Showing posts with label inspections. Show all posts
Showing posts with label inspections. Show all posts

Friday, May 30, 2008

New Commercial and MultiFamily Inspection Form Released By MBA

The Mortgage Bankers Association (MBA) recently announced the completion and implementation of a new commercial/multifamily real estate property inspection form for various property types including Office, Retail, Multifamily, Healthcare, Lodging and Industrial.

The updated inspection form already has industry-wide adoption by servicers for all funding sources including
Fannie Mae and Freddie Mac. The form will not be used by the Federal Housing Administration (FHA).

Click here to view the new commercial/multifamily property inspection form and reference guide, please click “MBA Master Inspection Form” upon visiting the following Web link.

Full Story...

Source: MBA



Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit
Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2008 by Lawrence Yerkes. All Rights Reserved.

Thursday, May 08, 2008

Upon Further Inspection

One of the most important steps in the home buying and selling process is often overlooked: the home inspection. While many buyers and sellers alike are wary of inspections (for fear of finding the dreaded "deal-breaker"), in reality thorough and timely inspections \help smooth the process and prevent headaches during or after closing.

The Difference between Appraisal and Inspection

Many consumers are unclear regarding the difference between a home appraiser and a licensed home inspector. A house appraisal is an independent evaluation of the current market value of the home. Generally speaking, the appraiser's job is to review the property to determine its worth relative to similar properties in the area and recent sales history. With that value set, the lender can determine how much money can appropriately be loaned to the buyer. Appraisers typically work for the bank, the FHA, or HUD depending on the type of loan.

In contrast, the house inspector is trained to identify items in the home that need either replacement or repair. A licensed inspector will carefully examine the home's structural components, heating, cooling, plumbing and electrical systems, insulation, roofing and so on. A home inspection report will give far more detailed information than available in a home appraisal.

While an appraiser will perform a walk through of your home, it is typically a cursory examination that lasts between 15 and 30 minutes. An in-depth home inspection will last from two to three hours. An appraiser may point out potential problem areas, but they are not trained to spot damage or faulty systems. Only a certified inspector can adequately review the quality and condition of a home for sale.

Seller's Perspective: Informed Buyers, Added Protection

Many sellers choose to have their home inspected before ever putting the property on the open market. Such presale inspections are combined with the seller's disclosures to form a comprehensive disclosure package of documents about the home.

Some sellers shy away from this practice, feeling that it is an unnecessary expense when many buyers will obtain their own inspection anyway. But presale inspections aren't meant to replace the inspection an interested buyer will seek, rather they are meant to increase a potential buyer's knowledge about the property. Well-informed buyers will be less likely to walk away from a property that they like, and by providing a disclosure package you show buyers that you are negotiating in good faith.

The presale inspection is also a safeguard against potential home defects that might affect a future closing or even worse result in legal action after the sale of the home. An early inspection can help you identify any items you that will require either repair or disclosure (and possible concessions) as you move forward.

Buyer's Perspective: Cost-Effective Peace of Mind

A presale inspection provided within the seller's disclosure package does not mean that smart buyers should go without a second inspection by an inspector of their own choosing. In general, a home that has been thoroughly inspected benefits buyer and seller alike.

Buyer-driven inspections are common contingencies in many sales contracts. While some sellers may request a specific inspector, most will allow the buyer to pick an inspector without restriction. If a seller will not pay for all or part of the inspection without first approving the inspector, consider paying for an independent inspection out of pocket. Look for experienced inspectors with a strong reputation in the community (see the "Finding the Right Inspector" section below).

Occasionally a buyer will opt instead to do a walk through with the original presale inspector to gain further information about items in the disclosure package. While this does give the buyer the chance to ask questions about the property (and it is better than no inspection at all), it's usually best to have a true second opinion whenever possible.

Specialist Inspectors

If the general inspection identifies problems or potential defects, seek a second inspection by a specialist. The reason for this is simple: while home inspectors are trained to spot defects throughout your home, by their very nature they do not have specific expertise with every single structure or system in the house. For example, an inspector may cite signs of wear on a HVAC system as possible evidence that a replacement is in order. Calling in a licensed heating contractor may either confirm the existence of a problem or show that the general inspector was mistaken.
Additional inspections do come with an expense, but they can prevent surprises after closing or eliminate unnecessary repairs, the cost is easily offset. If the general inspector recommends additional inspections (which is often the case), you should heed the advice.

Finding the Right Inspector

Whether buying or selling, picking the right inspector is an important decision. A good inspector will be experienced, meticulous and plainspoken. It pays to use a home inspector with a proven track record in your area. You'll also want an inspector who will stand by their work and take responsibility for any oversights or errors. If the inspector is also a general/repair contractor, they should disclose this information upfront. Both seller's and buyer's agents can typically provide referrals of qualified inspectors. You can also check for local members of the National Association of Home Inspectors (NAHI) or the American Society of Home Inspectors (ASHI), two of the most respected home inspection associations.

National Association of Home Inspectors:
www.nahi.org/

American Society of Home Inspectors:
www.ashi.org/


The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers,
via our RE/MAX of New Jersey web site.



Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit
Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).


Copyright 2008 by Lawrence Yerkes. All Rights Reserved.

Friday, February 29, 2008

Sellers Tactics: Attracting Buyers in '08

Home selling strategies should always be carefully tailored to meet current market realities. Here are some things to keep in mind if you're planning on selling your home in 2008.

Get a Home Inspection: In a buyer's market, it pays to take a pro-active approach. Home defects or outdated systems can hold up a sale or result in price reductions later on. By getting a home inspection before putting your home on the market, you'll be able to address problems that might otherwise turn off savvy buyers.

Set Pricing Accurate to Market: Setting a realistic asking price is the best way to ensure a timely sale. It's no longer enough to simply check current comparable listings in your area and match their asking prices. Research both the price and the time on the market of current comparable listings. Pay close attention to any properties that have sat unsold for an extended period of time. Get information on recent sold properties in the area, paying close attention to the sold date. If available, seek out statistical data on local home buying trends. Hire a professional appraiser to give you more finite idea of your home's value. Keep your mind open to the possibility of a future price reduction should your initial listing not generate the kind of response you desire.

Pre-Market Prep: With inventories rising in many areas, buyers have become much more meticulous. It's more important than ever to make sure that your home is show-ready before the listing is placed on the market. Clean and de-clutter your home inside and out. If you've been considering remodeling, stick to less-expensive projects in key rooms. Make any necessary exterior repairs (such as fixing broken gutters or missing shingles) to improve your home's curb appeal. A professional stager can draw out your home's best qualities while downplaying personal touches that may not be for everyone.

Professional Marketing: In a slowing market that favors the individual buyer, the guidance and know-how of a licensed seller's agent becomes all the more valuable. The available resources, marketing experience and industry knowledge of a real estate professional will help you develop a targeted marketing plan based on your home's strengths and the makeup of your immediate market.


The article is taken from one of our recent Newsletters that was e-mailed to all registered subscribers, via our RE/MAX of New Jersey web site.




Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit
Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).



Copyright 2008 by Lawrence Yerkes. All Rights Reserved.


Friday, November 10, 2006

Questions to Ask Your Home Inspector

What should you ask when hiring a home inspector? You can start with these ten questions. (Source: HUD)

Ten Important Questions to Ask Your Home Inspector...



Visit my web site for additional services and support: http://www.LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Copyright 2006 by Timon, Inc. All Rights Reserved.

Sunday, October 15, 2006

Radon - What Is A Safe Level?

The EPA has an informative online document: "Radon - A Physician's Guide: The Health Threat With A Simple Solution", that was published a while back and has a lot of introductory and tutorial information about radon, it's health risk, how to avoid problems and correct them if they are encountered, and what is a safe level (the short answer: There is no "safe" level.)

See also:
Radon and Real Estate
Home Buyers and Seller's Guide to Radon
"Residential Air Cleaning Devices: A Summary of Available Information"
EPA Map of Radon Zones



Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (commercial, residential homes, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Tuesday, August 22, 2006

Most Common Defects Found During Home Inspection

1) The house has poor drainage and/or basement/crawlspace water penetration.
2) The house has faulty wiring or other electrical safety issues.
3) The roof leaks or has other problems.
4) The house has an unsafe, failing or aging heating and cooling systems.
5) The whole house has been poorly and/or improperly maintained (interior/exterior).
6) The house has minor structural damage.
7) The house has plumbing problems.
8) The house’s exterior lets in water and air around windows and doors.
9) The house is inadequately ventilated.
10) The house has environmental hazards.
The house never had a building permit for alterations and additions performed as is now in violation of local building codes.
The house has rotted wood (dry rot).
The house's chimney(s) and fireplace(s) have been neglected.
The house has missing, improperly placed and/or working smoke and CO detectors.
The house has trip hazards and other similar safety concerns.
The house has improperly placed or maintained vegetation.
The house has firewall violation in garage.
The house has termite or other wood destroying insect damage.


http://realestate-news.blogspot.com/2006/08/most-common-defects-found-during-home.html

http://www.elsahomeinspections.com/common-defects.html
http://realestate.msn.com/buying/InspectionTopTen.aspx

http://blog.liagent.com/public/blog/134586


Alternate Lists:
http://www.housedetective.com/articles/top10.htm
http://www.relojournal.com/Apr2000/homeinspection.htm
http://www.accuspect.com/defects.asp


Common New Home Defects:
http://www.nowccs.com/Common%20Defect%20in%20Homes.pdf#search=%22The%2010%20Most%20Common%20Home%20Defects%22


Common Construction Defects
http://www.certifiedriskmanagers.com/10CDs.pdf#search=%22The%2010%20Most%20Common%20Home%20Defects%22 [PDF file]



RISMEDIA, August 22, 2006—Although some homeowners don’t like to admit it, no house is perfect. Even the best built and maintained homes will always have items in less than perfect condition.

In order to help homeowners start planning ahead for repairs, The HomeTeam Inspection Service, the nation’s professional leader in home inspections, offers a list of the 10 most common home defects that frequently arise.

“Many homeowners are unfamiliar with common problems a house can develop,” said Greg Haskett, vice president of The HomeTeam Inspection Service. “Being aware of these home defects now can not only save in expensive repairs in the future, but also adds to the value of the home if the house should be put up for sale.”

The HomeTeam Inspection Service’s 10 Most Common Home Defects:

1. Poor Drainage- Improper drainage can lead to water intrusion in the basement of homes and even severely compromised foundations.

2. Failing or Aging Heating and Cooling Systems- Older heating and cooling systems require maintenance and may be energy inefficient. There is also the risk that they can emit dangerous carbon monoxide fumes that are harmful to the family.

3. Environmental Hazards- Older homes may contain lead-based paint, high levels of carbon monoxide, radon, toxic molds, and even asbestos.

4. Inadequate Ventilation- This occurs when moisture accumulates in homes which damages interior walls and structural elements.

5. Improper Maintenance- Taking poor care of your household appliances can create consequences. Simple actions like cleaning out the lint trap in the clothes dryer can help prevent a fire.

6. Plumbing Problems- The pipes under your sink can be made of incompatible materials that lead to dripping faucets, leaking fixtures, and slow drains.

7. Roof Problems- The roof of your home may contain old or damaged shingles and improper flashing due to rain. The overall structure of the roof may be affected because of improperly installed collar ties and ridge beam supports.

8. No Permit- Many homes do not have permits for finished basements, deck additions, and hot tub and pool additions. This can lead to unnecessary fines when putting the house up for sale.

9. Electrical Safety Issues- A home with an out-of-date or insufficient electrical system can lead to fires and electric shock. Examples of other electrical safety hazards are ungrounded outlets, lack of Ground Fault Circuit Interrupters (GFCI), aluminum wiring, and faulty wiring conditions in electrical panels or elsewhere in a building. These are potentially hazardous defects and not to be taken lightly.

10. Rotted Wood- Wood placed around areas that are frequently wet can begin to rot. Wood around bathtubs, showers, and toilets are especially defective. The exterior of the home, including the outside trim of the house, decks, and roof eaves, should also be checked regularly for signs of rotting.

Knowing the top 10 most common house defects can help you prepare to put your home on the market. Check these areas of the home often to prevent damage and provide repairs when needed.

The above suggestions may require professional assistance to ensure proper installation.

For more information about HomeTeam, visit www.hometeaminspection.com.

Tuesday, September 27, 2005

New Jersey Driving Law, Penalties and Fines, Points System - MVC (DMV)

New Jersey Motor Vehicle Commission (MVC)
Official New Jersey site related to vehicle and driver registration: driver testing, licenses, manuals, laws, penalties, points system, vehicle inspection, safety, and more. Also handles business and commercial issues.

You can find out details regarding the new Digital Licenses and documents required when registering under the new 6-point verification system. Find special instructions for military personnel, as well as facilities locations and hours.


NOTE: The MVC is the New Jersey equivalent of a "DMV" in other states. It went through a name change from DMV to MVC in 2003, when the organization was restructured and streamlined.

Quick link: MVC agency office/station closings, cancellations, delays




Visit my web site for additional resources and services: http://LawrenceYerkes.com

or visit http://BestHomes-NJ.com for the latest property listings (residential, commercial, multi-family, farm, land)

Copyright 2005 by Timon, Inc. All Rights Reserved.