Jonathan Osman - Charlotte / Matthews NC

Today, I received an email in my junk email account that WBT had fired afternoon drive time host Jeff Katz. In the Charlotte area, we have had only one news talk-station until recently and Jeff Katz was the local conservative voice for thousands of listeners. According to the WBT press release, he is being replaced with late night host Tara Servatius. No reason was provided for the sudden change.

I'm disappointed to see Jeff Katz go. He was a strong advocate for common sense, conservative values, and he was on the side of local REALTOR issues. During the previous election cycle, Katz devoted a few shows to rallying against the real estate transfer tax. He also was not afraid to ask the tough questions we all were thinking when the Charlotte Observer ran a series about a local builder who's homes were foreclosing.

Katz was our local Limbaugh but unlike Rush, you could call in and debate. Getting through to Rush is a science that few have mastered. Whenever I had time and a topic arose I felt needed my opinion, I would call in and felt as if I was chatting with an old friend. I guess that type of "smart" radio isn't what WBT is all about?

I don't get Keith Larson or the phenomenon of Tara Servatius as neither should be on a station this powerful. WMAL released it's long time personality Chris Core, who was far and away more talented than either of these two. Keith's style is hard to follow unless you're a loyal listener as he will spend entire shows on mindlessness. The former pitchman for a national fast food chain never stops pitching, a trait that is downright irritating. Who knew that 2 for 2 would make a career?

Tara's style is very slow. Don't get me wrong: no one is more prepared on the radio but she has ZERO personality to back it up. Paint drying has more personality. I always assumed the station had Tara on at night to help its listeners sleep more soundly through the night. Now, my concern is that her dry style will result in untold numbers of car accidents during her 3-6pm show.

John Hancock is still a favorite and so is John Wilson's The Wilson Show.

I guess the only bright spot is that Charlotte now has another news-talk radio, 1220 WDYT. While still in its infantcy, WDYT has some of the best personalities on the radio locally including Glenn Beck, Sean Hannity, and Dennis Miller. AM 960 WTRU has even started broadcasting the Dave Ramsey Show during the afternoon drive time, which I will be tuning into from now on.

Thank you Jeff Katz for your work for the military, for your support of local first responders, and for children with Special Needs. May you land somewhere you will be appreciated and you can flourish.

...and if its not here in town, need a REALTOR?

Jonathan Osman

Charlotte NC Homes

I have had the privilege of selling a home against a builder that has recently fallen on hard times. Even though our communities are different and the homes are not that similar, the price difference is enough to draw buyers into that neighborhood over our listing. However, is buying from a builder in financial trouble a wise idea?

When buying new construction, it's never a good idea to risk your deposit with a builder heading for financial ruin. You could end up as an unsecured debtor and collecting any deposit money back is next to impossible. However, many builders have inventory homes which are nearly complete or completed that they're offering at deep discounts. These homes are attractive to buyers who like the cost savings and that the home has never been occupied. However, even an inventory home may be risky and will require that you ask a few questions.

The first question I always ask is at what point did the builder realize they were in trouble? If the home was ordered by an individual buyer, hopefully the builder didn't skimp on the materials in order to complete the home on time and budget. However, if the home was a spec house, did the builder cut corners in order to keep his company together a little longer? A few areas where builders can save money is in the windows, doors, flooring, and drywall finishing. Maybe they installed an undersized HVAC system? Will there be contractors placing liens on the property after the sale in an effort to extort money?

Regardless of the financial position of the builder, buyers should always be wary of purchasing in a development with amenities that are to be built. I have known over the years of communities where the developer was selling a home with a park, only to build homes on the site in the final phase. One builder even sold the garbage transfer station behind his development as a future park. Buyers purchased at the prospect of having such an amenity nearby. However, there were never any plans by the municipality to close the transfer station ever.

If amenities are to be built, consult with an attorney and have them add language ensuring that the amenities will be built or you can take legal action. Amenities are a big reason why many buyers choose one neighborhood over another (sometimes paying more for the privileges that result). Therefore, its important to protect yourself and your investment.

One reason buyers prefer new construction over existing is the warranty the builder provides. However, it's important to find out if there is any backing to the warranty? Sticking with the builder who is on the verge bankruptcy, your warranty may be absolutely worthless should they enter into bankruptcy. It's a better idea to have a warranty from a 3rd party warranty company so, in the builders absence, the warranty work can be performed.

Finally, consider the neighborhood. If the neighborhood has a considerable number of homes still to be completed, that should raise a flag. Another builder could purchase the lots and change the character of the neighborhood.

For cautious buyers, purchasing a home from a builder in trouble can result in a great deal only if you do your homework, ask the right questions, perform inspections, and consult with an attorney. After all, there may be more than 1 reason why they're bankrupt.

Jonathan Osman

Charlotte NC Homes

Concord North Carolina is one of our absolute favorite communities in the Charlotte area.  It has an excellent historic downtown, lots of big city amenities like the Concord Mills Mall, and is convenient to Charlotte.  In addition, Concord is also the home of NASCAR, MRN radio, and SMI. 

We have just launched our new Concord NC Real Estate Microsite, which features lots of great pictures of the area, videos (with more to come), home sales figures, school, and other area information.  Please visit and let us know what you think and what you would like us to add. 

http://concord.charlottehousehunter.com

Some of the pictures are featured in a slideshow below.

Jonathan Osman

Concord NC Homes For Sale 

This morning, I received an email with a story from Detroit where thieves have taken to breaking into homes listed for sale via the combo lockboxes. I would say that while it may be on the minds of some, I am surprised that safety isn't more of a concern when I'm listing a house. I suppose that buyers - now turned sellers - are conditioned that their material possessions will be safe during the listing period. However, that's not the case if the listing agent utilizes combo lockboxes, to which anyone can get the code.

One of the criminals from Detroit worked for a central call center and had access to thousands of lockbox codes. However, a criminal doesn't need to work at a clearing house to gain access to such information. Often times, I have shown a house on combo to find the latch holding the keys was open or the combo was left on the face. Buyers with dubious intentions could also look through an agent's notes for the combo code or check the lockbox face while the agent is opening the door. At one home, I found an agent's handout on the kitchen island with the lockbox code written on it.

Some agent's prefer the combination lockboxes because of the inexpense. One of the Supra electronic lockboxes from the board of REALTORS costs around $100 while a combo box is no more than $20 from the hardware store. The security factor with the electonic lockboxes is that the listing agent can run a query to see the last person to access the box. Should an agent leave a door unlocked, set off the alarm, etc, we know and can take appropriate action.

Sellers should demand that their agent's not put their safety or their possessions at risk to save a few measly bucks. After all, when you signed up to sell your house, you didn't sign up to get robbed as well. Unfortunately, tough times bring out the worst in people and now, more than ever, safety should be among our chief concerns.

We have committed to our sellers to using the more expensive, but safer lockboxes. As we near closer to the holidays, I hope that our fellow Charlotte area brokers will commit to doing the same.

Jonathan Osman

Charlotte NC Homes

Last week, I was out at an inspection at a older home here in South Charlotte. Here in the Charlotte area, it's rare to find newer homes with basements however its common to find them in older homes. This home was built in the mid 60's and had held up well over time.

During our initial inspection, the engineer was trying to figure out why one exterior wall of the house was bowing in a U shape along the driveway. It may have been the result of someone backing into the house or a sign of something far more serious. Down in the basement, the tell-tale signs of a bowing foundation wall were not present. The interior wall, though covered with old paneling was a straight as a board. If problems would have been evident, some portion of the paneling would have been broken or bowed near the spot where the issue had occurred.

One of the contractors with us noticed that a small hole existed in the paneling near one of the corners. He proceeded to find something he would use as a measuring rod to see how far the hole goes back and it was a shock to us all. The rod plunged a little more than 24"! We consulted with the owner of the property and he allowed us to remove the paneling to see what was behind the wall.

Once removed, we discovered that a previous owner had created a false wall to hide the bowed foundation wall in the basement. At some point, they hired a contractor who simply braced the wall with 2x4's anchored to a pressure-treated piece of wood in the foundation. This is not the recommended repair for this type of problem.

Later that day, we were able to meet with a few foundation repair specialists to go over the findings. Once the purchase makes it through closing, my clients will first undertake ensuring that home will be around for another 50 years.

There were a few lessons learned from this experience. First, when in doubt, measure it out. It's always a good idea to measure a house both inside and outside in order to discover any hidden dangers. On this property, one of the inspectors did so and signaled that something may be a problem. These issues are less common in newer homes but in one with multiple owners or extensive remodeling, you may discover that corners were cut in order to save a few dollars.

Second, if you don't catch it at first, don't worry. I would say that most sellers would not have been so gracious as to allow my clients to remove a section of paneling in the basement. We're immensely grateful because my clients were able to discover a problem not even the current owner was aware of. However, in a situation where a cover up is obvious, serious, and should have been disclosed, a remedy is only a lawsuit away. Consult with an attorney as soon as possible as well as your agent and the other agent. Every state is different but the states in which I've worked have always placed the burden on the seller to disclose everything. Failure to do so is serious and can result in a hefty judgment against the seller and even fines for the listing agent.

Finally is to have a heart-to-heart with my sellers. Unfortunately, cases like this one happen all too often and its as a result of the seller, either unintentionally or intentionally, covering up a serious issue. While closing does constitute acceptance of the home, it does not end the sellers obligation to disclose latent defects. I could think of only a few worse things than a lawsuit filed by the buyer against me and my client months or years after closing and the problems that could cause.

In real estate, one thing's for sure: there's something new every day.

Jonathan Osman

Charlotte NC Homes