Here is the question of the day.  
I have a client who is 65. She married for the second time about fifteen years ago. They both owned homes. He recently sold his home in an historic district. She called to say he was never put on her deed.
 What should she do?
My understanding is that in North Carolina he already has a marital interest. But it raises another question or two. What should we do as Seniors to protect our assets and the benefits we may be eligible to receive? Is the answer a revocable trust or even as I have seen title lately as an LLC? Anyone care to comment? We'll post replies.


Home maintenance is about real estate.  
You either fix it to stay or fix it to sell. The constant is the fixing. I am doing Spring maintenance on my own home of 30+ years. Today the painter came. He washed the house last week. I learned that power washing is not good for a cedar board and batten house. It beats up the wood. It can also pit masonite. He used a gentle garden sprayer with a bleach combined with a neutralizing product. Then we let it dry so we could see what we really needed to paint.
I inventoried paint. While I had all of the color numbers noted and even some of the cans marked, I have resolved to be even more detailed about this process. I have taken a digital photo of the house and noted trim color, flower boxes, accent colors, stain and finish for doors...the kind of paint and the maker. I learned that denatured alcohol can determine if a paint is oil or latex. I went off to the paint store to pick up supplies and learned that the manufacturer stopped making a semi-gloss latex exterior paint. So I had to go to another paint store and have them mix the color from a swatch. Yikes.
The painter also noticed that the carpenter who installed the new kitchen window missed two pieces of trim and I did not notice it. The carpenter is on vacation. Then we reviewed the mahogany door...what kind of finish? I called a new friend who refinishes antiques and asked him what was the best finish to use because I didn't know what was used the last time. He suggested a light sanding, stain as needed and use three coats of a marine varnish he had given me for  wooden chair seats that belong on the deck.

I had a lunch date with one of the staff,
 an excellent map maker, from Charlotte-Mecklenburg Planning Commission. Over the years we have become friends and she helps me keep current on transportation, annexation and neighborhood projects and developments. The big question seems to be if growth doesn't go out, where does it go? It might be better to go to other counties but with the roads and rail  projects, the commute becomes even more tedious.

Back to the office  for more maintenance.  
This time on real estate metal stands, signs, electronic locks...painting, cleaning and making sure everything is heading towards being spit and polished. After scrubbing and cleaning, back to the computers to finish work on a mailing list. I am working on a special project with very defined areas providing owners with specific information...all on a private web site. An interesting concept. Then a quick review of the market activity in areas where I am currently working. A few calls to answer...one to a buyer who is working with credit issues: two car repossessions. Feedback for weekend showings.
And plan tomorrow's day.

The Real Estate Lady® Journal

I listened carefully this evening to the news report about Web Logs…and felt affirmed in some small way that the itch I have had to write about my real estate activities might just be helpful. In two ways: the first being that I really like what I do, being a real estate broker…and the stories are interesting and varied and secondly, maybe the telling and the sharing will help others during the lengthy real estate processes. One thing we know for sure in this business is that no two transactions are alike…anything is likely to happen…the rules are always changing…and real estate is more about people than about property. And the stories are everywhere. For instance:

A long time friend came from out west for a short visit and to establish base camp at our home. In the course of catching up, she spoke of a large tract of land she had just signed the final papers on before coming on this trip. And of course there was more…There were several large tracts and it seems there was a person, not an agent, who assisted the seller in selling the tracts. My friend was quoted one price and it was agreed upon. She signed the offer but the seller did not even though there was a verbal agreement. Excited about the prospect of returning to nature, my friend put in a road a couple of miles long and starting some major grading and planning for the homesite. She was then told the price of the land was more…and that the seller had plenty of buyers. The offer was negotiated again and yes, for more money. The papers were signed by both parties this time.

My friend made preparations for her trip back east…but she had not yet received the deed even though she had paid cash.

I am licensed in North and South Carolina so I can only speak to the law in my state…it is against the law to sell property for another person if you are without a license. Now…there might be exceptions and maneuvers to get around this…but being careful and asking for credentials might be a good starting place in any transaction. In North Carolina, we are required to carry our license information 
and card in our pocket.

An offer is an offer until it becomes a contract and it becomes a contract when it is signed, sealed and delivered.

Doing work, investing in a property before closing is unwise…too much can happen and usually does.

In our state, the closing papers are usually signed in an attorney’s office, the deed is recorded that day if at all possible, funds are then disbursed. She should have had her deed in hand before her trip.

Cautions:

Be patient. Be careful. Be thorough. Observe every step of the prescribed process. These protocols are there to protect buyer, seller and agents and brokers.

Today I received the closing statement for a client who called a couple of weeks ago with a question. They had bought the house about 20 months ago…they got a good house in a great neighborhood at a better than fair price…but now…the water heater went, the A/C was on the fritz and they really wanted to add siding and then build a storage building. They were thinking a home equity loan.

Because mortgage products are so varied these days, translate many from which to chose…we could take a look at several options. I always like to start with the ideal…reduce the interest rate on the first, set up an equity to accommodate the improvements underway and pull some cash out for the storage building and maybe a fence. Because they bought well, the equity was there. The house appraised enough to give them a 80% for the first mortgage, and a 20% for the equity with a combined interest rate of 5.75…more than a point below their current mortgage…and with the help of the mortgage company, the closing costs for both mortgages were less than $1000…no doc preparation, no broker’s fees, and only .5 in loan origination.

They stayed in touch with me the whole time as did the mortgage company and they requested the closing statement be sent to me before signing so I could review. I checked every line to make sure the charges were as quoted, that the Title Insurance was a Tack-To and everything was as we expected. These papers are kept with their first closing package in their file.