Chattanooga Real Estate Blog

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Archive for December, 2006

Code of Ethics-Duties to Clients and Customers: Article 6

Posted in REALTORS Code of Ethics by Karen Rhodes on December 28th, 2006

·  Article 6
REALTORS® shall not accept any commission, rebate, or profit on expenditures made for their client, without the client’s knowledge and consent.

When recommending real estate products or services (e.g., homeowner’s insurance, warranty programs, mortgage financing, title insurance, etc.), REALTORS® shall disclose to the client or customer to whom the recommendation is made any financial benefits or fees, other than real estate referral fees, the REALTOR® or REALTOR®’s firm may receive as a direct result of such recommendation. (Amended 1/99)

·  Standard of Practice 6-1

REALTORS® shall not recommend or suggest to a client or a customer the use of services of another organization or business entity in which they have a direct interest without disclosing such interest at the time of the recommendation or suggestion. (Amended 5/88)

 

All good REALTORS® will have a team of companies they can recommend such as title companies, lenders, warranty companies and insurance companies.  There are times when a fee is received for any business these companies obtain from the REALTOR®.  Any monies received for these recommendations must be disclosed to all customers and clients.  It must also be disclosed if the REALTOR® has an interest in any company that is recommended at the time of the recommendation.  For example, if I have an interest in a mortgage company and recommend you contact them for rates I have to disclose my interest at that time.  The fact that you may already have your financing lined up and will not be using my company does not matter.  I must disclose since I have recommended them and you may use their services.



Code of Ethics-Duties to Clients and Customers: Article 4

Posted in REALTORS Code of Ethics by Karen Rhodes on December 27th, 2006

·  Article 4
REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative. (Amended 1/00)

·  Standard of Practice 4-1

For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract. (Adopted 2/86)

 

 

If I, as a professional, have anything whatsoever to do with a real estate transaction I must disclose it in writing to the other parties.  This article applies not only if I have a personal interest in the property but if a member of my family or firm that I have an interest in.  The thinking being that as a professional I have knowledge and training in the real estate market that the general public doesn’t.  It would be unfair if I wanted to buy a FSBO but didn’t tell them I am a REALTOR®.  It could look like I was taking advantage of them.



Merry Christmas

Posted in Just for Fun by Karen Rhodes on December 24th, 2006

Karen, Wayne, Snowdrift and Blizzard (the cats)



Weekend Activities in and Around Chattanooga

Posted in Just for Fun by Karen Rhodes on December 22nd, 2006

There are still a few special things to do on the community calendar this weekend.  So if you have finished all your shopping here are a few activities for the last week of the year you might enjoy.

1-31 "Arte d’Italia" at Athens Center for the Arts

13-31 "Common Threads" exhibit at McMinn County Living Heritage Museum, Athens

22 Bach’s Lunch at Grace Episcopal Church featuring Laura Elder on harp and Nora Kile on flute

27-30 Quilts accepted for "Stitches in Time" exhibit, opening Jan. 12 at Museum Center at Five Points, Cleveland

31 New Year’s Dinner Gala Cruise on Southern Belle

31 New Year’s Eve party, with Nashville band Timeline, at Bear Hollow Resort, Monteagle



Posted in Just for Fun by Karen Rhodes on December 21st, 2006



PMI to be Tax Deductible in 2007

Posted in General Real Estate Info, Mortgage Info by Karen Rhodes on December 20th, 2006

Mortgage deduction

Good news for those of you buying in 2007 with less than 20% down!  In most cases, your PMI premium will be tax deductible once Bush signs it!  There is a limit on the income allowed for the deduction though.  Looks like it is going to be only for borrowers earning less than $110,000. 

PMI is private mortgage insurance for the lender in case of a loan default.  This is great news since in the past PMI has been money thown out the window with no tax advantage at all.  It does nothing for the buyer at all.  Of course, the best scenerio is to have 20% down or do some sort of combo loan so you will not have to have PMI at all because it can be quite costly.



Tips For Locating The Right Schools

Posted in Buyers by Karen Rhodes on December 19th, 2006

School desks

When it comes time to buy your next home, your decision will be based on dozens of criteria. If you’re like many home buyers, good schools will be at the very top of your list. Even buyers without children are often concerned about the quality of schools. They know property values often reflect the reputation of local schools-both public and private-and that a home near good schools may be easier to sell later on.

 

Plan Ahead

It pays to look at schools early in the house-hunting process so you can narrow your focus to particular neighborhoods. Consider the following approaches and available resources for determining whether a school or school district is right for you and your children.

Define Your Idea Of “Good”

The first step is taking an honest look at your child’s educational needs. Is he or she average, exceptional, or is there a learning disability to consider? What are the student’s interests and natural abilities? Cerebral? Artistic? Athletic? It won’t matter that a school is tops in math and science if your child’s educational focus is in language and fine arts. Identifying your child’s individual needs will help determine the types of programs and educational approaches you’re looking for in a school.

Get An Overview

You can tap the resources of several organizations to find out what schools are available in a particular area and how they rank compared with others in the system, the state and the nation. (See the side bar for details.)

Take a look at the programs that would most interest or benefit your children. Is the local public school strong in those areas? If not, there may be good private-school alternatives in the vicinity.

Keep in mind that what you see on paper may not provide a complete picture of the school, its resources and the capabilities of its educational staff.

Identify The District

It’s easy to find out what public school district a house is in-the information is nearly always included in the MLS listing, available through your Realtor. Note, however, that school boards frequently re-draw districts. To help ensure a home is likely to remain in a particular district, you may want to find out how close it is to district lines-being central to a district increases your chances of staying there. Contact the local board of education to obtain a district map.

Go To The Source

Also ask the local board for any information available about the school system, special programs, etc. Many boards will provide you with standardized test scores, often broken down for each school and subject area. Private schools often provide test-score information and college-placement statistics as well.

See For Yourself

Make plans to visit the schools you are interested in. Schedule appointments with the principal and some of the teachers in your child’s grade. Inquire about school policies and procedures. Discuss your child’s strengths and weaknesses, asking how the school would handle them.

Interview The Neighbors

Perhaps the best way to investigate a school is to talk with parents whose children attend. Visit neighbors in the area and ask them to be candid about what they like and dislike about local schools.

Let Us Get You Started

We’ll be happy to provide the phone numbers and website addresses of the schools and districts in our area. Be aware, however, that complying with fair housing practices, we may not be able to provide you with all the information you seek. Discussing school quality can be construed as “steering” buyers to or away from particular neighborhoods, which could be viewed as discrimination-even if unintentional.

That being said, we’ll do everything we can to support your efforts to locate the right home and the right schools to meet your family’s needs.



Mortgage Rates–12-18-2006

Posted in Mortgage Info by Karen Rhodes on December 18th, 2006

Interest rates compliments of:

Owens Financial Group
Melanie Huddleston


1007 Ashland Terrace
Suite 104B
Chattanooga, TN 37415
423-648-7630

  Conventional Fixed Rate

30 yr  =  5.75%

15 yr  =  5.50%

FHA and VA

30 yr  =  5.875%

ARMS

3/1 = 5.375%

5/1 = 5.5%

Rates subject to change



The World’s Largest Menorah

Posted in Just for Fun by Karen Rhodes on December 16th, 2006

Built at the entrance to Jerusalem by the Jerusalem Municipality and the ‘Meir Panim’ Organization, in association with the Israel Electric Corporation, the world’s largest menorah is about 69 feet wide, and has nine branches, each of them about 66 feet tall. There are 1800 500 watt light bulbs.  The total weight is 50 tons and it produces more light than all the lights along the Jerusalem-Tel Aviv highway. 

This is an Isranet photo taken of the ‘Meir Panim’ menorah after it was ceremonially inaugurated on Dec. 6.



Christmas Lights in Kissimmee

Posted in Just for Fun by Karen Rhodes on December 16th, 2006

I was surfing for the video that was all over the place last year of Christmas lights set to music.  I’m sure you remember.  It was on the major network news programs as filler over the holiday last year.  Well, anyway, I googled it and found that there are tons of them:)

This is one from that someone in Kissimmee FL did last year.  The choreography is set to the song "Carol of the Belles’ performed by Trans-Siberian Orchestra.   Enjoy!




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