look at it from two scenarios: Security when showing your home for sale, and Security for your home on a constant basis.

   "If you are showing your property as a FSBO", says Jennifer A. Chiongbian, an SVP and a Licensed Associate Broker, who suggests to, "make sure to have sign in sheets getting their detailed information.", and says that you could even ask for their driver's license and taking all their information down.

   Chiongbian also suggests letting your friends and neighbors know when you are showing your home and to, "have them call you afterwards to make sure everything is okay."

   A few other pointers, per Chiongbian; Put away all valuables to eliminate any temptation (somewhere safer than a drawer), Be alert to any unusually long lingering times in rooms, etc. (hover close by, but out of sight - just to hear if they are talking about relevant topics to your home.). She also warns us to watch out for red flag questions, such as, "Do you live alone", "what time do you usually get home from work", etc., as they could be, "casing your home."

   Now, if you own a property, and you are not in the process of selling, but you are looking to enhance your security, let's look at some tips provided to us by Robert Siciliano, a Security Consultant with ADT.com.

Siciliano provides the following tips:

1. Contact local law enforcement:
In some communities, an officer will inspect your residence and make recommendations based on vulnerabilities.

2. Install signs:
"Beware of Dog” neon signs (One for the front door and one for the back door), or “This House is Alarmed” signs.

3. Dog Bowls - seriously!:
Buy the biggest dog food bowl possible, one for the front and one for the back. Write “Killer” on each bowl.

4. Talk with your Neighbors:
Start a neighborhood watch program where everyone has a monthly responsibility to work the neighborhood.

5. Make your home seem occupied 24/7/365:
When you are away put the stereo or TV on loud enough to hear from the immediate exterior and use timers.

6. Install motion sensors that make a burglar think they are being watched.

7. Use your existing door locks:
Beef up the strike plate, which is the metal plate where the bolt enters the jam (Install 3 inch screws)

8. Secure your windows so they don’t raise more than 6-10 inches:
Install small angle brackets that prevent the windows from going any higher.

9. Get a home alarm system:
A home alarm is the best protection while you are home and away.

Hopefully, these tips will help you make things a little more secure in your property. Do you have any tips that you can share?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #FSBO #Security #homealarm

May 13, 2011

A Closer Look at Expensive Luxury Rentals in NYC

Hi Folks,

   Good Morning to you all !

   We were just featured in a great article in AMNY, titled, "NYC's wealthy, leery of buying, embrace super-pricey rentals", which was authored by Graham Wood & Sheila Anne Feeney.

   The article discusses, as the title suggests, the uber-pricey rentals in New York City.

Here are the specific quotes mentioning our website:

Robert Eisenstein of HomeRun Homes, an online rent-to-own service that homeowners use to list their properties for rent when they can’t sell, said interest in the site “has spiked as people realize they need to rent to own or face the alternative of sitting and waiting it out while still making payments.” Many tenants sign 12- to 36-month leases before buying the property, he said.

“This sector of the market has been filing up fast,” Eisenstein said

      AND...

Who's renting $50,000 pads?
People who want a taste of the shi shi lifestyle before they decide to make a more permanent investment will rent luxury properties for a period of time before buying, Eisenstein said.

Head on over to the link (http://www.amny.com/urbanite-1.812039/nyc-s-wealthy-leery-of-buying-embrace-super-pricey-rentals-1.2871475) so you can read the full story on this very interesting topic.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

May 10, 2011

Big Discounts Equal A Pending Buyer Frenzy?

Hi Folks,

   Welcome back!

   With the housing bust, it makes logical sense that there are bargains to be found out there, of course, however, I read an article that I'd like to share with you that shows just how large the discounts are !

   There was an article on Yahoo Real Estate titled, "Cities With the Biggest Home Discounts", which was compiled using a Home Offer Report that is generated by Trulia (for nonforeclosure properties). The analysis was broken down based on price cuts and organized into 4 metrics: "average number of days on the market before first price reduction, average discount during the price-cut period, probability of a second price cut, and the total percentage of for-sale properties of which prices have been reduced at least once.". Using the breakdown, Forbes ranked 50 cities to determine largest activity in terms of overall price reduction.

   The "biggie" was Phoenix, Arizona, with, "residential prices down nearly 45% since 2006.". When you add in the high foreclosure rates and the large vacancy rates, sellers are certainly in a pickle, which gives homebuyers the upper hand. Overall, Arizona fared the worst, with Phoenix, Mesa, and Tucson all included in the top 10 for largest discounts.The other cities after Phoenix that round out the top 5 with the biggest discounts are Mesa, Minneapolis, Long Beach, and Baltimore.

   One of the factors, how long a home sits on the market at the original sale price before the first price cut, was just 48 days for Phoenix, but 80 days for New York City, which was coined as a "robust" market.

   What does this all mean for us? Well, if you are selling a nonforeclosed home, you need to cut your prices to compete with the distressed properties that are selling for a "15% to 50% discount". Las Vegas, which is referred to as, "the nation's foreclosure capital", made the list at #7.

   If you are selling a home in one of these areas, you have decisions to make. Do you slash and burn your price, do you site on your price and wait, or do you look into a Rent to own agreement? This decision will be based on your position in life; are you sitting on a ton of equity, or do you need to cut and run fast? Can you rent out the home with an option to buy, while covering your mortgage payments monthly as you wait for the market to turn around?

   What are your thoughts and comments on this extremely interesting story?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #realestate #renttoown #Phoenix

May 8, 2011

Rent vs Buy Index In Relation To Rent to Own

Hi Everyone,

   Hope you had a fantastic Mothers Day (if you are a Mom), and a great weekend. As always, I am overjoyed to have you back with me.

   Real Estate website Trulia.com has released it's Quarterly Rent vs. Buy Index, which analyzes the affordability of either Renting a Home or Buying a Home (per Trulia, "a two-bedroom apartment, condominium or townhouse") in 50 major U.S. cities.

To summarize some of the results (per Trulia):

* "Falling Prices and Rising Rents Make Homes More Affordable in Q2 Versus Q1. Current market conditions consisting of steadily rising rents, falling home prices and low mortgage rates have tipped the rent versus buy scale in favor of homeownership."

* "Since last quarter, buying a home has become more affordable than renting in nearly four out of five (80 percent) major cities; only in New York, Fort Worth and Kansas City was renting a less costly option than buying."

* The "Rent vs. Buy Decision in Coastal Cities", such as Los Angeles, Seattle, Boston, San Francisco, Portland and Oakland, "Depends Less on Home Affordability", and "More on Personal Finances"

   Let's take a look at this from our vantage-point; what does this mean for Rent to Own ? Basically, if Renting costs less that Buying the home outright (and paying off a monthly mortgage), then Renting to Own would certainly be advantageous. If Renting costs more than Buying, then this would come down to a decision based on Personal Finances, just as Trulia eluded to in the story.

What are your thoughts on this topic?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

May 5, 2011

Explosion in Number of New U.S. Households

Hi All,

   Welcome back, and TGIF.

   Some time ago, we mentioned the rapid increase in new U.S. Households, and recently, there was a great article on the Realtor.org website that discussed this topic, titled, "Big Jump Expected in New U.S. Households".

   "Millions of young adults are beginning to move out of their parents’ homes and create new households at the fastest rate since 2007", says the article, with additional sources within the article stating that, "In 2011, between 750,000 and 1 million new households are expected to be created". Bloomberg News calls this a, "Major jump to U.S. housing starts possibly by more than 50 percent".

   What was the cause of this "explosion"? The article says that a lot of people had to move in with their parents due to the economy, but as the economy gains momentum, these same people will be looking for their own residence, and thus, the new households. This, in turn, will also stoke Housing Starts (from the demand). The article cites the demographic component of housing as "strong", but limited by current economic and psychological components.

   What does this mean for the Rent to Own Market? Well, if demand is increasing, but people still have blemished credit as a result of the economy, the demand for Rent to own should surge in tandem with this explosion.

   Slap on a helmet and fasten your safety buckle...it's going to be a fun ride !

   Questions? Comments?

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #renttoown #realtor #housingstarts

May 3, 2011

Common Code Violations Found By Home Inspectors

Hi Folks,

   Glad to have you back here with me today.

   Let's face it, Home Inspectors do not have an easy job. They often enter homes of people that they have never even met before, and in some cases, are even met with a hostile welcome. Additionally, they need to be well-versed in all local codes, running the gamut of Electrical, Plumbing, Building/Structural, and more

   With that being said, today we will be taking a look at some of the most common code violations that Home Inspectors see on a consistent basis, which falls into 3 popular categories: Electrical, Plumbing, and Building/Structural.

   Chantay Bridges, of LA Real Estate Now, says that some of the electrical hazards that are most common usually occurs when there are, "too many wires plugged into one outlet or switch that can cause a fire." Sam DeBord, a Managing Broker and a Realtor, adds that a, "Lack of GFCI outlets in bathrooms and kitchens and other minor electrical issues like reverse-polarity on outlets." is quite common, and that this is, "an inexpensive repair that most home sellers would benefit from repairing for selling their home."

   Plumbing issues are also very common, and as Bridges says, they encompass, "dripping faucets, loose toilets, improper drainage and so forth." Sasha Tsakh, VP Sales and Marketing for a licensed plumbing company, mentions the, "Illegal plumbing work" that he finds, and says that, "It appears that many home owners are not aware that you need to have licensed contractors performing work. They have illegal gas lines and missing safety features. It's really sad to see how they've been taken advantage of, especially since there is no way to find these people once they've performed illegal work."

   The third issue is related to Building Code (including Structural Code). Bridges points to, "Illegal additions to properties", and she cites the following examples; "Someone added a room, altered the garage, etc. without a permit.". Paul S. Gilbertson, a former General Contractor, adds some issues that he has seen in regards to steps and railings, as well as handicapped ramps and landings. Additionally, Bridges also mentions that roofs tend to, "constantly make the list due to aging, rotting, wear and tear.", as well as, "Leaks" with improper ground drainage, ceiling stains from previous leakage, and rotted, molded, exposed untreated wood surfaces. Finally, she mentions some other issues, such as bars on windows without proper escape or emergency mechanisms, inoperable smoke detectors" (or smoke detectors that are not installed at all).

   Indeed, as mentioned at the start, being a Home Inspector is not easy. Hopefully some of these tips will help you prepare for any future home inspections, and save you time, money, and aggravation. Any comments? Did we miss any common issues?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

May 1, 2011

Audio File From Cleveland Radio Interview

Hi Folks,

   Hope you had a great weekend. May is here, and Spring is in the air, flowers are blooming, and all of that good stuff !

   Some of you had contacted me regarding the interview that we did on WELW Radio (Cleveland) back on April 23rd. For those of you who commented, I value your feedback and your kind words. What each of you said to me regarding the interview means more to me than words can even express!

   For the other readers who were requesting an Audio file of the Rent to Own interview, we have attached the file to this Blog post, as well as made it accessible on our website at this exact link: http://www.lease2buy.com/press.php#thtwelwcle042311 (it should be at the top of your screen, and all you need to do is click the little Play button).

   As a side note, we were just cited as, "Realty Experts" on the popular "ELocal" website, and the link for this citation is located here: http://www.elocal.com/blog/elocal-blogoff-panel-of-experts-7

   We are glad to have our name and our services in front of all of those people out there that feel there is no hope to buy or to sell a home...there IS an option, and it is "Rent to Own"!.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com