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Unless the REEP portion is amended elsewhere in another amendment, NOWHERE does it say a house must be retrofitted or updated prior to sale. REEP establishes a retrofit and upgrade program to be used by the states. It requires appraisers to be trained in and account for the value of retrofits, updates and green energy uses in the value of the house. It has some head-scratchingly nebulous comments about where funding is going to come from.
But nowhere does it mention requiring anyone to update, especially not prior to selling a house.
That's it. Read it for yourself.
I, for one, have read the real estate section of the bill (in some parts, you need to be a lawyer or politician to interpret it. Also, some parts are ambiguous giving way for future details).
I agree, I don't think the bill says you have to update your house in order to sell it.
However......
there is a whole "can of worms" addressed in the mortgage section of the Cap & Trade bill.
Have talked to several real estate people (also in mgmt) and none seem to really know the interpretation of the bill and I can't find definitive answers on the net.
The Cap & Trade bill passed by the House does say that if a person gets a govt kissed loan then energy efficiences of the home are taken into consideration.
How exactly will this affect the sale of a home? That seems to be an answer no one has at this point but it doesn't appear to bode well for the seller.
Will this extend to all mortgages? Flip a coin, but my guess it that it will, perhaps not immediately but eventually.
There is a precendence for this. For example, my grandma's house had a septic which was not up to code. To sell her house required a cash buyer or upgrading her system. No one could get any type of mortgage loan due to the septic system.
You're a very typical American, which is why we have to impose cap and trade, CAFE, and other regulation to get to the solution that best benefits society.
cap and trade hasn't worked in europe, what makes you think it will work here???
I, for one, have read the real estate section of the bill (in some parts, you need to be a lawyer or politician to interpret it. Also, some parts are ambiguous giving way for future details).
I agree, I don't think the bill says you have to update your house in order to sell it.
However......
there is a whole "can of worms" addressed in the mortgage section of the Cap & Trade bill.
Have talked to several real estate people (also in mgmt) and none seem to really know the interpretation of the bill and I can't find definitive answers on the net.
The Cap & Trade bill passed by the House does say that if a person gets a govt kissed loan then energy efficiences of the home are taken into consideration.
How exactly will this affect the sale of a home? That seems to be an answer no one has at this point but it doesn't appear to bode well for the seller.
Will this extend to all mortgages? Flip a coin, but my guess it that it will, perhaps not immediately but eventually.
There is a precendence for this. For example, my grandma's house had a septic which was not up to code. To sell her house required a cash buyer or upgrading her system. No one could get any type of mortgage loan due to the septic system.
regarding septic systems, if your grandma's house was located in my rural area, it could not be sold until the septic was brought up to code.
Cash buyer would make no difference cuz you couldn't get the title changed. You also couldn't get a building permit to make improvements on a house if the septic is not up to code.
regarding septic systems, if your grandma's house was located in my rural area, it could not be sold until the septic was brought up to code.
Cash buyer would make no difference cuz you couldn't get the title changed. You also couldn't get a building permit to make improvements on a house if the septic is not up to code.
I presumed that was common in most places.
You are probably correct.
I wasn't involved in the situation so memory could be hazy as to the particulars.
regarding septic systems, if your grandma's house was located in my rural area, it could not be sold until the septic was brought up to code.
Cash buyer would make no difference cuz you couldn't get the title changed. You also couldn't get a building permit to make improvements on a house if the septic is not up to code.
I presumed that was common in most places.
My Mum was forced to upgrade her home in San Diego a while back and it had nothing to do with selling the home. The homes where all build in the early 1950s and had septic systems. Back in the 1970s we did replace the all the leach lines in the leach field and the lines going to the tank. All sewer plumbing under the house was cast iron and shot, so that was replaced. All groung lines and leach lines were made of concrete and disintegrated. Finallt when the septic tank caved in and she wanted to replace it with a new one, they said no that she had to go on the sewer system.
Not only was it costly but then over there they have this stupid sewer fee monthly which is based on your water intake usage and they don't care if 70% of your water goes to the landscape. You have to pay the fee for all water used. So she has her regular water bill and the new fluctuating monthly sewer bill based on water used for whatever purpose. But they made the entire area go on sewer, so it would have happened anyway.
The other thing they forced all of them to do is put their electical connections underground. All those 1950s homes obtained their electric from the Telephone/Electric poles through the air and hooked up to a jack on the corner roof of the homes. That's gone now and also yet another costly item. Everything going up over there. The only thing that saves her is that she is still grandfathered in under the old Property tax freeze of Prop 13, something the politicians are now looking at changing. She pays about between $600-$700 a year in tax. Other's who've bought home the last couple years in her neighborhood are paying anywhere from $4000 to $6000 Property tax, and the realestate devaluations have not change their tax obligations either.
My Mum was forced to upgrade her home in San Diego a while back and it had nothing to do with selling the home. The homes where all build in the early 1950s and had septic systems. Back in the 1970s we did replace the all the leach lines in the leach field and the lines going to the tank. All sewer plumbing under the house was cast iron and shot, so that was replaced. All groung lines and leach lines were made of concrete and disintegrated. Finallt when the septic tank caved in and she wanted to replace it with a new one, they said no that she had to go on the sewer system.
Not only was it costly but then over there they have this stupid sewer fee monthly which is based on your water intake usage and they don't care if 70% of your water goes to the landscape. You have to pay the fee for all water used. So she has her regular water bill and the new fluctuating monthly sewer bill based on water used for whatever purpose. But they made the entire area go on sewer, so it would have happened anyway.
The other thing they forced all of them to do is put their electical connections underground. All those 1950s homes obtained their electric from the Telephone/Electric poles through the air and hooked up to a jack on the corner roof of the homes. That's gone now and also yet another costly item. Everything going up over there. The only thing that saves her is that she is still grandfathered in under the old Property tax freeze of Prop 13, something the politicians are now looking at changing. She pays about between $600-$700 a year in tax. Other's who've bought home the last couple years in her neighborhood are paying anywhere from $4000 to $6000 Property tax, and the realestate devaluations have not change their tax obligations either.
Insane, just insane.
Only in California. The best view I had of California was in my rear view mirror.
My Mum was forced to upgrade her home in San Diego a while back and it had nothing to do with selling the home. The homes where all build in the early 1950s and had septic systems. Back in the 1970s we did replace the all the leach lines in the leach field and the lines going to the tank. All sewer plumbing under the house was cast iron and shot, so that was replaced. All groung lines and leach lines were made of concrete and disintegrated. Finallt when the septic tank caved in and she wanted to replace it with a new one, they said no that she had to go on the sewer system.
Not only was it costly but then over there they have this stupid sewer fee monthly which is based on your water intake usage and they don't care if 70% of your water goes to the landscape. You have to pay the fee for all water used. So she has her regular water bill and the new fluctuating monthly sewer bill based on water used for whatever purpose. But they made the entire area go on sewer, so it would have happened anyway.
The other thing they forced all of them to do is put their electical connections underground. All those 1950s homes obtained their electric from the Telephone/Electric poles through the air and hooked up to a jack on the corner roof of the homes. That's gone now and also yet another costly item. Everything going up over there. The only thing that saves her is that she is still grandfathered in under the old Property tax freeze of Prop 13, something the politicians are now looking at changing. She pays about between $600-$700 a year in tax. Other's who've bought home the last couple years in her neighborhood are paying anywhere from $4000 to $6000 Property tax, and the realestate devaluations have not change their tax obligations either.
Insane, just insane.
I'm thankful every day for Prop 13 even though I'm one of those paying 8 to 10 times what my elderly neighbors pay... at least it provides some predictability in planing my finances...
Cities such as Berkeley CA have floated plans requiring mandatory Green measures either be phased-in over time or at the time of sale... It's been put on the back-burner for now waiting for a better time to reintroduce it...
There was a story of an older hippie couple in their 2 bedroom 1910 brown shingle cottage standing in front of their beautiful Wedgewood Range... he painstakingly rebuilt it when it came with the house many years ago... they were none too happy about being told it would have to go since it's not energy star certified...
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