Archive for August, 2010

I recently closed a transaction where I represented the seller.  The neighbor immediately to the east had a deck/stairs/fence system that was encroaching on my client’s property by about 10 inches.  It wasn’t clear though if the fence portion was part of the original deck, or was put there sometime after the deck was built.  My client had no knowledge of the when the fence was built, and the neighbor, who had lived there for twenty five years had no knowledge of when the fence appeared either.  The buyer, after receiving the survey, requested the fence by moved.  The real estate contract was silent about the issue so whose responsibility is the fence?

It’s hard to say and represents an issue that comes up all the time – responsibility for encroachments.  Unfortunately, our real estate contract does not specifically mention action that must be taken in the event of an encroachment so my advice is if there is every a possible issue, write it into the sales contract and await the survey.  As a buyer your best opportunity to negotiate is early on and if there is a fence that looks like it might not be on the property line – and it bothers you – be sure to note your desired course of action in the sales contract.  As a seller you are required to disclose (in DC) if you “know about” the encroachment. 

In the end the seller provided a small credit to the buyer to address the fence post closing.

Emotions can sometimes run very high in a real estate transaction, and sometimes parties feel they have been damaged and wish to sue.  If I had a $1 for every time I heard someone ask if I thought they could sue the other party for XYZ – well, let’s just say I wouldn’t be writing this blog.  The reality is that rarely (in residential real estate) are the possible damages worth the attorneys fees involved in a lawsuit.  Remember even if you have a problem where you’ve been damaged, it doesn’t mean you have a legal claim to recover those damages.  A good attorney can guide you through the particulars of your situation, but understand, it will cost you a few thousand dollars to explore the possibility – at least $10K to draft the appropriate documents, and thousands and thousands of dollars more before you even have a court date.  Bottom line, consult with an attorney, and look at the dollars and cents.  If you need a recommendation, contact me at brandon@brandongreen.com 

For a homeowner, fewer things are worse than a flood in a finished basement.  What can you do to protect yourself?  Well, nothing is absolute and every 10 years there seems to be a “100 year flood” but here are a few reasonably prudent things you can do.  1) Check with your insurance company to see if you’re covered – you’ll find this piece of advice more helpful if you do this before the flood occurs.  2) Sump pumps are useless if the power fails – consider a battery backup on the pump.  3) Make sure the gutters are clean, your landscaping is pitched away from your home’s foundation, and that the downspouts direct water a few feet away from the house.  I can’t tell you how many wet basements I’ve seen that were caused by downspouts terminating at the base of the foundation so the water is forced to eventually make a path to your newly laid carpet.  For more information about my experience with web basements – don’t hesitate to reach out to me.  Brandon@BrandonGreen.com  

A word from Brandon Green…

With 100+ degree heat baking the real estate market this month, and snow  measured in feet only a few short months ago, I’m frequently asked - does the weather impact the real estate market?  The short answer is yes.  The engine that drives the real estate market are buyers who physically are touring homes - many of which are only moderately motivated in today’s environment.  Therefore, weather conditions can definitely cause buyer traffic to change and therefore the sale can be pushed down the road.  My advice to my seller is to focus on what you can control - which is property condition, and price.  The weather will change eventually and the buyers will be back out looking at property so “chill” and you’ll see a change soon.  If you’re not sure about your particular situation, contact me and we’ll go through the particulars.  brandon@brandongreen.com or 202-318-1623.

In our community…

Brandon Green Companies is once again sponsoring two charitable events this fall.  One is the Capital Tennis Association’s charity event, the Cap Classic.  Brandon has decided to take up tennis and will not only be sponsoring the tournament, but will be playing in it as well! 
 
Click here for more information.
 
And the really big news is in partnership with Keller Williams, Brandon Green will be sponsoring a visit by Up With People to DC the week of October 18th.  www.upwithpeople.org  UWP will spend a week in the city working with the DC Public Schools and other organizations providing many hours of community service, all culminating with a city wide event on October 23rd.  Many more details to follow.

Featured success story…

David Neveu and Eric Hester just bought a wonderful new home in Alexandria and their home in Arlington is currently under contract.  This is what they had to say about Brandon Green:
 
“Brandon is simply extraordinary.  This is the second property that I have purchased with Brandon’s assistance, and he always makes it seem effortless.  His advice is invaluable.  His attention to detail is amazing.  He perfects just the right balance between toughness and diplomacy.  He listens to the client, never loses his patience, and he really knows the market.  I would enthusiastically recommend him to anyone looking to buy or sell a house.”

Just for fun…

Recently, Brandon took the team to the Washington DC Trapeze School for a little team building exercise.  Now that’s some high flying fun!  We’ll soar above for you too in all of your real estate needs, contact one of our superstars today!

Okay, so I’ve become that neurotic homeowner completely obsessed with finishing every detail of the 7 year home renovation of my house on Fairmont.  Frankly 7 years of renovation is for the birds and I don’t recommend it to anyone, but it does bring up a good question – when is enough, enough when it comes to renovating a home – particularly an old home with never ending needs!  To the best of my ability, I’ve been trying to follow the following three rules in determining if I should or should not…

1. Will my ultimate buyer value the improvement (aka pay more money for the house) or will he or she not recognize the true cost?  A good example of this is in bathroom tile selection.  Good grief, you can spend thousands on special tile flown in from the West Indies, but it looks like what you might find at Home Depot on Rhode Island Ave.  Will the buyer pay for the premium tile upgrade – probably not.
2. What is the market expectation for my desired price point and market category?  For example, if all the homes in Columbia Heights above 900K have gorgeous kitchen renovations – mine should too.  No element of your home should stick out like a sore thumb – unless you’re selling AS IS and then price accordingly.
3. Don’t be controversial in your material selections.  I may love dark red in the bedroom, or the stunning nude portrait in the dining room (no, I don’t have one) but controversial elements can become negative focal points in your home causing buyers to walk away.  Don’t be that seller who has very “specific” taste that pigeon holes your home into a certain category of buyers. 

So onward – two more phases left and then I’m ready to sell!

A client recently asked about return on investment for landscaping improvements and I thought I’d share portions of that email with everyone as the question comes up frequently:

“Ah yes, the ol’ debate about how much to spend on home improvements.  Generally I think you want to have a couple things in mind.  1) Make sure what you’re doing has a large component of personal enjoyment.  By that I mean the “investment” value is not as important if you’re going to be staying in your home for 10 more years.  You’ll get 10 years of great use out of the yard which is fantastic!  On the flip side, if you thought you’d be selling this winter or early next year, we’d want to look at the project and trim it down to the bare necessities.   2) Generally you get a lot of bang for your buck when it comes to curb appeal work.  At least $1.50 for every $1.00 you spend.  So if you’re spending $35,000, it could certainly raise your value up by $50,000. “

If you’d like more information about values of other home improvement projects, contact me at brandon@brandongreen.com