A traditional Ranch Style house is only one story, but a split level, "Raised Ranch" house has room to grow. A finished basement with large windows creates extra living space below, while a raised roof leaves room for bedrooms above. Critics may say that a Raised Ranch house lacks personality, but there's no question that this practical style fills a need for space and flexibility.
Raised Ranch Style
(Split Level)
c. 1932 - present

Raised Ranch style houses have many of these features:

Two stories
Attached garage
Partially submerged basement with living quarters
Low pitched gable roof
Asymmetrical
Large windows: double-hung, sliding, and picture
Sliding glass doors leading out to patio
Lack decorative detailing, aside from decorative shutters and porch-roof supports

About the Raised Ranch Style

A popular variation of the Ranch house style, a Raised Ranch home has several levels. A split-entry Raised Ranch may have a main floor and a partially submerged basement. A split-level Raised Ranch has at least three levels. The front door leads to a entranceway between the other levels, with stairs leading up and down. The main living areas and bedrooms tend to be located on the main floor, while the garage and a large room are in the basement. Thanks to the placement of large windows in the lower level, the basement can be a pleasant living space.
Description and photo courtesy About.com

We hear a lot of talk about which months are the most lively ones for getting our listings sold. Many people think the ideal time to put a house on the market is when the azaleas are in bloom and the grass is the greenest. In many parts of the country, the "spring market" is thought of as the real estate industry's Christmas season.

There are important factors that strongly influence the sale of houses. Interest rates, the availability of local employment, tax rates, and the overall economic health of the community all play a large part in determining how quickly homes move and how well the sellers will do at the closing table. Your home may sell quickly during a month when the weather is gloomy but the interest rates are low. Waiting for spring flowers to bloom before planting your "For Sale" sign may improve your home's curb appeal, but may not have as much effect on the sale of your home as interest rates that go up as quickly as your tulips.

Time to check your house for seasonal safety.
Taking a few simple --but smart-- measures can greatly increase your home security:
* Keep your doors locked and make sure all doors have deadbolt locks of at least 1" to 1 1/2".
* Have "pry-proof" locks on your windows.
* Keep shrubbery trimmed so that neighbors can see your windows and entrances and they don't serve as hiding places for intruders.
* Keep all entrances well-lighted at night. There are a variety of inexpensive spotlight systems with motion sensors which will turn on the lights when any movement takes place within a certain range.

Your first child is on the way, and you are outgrowing your small apartment. The time seems right to seriously consider buying a house, but you are afraid you don't you have enough cash.
Don't worry! Realtors are experienced in helping first-time buyers locate the financial resources to make such a move. The first step is to sit down with an agent who is familiar with available loan programs. You will need money for the down payment and your income must be high enough to meet the lender's qualifying standards. We may be able to minimize the amount of cash needed with a little help from either the sellers or the loan company. You may be able include some of the closing costs in your mortgage or the sellers might consider a lease/purchase agreement which would allow you to rent for a few months while accumulating the funds you need. If you are ready to buy your first home, let your Realtor assist you in making your dream a reality.

If you have a mortgage on your home in the West and North Columbus area, you have probably gotten several offers from insurance companies that sell coverage to pay off your mortgage if you die unexpectedly. Insurance is a good idea in most cases, however, mortgage insurance is usually a poor value.
If you read the large print, it looks like the policy will protect your family if you die before your mortgage is paid off. All you have to do is fill out the paperwork, have a physical exam, and pay a little more each month. The fine print, however, may limit the coverage to accidental death. If there are two people on the deed of trust, the policy may pay only half if one of them dies. If you are considering mortgage insurance, call a good insurance agent before you send in your forms. Insurance experts usually advise against separate policies to cover various contingencies. A regular term life insurance policy equal to the amount of your mortgage will probably offer you a lot more coverage for your money.

Conventional wisdom says, "Don't pay off your mortgage early." So are you foolish to consider an early payoff? Absolutely not. By adding just $50 to $100 to your mortgage payment every month, you can save thousands of dollars in interest, pay off your loan quicker, and eliminate a major monthly expense.

The argument usually given against paying a mortgage early is that you can make investments with your extra cash which pay higher returns, such as mutual funds or stocks and bonds. This approach enables you to take the mortgage interest deduction and have easy access to your money, in case you need it. These are all definite pluses, but are not guaranteed savings results.

Any extra income which an investment might generate, over your home equity appreciation, can be offset by a bad year in the investment market. Investment earnings can virtually eliminate the income tax advantage of your mortgage interest deduction, since stocks and bonds are likely to generate a fair amount of dividends, interest income and capital gains.

It isn't as simple as conventional wisdom--consult a financial expert.

You already own a house, but one day you hear that the house you have desired for years is on the market. Out of curiosity, you call your favorite Realtor and arrange to see if the inside of your dream house is as terrific as the outside, and--suddenly you are in love. The sellers need a relatively fast settlement, and are not in a position to accept an offer that is contingent on selling your home before closing on the new one. While you are confident your house will sell fairly quickly, you can never be sure in a fluctuating market.
A bridge loan may be the answer to your situation. Many lenders specialize in providing short term loans for just this type of situation. The principal and interest is paid back when you close the sale of your present house. If the market in your area is strong and there is a good possibility of selling your home quickly, or if you are willing to offer your home at a price that will move it in a sluggish market, then a bridge loan is a tool that could make the home you love a real possibility. A good Realtor and a knowledgeable loan officer are the team you need to turn this kind of possibility into your future.

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. The selling brokerage holds the check unless it is negotiated in the contract that the listing brokerage holds it.

What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. Earnest money is returned at closing to the buyer, and it is the buyers choice if they want to take the check and deposit it in their personal account, or use it toward the amount they have to take to closing. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay office expenses, for example. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the Realtor.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask!

You have to have a reasonably good financial foundation before a lender will approve you for a mortgage loan. They look for a good credit rating, enough money in the bank to make the initial down payment and pay the closing costs, and a stable employment situation. People who have just qualified for a mortgage loan are usually in better-than-average financial shape. If you have just bought a new house, don't be surprised if you receive a lot of offers from retail stores and other credit card companies offering you pre-approved revolving credit.
Be careful about accepting too many of these offers! New home owners have often wiped out most of their savings to buy their home, and they need everything from linens to furniture to get settled into it. With all of the immediate credit available, it may be very tempting to just say "charge it." If you're not careful, you could be "up to your ears" in debt very quickly. It takes discipline to reach the goal of home ownership--and it takes that same kind of discipline to maintain financial health after you leave the closing table.

Perhaps the most common deterrent to first-time home buyers is the lack of a down payment. The home loan industry has practically re-created itself in the last ten years, making it easier than ever to obtain a mortgage, and new mortgage programs are always cropping up.

Some states have a state-sponsored loan program which allows buyers to purchase a home without putting any money down. A parent or other relative can guarantee repayment of ten percent of the loan if the buyer defaults. The only cash needed is for the closing costs, which typically run about three percent of the loan.

Parents can also give their children down payment help through a personal note or second trust deed. The terms could be set up for monthly payments or annual payments amortized over a period of time. You could pay the interest only, and have the payoff due when the property is sold.

With so many alternatives, doesn't it make sense to call your Realtor for a free consultation? You may be closer to the end of the rent trap than you think.

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