All posts by Philip Ford

What is Appraised Value

  • Appraisals provide an objective opinion of value, but it’s not an exact science so appraisals may differ.
  • For buying and selling purposes, appraisals are usually based on market value — what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
  • Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
  • Appraised value doesn’t take into account special considerations, like the need to sell rapidly.
  • Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com

Helpful Info for Sellers

  • A clean uncluttered home sells
  • Homes priced right sell
  • Selling a home is inconvenient
  • Repairs left undone will cost you more money than the repair itself
  • Overpricing your home will help to sell your neighbor’s home
  • Buyers love to grill sellers that are present for home showings
  • Smelly homes sell for less money
  • Cash is not always king
  • Well maintained homes sell for more money

REALTORS® Code of Ethics

The REALTORS®’ Code of Ethics was established in 1913 by the National Association of REALTORS®. It’s a set of rules that were established to raise the standards of professionalism and service in the real estate industry. The rules are divided into three areas: 1) a broker’s duties to his clients, 2) a broker’s duties to his fellow brokers and 3) a broker’s duties to the public. The current Code of Ethics contains seventeen articles.

Over its one hundred year history, the Code of Ethics has been amended and revised to keep up with the changing times. Local REALTOR® Associations are charged with enforcing the Code of Ethics and handing down punishment to those found to be in violation of one or more of the articles.

To keep REALTORS® up to date on the Code of Ethics, the National Association of REALTORS® requires all REALTORS® to take a training course on the subject every four years.

In recognition and appreciation of their obligations to clients, customers, the public, and each other, REALTORS® continuously strive to become and remain informed on issues affecting real estate and, as knowledgeable professionals, they willingly share the fruit of their experience and study with others.

Source: National Association of REALTORS®

Reduce the Stress of Homebuying

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

  1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
  2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
  3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
  4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
  5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
  6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
  7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
  8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
  9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
  10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Source: National Association of REALTORS®

Boating Class Schedule

Coast Guard Tellico Lake

2019 USCG Auxiliary Boating Class Schedule …

All Classes will be held at the Tellico Village Yacht Club in the top floor meeting room unless otherwise indicated. The Yacht Club is located at 100 Sequoyah Road, Loudon, Tennessee 37774.

Thursday – February 21st
Paddle Sports America     1-5 PM

Thursday – March 7
Marlinspike [lines, knots, splices]     1-4 PM

Tuesday – March 26   &   Thursday – March 28
About Boating Safety   1-5 PM each day

Thursday – April 18
Now In Command     1-4 PM

Thursday – May 9
Pontoon Fun and Family Safety     1-4 PM

Tuesday – May 21   &   Thursday – May 23
About Boating Safety     1-5 PM each day

Thursday – May 30
Now In Command     1-4 PM

Tuesday – June 11
Personal Watercraft     1-3 PM

Tuesday – June 25   &   Thursday – Jun 27
GPS for Tennessee Boaters     1-4 PM each day

Tuesday – August 13
Now In Command     1-4 PM

Tuesday – September 17   &   Thursday – September 19
About Boating Safety     1-6 PM each day

Thursday – October 10
Cold Water Boating     1-4 PM


The Coast Guard Auxiliary on Tellico Lake is here to offer advice and suggestions on your boat.

Please do not hesitate to contact us if we can assist.

Source:
Mike Colacone, USCGA Flotilla 12-2 Tellico Lake, TN

Phone: 352/804-8257
Click For E-mail Inquiries

For Reservations:
Carolyn McDermott, USCGA Flotilla 12-2 Tellico Lake, TN

Phone: 352/804-8257
Click For E-mail Inquiries

Tom Jumer – Tellico Lake Flotilla Commander
US Coast Guard Auxiliary

Tellico Lake – Vessel Safety Inspection Schedule

Boating Safety

Coast Guard Safety Inspections
The Vessel Safety Check is a bow to stern safety check of your boat by trained vessel examiners designed to help you be safer on the water. This is a free, public service of the U.S.Coast Guard offered by the U.S.Coast Guard Auxiliary, the U.S.Power Squadrons, and some state providers.

Federal, state and local regulations require certain safety equipment be carries onboard your boat. Items such as fire extinguishers, life jackets, visual distress signals, backfire flame control, navigation lights, and proper display of numbers are just a few of the items checked.

2019 USCG Auxiliary Free Vessel Safety Check Schedule …

April 20 – Saturday
Tanasi Docks Tellico Village Yacht Club
Morning 10 AM – 12 Noon – Afternoon 2 PM – 4PM

April 27 – Saturday
Kahite Docks Tellico Village Yacht Club
Morning 10 AM – 12 Noon – Afternoon 2 PM – 4PM

May 4 – Saturday
Kahite Docks Tellico Village Yacht Club
Morning 10 AM – 12 Noon – Afternoon 2 PM – 4PM

May 11 – Saturday
Rarity Bay Rock Point & Bay View Docks
Morning 10 AM – 1 PM

May 18 – Saturday
Tellico Harbor Marina 9 AM – 12 NOON
Sequoyah Landing Marina 1 PM – 4 PM

May 25 – Saturday
Fort Loudoun Marina 9 AM – 12 NOON
Wind River Marina 1 PM – 4 PM

June 1 – Saturday
Tellico Village Chatuga Dock 9 AM – 12 NOON

June 7 – Friday
Tellico Village Docks A, B, & C 9 AM – 12 NOON

June 8 – Saturday
Tellico Village Docks D & E 9 AM – 12 NOON

June 14 – Friday
Tellico Village Docks F & G 9 AM – 12 NOON

June 15 – Saturday
Tellico Village Docks H & I 9 AM – 12 NOON

June 21 – Friday
Tellico Village Docks K, L, M & N 9 AM – 12 NOON

June 22 – Saturday
Tellico Village Docks Q & R 9 AM – 12 NOON

June 29 – Saturday
Tellico Village Docks S & T 9 AM – 12 NOON

Please RSVP 865-964-5558 to avoid long wait times

The Coast Guard Auxiliary on Tellico Lake is here to offer advice and suggestions on your boat. Please do not hesitate to contact us if we can assist.

Source:
Mike Colacone, USCGA Flotilla 12-2 Tellico Lake, TN

Phone: 352/804-8257
Click For E-mail Inquiries

Tom Jumer – Tellico Lake Flotilla Commander
US Coast Guard Auxiliary

Tellico Lake – U.S. Coast Guard Auxiliary Website

 

When Is the Right Time to Buy

Know that there’s no “right” time to buy.

If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going. Those factors usually don’t change fast enough to make a difference in an individual home’s price.
Don’t ask for too many opinions.

It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of the people who will actually be living in the home.
Accept that no house is ever perfect.

If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. Also, accept that a little buyer’s remorse is inevitable and will most likely pass.
Don’t try to be a killer negotiator.

Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love.
Remember your home doesn’t exist in a vacuum.

Don’t get so caught up in the physical aspects of the house itself that you forget about important issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life.
Plan ahead.

Don’t wait until you’ve found a home to get approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers.
Choose a home first because you love it; then think about appreciation.

A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.

Source: National Association of REALTORS®

Questions to Ask a Home Inspector

Do you belong to a professional association?

There are many associations for home inspectors, but some groups confer questionable credentials or certifications in return for nothing more than a fee. Make sure the association your home inspector names is a reputable, nonprofit trade organization.

Will your report meet all state requirements?

Also, make sure the organization complies with a well-recognized standard of practice and code of ethics, such as those adopted by the American Society of Home Inspectors or the National Association of Home Inspectors.

How experienced are you?

Ask inspectors how long they’ve been working in the field and how many inspections they’ve completed. Also ask for customer referrals. New inspectors may be highly qualified, but they should describe their training and indicate whether they work with a more experienced partner.

How do you keep your expertise up to date?

Inspectors’ commitment to continuing training is a good measure of their professionalism and service. Advanced knowledge is especially important with older homes or those with unique elements requiring additional or updated training.

Do you focus on residential inspection?

Home inspection is very different from inspecting commercial buildings or a construction site. Ask whether the inspector has experience with your type of property or feature. The inspector should be able to provide sample inspection reports for a similar property. If they recommend further evaluation from outside contractors on multiple issues, it may indicate they’re not comfortable with their own knowledge level.

Do you offer to do repairs or improvements?

Some state laws and trade associations allow the inspector to provide repair work on problems uncovered during the inspection. However, other states and associations forbid it as a conflict of interest.

How long will the inspection take?

On average, an inspector working alone inspects a typical single-family house in two to three hours; anything less may not be thorough.

How much?

Costs range from $300 to $500 but can vary dramatically depending on your region, the size and age of the house, and the scope of services. Be wary of deals that seem too good to be true.

Will I be able to attend the inspection?

The answer should be yes. A home inspection is a valuable educational opportunity for the buyer and a refusal should raise a red flag.

Source: National Association of REALTORS®