Financing the construction of your dream home may seem like a complicated process compared to the standard home purchase or refinance of an existing home.
Until recently, two loans were required when building your dream home—one for construction and one for permanent financing. This meant that you had to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. But with the introduction of the single-close Construction-to-Permanent Loan—combined with the ease and speed of online loan approvals—building your dream home has become easier, faster and best of all, less costly.
The term "Single-close loan" refers to one loan that covers both the construction phase and permanent home mortgage. Online lenders have made great strides in streamlining the entire loan process - from pre-approval to builder acceptance and project approval.
Once you have decided that a Construction-to-Permanent Loan is the right loan for you, you are ready to take the first step by determining the loan amount for which you qualify. For most online lenders, this is an easy process that can be done in just minutes. (Keep in mind that your lender is loaning you money based upon your dream. So they will need to see your dream as clearly as you do!)
In addition to standard credit documentation, your lender will want copies of the following to start the process:
1. Final plans and specifications (home plans). These are needed in order to obtain an appraisal.
2. Purchase contract for the lot or Settlement Statement if you have already purchased the land.
3. Construction contract. This is the agreement you have with your builder that details the project and the costs.
4. Line Item Cost Breakdown or Budget. This is generally prepared by the builder and includes a detailed breakdown of all costs.
5. Description of Materials to be used in the construction of the home. For example, wood shingle roof or lightweight tile; clear heart redwood siding or cedar shingle.
Most lenders need to verify that the builder you selected is experienced and has a proven track record to perform under the terms of the contract. IndyMac Bank, a leader in online housing lending, has a particularly streamlined builder acceptance process. In minutes, you and/or your builder can input information online and receive an immediate acceptance. (This also benefits the builder, because their contact information becomes available to other individuals looking for a builder.)
It is also important to know that, unlike a standard home purchase, funds during construction are disbursed based upon a percentage of completion.)
IndyMac borrowers have easy access to their construction loan information through a personalized, secure web site called "My Loan Information." Here, borrowers can request draws, view available funds for each item in their budget, and monitor their account billing statement.
To learn more about IndyMac Bank’s home construction loans
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=76
Wednesday, June 20, 2007
Pros and cons of old and new homes
When deciding between an old or new home, the list of pros and cons is lengthy.
To begin, people often assume that workmanship in past generations was superior to what is practiced in today's workplace. Given the value denigration in much of our culture, this is probably true in a general sense. But to apply this as a blanket condemnation of current construction quality would be a grave mistake. Good and bad craftsmanship have had their place in every era, and builders with skill and integrity are by no means an extinct species.
The advantages of newer homes include up-to-date standards for structural stability, energy conservation and general safety, especially with regard to electrical systems, fireplaces and heating equipment. Also on the plus side are the lack of general wear, the modern design features, contemporary conveniences, and in the case of a newly built home, the builder's warranty. Newer homes are often (but not always) found in upcoming and developing areas, where value appreciation may be more pronounced than in localities where older homes are found. Thus, in many cases, there can be investment advantages with a new or relatively new residence.
Of course, newer homes can also be the products of low bid subcontractors, resulting in any number of faulty conditions. Brand new homes come with builders' warranties, but these provide no assurance that the builder will respond favorably when there is a problem.
With many older homes, there are also advantages, such as proven stability, established landscaping, ambient character, and antique design features. But here also, there is a list of down-side considerations. There are many issues involving deterioration, wear and obsolete design. Many older homes have been upgraded to offset these disadvantages, but such improvements are not always the work of qualified persons, nor is such work always done with a permit.
With rising utility costs, lack of energy efficiency in an old home is also a major consideration, and upgrades in this area can be cost prohibitive. Insulation in ceilings, walls and floors is often substandard or nonexistent, and old style windows waste heat almost as badly as if they were open. Old heating equipment is typically not designed for efficient use of fuel, requiring more money to produce a given amount of heat. Furthermore, with old heaters, safety problems are more likely to occur.
In many respects, the choice between a new or old home hinges upon individual considerations, such as personal likes and dislikes, long-term objectives, available time and capital for home improvements, do-it-yourself skills, age and season of life, etc. When all factors are considered, the choice should be the one that is most consistent with your practical needs, desires and finances. And as always, it should include the disclosure advantages provided by a well-seasoned, qualified home inspector.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=68
To begin, people often assume that workmanship in past generations was superior to what is practiced in today's workplace. Given the value denigration in much of our culture, this is probably true in a general sense. But to apply this as a blanket condemnation of current construction quality would be a grave mistake. Good and bad craftsmanship have had their place in every era, and builders with skill and integrity are by no means an extinct species.
The advantages of newer homes include up-to-date standards for structural stability, energy conservation and general safety, especially with regard to electrical systems, fireplaces and heating equipment. Also on the plus side are the lack of general wear, the modern design features, contemporary conveniences, and in the case of a newly built home, the builder's warranty. Newer homes are often (but not always) found in upcoming and developing areas, where value appreciation may be more pronounced than in localities where older homes are found. Thus, in many cases, there can be investment advantages with a new or relatively new residence.
Of course, newer homes can also be the products of low bid subcontractors, resulting in any number of faulty conditions. Brand new homes come with builders' warranties, but these provide no assurance that the builder will respond favorably when there is a problem.
With many older homes, there are also advantages, such as proven stability, established landscaping, ambient character, and antique design features. But here also, there is a list of down-side considerations. There are many issues involving deterioration, wear and obsolete design. Many older homes have been upgraded to offset these disadvantages, but such improvements are not always the work of qualified persons, nor is such work always done with a permit.
With rising utility costs, lack of energy efficiency in an old home is also a major consideration, and upgrades in this area can be cost prohibitive. Insulation in ceilings, walls and floors is often substandard or nonexistent, and old style windows waste heat almost as badly as if they were open. Old heating equipment is typically not designed for efficient use of fuel, requiring more money to produce a given amount of heat. Furthermore, with old heaters, safety problems are more likely to occur.
In many respects, the choice between a new or old home hinges upon individual considerations, such as personal likes and dislikes, long-term objectives, available time and capital for home improvements, do-it-yourself skills, age and season of life, etc. When all factors are considered, the choice should be the one that is most consistent with your practical needs, desires and finances. And as always, it should include the disclosure advantages provided by a well-seasoned, qualified home inspector.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=68
Real estate not always secured with highest bid
Most sellers would be delighted to receive multiple offers. However, figuring out which offer to accept is not always as simple as you might think.
Suppose you receive three offers. One is for $495,000: your asking price. Another is for $10,000 more. And the highest offer is for $525,000—$30,000 over the list price. If you look at price alone, you'd have no reservations about accepting the highest offer.
However, there's more to consider about an offer than the price. The $495,000 offer might be from a preapproved buyer who has a $250,000 cash down payment and no appraisal contingency. This means that if the house appraises for less than the offer price, the buyer cannot use this to back out of the contract without risking losing his deposit.
The lender should have no problem granting the buyer a mortgage for approximately 50 percent of the sale price, even if the appraisal comes in low. The more cash down, the more likely the lender will approve the loan.
The highest-price offer might be from a buyer with a 5 percent cash down payment and an appraisal contingency. This means that if the property appraises for less than the purchase price, the buyer has an automatic out of the contract. Even if he doesn't want out, the lender won't be willing to grant a mortgage in the amount the buyer needs to complete the sale. With only 5 percent down, there's a good chance that the buyer won't have enough extra cash to make up the difference between the appraisal amount and the purchase price.
The third offer could be contingent upon the successful close of the buyer's home that is currently under contract. If the deal on his house falls apart, the buyer can withdraw from your contract without penalty. If this happens, you'll be back on the market searching for a new buyer.
So, in terms of a risk analysis, the lowest price offer appears to be the best offer. One option would be to counter the lowest offer with a higher price, based on the fact that you have two offers higher than his. Before making a counter, however, consider that the buyer could say no and disappear form the scene leaving you with two riskier offers to choose from.
If you have already purchased another home, you might be better off leaving the price alone on the lowest offer and simply ask for a quick close. A quick close could save you the cost of interim financing, which would effectively put more money in to your pocket.
HOME SELLER TIP: To simplify the task of comparing multiple offers, make a chart including a grid of all the variables that could effect your decision. On the far left make a column for the offers. List them by the buyer's, or their agent's, name. Then create a row at the top of the chart for the most important elements of the offers. Each element will head a separate column on the grid chart. Elements might include: the price, the amount of the down payment, whether or not the buyer is preapproved, the closing date and the contingencies.
When analyzing offers, the fewer the contingencies, the better. Contingencies can complicate a contract by providing more opportunities for a transaction to fall apart.
THE CLOSING: In general, you're looking for the highest price, the quickest close and the least number of contingencies. But, a lower-priced offer with a quick close and few contingencies could be better than a higher priced offer.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=166
Suppose you receive three offers. One is for $495,000: your asking price. Another is for $10,000 more. And the highest offer is for $525,000—$30,000 over the list price. If you look at price alone, you'd have no reservations about accepting the highest offer.
However, there's more to consider about an offer than the price. The $495,000 offer might be from a preapproved buyer who has a $250,000 cash down payment and no appraisal contingency. This means that if the house appraises for less than the offer price, the buyer cannot use this to back out of the contract without risking losing his deposit.
The lender should have no problem granting the buyer a mortgage for approximately 50 percent of the sale price, even if the appraisal comes in low. The more cash down, the more likely the lender will approve the loan.
The highest-price offer might be from a buyer with a 5 percent cash down payment and an appraisal contingency. This means that if the property appraises for less than the purchase price, the buyer has an automatic out of the contract. Even if he doesn't want out, the lender won't be willing to grant a mortgage in the amount the buyer needs to complete the sale. With only 5 percent down, there's a good chance that the buyer won't have enough extra cash to make up the difference between the appraisal amount and the purchase price.
The third offer could be contingent upon the successful close of the buyer's home that is currently under contract. If the deal on his house falls apart, the buyer can withdraw from your contract without penalty. If this happens, you'll be back on the market searching for a new buyer.
So, in terms of a risk analysis, the lowest price offer appears to be the best offer. One option would be to counter the lowest offer with a higher price, based on the fact that you have two offers higher than his. Before making a counter, however, consider that the buyer could say no and disappear form the scene leaving you with two riskier offers to choose from.
If you have already purchased another home, you might be better off leaving the price alone on the lowest offer and simply ask for a quick close. A quick close could save you the cost of interim financing, which would effectively put more money in to your pocket.
HOME SELLER TIP: To simplify the task of comparing multiple offers, make a chart including a grid of all the variables that could effect your decision. On the far left make a column for the offers. List them by the buyer's, or their agent's, name. Then create a row at the top of the chart for the most important elements of the offers. Each element will head a separate column on the grid chart. Elements might include: the price, the amount of the down payment, whether or not the buyer is preapproved, the closing date and the contingencies.
When analyzing offers, the fewer the contingencies, the better. Contingencies can complicate a contract by providing more opportunities for a transaction to fall apart.
THE CLOSING: In general, you're looking for the highest price, the quickest close and the least number of contingencies. But, a lower-priced offer with a quick close and few contingencies could be better than a higher priced offer.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=166
Realtor VS. \"For Sale By Owner\"
Why do we need a real estate agent? After all, an agent will charge thousands of dollars to sell even an average home, and that commission comes right off the top! Heck, with the Internet and all, we can do practically everything that an agent would do, so why should we pay out all that money?"
Many home sellers have similar thoughts, and because so much money is at stake, these questions deserve some serious thought.
In today's world, the sale of real property is not just a marketing exercise; there are many legal issues involved which can create liability in the sellers. Of all the things you want and expect from selling your home, a lawsuit is probably not one of them.
Unfortunately, residential transactions have seen an alarming increase in the number of claims and lawsuits. Of these claims, the majority are filed against sellers, by their buyers. Home sellers who think they can "go it alone" might want to seriously ponder the observations of a lawyer who has defended many sellers and real estate agents against claims made by "the Buyers from Hell."
In most states, the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in grammar can create a dispute which, in turn, can give rise to a lawsuit. Aside from the problem of drafting the contract language itself, sellers can face other dangers as well. For example, did you know:
Experienced, professional real estate agents understand these kinds of risks, and they can help you to minimize them in a variety of ways. They devote many hours to training and educational programs which emphasize risk reduction, and protecting their clients' interests.
Now, there are any number of reasons why your buyers may decide to take action against you (sometimes, they just don't feel like making the payments any more). However, most of these complaints allege problems with the condition of the property, and/or representations made to them about the property or the transaction. An experienced agent knows how to reduce the risk of these types of complaints, by including effective "AS IS" and other clauses in the contract language, and by providing for such things as a professional home inspection, and a home warranty.
When a problem arises in the transaction, an experienced agent can move swiftly to "nip it in the bud." Their thorough understanding of the myriad facets of modern transactions can help them to identify the real problem, and to either solve it themselves, or by calling upon resources that the typical seller simply does not have access to.
There is no escaping it: the best way to deal with a complaint is to prevent it in the first place. The organized real estate community has spent a lot of time thinking about how to reduce the likelihood of claims, and has responded to this threat in a number of ways. For example, the standard contract forms that most agents use are chock full of language which can help protect you, and reduce your exposure to claims and litigation.
Of course, I don't mean to scare you with all this! But hey, it is a jungle out there. Indeed, I've only touched on a few of the pitfalls of selling your home on your own. Take it from someone who knows: selling your home without professional help is very risky business indeed. Yes, it costs money to employ a real estate agent, but if you find the right one, you will likely be able to sell your property faster, while at the same time reducing the chances that your buyer will come back to haunt you.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=216
Many home sellers have similar thoughts, and because so much money is at stake, these questions deserve some serious thought.
In today's world, the sale of real property is not just a marketing exercise; there are many legal issues involved which can create liability in the sellers. Of all the things you want and expect from selling your home, a lawsuit is probably not one of them.
Unfortunately, residential transactions have seen an alarming increase in the number of claims and lawsuits. Of these claims, the majority are filed against sellers, by their buyers. Home sellers who think they can "go it alone" might want to seriously ponder the observations of a lawyer who has defended many sellers and real estate agents against claims made by "the Buyers from Hell."
In most states, the process by which title to real property is transferred is rather complicated, and the typical home seller is not familiar with the many legal issues that can and do arise, even in a fairly simple transaction. Important decisions must be made concerning contract terms, escrow matters, transfer of title, apportionment of costs and any number of other matters. Also, bear in mind that a simple missing word, or a mistake in grammar can create a dispute which, in turn, can give rise to a lawsuit. Aside from the problem of drafting the contract language itself, sellers can face other dangers as well. For example, did you know:
- that buyers who look for "FSBOs" usually offer 6-10% below the price of comparable properties because they know you are not paying a commission?
- that there are substantial risks involved when a seller agrees to "carry back" a note from the buyer; risks that can cost you thousands of dollars?
- that your good credit rating can be ruined by your buyer's default, many months, or even years, after that buyer "assumes" your loan?
- that a clever buyer can stay in possession of your property for many months after he defaults on the contract, and in effect "live for free" at your expense?
- that most buyer complaints involve alleged damages of less than $10,000, yet you could be forced to spend thousands in attorney's fees to defend such a claim?
- that alleged failure to disclose such things as previous repairs, insects, exact lot lines, and the presence of certain types of mold/fungus in the property are the source of many lawsuits against sellers?
Experienced, professional real estate agents understand these kinds of risks, and they can help you to minimize them in a variety of ways. They devote many hours to training and educational programs which emphasize risk reduction, and protecting their clients' interests.
Now, there are any number of reasons why your buyers may decide to take action against you (sometimes, they just don't feel like making the payments any more). However, most of these complaints allege problems with the condition of the property, and/or representations made to them about the property or the transaction. An experienced agent knows how to reduce the risk of these types of complaints, by including effective "AS IS" and other clauses in the contract language, and by providing for such things as a professional home inspection, and a home warranty.
When a problem arises in the transaction, an experienced agent can move swiftly to "nip it in the bud." Their thorough understanding of the myriad facets of modern transactions can help them to identify the real problem, and to either solve it themselves, or by calling upon resources that the typical seller simply does not have access to.
There is no escaping it: the best way to deal with a complaint is to prevent it in the first place. The organized real estate community has spent a lot of time thinking about how to reduce the likelihood of claims, and has responded to this threat in a number of ways. For example, the standard contract forms that most agents use are chock full of language which can help protect you, and reduce your exposure to claims and litigation.
Of course, I don't mean to scare you with all this! But hey, it is a jungle out there. Indeed, I've only touched on a few of the pitfalls of selling your home on your own. Take it from someone who knows: selling your home without professional help is very risky business indeed. Yes, it costs money to employ a real estate agent, but if you find the right one, you will likely be able to sell your property faster, while at the same time reducing the chances that your buyer will come back to haunt you.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=216
Buyer’s Remorse - Did You Make a Huge Mistake?
When you were in hot pursuit of the "American Dream" you were excited about the future and owning your own home -- researching neighborhoods, searching MLS sites on the internet, viewing homebuyer’s magazines full of appealing homes that were just "minutes from the beach" with "fantastic views" and "cozy family rooms."
Next came the really good stuff – looking at houses. Full of imagination and optimism for the future, you wandered about each home envisioning a happy and contented life for you and your family. The first house might have been "too big," and another was "too small," but finally you found one that was "just right."
So you made an offer and waited anxiously and excitedly for the counter-offer. Finally, you and the seller agreed on terms and you bought yourself a brand new home!
Congratulations! Break out the champagne and celebrate!
However…
Later that night or perhaps the next day, you started worrying.
Did you make the right decision? Can you afford it? Is it the right time? Should you have waited? What if you lose your job? What if this happens? What if that happens? Anxiety and stress set in. Sleep may be hours in coming.
This is a normal reaction to buying a home. It is called "buyer's remorse."
This is what you do...
Take out a pen and paper right now and draw a line down the center of the paper. Calmly and logically, think of all possible advantages to buying a home and write them down on one side of the page. Afterwards, you should list all the disadvantages on the other side of the paper.
This process is supposedly how Ben Franklin used to weigh tough decisions.
After you get done writing your lists, you may think back on your anxiety and think you were being silly. After all, buying a home is obviously a good decision. Your list proves it. But your reaction was normal and shared by many. You see, buying a home is not entirely a rational process. It is an emotional process, too.
Tuesday, June 19, 2007
Consumers put kitchen appliances to the test
When it comes to selecting appliances, what would make the process easier? How about the opportunity to try a few in your house before making any purchase decisions.
I got to do exactly that last fall when the Whirlpool Corp. invited me to test any item in its catalogue in my own house. The terms: I would use the appliances for six months and offer my candid observations. To ensure unbiased reporting, we agreed that if I wanted to keep anything, I would pay for it. If not, the appliances would be donated to a charity.
As you might expect, when cost was not an issue, I chose top-of-the-line everything. I wanted to know if all those added features designed to make routine chores easier and faster worked as claimed. And if they did, would they be worth paying for? I found the answer to both questions to be yes, at least for my household with three teenagers, two working parents, and a constant struggle to stay on top of things.
As my Whirlpool experiment unfolded, a number of truths emerged that would apply to any appliance purchase. The first was that despite the manufacturer's large number of appliance offerings—25 gas and electric ranges, 35 refrigerators, and 10 dishwashers—I soon discovered that I had to make a choice between aesthetics and features. The slick, stainless-steel look that I had hoped would give my 15-year-old kitchen a facelift quickly fell out of the calculus when I discovered that the Whirlpool Gold electric range with all the features that I wanted only came in black, white and biscuit. Forced to choose between a convection oven and a color, I took the oven and would make the same decision again in a second. As claimed, the convection oven is faster and the food is more evenly baked, roasted and broiled. And, I spend a lot more time cooking than looking.
My 3-year-old electric range had a glass cooktop and electronic controls, so this aspect of the Whirlpool range was not new to me. But compared to the 20-year-old range I had replaced, the difference is dramatic. With a glass cooktop, spills can be cleaned up with a quick wipe of the sponge; with my old stove, I had to remove the exposed coiled cooking element, reach in underneath the stove top and clean by feel—a cumbersome process to be sure.
The crucial test for the Whirlpool Gold dishwasher that I selected was its cleaning ability. After years of having to clean every speck off everything before loading it into the dishwasher, I was eager to see if this could be avoided. Would the dirty plates and icky cooking pans come out clean, as claimed? I found that the plates needed some wiping before loading, but nothing like what my old machine required. When I loaded messy broiler and roasting pans along with the dishes, however, the dishwasher didn't perform as well. Afterwards, I found small black specks on cups and bowls in the top rack. I solved this problem by soaking the cooking pans overnight and washing them separately the next morning on the "soak and scour" setting.
The dishwasher's cleaning ability also improved after I read the manufacturer's instruction manual, another truth learned. Though hardly a page-turner, the manual does in fact provide a lot of useful information, some of which is applicable to any dishwasher. For example, before turning it on, you should let the hot water run about one minute to reach its maximum temperature. Otherwise, the heater in the dishwasher may not be able to boost the water temperature to the 120 degrees required for a regular wash cycle. If the water is not hot enough, the detergent won't be as effective and the dishes won't get as clean. Two more tips from the manual: adding extra detergent for the prewash cycle also helps to get the dishes cleaner and adding rinse aid (a drying agent) periodically eliminates the water residue on cups and glasses in the upper rack that ordinarily remain at the end of the drying cycle.
The dishwasher manual also described the unit's flexibility, which was not obvious. This particular dishwasher has an adjustable upper rack and adjustable tines so that it can accommodate large, bulkier items or many smaller ones. Once I figured out how to move the rack and tines, I found I could load an entire dinner's worth of dirty dishes plus the pots and pans used to cook it as long as they weren't too grimy, in which case I washed them separately. In the latest version of this model, the flexibility is obvious because all the adjustable components are blue
Another truth learned about the new appliances: my children needed time to adjust to a new appliance if it differed from the old one, even if the difference was positive. The dishwasher is much quieter, it holds more things and requires less cleaning before loading. But, it must be loaded differently—for example, the silverware basket is in the door—and they had a hard time with that.
While the family balked at the new dishwasher, they embraced Whirlpool's Instant Hot Water Dispenser installed at our sink. My husband and kids use it for making tea and hot chocolate; we also use it for cooking. The total capacity of the storage tank, two quarts heated up to 190 degrees, halves the time required to boil four quarts of water for making pasta. The tank refills and reheats quickly—it only takes about eight minutes.
The Whirlpool Gold side-by-siderefrigerator replaced one that was 25 years old. Some of the features that were new to us have been around for a long time; they are certainly upgrades worth paying for. Glass shelving confines spills so that an overturned bottle up top doesn't dribble over everything below. Two interior lights (top and bottom) make it easier to find things; the glass shelving and clear plexiglass vegetable, snack and meat drawers also make the finding process easier. The "through-the-door" water and cubed or crushed ice dispensers were an instant hit. (The filtered water, though very cold had no taste—perhaps this is what "purified" means). Even handier for families: the dispensers have a childproof lock to prevent young children from having a field day with them.
The particular unit that we selected has curved doors, which at their farthest point, project forward about 1½ inches more than a standard side-by-side refrigerator. Clever design has put this small difference to advantage. The door bins on the refrigerator are deeper, which makes it easier to group similar foodstuffs together (all the Chinese cooking ingredients, for example) so that they are close at hand when you want them. The door bins are also versatile—I was surprised to discover that the one I was using for small yogurts and dog medications was actually designed to hold soda cans.
With such positive experiences during our appliance test, we decided to purchase the kitchen appliances when our trial run was completed. All those upgrades did make food preparation and clean up easier, and that, in my book, is worth paying extra for.
FIRST SIDEBAR—The Reliability Factor
When choosing an appliance, ease of operation and time saving features are certainly a priority. But reliability and service also count for a lot. According to Consumer Reports "Best Buys for Your Home," 2004 edition, the specific Whirlpool appliances that I tested have performed well. CR's Brand Repair Rates, listed in the same publication, ranked the Whirlpool brand most reliable in the dishwasher and dryer category, third in clothes washers and fourth in electric ranges. CR's Brand Repair Rate for refrigerators, which is posted on its website (www.consumerreports.org) but not in the book, ranked Whirlpool first in all three refrigerator categories—side by side with icemaker and dispenser, top or bottom freezer with icemaker and top or bottom freezer without icemaker.
Consumer Reports tested kitchen food disposals and kitchen exhaust fans for the first time this year; the Whirlpool models that I used were not tested.
As to my own experience with the Whirlpool appliances during the six months that I tested them, they performed well. My only problem was with a KitchenAid disposal, which was actually manufactured by Insinkerator, the original equipment manufacturer for about 80 percent of all disposals sold in the US. The model I tested was a batch-feed type which Whirlpool does not sell, but its sister company KitchenAid does. I prefer the batch-feed type because of the way it is turned on--you put in the sink stopper and turn it about five degrees. The advantage is that you can't accidentally get a hand or finger caught, a plus that was also noted by Consumer Reports in its initial February, 2004 testing and rating of disposals. We have always had the batch-feed type and my children are terrified of the more common continuous-feed type of disposal that is operated with a wall switch.
Safety concerns with the continuous feed disposals do not seem to be an issue with the buying public, however. Pete Young of the Insinkerator firm said consumers vastly prefer this type because it is less prone to break down, and it costs less. And anecdotal evidence suggests the safety issue may be overblown. In 28 years of working in hospital emergency rooms and treating more than 100,000 patients Vashon, Washington, emergency physician Christopher J. Davis said he has never seen a garbage grinder injury, nor, he added, has a colleague ever described such an injury. By way of explanation, Davis said, "I the public is rightfully concerned about the potential for injury so they exercise safe habits when using them."
The Whirlpool service man who came to repair the batch-feed disposal took one look at the problem (the switch was stuck in the on position), said the unit was covered by a full seven-year warranty, and replaced it, no questions asked. Other than the switch problem, the disposal was better than my old one. With a one-horsepower motor, it grinds up the food quickly, and it is quieter.
APPLIANCE MODELS and PRICES used in SALANT'S TEST:
Please note: in some cases, the exact models that I used are no longer manufactured. I have listed the model number and price of the slightly modified version now available. A stainless steel front generally adds about $100. The prices listed are the manufacturer's suggested retail prices. The appliance industry is highly competitive, however, and most dealers will match prices offered by their competition.
Refrigerator: Whirlpool Gold GS2SHAXN, $1,399. This is a 22-foot cubic model; the more commonly specified 25 cubic foot GS5SHAXN is $100 more, but it would not fit in our 15-year-old kitchen.
Electric Range: Whirlpool Gold GR450LXL, $849
Kitchen Exhaust Fan: Whirlpool GZ8330XL, $249
Dishwasher: Whirlpool Gold GU2500XTP, $519
Instant Hot Water: Whirlpool HD1000JS $129
Author: Katherine Salant for Inman News
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=189
Common Myths About Working With Real Estate Agents
Get started by avoiding these common myths about real estate agents.
Home Buying Myth Number 1
I'll get the best deal on the house if I call the agent listed on the For Sale sign.
That agent represents the seller and is contractually bound to get the best deal for the seller. It doesn't mean the agent can't work with you in a fair and professional manner, but it does mean you should not disclose confidential information to the agent.
Bottom Line
If you tell a seller's agent the top dollar you will pay for a house, the agent must pass that on to the seller. Take time to learn about agent duties and loyalties before you start home shopping.
Home Buying Myth Number 2
The agent told me I had to sign a Buyer Agency agreement before he would work with me, so I did, and now I'm unhappy with the relationship.
You might know you are a good match with an agent on the very first day you meet, but what if you aren't sure? If an agent asks you to sign an agency agreement before you feel comfortable about it, try one of these alternatives:
Ask the agent to work under a verbal buyer agency agreement for a short time. Some states allow this, giving you time to become familiar with the agent before you sign a formal agreement.
Ask the agent to write a buyer agency agreement that covers a very short period, a day or a week.
Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer's agent, but you would not be tied exclusively to her.
Let the agent continue to be a seller's agent--just don't disclose confidential information.
Bottom Line
If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent.
Home Buying Myth Number 3
I can find more homes for sale by calling lots of agents.
Maybe--but maybe not. If you are home shopping in a specific area, and the agencies belong to Multiple Listing Services, it means they all have access to the same properties.
Ask agents what areas they cover. Small-town agents might work a multi-county area. Agents in a city might restrict themselves to certain neighborhoods or subdivisions.
If you sign agreements with more than one buyer's agent, make sure the contracts are worded so that areas and duties do not overlap. For instance, Agent X works for you only in County A. Agent Y works for you only in County B.
Bottom Line
Researching and showing properties is time-consuming, so you'll get better service if you find an agent you like (within a given area) and stick with that agent.
Home Buying Myth Number 4
The agent with the most listings in town is the best agent to call.
Think about that. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs?
Many top agents are turning to team systems, so time might not be an issue, but it's something to ask about when you interview an agent.
Bottom Line
A brand new (competent) agent can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=138
Home Buying Myth Number 1
That agent represents the seller and is contractually bound to get the best deal for the seller. It doesn't mean the agent can't work with you in a fair and professional manner, but it does mean you should not disclose confidential information to the agent.
Bottom Line
If you tell a seller's agent the top dollar you will pay for a house, the agent must pass that on to the seller. Take time to learn about agent duties and loyalties before you start home shopping.
Home Buying Myth Number 2
You might know you are a good match with an agent on the very first day you meet, but what if you aren't sure? If an agent asks you to sign an agency agreement before you feel comfortable about it, try one of these alternatives:
Ask the agent to work under a verbal buyer agency agreement for a short time. Some states allow this, giving you time to become familiar with the agent before you sign a formal agreement.
Ask the agent to write a buyer agency agreement that covers a very short period, a day or a week.
Find out if the agent can offer a non-exclusive buyer agency agreement. The agent would be your buyer's agent, but you would not be tied exclusively to her.
Let the agent continue to be a seller's agent--just don't disclose confidential information.
Bottom Line
If the agent will only work with you if you immediately sign a lengthy buyer agency agreement, you might be better off seeking another agent.
Home Buying Myth Number 3
Maybe--but maybe not. If you are home shopping in a specific area, and the agencies belong to Multiple Listing Services, it means they all have access to the same properties.
Ask agents what areas they cover. Small-town agents might work a multi-county area. Agents in a city might restrict themselves to certain neighborhoods or subdivisions.
If you sign agreements with more than one buyer's agent, make sure the contracts are worded so that areas and duties do not overlap. For instance, Agent X works for you only in County A. Agent Y works for you only in County B.
Bottom Line
Researching and showing properties is time-consuming, so you'll get better service if you find an agent you like (within a given area) and stick with that agent.
Home Buying Myth Number 4
Think about that. If an agent has that many listings to deal with, how much time do they have for buyers, especially buyers who might want to look at properties other than theirs?
Many top agents are turning to team systems, so time might not be an issue, but it's something to ask about when you interview an agent.
Bottom Line
A brand new (competent) agent can be every bit as effective as a seasoned pro. Someone working with fewer clients will have your needs in mind constantly. Hire the person, not a lineup of listings.
http://www.americanhomeguides.com/homebuying_tips_view.php?RowID=138
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