Solarize South Carolina

You know, we have friends who installed solar panels on their home a few years ago.  It's a century+ old home in North Columbia.  It took them LOTS of fighting with public service, SCE&G, lots of research but eventually, they got what they wanted and were allowed to install the system.  It was a long process and involved a good bit of heartache, but they were passionate about it and it ended up paying off.  I hope that James' efforts will make solar energy production and use more accessible to everyone. We should all have choices and if an environmentally responsible choice is possible, we should be able to make it easily. Check out this article:
 http://www.thestate.com/opinion/letters-to-the-editor/article36092907.html

Restoration of the Arcade Building

I was so excited to read this article today. The Arcade building is beautiful and has been overlooked by Columbia.  My accountant's office is located in the Arcade and I must admit, it's rather depressing when I go there because there are so many empty suites. You can almost imagine what it must have looked like back in the day with the hustle and bustle of shopping and dining in this new concept building.  I grew up hearing stories about this mysterious "Underground Columbia" too. That would be so cool to have it open back up, although I wonder about fire code, egress, etc.  We shall see...

So, what is title insurance?

Title insurance is an interesting and necessary part of the real estate equation.  When a buyer gets a loan for a home, the lender is going to REQUIRE that the buyer purchase a lender's policy of title insurance.  This means the purchaser buys the policy to protect the lender's interest in the property.  But what about the buyer's interest?  

Well, thankfully, one can also purchase an owner's policy at the same time.  This is a nominal one-time fee that is collected and built in to the closing.  But, is it required?  No.  The buyer chooses whether he wants to buy it.  But if he doesn't, he's quite simply crazy.  The people of Rock Hill and York County were pretty thankful they had owner's coverage when the Catawbas came a-knocking at the door.  Of course, this is one of the most extreme examples that we've seen in this state but there are lots of other, more common situations that do occur.

For instance, that title insurance will protect the homeowner in the event that "one day" it's discovered that there was an old mortgage that wasn't satisfied, or that a deed was forged, or that a seller's mistress signed the deed rather than Mrs. Seller.  This insurance protects your interest in that property and represents you in the event of any legal action.  In short, it can be the best nominal one-time fee you can buy!

Insurance Explained

Not only is having insurance a good idea, if you're getting a mortgage, it's required.  A lender doesn't want to loan you all that money without knowing that the house is insured.  So, what does this insurance do for you?  It covers you in the event of something catastrophic such as a tree falling on the house, fire, someone crashes their car into your house, etc.  But, it can also cover you for theft or if someone is injured on your property.  So, don't forget to insure that engagement ring!

Homeowner's Insurance is not the same thing as a home warranty.  Sometimes people get confused here.  A warranty covers "working parts" of your house like the hvac system, water heater, dishwasher, etc.  This is a one year policy that can be issued at the time of closing. It's not uncommon for sellers to provide this for the buyer.  But you can also issue a warranty on your current home even if you bought it a while ago.  Each year, the warranty company will offer you a renewal.  This can be great piece of mind because all of these working parts are aging, and if you buy an older home to begin with, it could be a lifesaver.  If it's July 4th weekend and your air conditioning goes out, it's nice to have someone come fix it for a $50 deductible rather than a typical service call fee and parts and labor...trust me.

So, where do you get homeowner's insurance?  Most of our clients start with whomever has their cars insured.  Insurance companies offer discounts the more policies you have with them.  But don't stop there.  Shop around.  You can do it by phone, with no obligation and you just might find someone else can make you a better deal.  You'll probably call the "big guys" but don't forget about the independent agents.  Often, they can shop more insurance carriers and really beat the big guys. Happy quote hunting!

Home Inspectors: A Love-Hate Relationship

It's like the old cliche..."you can't live with 'em, you can't shoot 'em." Home inspections are a pivotal part of the real estate transaction.  They are helpful, necessary and I highly recommend them.  But, all home inspectors are not created equal. The love-hate is that the inspection can be so important and educational for the buyer, which is how it's intended.  But, I have encountered some who come into the picture with some kind of weird imaginary chip on the shoulder, like his sole purpose is to scare the willies out of the buyer & have them run away in terror.

Many people don't realize, but home inspectors in SC are licensed and are subject to the Residential Builders Commission. They have a set of standards of practice that they are to follow.  This is a key point because, unfortunately, many inspectors don't follow these standards of practice.  In fact, I've had some tell me to my face that they know they are breaking the rules and they don't care.  For instance, a home inspector IS NOT supposed to walk on the roof of a house.  Why do you think this is?  Well, for one, he's not a licensed roofer.  If he falls off the roof and is injured, think the seller & his insurance company are going to be happy?  What if he falls and breaks his neck?  What if he damages the seller's roof while he's tromping around up there?  You see the point, I'm sure.

So, it's important to find a home inspector who knows the rules and is committed to following them, for his own and everyone else's safety.  It's equally important to use an inspector who knows his boundaries.  He's not a structural engineer, so he shouldn't make comments or judgments as if he were. The purpose of this inspection is to check the house overall for dangerous conditions, broken or non-functional components and anything that just doesn't work.  If there is a concern about how a breaker is wired, then the inspector recommends that it be followed up by a licensed electrician.  If there's an active leak under a bathroom, he'll defer to a licensed plumber.

What a home inspection is NOT is a time to seek out and focus on every imperfection that the house may have.  There is no perfect house, even if you have it custom built and you're on site everyday during construction.  They all have their blemishes. The home inspection's purpose is not to supply a cosmetic wish list for the seller to deal with. Cosmetic or minor issues are most often pointed out simply for the buyer's information. It's also not a time for a home inspector to convince the purchaser not to buy.  Nor is it a time for the buyer to talk himself out of the house.  It's intended to give the house an overall check up so that everyone knows what going on with that house.

Do we find things that need repair?  Sure we do.  Almost every time.  Do we panic?  Rarely, because most everything that an inspector finds is fixable. Do contractors who do this kind of work need weeks and weeks to complete it?  No.  They can rip out an entire bathroom floor, repair it, retile and be gone in a day. I think sometimes when we don't  know how to do something ourselves, we perceive that it must be super complicated and time-consuming.  But rest assured, to the people who do this kind of work everyday, it's a piece of cake.  Do we ever find serious problems like foundation movement?  Sure we do.  But guess what?  There are people who fix that stuff too. 

Once received, the agent (me) will review the inspection report with the buyer(s) and help determine which, if any, items need to be addressed by the seller.  Does the seller have to do what is requested? Nope.  He can tell the buyer to go jump in the lake (again, very rare).  What usually happens is that we negotiate, if needed, to come to an agreement on repairs and who is going to make them.  After all, the seller wants to sell and the buyer wants to buy. 

I believe in the importance of home inspections.  It can be the best money a buyer spends. But I am picky about the inspectors I recommend.  Ultimately, the choice is the buyer's, of course. We can provide a list of inspectors, however, that former clients have used with positive results.