Archive for July 10th, 2007

A Real Life Example of why you need a Professional Home Inspection

Tuesday, July 10th, 2007

In this Real Estate Journal article, June Fletcher comments upon the recourse for buyers who find faults in their “as is” home:

“Question: I am 28 and purchased a home “as is” in May. As I was doing some upgrades, I had the city inspect a power-panel upgrade. The inspector noticed the garage conversion and a covered patio that didn’t receive city permits. These were built before I purchased the house and I was not told of the permit issues. The inspector called the power company and told it to not connect the power until the conversion and the patio were permitted and brought up to code. Contractors I’ve contacted say it will cost around $30,000. I don’t have the money. Do you have any advice?

— Daniel Rivas, Santa Fe Springs, Calif.

Daniel: Many homes, if not most, are sold “as is.” In some places, “as is” is included within the standard boilerplate in real-estate contracts. The language simply means that the seller won’t be making any improvements and is selling the house in its current physical condition. Fair enough, since most homes accumulate some wear and tear over the years.

But when sellers sell homes “as is,” that doesn’t give them the right to foist hidden problems on you, which is why the law in California, and most other states, requires sellers to give you a Real Estate Transfer Disclosure Statement. Anything wrong with a house that you couldn’t easily discover on your own, including work done without permits, must be listed on this form — so take a look at it now. If the sellers disclosed the illegal garage conversion and patio, you’re out of luck — you were properly forewarned. But if they didn’t, you may be able to sue them to recover the costs of the repairs. Check with a local real-estate attorney to discuss your options.

Unfortunately, though you quite properly had the city inspect your power-panel upgrade before you moved in, it sounds as if you didn’t hire a professional home inspector to look at the house before you purchased it. Hiring a home inspector isn’t required by law, but I strongly recommend that every buyer do so, even when buying a new home. The cost usually runs around $300 and helps protect buyers from expensive situations like yours. Any competent inspector would have noticed that parts of your house weren’t up to code and would have been able to alert you before you bought it, even if these items weren’t listed on the disclosure statement. And if the inspector wasn’t competent and simply overlooked the code violations, his or her errors and omissions insurance would cover your costs.”

When a member of The Michelle Sterling Team assists you in the purchase of one of the many Las Vegas homes for sale, we will provide you a list of different professional home inspectors for you to choose from. We will also walk you through what to look for when choosing a Las Vegas home inspector. Let our experience help guide you through every step of the home buying process!

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

click-to-call from the web

Count Dracula's Castle for Sale – Any takers?

Tuesday, July 10th, 2007

Bran Castle, one of Romania’s top tourist attractions and a must-see for fans of literature’s most famous vampire, is up for sale.

Those willing to brave a price tag that could exceed $100 million will get the keys to the castle that inspired settings in Bram Stoker’s “Dracula,” said Michael Gardner, chairman of Baytree Capital, the New York private-investment firm handling the sale.

The building in the Transylvanian region of Romania has become known throughout the world as Dracula’s Castle, and is currently being used as a museum, he said.

But Archduke Dominic Habsburg and family, the current owners of the property, aren’t looking for just any old investor to bite. The firm was brought on to not only sell the place, but to develop a plan for it as well, Gardner said.

Gardner said the castle and the land around it is ripe for the development of tourist amenities including hotel accommodations and spas, all while “keeping the castle as centerpiece of the resort area.” Already, 450,000 people visit the castle annually, he said.

The accession of Romania into the European Union earlier this year will likely bring more tourist activity in the future, Gardner said. New infrastructure will make it easier to get to the attraction, he said, but currently there aren’t many places for tourists to stay.

Archduke Dominic chose the New York firm to create a plan for the property because he felt it would be done so with “the utmost sensitivity towards my family, the castle’s history, and our ties to the country,” he said in a news release.

“Aside from the castle’s connection to one of the most famous novels ever written, Bran Castle is steeped in critical events of European history dating from the 14th Century to the present,” the Archduke said.

The Archduke’s grandmother, Queen Marie, lived in the castle in the early part of the 20th Century, according to the release. The communist regime seized the 700-year-old castle in 1948, and it became a museum in the 1950s. It was returned to the family in 2006.

You can read the entire article in The Real Estate Journal here.

If you are interested in purchasing Dracula’s castle by all means contact us so that we may put you in touch with the listing agent for this property! :)

Or if your budget is less than $100 million please contact one of our Las Vegas Real Estate Agents so that we can help find you a more, ahem, appropriate Las Vegas Home.

We promise not to bite ;)

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

click-to-call from the web

Is your Las Vegas Realtor an Accredited Buyers Representative (ABR)?

Tuesday, July 10th, 2007

A real estate buyer’s representative solely represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer’s representative.

The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER’S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

Why should you look for the ABR designation before looking for a home? These three letters after a REALTOR’s name tell you that you will be working with buyer representative who is committed to your best interests. The ABR Designation is awarded by REBAC to those REALTORS who have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER’S AGENT Council).

If buyer representation at this level is something you feel your transaction deserves by all means contact The Michelle Sterling Las Vegas Real Estate Team. ABR accredited agents are ready, available and waiting for your call.

A LAS VEGAS REALTOR IS STANDING BY FOR YOUR CALL

CALL NOW FOR
IMMEDIATE ANSWERS TO YOUR QUESTIONS
888-349-2595
FREE INFORMATION – NO OBLIGATION

click-to-call from the web