Main Line Homes Blog

 It may be winter but this is the season when Little League Registration begins. We have some great players locally, some great coaches at every level and some great fileds as you can see above. So don't miss the opportunity to register for next season.

Berwyn-Paoli Little League Registration Online registration now for all returning players, go to Registration

Not sure if your home is in the boundaries for Berwyn Paoli Little League follow the link and see if you home is within the blue outline.

New players can register in person at the TE Middle School Library on:

• January 12th from 10am -2pm
• January 19th from 10am -2pm.

Have a great season playing ball, learning, improving and having fun.

I read a lot of things every day, positive re-affirming messages to keep my attitude in the right place. Sometimes I don't get to read them till later, sometimes right away. This just popped into my inbox and as I was reading the email this adaption of a well known poem/story I think is worth sharing. I hope you enjoy it and that it brings a smile to your heart as well as your lips. Don't forget every smile you share lifts someone's spirits, you noticed them, you cared and you connected. I am very lucky as where I go to work out there is the most amazing young lady, Katie. As you leave she gives you the greatest smile and a cheery goodbye, it lights up her face and you just cannot help but smile back and equally cheery wish her a great day. I work out just to get that smile, it is my reward and well worth it.

Anyway, enjoy this adaption by Dennis Waitley of How the Grinch Stole Christmas

Beware of the Grinch

Now's the time you should hear this! For very good reason!
Now, please don't ask why. It's not simply the season.
Sooner or later the Grinch will invite you
To give up your life's goal as something you can't do.

It could be his head isn't screwed on just right.
It could be, perhaps, that his pants are too tight.
But I think the most likely reason of all
Is that his heart is too cold and his vision too small.

The Grinch is a dream stealer of many disguises.
A friend or relation with depressing surprises.
Just when you feel that your business is booming
He fills you with thoughts that are glooming and dooming.
He whispers about the forthcoming disaster
And about the new plan where you'll get rich much faster

When you say you look forward to earning a million.
He'll scoff and retort: "Not one chance in a billion!"
With a stock market rising and confidence strong
You'd think he'd get real and start going along.
But he howls and he growls with his terrible frown
"Whatever goes up, has got to come down!"

Sometimes the Grinch is quick to appear.
Sometimes he shows up year after year.
But whatever your "Why" and no matter "Who"
The dream stealer, Grinch, will start hitting on You.
He's the fear deep inside that insists you can't sell.
He's the voice that says, "Stop! Things are going too well!"

He especially hates Christmas and the spirit of giving
For he selfishly thinks that by "getting" you're living.
He thinks passionate service is too big a "Why"
And that money's the only incentive to try.
But he's missing the point, and hasn't a clue
That every Who out in Who-ville has a Dream to come true.

Sooner or later all dream stealers find
That they're out in the cold and left far behind.
What they could have or might have or should have possessed
Has now passed them by and left them depressed.

As you sit by the fire and plan the new year
Surrounded by family and friends of good cheer.
Remember the Grinch, with his feet in the snow.'
Standing puzzling and puzzling: "How could it be so?"
"It came without ribbons! It came without tags!
It came without packages, boxes or bags!"

"Maybe Christmas," he thought, "doesn't come from a store."
"Maybe Christmas... Perhaps... means a little bit more!"
It's a spirit to treasure each day and each night
It's the reason the American dream is still burning bright
It's a mission of hope you can trust and believe
"The more that you give, the more you'll receive!"

This week during the Holidays, look for ways to give more!

That's right, money, your money. a buyer's agent saves you money. Their job is to represent you and protect you. Their fiduciary responsibility is to YOU. I love the word agent, because if people fully understand what an agent is they can grasp that having an agent represent them is the best thing they can do for themselves. The agent does not represent themself, they put their client's interests before their own. It is not about selling a house, it is about selling you a home and to make sure it is the right home for you.

Don't fight your agent, they want the best for you. Give your agent feedback on what you like and what you do not when you visit a home. When they ask if you want to buy this house, they are not being pushy, it is their job. if they never ask if you are ready they will never know when to write the agreement for you.

Listen to their advice, but don't turn your brain off, make the decision yourself. Their job description is to represent you and to bring your decisions and choices to settlement. A good agent will tell you when you should not buy a home even when you are gung-ho about it. They have experience, they do this every day, well they should do, if your agent is not a full time agent, find a new agent who is. Listen to their reasoning why this house may not be the right one, it just may have a solid foundation that you can build on to get to your dream home.

Good buyer's agents often know the listing agent, if it is a full time experienced agent, and have built good relationships so that negotiations do not become acrimonious. Their advice on negotiations is given to help you achieve the best result. There are many parts to an agreement of sale, not just the price, as a buyer do not get hung up on the price alone.

Your agent deals with agreements often, they know mortgage brokers and want to make sure your deal is good and goes to settlement. They do not want you finding out at the settlement table that the mortgage broker you chose is charging you extra fees or not honoring the rate. Listen to their advice for they know who is making settlement and who is not. That rate that is too good to believe, it probably is and won't turn up at settlement or come with some cousins called fees that were not mentioned. Let your agent know what you are doing, they are there to help you buy a home.

So when you first meet an agent, ask if they do this full-time, get them to explain how they are going to represent you, and when they ask you to sign a buyers agency contract, a commitment to them do it, and honor it. Most good agents will void that contract if you are not gelling together, or refer you to someone else who might be better able to help you. Because as I have said our job is to help you buy a home and that is what we want to do.

PA Agreement of Sale Part 9

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

The three paragraphs that start this page are all important to understand as they impact the agreement, its breach and any damages the seller can recoup.

Paragraph 28 deals with Representations. How I usually sum sub-paragraph A up is that everything needs to be written down and signed by everyone that they agree with what is written down. Don't accept anyone's word, the seller, the buyer or either of the agents in the transaction, any brochures or promotional material or even advertising. Only what is in this agreement or made part of it is a part of the agreement. Sub-paragraph B is a statement that unless stated elsewhere in the agreement Buyer has inspected the property or has waived the right to do so and agrees to purchase it in its present condition, That is why it is important to make sure you select your inspection contingencies throughout the agreement and not forget to mark one and by missing it have accepted the present condition relating to that inspection contingency. It also acknowledges that Brokers etc have not made an independent examination or determination of the soundness of the property, permitted uses nor have they made a mechanical inspection of any of the systems at the property. Sub-paragraph C is a statement that all repairs required by the agreement will be completed in a workmanlike manner. Sub-paragraph D is a notification that Brokers may offer services to assist un-represented parties in complying with this agreement.

Paragraph 29 deals with Default. If the buyer defaults this paragraph deals with the options open to the seller. Seller has the option of retaining all sums paid by the buyer, including deposit monies if the buyer fails to make any additional payments as specified in paragraph 3 or gives false or incomplete information to the seller, brokers, or any party identified in the Agreement concerning the buyer's financial or legal status or the buyer violates or fails to fulfill any other terms of this Agreement. Unless sub paragraph C is marked seller may retain the sums paid by the buyer including the deposit monies on account of purchase price or as monies applied to seller's damages or as liquidated damages for such breach. Sub-paragraph C IS VERY IMPORTANT that is why they print it in capitals and bold it. Simply put as a buyer the box here needs to be marked. It limits the seller to retaining any sums paid by you including deposit monies as liquidated damages. The final sub-paragraph here D states that if the seller retains all sums paid by the buyer, including the deposit monies as liquidated damages pursuant to what was stated in B and C above buyer and seller are released from further obligation or liability and the agreement is VOID.

Paragraph 30 handles Termination and Return of Deposits. As noted this paragraph is referenced throughout the agreement when ever the agreement is terminated by the buyer and the parties are in agreement that it should end and also what happens if they are not in agreement. It handles who gets what. Sub-paragraph A deal with the buyer terminating the agreement where he has a right to by the agreement, all deposit monies paid are returned to the buyer and the Agreement is VOID. The broker holding the deposit may only release the deposit monies according to the terms of a fully executed agreement between buyer and seller and as allowed by the Rules and Regulations of the State Real Estate Commission. If there is a dispute over who gets the deposit monies sub-paragraph B states a broker is not allowed to decide if there was a breach or which party is entitled to the money. The deposit monies are held in escrow until the dispute is resolved. In the case where it goes to litigation the broker will distribute the deposit monies according to the final order from the court or a written agreement between the parties. Both buyer and seller agree if any broker and licensee is joined in litigation regarding deposit monies, the attorneys fees and costs will be paid by the party joining them.

Paragraph 31 is my favorite paragraph as it explains about the Real Estate Recovery Fund. A phone number is given here and the paragraph is a statement about how if you litigate against a licensee or broker and win your case but cannot get your settlement, after exhausting all legal and equitable remedies, the Fund will pay you out. What happens is that they then stop the licensee from working till that judgment is paid with interest. The phone number of the fund is (800) 822-2113.

Paragraph 32 handles Mediation. Unless Mediation is waived in this paragraph buyer and seller agree to submit to mediation in the case of a dispute or claim arising out of the agreement. Any agreement reached through mediation is binding. The agreement of sale contains Rules and Procedures of the Home Sellers/Home Buyers Dispute Resolution System. Any agreement to mediate disputes or claims arising from the agreement survives settlement. Whilst you can waive mediation it does not stop you later deciding to choose mediation.

Paragraph 33 is a Lead Paint Hazard Reduction Act Notice. This is required for all properties built before 1978. Basically any property built before 1978 was probably painted with paint containing lead. Although it may have been painted over by now, should you sand or do rehab work you may release lead particles into the air. You need to be aware of this and you may elect to test for lead if you feel strongly about this. There is an additional addendum if the property is built before 1978 that deals with and handles this situation. The buyer also indicates they have received the booklet Protect your family from lead in your home and whether the addendum mentioned is part of the agreement. That addendum is very similar to the contingencies mentioned under the home inspection with similar choices for buyers and sellers as mentioned previously

This brings us to the final page of the agreement where any specific addendums or paperwork, such as the MLS sheet, Seller's Disclosure may be made part of the agreement. Any special clauses are also added, such as the home needing to appraise for the purchase price.

In the middle of the page is a notice to the parties to the Agreement that once signed this becomes a binding contract. If you have questions consult an attorney before signing.

It also states that return by fax of this agreement and any addenda or amendments signed by all parties mean acceptance by the parties.

That completes the explanation of the PA Agreement of Sale

A simple question, asked many times a day, however, the answer is often ignored. Are we like this with our customers, asking questions but ignoring the answers? Do we think we know everyting already.

Every time I hear that we have two ears and one mouth, so we should listen twice as much as we speak I think to myself I need to do that. Listen more and speak less. My customers need to express themselves rather than listen to me. I need to know what motivates them, what makes them happy, what moves them.

So my goal for this coming year is to listen, to ask more questions which draw people out and give them time to answer. I need to make time for people, and be ready to listen when I sense someone is not OK and needs to talk something through. Maybe if we all made more time for each other we would enjoy life more, feel more connected and smile more. Maybe our customers would understand we care for them and it is not just about the check we get a few days after settlement. If we listened to other agents we may discover what is really important to their client and be able to craft a deal that makes everybody feel good about the result.

So...

If we listen we may discover a better answer.

If we listen we may hear something new.

If we listen we may make a new friend.

If we listen we may save someone's life.

If we listen we may be able to help.

If we listen we may.........what do you think we may?

Just over a month ago I looked at the statistics for this year to date and last year for the same period. This morning I checked those statistics to see if November had dramatically altered anything.

For January to the end of October in 2007 only 11 homes less sold than 2006. If you add November the number is 13 less in 2007 to 2006. So you can see the market is robust. What is also interesting that although days on market has lengthened by 9 days, not that dramatic there is only a 4 month accumalation of homes on the market looking at every price point. That is not a buyer's market, but it also is not a seller's market. What was different 2007 saw a drop in the number of homes listed compared to 2006 of 188. That is an almost 20% drop. Is it this lack of listings that is actually creating the stronger market in the area? There are buyers looking for homes and there is no need to wait to list, now is a great time to put your home on the market.

Checking a price point for a new listing we just took in Tredyffrin at 281 Upper Gulph there is a 2 month accumalation of homes between $450-$550,000. So if you are a qualified buyer there is some urgency to make an offer if you like a home before someone else does.

If you need help buying or selling a home in the Tredyffrin Easttown area we will be delighted to help you. Contact us now either by email or give us a call and we can get started making your transaction smooth and comfortable.

 PA Agreement of Sale Part 8

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 9

Paragraph 21 deals with Maintenance and Risk of Loss. I have actually blogged on this and a good example of this is Why you need to keep your home insured until settlement. There are three parts to this paragraph.

Sub-paragraph A states that seller will maintain the property, grounds and fixtures specifically listed in this agreement in their present condition excepting normal wear and tear. Sub-paragraph B deals with any system or appliance breaks or fails before settlement. The seller has two basic choices. 1) Repair or replace the system before settlement. 2) Provide the buyer with written notice of the sellers decision to credit the buyer at settlement with fair market value of the failed system or appliance, as acceptable to the mortgage lenders or not repair or replace or give any credit to the buyer. If the seller chooses not to make any repair or replace or give any credit or the seller fails to notify the buyer of his choice; the buyer will in writing within 5 days or before settlement whichever is sooner that the buyer will accept the property and agree to the now famous paragraph 27 release, or terminate the agreement with all deposit monies returned to the buyer according to the terms of the equally famous paragraph 30.

Sub-paragraph C states that the seller bears the risk of loss from fire or other casualties until settlement. This means keep the property covered by insurance and if you move out several days before settlement, let your insurance company know in writing. If any property included in this agreement is destroyed and not replaced Buyer may accept the property in its current condition together with any proceeds of any insurance recovery obtainable by the seller or as usual terminate the agreement in writing with all deposit monies returned to the buyer according to the terms of paragraph 30.

Paragraph 22 is only applicable in certain parts of Pennsylvania and it states "where applicable". You cannot transfer rights to coal and rights of support beneath ground and the owners of those rights have the complete legal right to remove all such coal and this may cause damage to the surface of the land and any house or structure on the land. The buyer needs to satisfy himself that there is no mining going on below the surface of his land to know if this paragraph is applicable.

Paragraph 23 deals with taking possession of the property. Possession is to be delivered by deed, signed at the settlement table, keys, given usually at the settlement table and 1) physical possession to vacant property FREE of debris, with all structures broom clean at day and time of settlement. The seller needs to be out of and off of the property and their things need to be out of and off of the property. If the property is being leased this needs to be transferred at settlement to the buyer unless stated otherwise elsewhere in this agreement. Buyer acknowledges any existing leases by initialing the leases at the execution of the agreement of sale unless specified in the agreement of sale. Seller also will not enter into any new leases, extensions of leases without the written consent of the buyer.

Paragraph 24 talks about Recording. The Agreement of Sale is not recorded in the Office of the Recorder of Deeds or in any other public office. If the buyer allows this to happen, the seller can consider this a breach of the agreement.

Paragraph 25 deals with Assignment. The Agreement is binding upon the parties, their heirs, personal representatives etc and to the extent assignable, on the assigns of the parties. Buyer will not transfer or assign the Agreement without the written consent of Seller unless stated in the agreement. If you are conducting a 1031 exchange you need to take legal advice if this paragraph needs to be struck from the agreement to allow you to assign the agreement to the company handling the 1031 exchange for you.

Paragraph 26 addresses the issues of Governing Law, Venue and Personal Jurisdiction. The laws of the Commonwealth of Pennsylvania apply to the rights and duties of the parties and the validity and construction of the agreement. As an example, if you use an agent who works in New Jersey and Pennsylvania make sure they are using a PA Agreement of Sale, not a NJ Agreement of Sale. If there is a dispute under the PA agreement of sale the parties are agreeing that any dispute, controversy or claim arising shall be decided by the state and federal courts of Pennsylvania.

Finally we come to the now famous Paragraph 27 Release. Read this paragraph carefully and if you do not understand it, ask a lawyer. My understanding is the buyer releases, quit claims and forever discharges everyone involved in the transaction, seller, all brokers, their licensees, employees and any officer or partner of any one of them and any other person, firm or corporation who may be liable through them from any and all claims, losses or demands. This relates to just about any damage to the buyer from every contingency stated in the agreement. BUT it does not remove the sellers duties under the terms of the agreement or remove the buyers rights should seller be in default under the terms of the agreement or in violation of any seller disclosure law or regulation to any right to pursue remedies that may be available under law. The release does survive settlement.

This month Realtor Magazine releases its report on Cost vs Value for the nation and identifies what remodelling projects are worth doing. It covers upscale and mid range projects and discusses the actual cost and the return on the investment when selling. What comes out at the top of the list are exterior projects that add to curb value. But what about our local area compared to a national report. However, I always advise customers do not wait till you are selling to do upgrades as you never get everything back. Plan those upgrades early and get some personal benefit from them yourself as well as adding to the value of your home. Like anything when you move in, look at what you want to do, what your home inspector said needed to be done for improvements and maintenance and make a plan. When you have a plan you will often prioritize and get the projects completed. And as we all know plans are flexible as other ideas always come to mind as you live in a home.

The local area report gives a link to Remodeling and gives figures for the Mid Atlantic region. If you want a more specific report you can click through and give your personal details for reports on Philadelphia, Pittsburgh etc.

If you want to know what you should be doing here in Devon, Berwyn or on the Main Line to get your home ready for sale now, give me a call and we will be delighted to stop by and give you our advice.