August 2010

Found 6 blog entries for August 2010.

This was one of our most enjoyable transactions; primarily because of the sellers who were a very delightful couple. He was a retired Atlanta police officer and always had a story to tell when I stopped by. When we were contacted by the owners; they had lived in the home for a number of years. In fact the house still had the 1970’s shag carpet in it; so it was pretty dated.

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The home was one of those split foyers, you know the style; you walk in the front door and either go up or down.  There wasn’t really anything unique about the home; except that it had a foundation problem. I originally noticed it on my first visit to the home.  There was an elevated line that could be seen under the carpet.  I knew that it was a slab crack, but did not find out

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Currently approximately 45% of all home loans are FHA loans. Being aware of some of the variations and features of these loans can ease the pain associated with replacing certain energy related items in the home, by allowing you to include the cost of these improvements in the loan without having to qualify for the additional loan amount. Sound too good to be true. Well it’s not.

What is an EEM – Energy Efficient Mortgage

An EEM is an FHA loan with a twist. The twist allows for a buyer or a home owner who is refinancing to finance 100% the cost of certain energy efficient improvements in their loan. The added amount does not increase equity requirements or down payment amounts, and allows for qualifying ratios to be stretched to 33/45. The EEM

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Typically, when a seller conveys title to a purchaser, the seller executes a general Warranty Deed transferring all of their interests in the property. The seller is “warranting” to the buyer that the seller has good and marketable title to the property. Thus, if a title issue later arises involving a claim against the title that occurred at anytime prior to the sale, the purchaser can seek recourse against the seller through this Warranty Deed.

Today, many purchasers are buying foreclosed property wherein the seller (bank) only agrees to execute a Limited (or Special) Warranty Deed. Here, the seller is still conveying all of their interests in the property to the Purchaser. However, the seller is only “warranting” title to the purchaser for any

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What You Should Know About Radon

Radon is a noble and inert gas which has been identified in indoor air for half a century. You can’t see radon. You can’t smell it or taste it. But it may be a problem in your home it the levels are too high. Radon is estimated to be the underlying cause of thousands of deaths each year. In fact, the Surgeon General has warned that radon is the second leading cause of lung cancer in the United States today. Only smoking causes more lung cancer deaths.

What is Radon and Where Does it Come From

Radon comes from the natural (radioactive) breakdown of uranium in soil, rock and water and it gets into the air that we breathe. It typically moves up through the ground and enters your home through cracks and other holes or

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The first was a question I was asked just last week during an inspection of a house I was doing an appraisal on. The second question came up when I was out taking photos of comparable properties for this same property and was chased down by an angry homeowner for taking a picture of his house.

In answer to the first situation (taking interior photos of the house), effective September 1, 2010 Fannie Mae is requiring interior photos as noted below.

Appraiser will be required to provide interior photographs, which must, at a minimum, include:

-the kitchen;
-all bathrooms;
-main living area;
-examples of physical deterioration, if present; and
-examples of recent updates, such as restoration, remodeling, and renovation, if present.

While the above is a

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As we approach the year end of the year, many of us may be re-evaluating our portfolios, our financial interests including property insurance and life insurance, reducing and/or consolidating our debt, and preparing our estate plans for the next generations.

Although everyone knows it is necessary to appraise real estate to sell it, there are many other reasons people would contact a real estate appraiser. Here are some ways an appraisal of your real property may be useful next year:

  • Getting a Real Estate Loan: Establishing an Opinion of Value for a Real Estate Purchase or Refinance to lower interest or to provide collateral for other purchases of real and personal property.
  • Establish an Opinion of Value for Dissolutions and Buyouts as in
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