Showing posts with label va. Show all posts
Showing posts with label va. Show all posts

Tuesday, August 13, 2013

Home Inspections Save you Money $


A home inspection is a limited non-invasive objective examination of the conditions of the visible accessible components of a home. It is the best way for a buyer to learn about the conditions of the property they are investing in. Meeting the expectation of home buyers required a unique combination of skill sets- construction, engineering, and architecture. In the 1970’s The American Society of Home Inspectors (ASHI) formed, combined all the required skills and established the Standards of Practice and Code of Ethics. These were standards and guidelines that gave comfort to buyers about the investment they were making.
It is not mandatory to have a property inspected prior to purchase, yet buying a home for some is the single largest investment they will ever make so why would you not want to know exactly what you are investing in? If you were buying a car or investing in the stock market you would research, so why would you want to risk an investment that will house the most precious gift life gives, your family?
A home inspector is not an appraiser, their job is to check the structure and the major systems of the home for wear and tear as what as what could be a future problem and provide a buyer with a better understanding of physical condition. The major systems include the heating system, central air conditioning system, interior plumbing and electrical systems, the roof, attic, and visible insulation, walls, ceilings, floors, windows, and doors. This also includes the foundation, basement, and visible structure. Following the inspection, inspector will supply a written report that describes the conditions of the home at the time of inspection, but gives no guarantee of future conditions, efficiency or life expectancy of systems. So what is involved with a home 
Inspection Checklist
Exterior:
ü  Structural inspection for rotten wood, termites, broken bricks, possible location for water seepage
ü  Gutters are installed properly with no rust or corrosion, leading water away from structure not towards home where water damage could occur or mold
ü  Paint looks good, no chipping or flaking
ü  Windows and doors show no signs of leak or deterioration, open and shut with ease, no gaps or other signs of foundation movement
ü  Foundation has no cracks or weakened areas, treat from near- by tree roots
ü  Agriculture causes no potential problems for safety, healthy vegetation

ü  Decks and paths have no rotten wood, loose railings, or wobbly bricks
Interior:
ü  Flooring- stains, slopping, sagging, or broken tiles
ü  Walls have no cracks, loose plaster, bowing, or signs of water damage
ü  Ceiling have no sagging, stains, or other signs of leaky roof
ü  Doors and windows are in good working condition, tight seal when closed, no cracks or damage to frames or trim
Roof:
ü  Roof for broken or missing shingles, bubbles in tarpaper, loose or curling shingles, and holes where water could get in
ü  No bowing in walls or roof, both should have straight lines
Plumbing:
ü  Plumbing has no leaky fixtures, free of cracks, caulk is
solid, staining or rotting on/under the countertops, good water pressure
Electrical:
ü  Electrical system are all outlets are working, no water damage
ü  Electrical boxes appear to be installed per building code
ü  Wiring is current and up to date, no exposed wires
HVAC:
ü  Check age and working conditions of the heating and cooling system
ü  Ensure that the cooling/heating system is large enough for the floor space
ü  Filters are clean
Appliances:
ü  Appliances are in good working condition, no repairs needed
ü  Hot water heater and plumbing, no visible signs of rust, corrosion or leak
The most common sited issue within a home inspection is improper installation of everything from gutters to outlets, from insulation to bathroom tiles. All items that will cost the new homeowner money to repair or replace, unexpectedly if no inspection is done.
Homes built in 1900-1950:
Knob and tube wiring consists of fuses and fuse boxes and is considered outdated and inadequate to cover today’s load
Homes built 1942-1958:
Orangeberg Sewer piping was a sewer line made out of papier mache that connected the house to the main sewer line. This piping was used as necessity during WWII, the military was using all of the iron for war efforts. If it still functions…expect replacement soon.
Homes built in 1984-1990:
Defective ABS piping made out of recycle plastic was produced by 5 manufacturers. The pipe had a tendency of cracking within the glue joints. Extremely costly to replace
Homes built in 1990-2000:
A NOX rod consolidated furnace has heat exchangers that will crack and release carbon monoxide into the home and potentially cause fires. Used widely during these years and is on a recall list. A home inspection will detect this type of furnace.
Homes built in 2004-2005:
Chinese drywall- contains corrosive sulfur compound and is detectable by the strong sulfur (rotten egg) odor. As a result of active hurricane season construction materials were in short supply, so builder began importing materials from other countries, including the hazardous “Chinese Drywall”. Amazingly the hazardous drywall wasn’t even from China.  The most infamous exporter of the harmful drywall was a company called Knauf out of Germany.  Knauf acquired the raw materials from a gypsum mine sited in China.  Even though we haven’t been able to trace the precise cause of the contamination in the gypsum, it is believed that poor pollution controls in China allowed the raw gypsum to be contaminated within the mine.  Since then, millions of sheets of this hazardous drywall have been imported and installed into homes and business across America. (it has been found in homes as early as 2001 and as late as 2009) The cost of remediation can be astronomical- include the complete replacement of the following:  all drywall, all electrical wiring, the air conditioning system, all metal plumbing components, all appliances with major metallic components, all carpeting, all wall insulation, all wood flooring, all wood baseboards or crown molding and all metallic bathroom fixtures or components.

An inspector should also look in the attic; in the garage; and under the house, if possible.
If your home has a swimming pool ask the inspector ahead of time if he inspects the pool -- some inspectors do and some do not.
The better the checklist the better the home inspection.

Tuesday, August 6, 2013

Just the facts, ma'am



We want to know the facts.
Want to know what ingredients are that being used in the food we eat; "google it".
Want to know if the chemical being used in your home is safe for your family, animals, and environment: google it.
When you are making a purchase as important and expensive as buying a home of course you want to know the facts and some of the answers you will not on the internet. Who better to ask then those who know first hand, the sellers.

Here are some questions that will help lead you to make the best decision for your investment:
  • How long has the property been on the market?
  • How much did seller pay for the home?
  • How did the seller come up with the asking price? 
    • How flexible is the price?
  • How much does the seller still owe on the home?
  • What is the property worth in the current market?
  • How many offers have been received? 
  • What is included? 
    • real vs. personal property

  • Why is the seller moving? 
  • What is the neighborhood like? 
    • neighbors?
    • schools?
    • noise?
    • crime? 
    • HOA?
    • any foreclosures in the neighborhood? 
  • The history of the home? 
    • average cost of the utilities? 
    • has the property ever been rented? 
    • repairs done? 
    • repairs needed? 
    • preventative maintenance? 
    • remodels?
    • flood zone?
    • haunted? 
    • any problems? 
      • roof? how old is it?  
      • foundation? Any cracks or areas of concern?
      • electrical?
      • plumbing?
      • termites? 
  • What do you like/ dislike about the property? area? neighborhood? 
Do research...
What is close by? shopping? Parks? major roads? public transportation? Any foreclosures in the neighborhood? 

Stay tuned for the next blog on home inspections! 



Sunday, December 2, 2012

The Mortgage Firm

The Mortgage Firm

Headquartered in Orlando, Florida, The Mortgage Firm has been providing quality real estate financing since 1995. With a proven track record, we serve the lending needs of real estate professionals, builders and individual homebuyers throughout Florida and Georgia.

Our qualified and licensed professionals offer expertise in every area of mortgage lending: Conventional, FHA, VA and USDA.

We have access to a full range of mortgage sources and all of our lending specialists are dedicated to find the right loan with the best rate, terms and cost to meet your unique needs. But that?s just the beginning. Throughout the lending process, our talented staff will provide regular updates and progress reports so you know exactly where you stand, in person or online.

Now more than ever, experienced people and solid financial resources are two of the most important qualities to look for in a lender. With 15 years of success, The Mortgage Firm is a bonded, insured and licensed loan originator that offers both. We are committed to responsible lending and are well capitalized for the regulatory and industry changes to come.


Welcome to The Mortgage Firm

Here at The Mortgage Firm, we take great pride in the ability to offer the most complete selection of financial options available. We are a full service mortgage banker with an experienced, knowledgeable staff who will work closely with you offering you both guidance and support in recommending mortgage solutions that meet your financial situation.

Our company began with the belief that taking care of our customers would be our #1 priority! We have built a strong foundation because of our clients.

Tuesday, October 23, 2012

Amy Needs Help




Find out how Suzanne Morton of The Mortgage Firm in Delray Beach, Florida can help you too!  Call me at 561-865-5475 or email me at:  DelrayBeachMortgages@gmail.com or yourbestmortgagechoice@gmail.com.

Friday, March 9, 2012

Housing Relief Plans For FHA Borrowers and Servicemembers

The Obama administration has announced two new steps that will be taken to assist FHA borrowers and servicemembers in a statement released this week.

The administration estimates that 2-3 million FHA borrowers will be eligible.  Plans for FHA borrowers include refinancing at a lower cost and a reduction in the insurance premium.  The FHA currently charges an up-front mortgage insurance premium of 1 percent of the loan balance and an additional 1.15 percent of the balance per year; the up-front premium will be reduced to .01 percent for loans originated prior to June 1, 2009.  Annual fees for refinancing will be reduced to .55 percent.

One provision will have servicemen who were foreclosed upon since 2006 reviewed, and if any are found to have been wrongfully foreclosed upon, they can receive compensation equal to a minimum of lost equity, plus interest.  In addition to foreclosure reviews, service members will be reviewed for interest rates to see if any were charged more than 6 percent after a request to lower the rate.

For veterans, $10 million will go into the Veterans Affairs fund to guarantee loans on favorable terms.

Tuesday, March 6, 2012

Why Short Sale Over A Foreclosure Defense?

One of the services I offer to homeowners, investors and commercial borrowers is a full review of their current mortgage (sometimes known as an audit), if the mortgage is in foreclosure.  I have had many instances when the borrower has been able to establish a defense or gain leverage to negotiate based on our findings.  To date we have helped borrowers negotiate millions of dollars in reductions.  

However, over time I've also become a big proponent of short sales if they can be successfully closed with a waiver of deficiency.  Statistics show that on average a home sold through a short sale brings a 24 percent greater return to the lender than a foreclosure.  While banks are offering incentives to homeowners and borrowers to short sale, in many cases this 24 percent can be a tool for negotiating more favorable terms for the borrower such as cash for keys or a waiver of deficiency.  

Regardless of the decision you make to short sale the property or establish a foreclosure defense, it is imperative that you have a professional on your side.  I have seen many foreclosure defenses botched by inexperienced attorneys and short sales fall through due to a lack of knowledge on the part of real estate agents and attorneys.  

Due diligence is the key to putting a negative real estate experience behind you.  Should you have any questions or need an introduction to a capable and knowledgeable real estate agent or attorney, please don't hesitate to contact me.


Suzanne Morton is a partner in Compleat Consulting Group, Inc. and is a respected consultant in the mortgage field working with  over 50 law firms as an expert in foreclosure defense and compliance.  Additionally, Suzanne is a Senior Loan Originator with The Mortgage Firm originating residential loans.

Thursday, January 5, 2012

Incorporating Social Media Into Your Marketing Efforts

As we welcome in the new year and resolve to continue our successful growth in the South Florida real estate and mortgage market, we have made focusing on social media marketing a priority at my office.

Participating in social media marketing may seem a little overwhelming at first, but it is really quite simple and most services make it very easy to register and begin your marketing immediately.  I concentrate my social media marketing efforts through a few sites that have proven successful from the beginning, those being my company pages on facebook, google+, foursquare, whocanihire, twitter and my blog.   My recommendation is to start with these sites and expand to others over time.

I have found that the key to marketing through social media has been to position myself as THE reliable source for mortgage information to potential and past clients and to the real estate community.  It is important to be relevant, current and open in your postings and communication.  Many social media experts believe you need to subscribe to the 80/20 rule (80 percent of your updates should provide value for your followers and 20 percent can be self-promotional).  In my opinion, if you are providing value, you are promoting.  Please don't be afraid to promote yourself along with the benefits and services you provide, people expect this.

Already in the new year I have received inquiries from other mortgage and real estate professionals asking my advice and how it is working for me.  If you have not begun social marketing, hopefully you will begin soon.  I believe you will find success and a return in your investment in time in a fairly short time.  I am always available to help and answer any questions you may have.  In future posts, I will expand on my social media marketing efforts along with providing information regarding the mortgage industry.  

I am passionate about the mortgage business and love helping families attain home ownership, but in the interest of full disclosure, my husband is a partner in the company Who Can I Hire, Inc. which is the consulting firm that owns whocanihire.com.

A little about whocanihire.com, this is a website that acts as a hub and directory for small business and services to market using social media.  When a business joins the directory, they set up their profile, contact information, social media links, chamber of commerce links, and gallery page.  Plus, the site contains numerous resources for small businesses of which many are free or little cost.