Flood Insurance Risk Rating 2.0

1. FEMA is replacing an inaccurate rating system that has not been updated in half a century and is not sustainable for homeowners or taxpayers as it’s based on 50-year-old technologies and only two pieces of information about a property—in this case, flood zone and base elevation certificate. If FEMA did not make these changes, NFIP rates would continue to climb 18% to 25% per year until reaching the current top rate of $63,000 for a $250,000 home.
2. Risk Rating 2.0 will reduce the top rate in the program from $63,000 to $12,000 per year. One million homeowners will see a significant rate decrease while the majority of other homeowners will pay a slight increase. Each home will be priced individually using modern industry technologies, a dozen flood risk variables, and property-specific characteristics including elevation, distance to water, and cost to rebuild. Low-value properties will no longer subsidize high-value properties, and elevation certificates are not required for an accurate rating.
3. Because each property is now rated individually, only a licensed insurance agent will be able to tell your client whether their rate is going up or down under the new system.

What Isn’t Changing Under Risk Rating 2.0

1. Risk Rating 2.0 applies only to risk-based NFIP rates and will not affect flood mapping or insurance requirements, which will continue to be enforced by Congress, local communities and lenders.
2. Grandfathered rates, including for newly mapped or pre-Flood Insurance Rate Map (FIRM) subsidized properties, will continue. By law, increases will not be more than 18% per year.
3. Policyholders will still be able to transfer their grandfathered rates and other discounts to a buyer/new owner by assigning their flood insurance policy at the time of the sale of the property.

Can an email be a contract?

Be careful before you press send—

The case involved settlement negotiations that occurred over an email exchange between two attorneys. The attorneys were negotiating a settlement and one of the messages contained a certain dollar amount for settlement. That email contained a standard signature block but did not include the attorney’s typed signature. The other attorney confirmed the agreement.

A trial court ruled that the email exchange did not create a binding agreement because the sender did not type their name in the email message. Previous cases have stated that as well.

But on appeal, a higher court reversed that ruling.

Pressing ‘send’ on an email could be considered a signature, per the appeals court ruling.

The court also ruled that for an email to bind parties, it must summarize all “material” terms of the deal, such as amount to be paid.

Put a standard email disclaimer stating that automatically on every message. But still, even with a disclaimer in place, watch your messaging before you press send

source: NYcourts.gov

Only one lot left in Helena Subdivision!

One acre lot with owner finance available for qualified buyers! This lot has easy access to power, well and septic would need to be installed by the buyer.

5plus Acres with A-Frame Cabin

One of the best lots in Banner Creek! Gorgeous views of mountains and down the Nome River.

The a-frame cabin needs a little TLC, but is on strong pilings. Electric is ran to the Aframe. Large workshop & dry storage.

Lots for sale 5 miles on Beam Road

Lot 2 Native Hill Subdivision, 3.69 Acres

If you imagine living just outside city limits on a large parcel with stunning views of Bear Mountain, Nome River and the Bering Sea, this is your lot! The location has year round access, maintained by the state, so you are always a short drive into town. Most of the subdivision lots are owner occupied with permanent residents, so you have fantastic neighbors.

This lot has power access, however well and septic would be the responsibility of the buyer.

One of the beautiful things about building outside of the city limits is NO TAXES or building permits needed!

Handyman Special

This is a 3br/2ba home that is in need of a little TLC to become a FABULOUS home!

Large living room, spacious kitchen with tons of of counter space give you a great place to start with your renovations! The master bath has a full sized bathroom attached and HUGE closet. The woodstove is in good shape and can help offset your heating costs. A large mudroom is a great second entry for those muddy Nome days.

The lot is small but the way the house sits on the lot, the deck and yard are private and get southern exposure to make the most of our sunny days.

This house has a good layout and a lot of opportunity to buy cheaply and then have a gem to sell for top dollar once you make the repairs!

Interest Rates are Rising

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 30:

• 30-year fixed-rate mortgages: averaged 3.01%, with an average 0.7 point, up from a 2.88% average last week. A year ago, 30-year rates averaged 2.88%.
• 15-year fixed-rate mortgages: averaged 2.28%, with an average 0.6 point, increasing from last week’s 2.15% average. A year ago, 15-year rates averaged 2.36%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.48%, with an average 0.3 point, increasing from last week’s 2.43% average. A year ago, 5-year ARMs averaged 2.90%.

Nugget Article regarding housing

Interesting article in Nome Nugget about Nome Housing Market, click here to read article!

How to be a good tenant

To comply with the Landlord and Tenant Act and the rental agreement a tenant should:
• abide by the lawful terms of the rental agreement and the reasonable rules established by the landlord;
• pay the rent on time;
• be considerate of other tenants;
• keep the premises clean and safe;
• remove snow and ice from leased premises
• dispose of garbage and other waste in a clean and safe manner;
• prevent damage to the premises;
• replace or repair anything destroyed or damaged by accident or carelessness on the part of the tenant or the tenant’s
guests;
• make sure the unit’s smoke and carbon monoxide detectors are working by testing them periodically and changing the batteries as needed
• give adequate notice before moving;
• move out when the rental agreement ends;
• clear the premises of possessions when moving out.