Dec
6
Fishers REALTOR has help explaining Weep Holes
Posted by marchantteam under For Buyers, For Sellers, General Information, Inspection Issues, Real Estate Terms S-Z
From time to time, your Fishers Realtor ® is so busy with her buyers and sellers, she needs a ghost writer; let me introduce one of the inspectors I use and trust, Rob Rehm. 
Rob wrote this piece on Weep Holes and I think it is something my readers should understand. So, thank you Rob for your expertise on this article.
Have you ever seen holes or plastic tubes in the mortar joints just above the foundation and over windows and doors? Sometimes there is a small length of rope sticking out of the joint instead of a hole. Note– you aren™t seeing sloppy construction, the holes or piece of rope are supposed to be there. Don™t seal them up because they serve a valuable purpose.
While a masonry wall is the first line of defense against water penetration, it can leak. Masonry is porous and can absorb moisture in extreme weather conditions. Weep holes are the exit port for the drainage cavity behind the masonry wall. If the wall is built correctly, the weep holes allow moisture behind the masonry to exit. These holes also serve as pressure equalizers making it less likely that wind-driven rain will penetrate the wall.
The drainage cavity has five essential elements:
- The exterior wythe (the vertical section of a wall that is equal to the width of the masonry unit) of masonry provides the first resistance against moisture penetration
- An air space of at least one inch
- An interior wythe of masonry or other material such as frame wall
- Flashing at all interruptions in the drainage cavity such as at the base of the foundation and around the openings for such windows
- Weep holes at all flashing locations– recommended spacing of 33 inches.
For a cavity wall to function properly, water that collects on flashing must be able to drain through the weep holes to the exterior or the building. If weep holes do not function properly, water collecting in the cavity can infiltrate the building interior.
There are many homes built without weep holes that have or will likely never become a problem. However, good building practices and most building codes suggest weep holes should be installed when the home is built. Many code officials will look the other way or allow occupancy without the installation of weep holes.
Conversely, the absence of weep holes occasionally allows so much moisture to accumulate that metal fasteners turn to rust, wood-destroying insects are encouraged, or rot develops. It is unlikely that a visual home inspection will reveal these problems unless conditions are so severe that cracks in the walls or other indicators are visible. The most likely visual manifestation of a problem will be water stains, damp areas or rot at the foundation plate and/or floor band as well as stains or damp areas at the top of the foundation wall.
Weep holes can be added. However, most masonry experts question the effectiveness of retrofit without at least partial removal of the masonry, which is very expensive. Home inspections are not code compliance inspections. Professional home inspectors can look and determine if weep holes are present, however, they have no way to ensure absence of hidden moisture damage without invasive investigation. Therefore; it is our perspective that weep holes should be installed when they are missing on a property.
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Cindy œin Indy Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
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Nov
7
Fishers Realtor explains Ownership Options
Posted by marchantteam under For Buyers, For Sellers, General Information, Real Estate Glossary, Real Estate Terms S-Z
There are currently 765 homes for sale in Fishers. With the extension of the first time buyers tax credit and creation of the $6,500 tax credit for repeat buyers, it will be interesting to see what happens to the levels of inventory we have.
I am seeing a variety of individuals look to purchase homes and this always brings up the conversation around how to hold Title or ownership types.
The most common are Joint Tenancy, Tenancy in Common and Tenancy by the Entirities. Let’s go over a few of the differences in each.
Joint Tenancy is for any number of persons; could be husband and wife but could be three friends. The division is equal; each owner has an equal piece of the pie. Each owner can sell their interest to another person. If one of the owners dies, that interest is automatically passed to the remaining owners. To create a joint tenancy the co-owners must share four “unitites”. They must acquire the property at the same time, have the same title and interest in the property and have an equal right to possess the entire property. Most married couples choose Joint Tenancy with Rights of Surviorship.
Tenancy in Common is for any number of persons; could be husband and wife but could be three friends. The division is divided into interests but may not be equal. Each owner has a separate legal title to their interest. If one owner dies, it does go to that owner’s heirs rather than the remaining owners. Here’s a real life example:
My husband and I own 1/12 of a share of a house in Breckenridge with 11 other couples across the United States. The shares are equal. When we die, they will become a vacation spot for our kids!
Tenancy by the Entirety is specifically for husband and wife. Any decisions regarding the sale or refinancing must be agreed by both parties. If one of them die, the other automatically gets the house.
There are a variety of ownership types as well, such as PUD, Co-op, etc. But those will be in another post. Determining how to hold Title is something you will want to discuss with your attorney or with the Title Company.
In the meantime, be sure to let me know if you would like your home in Fishers evaluated for pricing and how fast it might sell in the current market.
Search homes for sale in Fishers by Neighborhood
Other Northside Blogs (Carmel, Noblesville, and Geist)
Cindy œin Indy Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
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Sep
4
Fishers Realtor compares Short Sale to Foreclosure
Posted by marchantteam under Ask a REALTOR, For Sellers, General Information, Real Estate Terms S-Z, Short Sales
There are many people who have homes for sale in Fishers or are thinking about selling their home and know that they probably owe more than they can get for their home. This can cause a lot of sleepless nights.
In many areas, the 2009 prices have not appreciated above the 2006 prices. This means if you bought your home in 2006; you may not be able to sell it for more than what you paid. This creates negative cash flow when you add in typical seller expenses such as taxes (paid in arrears in Indiana), commissions and title work.
There are options! You may be able to sell your home “short” and preserve your credit. Banks have the option of submitting the short sale to the creditu bureau as “Paid in Full” or “Settled for less than full balance”. The problem is when you stop making payments; then your credit score will suffer. There are ways to sell short while you are making your payments.
In 2007, the U.S. Congress passed the Mortgage Debt Forgiveness Relief Act and it is now in effect through 2012. The essence is that you will not pay taxes on the debt that is forgiven if it was your principle residence.
We have a short sale or CDPE (Certified Distressed Property Expert) agent on our team. This is a workpaper she has shared with our team that might be useful to my readers.
If you are being relocated for a job or have a declining market in your neighborhood, your lender may agree to allow you to sell short rather than go into foreclosure. If you do not become delinquent on your payments, you may be able to sell short and not harm your credit scores.
This is a very important discussion that is individual specific so please let me know if you would like to talk with me or my team member to see if it might be an option for you or someone you know.
The Marchant Team is about selling real estate, but it is more about creating a win-win situation for each client we have the opportunity to work with in the Fishers Real Estate area.
Search homes for sale in Fishers by Neighborhood
Other Northside Blogs (Carmel, Noblesville, and Geist)
Cindy œin Indy Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
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Aug
19
Fishers Realtor explains PMI or Private Mortgage Insurance
Posted by marchantteam under Ask a REALTOR, Buyer Information, For Buyers, For Sellers, General Information, Real Estate Terms S-Z
Private Mortgage Insurance or PMI is “default” insurance on conventional loans provided by private insurance companies.
You typically will see PMI applied when you have less than 80% equity. The misnomer I often see is that people interpret that to mean they need 20% down in cash. There are other ways to ensure the 1st mortgage is at 80%; by taking a 2nd mortgage for say 10% and then the balance of 10% is in cash. The 2nd mortgage will run a bit higher on an interest rate, but some people prefer to pay that off quickly and avoid the PMI charges completely.
Or course, a 2nd is much harder to come by these days. A credit score over 700 is expected.
When you purchase a home with an FHA loan; PMI is automatically attached regardless of the amount put down. It is typically .55%
PMI costs vary greatly, they can be as low as 1/2 % of the mortgaged value to 1.00%. Here is an example of how this might work:
A buyer searching in the Fishers Real Estate market might find a home in Sunblest for $139,900. Their Fishers Realtor ® negotiates the price to $133,000. The buyer puts down $13,000 leaving a mortgage of $120,000. Lots of numbers, I know…stay with me. The PMI is 1% of the mortgage balance or $1,200 or an extra $100 a month.
Here’s a bit of good news, PMI is now deductible up to $1,000 a year.
It is important to understand the “Total” monthly mortgage payment. Often calculators on various websites give you an amount that is JUST principle and interest. You must also include property taxes, homeowner insurance and PMI (depending on your loan) and possibly a monthly maintenance fee if you are buying a condo or chose a home in a low maintenance community.
If you have other questions about PMI or other real estate lingo, please let me know. I am here to help you understand the buying and selling process.
Search homes for sale in Fishers by Neighborhood
Other Northside Blogs (Carmel, Noblesville, and Geist)
Cindy œin Indy Marchant - Fishers Real Estate Agent
Keller Williams Realty Indy Metro NE
Fishers IN Real Estate Website
317-290-7775
Simply want to say your article is as tonishing. The clearness in your post is simply spectacular and i can assume you are an expert on this subject.
Fantastic real estate blog post! Pictures are worth thousands of words, it’s nice to see the attention to detail from your end. Thanks