Guide to home styles

You can brush up on your residential architecture with our home buyer quick guide to common home styles.

This guide covers the most popular styles of homes in North America, including why some people prefer certain layouts.

Ranch

This style of house features one-level living. There may be a full or partial basement. Generally, a garage is attached to the side of the house.
Ranch Home Style

Split Level

This style of house became very popular following World War II because of the amount of space and utility provided. Split levels fall into two types: side-to-side and front-to-back.
Split Level Home Style

Colonial

This style of two-story house has been a mainstay of residential architecture for many years. These are generally well-built houses, with many being custom built. Their main appeal seems to be the spaciousness and elegance.
Colonial Home Style

Cape Cod

This very practical one and one-half story style of house has been popular for many years, with most capes concentrated in the northern regions. Many resale capes have been expanded over the years for increased living area.
Cape Code Home Style

Contemporary

These “casual” houses are usually sheathed in redwood or stained hardwood and come in many sizes and shapes.
Contemporary Home Style

Bi-Level

This style of house is also referred to as a split ranch. The bi-level house is a modified version of the ranch house, with the major difference being that the lower level is more out of the ground than in the ground. Seldom is there a basement.
Bi-Level Home Style

Victorian

The Victorian style of house was built in various models during the turn of the last century. Home buyers appreciate the architectural nuances of Victorian houses including large porches and interesting bay windows.
Victorian Home Style

Townhouse

This style of house takes its name from the type of house which dominated the early residential development of our early cities, notably the row houses.
Townhouse Home Style

Tudor

Tudors and other English style houses were built during the period of the late 1800s through the 1920s. The combination of stucco and distinctive wood trim exterior provides the Tudor style house with a uniqueness which is most appealing.
Tudor Home Style

Courtesy of HouseMaster home inspectors

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A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.

Core Logic also says prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season.

Prices rose compared with the previous year in all but five states, CoreLogic says.

Steady price increases are fueling the housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further.

 

Preventing Basement Flooding After a Drought

Lake St. Louis, MO — Maryetta Rooks never dreamed that she and her family would be going through a drought just two years after moving to Lake St. Louis from Las Vegas.  Because of the drought, Maryetta has noticed several signs of foundation settlement around her home, including cracks in drywall and the concrete foundation.

“I hope it rains, because we need it,” Maryetta says.  “But I hope it’s not too much more than we can take.”

In the wake of Hurricane Isaac, the Greater St. Louis and Metro-East , Southeast Missouri, Central Illinois, and Southern Illinois will most certainly see some rain this weekend.  To help you protect your basement, here are 4 steps you can take to minimize the risk of basement flooding.

1. Test your sump pump.

The heart of any waterproofing system is the sump pump.  To ensure that your sump pump is working properly, pour water into the sump pump liner.  If the pump is operational, then it will immediately begin pumping the water out of your basement and away from your home.

In case of a power outage or mechanical failure, it’s always a good idea to invest in a battery backup sump pump.  During a heavy downpour, one sump pump alone may not be powerful enough to pump groundwater out faster than it can leak into your basement.  A battery backup sump pump is one way to keep your basement dry all the time.

2. Clean out your gutters.

Especially during a drought, it’s common for soil to crack and pull away from the foundation, leaving a void around the home where rainwater can easily rush in and penetrate foundation cracks or seep through block foundation walls.  Therefore, it’s critical that your gutters are cleaned out well and draining rainwater away from your foundation.

3. Extend downspouts away from your foundation.

Downspouts should be extended at least 10 feet away from your foundation and flowing freely.  You want to minimize the chance of water pooling around your foundation and leaking into your basement.  Adding downspout extensions is one of the best ways to redirect rainwater before it becomes an issue.

4. Lightly water the soil around your foundation.

Lightly watering hydrates the soil and helps close up cracks caused by a drought.  This will help minimize the risk of rainwater running into cracks and leaking mud and water into your basement.

These are just a few ways to minimize the risk of basement flooding.

Courtesy of Woods Basement Systems James E. Lord

 

Oh my big banks…and the mortgage mess

A former client and  friend of mine came to me asking if I could help him sell his home.

He and his wife were divorced. He explained to me that in 2010, she was taken off the mortgage and the mortgage was put in his name.

Unfortunately he, like many others, lost his job in the recession. To top it off he was also upside down on his home. (meaning he owed more than what the home was worth)

We were looking into selling his home as a short sale. He contacted his bank to start both this process and to ask the bank for a loan modification.

After not getting a response back for months, John gave up and quit paying a mortgage he could not afford.

Strange thing, the bank did not do anything. We started looking for other living arrangements but after 6 months, the expected foreclosure did not happen.

What was going on?

This is where I started doing some detective work. County records did not show the 2010 mortgage, all it showed was a mortgage in 2006 in both their names and not with the bank he had mentioned.

Maybe my friend was mistaken so  I questioned him: “Are you sure you refinanced in 2010? He was positive and showed me the paperwork that informed him of the fact that his 2010 mortgage initiated by a local bank was sold to Chase.

(The days of lenders servicing the loans they make are over. Only a few banks still do, but overall lenders sell them off to Fannie Mae, Freddie Mac or other large investors. Mortgages are packed into investment packages and sold, often multiple times)

MERS WHAT?

This is when I realized that maybe we were dealing with a paperwork issue involving  M.E.R.S, Mortgage Electronic Registration System.

It is the mortgage industry tracking system for millions of mortgages. With millions of mortgages being treated as “paper investments there was a problem in keeping track of who owned what loan,” MERS was formed in 1995.

It drastically simplified record keeping and it was supposed to simplify legal requirements that changes of mortgage ownership be recorded at the local court house. (Remember the 2006 mortgage I saw?)

The plan was that MERS would be that all mortgage ownership documents, deeds of trust, would be in MERS name. MERS would be the owner in the public records system, no matter how many times the loans changed hands. Although MERS really doesn’t own the loans, its members do!

CONFUSED YET? SO ARE THE LAWYERS AND BANKS

In the process of creating it’s own tracking system MERS muddies the legal ownership of loans. As a result lenders cannot prove they own a mortgage, causing issues at time of foreclosure. (Could this be the case for my friend?)

Now the system is not necessarily illegal. MERS represents it’s lenders.

CHALLENGING THE SYSTEM

In some cases judges have decided with MERS in others judges concluded banks could not foreclose as legally MERS was the owner of the mortgage.

In some Missouri suits, homeowners lawyers claim that legal paperwork needed to transfer loans was never actually done within the MERS system, so lenders claim to own loans they actually don’t.

On top of all this the MERS system also has an issue with the “Robo-Signing” scandal. (Mortgage servicing operations and law firms swore to the accuracy of loan ownership records, but never checked them)

SO WHAT DOES THIS MEAN?

Back to my friend, John, it could be that his bank cannot foreclose on him and has not started doing so because it cannot do so. This may be because there is no public record of the loan even existing. It may be that the loan was recorded in MERS but never in the court system. IF it eventually does it may well be that MERS will be recorded as the owner of the mortgage.

I am no lawyer, and cannot say with certainty what happened. Thus I advised my friend to seek legal council. Long story short my friend hired an attorney, who is digging through the mess.

If you think you may have a similar case, consult a real estate attorney about your specific situation.

(There currently is a lawsuit in the missouri courts fighting for families who lost their homes under these circumstances. The lawsuit wants the court to give back the homes to these families. This as the banks that foreclosed were not the owners of the mortgages, MERS was.)

Who put my home in a flood zone?

 

 

 

 

 

 

 

 

 

 

 

 

 

You have lived in your home for years and you decide it is time to move on and move out.  You are filling out the seller’s disclosure and come to the part of the 100-year flood plain. You know you home is not, cause it is on a hill for crying out loud. But your Real Estate Professional, probably a Keller William agent, insists on checking the FEMA map. Reluctantly you do  and SURPRISE, you now live in a flood zone. Of course, there is very little information about when this was decided.

 

I’m Selling so who cares?

Ok so your are, but this does not affect you now does it? I mean you are moving out right? Well the buyer of your home will most likely have to buy flood insurances. Definitely if they have a government insured loan. And guess what? The best part is it would cost $2400 per year for the policy, which is $200 a month! We all know that insurance premiums only go up.

Do you think your buyer would prefer your home or the home down the block which is not in the flood zone (YET), that will cost him/her $2400 per year less in insurance?

Congratulations you home is now worth less, as many buyers simply refuse to buy a home in a flood zone. And the ones that do, take the insurance in consideration in the price they are willing to offer for the home. (Unless of course you can convince some poor sucker that it is noah’s arch and was specifically designed for it)

 

This must be a mistake!  

There are only two houses in the entire neighborhood that are. Your home is on a hill for crying out loud. Call me crazy but wouldn’t it make more sense that the homes at the bottom of the hill would be at more risk of flooding? But, nope, those houses are safe, as are the neighbors on either side of you.

OF COURSE you are not going to let FEMA tell you what’s up! You are ready for a good fight.  You contact FEMA to inform them that they have no right to do this to you, and that they don’t know who they are messing with.

Beware of any form with “EZ” in the title

FEMA’s response is simply an email with a Letter of Map Amendment (LOMA) form that has the term “EZ” in the title.  Guess that is supposed to make you feel better as the whole process appears to be anything but easy. You will have to submit:

“One copy of the subdivision plat map (with recordation data and stamp of the Recorder’s Office) or a copy of the property deed (with recordation data and stamp of the Recorder’s Office), accompanied by a tax assessor’s map or other suitable map showing the surveyed location of the property with respect to local streets and watercourses; a copy of the effective FIRM panel; and a map scale and North arrow for all maps submitted.”

As well as the “EZ” form.

After detective work that would impress even Sherlock Holmes, you uncover all required documents. You ship them and are one proud home owner. You have showed them! FEMA reviews your flood designation and will let you know their decision. (Apparently, some information can be obtained from a ‘map repository’, wherever that is.)

In the mean time, your bank may have noticed the change of status too and decide to purchase the flood insurance for you and you have no way of stopping that from happening, unless you buy flood insurance yourself.

FEMA Decides…

Of course if  FEMA still decides that your home has a chance of getting flooded, you will have to fork out the money and hire a surveyor. He will determine if your home is above Base Flood Elevation. (At this point you will be tempted give the surveyor some incentive to say it is but you won’t cause that would be illegal.) The stars may line up just right  and you obtain your much treasured Elevation Certificate and send that to FEMA for review. Eat your map FEMA.

Did you say review? YES for review!

You may want to join the circus at this point!

Guess what? They can still reject it! If you decided to sit it out and did not join the circus you will just have to accept it, buy the insurance, check yes on the seller’s disclosure and offer your home for less than you ever thought of.

However when you buy your next home you make sure it is on top of Mount Everest. Although FEMA may decide it’s ice may melt and you may once again be in a flood zone!

source: FEMA.gov

 

 

Around the Clock Advice from Housing Experts

Call 888-995-HOPE (4673) for free, comprehensive foreclosure assistance and housing counseling services around-the-clock. Call now to get assistance with questions you might have about getting help with your mortgage and to see if you are eligible for the Making Home Affordable Program ®.

When you call 888-995-HOPE (4673) your call is answered promptly, 24 hours a day, 7 days a week, 365 days a year, in over 160 languages. You will have the opportunity to speak live with a housing expert.

Be Prepared Before You Call

In order to assist you, the housing expert will need to gather some information from you. Have as many of the following documents on hand as possible:

• Monthly mortgage statement
• Information about other mortgages on your home, if applicable
• Two most recent pay stubs for all household members contributing toward mortgage payment
• Last two years of tax returns
• If self-employed, the most recent quarterly or year-to-date profit and loss statement
• Documentation of income you receive from other sources (alimony, child support, social security, etc.)
• Two most recent bank statements
• A utility bill showing homeowner name and property address
• Unemployment insurance letter, if applicable
• Account balances and minimum monthly payments due on all of your credit cards
• Information about your savings and other assets
• It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable

If you can’t afford your mortgage payment and it’s time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.

In either case, HAFA offers benefits that make the transition as favorable as possible:

• You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
• Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
• In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
• HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
• When you close, HAFA provides $3,000 in relocation assistance.

You may be eligible for HAFA if you meet all of the following criteria:

• You live in the home or have lived there within the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750.
• You obtained your mortgage on or before January 1, 2009.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

The sooner you seek help, the more options you’ll have. If this is the first time you’ve worked with your mortgage company, they will want to ensure that you have been considered for other options to keep your home before they move forward with HAFA. When it’s time for HAFA, be prepared to provide the following:

Request for Mortgage Assistance (RMA)

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA.

 

HAFA^SM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac (see Look Up Tools) or serviced by over 100HAMP^SMparticipating mortgage servicers.

 

source: Making homes affordable .gov