Home Inspection Process

Now it is time to begin the inspection process. It is CRITICAL that we watch the dates. We must complete ALL inspections and respond before the deadline. Otherwise the seller does not have to fix a thing and you own the home “as-is”. Relax it is not quite as bad as that, if something does come up we can ask (in writing) to extend the inspection period.

INSPECTIONS - We begin with the whole house inspector. You may use anyone you like for this process. In KS inspectors are now required to be licensed, and carry insurance.

A top professional will have at least $250,000 worth of insurance, be a member of a association with educational requirements, and take continuing education on a regular basis. [Read more...]

Closing Timelines and 2009 Federal Regulations

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Consumer protection regulations have been put in place to ensure that homebuyers receive better information, especially regarding cost disclosures, earlier in the mortgage process.

New Truth in Lending disclosure requirements take effect July 30, 2009 and the timing of your closings may be impacted. With the new regulations you may need to plan for at least a 30-day close if the homebuyer is financing the property. [Read more...]

Debt to Income Ratio Calculator – How much home can you afford?

We have created two different versions of the Debt-to-Income (DTI) Ratio worksheets. The DTI ratio is used by lenders to determine how much mortgage payment a buyer can comfortably afford. In the past, lenders moved away from these ratios but lenders have decided to use them again.

We have two pdf forms you can use.

1) Debt-to-Income Ratio – Auto Calc -This pdf form allows you to enter in your income and expenses and it does the math calculations for you. It takes 15 seconds.

2) Debt-to-Income Ratio Worksheet – In case your version of adobe does not support the above form, you can use this one with your calculator to figure out the loan payment that will work for you.

After you find out the loan payment you can afford, use our mortgage calculator to see how much mortgage and house that can buy! CLICK HERE

Call us if you have any questions. In 15 minutes we can put you on the right track.

Steve Kornspan

Benefits of Buyer Representation

Some Advantages of Buyers Representation:

■ An overview of the entire homebuying process so your journey will be clearly laid out and planned for you

■ Assistance in determining your financial budget in order that you know exactly how much you can afford

■ A comprehensive breakdown of the mortgage process so it is clear and easy to understand

■ Proper guidance in gathering all the appropriate financial papers ensuring you are prepared

when applying for a mortgage [Read more...]

First-time Homebuyer Tax Credit Included in Stimulus Bill

Real Estate Tax Credit Extended

us capital

The economic stimulus bill we’ve all heard so much about in the last few weeks was signed into law February 17.  Officially known as the “American Recovery and Reinvestment Act of 2009,” the bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010. 

 

Learn more by viewing NAR President McMillan’s video podcast or read more about the housing provisions in the bill.  Additionally, the NAR Chief Economist, Lawrence Yun, has posted a commentary summarizing more information on this important legislation. 

The tax credit for first-time home buyers, up to $8,000, is an important aspect of the bill.
Click here for a chart with the major modifications for the first-time home buyer tax credit.

Some Common Types of Mold

Aspergillus / Penicillium:
are two separate genera of molds so visibly similar, they are often grouped together. They comprise of approximately 400 different species, produce dry spore that are easily dispersed through the air, and serve as a source of food for mites therefore also being dispersed by mites and other insects.
Outside: They may be found in soils, fruit rot, decaying plant debris, compost piles, and some petroleum based fuels.
Inside: Commonly found through-out the home on decaying fabrics, carpeting, wall board, moist chip boards, behind paint, on wall paper and adhesives, and house-hold dust. Can also be found in dried foods, dry cereals, nuts, apples, cheeses, herbs, onions, and oranges when isolated from blue rot.

Cladosporium:
is profuse and is essentially a cornucopia of spore when air monitoring either inside or out-doors. This genus contains approximately 20-30 different species, most abundant in dry weather, branching chains produce dry spores that are released by twisting of the spore-bearing hyphae as they’re drying.
Outside: Can be found in many soils, plant litter, and old plants and leaves, some of the species are plant pathogens.
Inside: Found just about anywhere indoors including but not limited to bathroom tiles, kitchen tiles, moist windowsill’s, laundry areas, textiles, and any other wet areas of the home. Some species of cladosporium grow at temperatures at or below 32 degrees (F) and can be found on many refrigerated foods.

Alternaria:
is one of the most common found molds geographically and contains approximately 40 -50 different species, very few
of which are commonly found indoors, and is easily dispersed through the air.
Outside: Found in soils, textiles, dead organic debris, foodstuffs, and is a plant pathogen that often found on dead plants.
Inside: When moisture is present, alternaria can grow on just about any organic substance.

Acremonium:
Is a slimly mold commonly found in areas of extreme moisture around the home and can be dispersed through water flow or droplets. The old dried – up spores are capable of dispersion by air. This common mold includes
approximately 80-90 different species.
Outside: Found in soils, dead organic material, foodstuffs, and hay.
Inside: Requires extremely wet conditions in order to multiply, and under such conditions can likely be found anywhere in the home.

Ceratocystis / Ophiostoma:
separate genera that are so similar that they are generally grouped together, and represent approximately 50-60 different species. The production of wet, slimy spore is typically dispersed by water flow, droplets, or insects.
Outside: Sometimes referred to as “lumber mold” this genera is commonly found in lumber yards and forests.
Inside: Can typically be found on wood construction materials.

Chaetomium:
contains approximately 80-90 different species, and is common geographically. These spores are formed inside of fruiting bodies, and are released by being forced through small openings in the fruit body being dispersed by wind, water flow or droplets, and insects.
Outside: Found in soils, dung, wood materials, straw, cellulose substrates and various seeds.
Inside: Very common on sheet rock paper that has been saturated by moisture, and on cellulose and wood construction materials.

Stachybotrys:
is ubiquitous, and represents approximately 15 different species, requires a significant amount of moisture to reproduce slimy spore and is commonly dispersed by water flow, droplets, or insects.
Outside: Found in soils, decomposing cellulose material, decaying plant debris, leaf litter, and seeds.
Inside: Common on wet materials such as wall board, jute, wicker, and other paper materials.

Mold

mold on wood

mold on drywallWhat is it? Where is it?

Medical research indicates that mold is the number one cause of allergic symptoms. Mold naturally occurs in home, office, and school environments, and many thousands of different molds exist, but only a few of them are known to cause significant health problems, of which Stachybotrys chartarum (toxic black mold) and Aspergillus niger(widespread in indoor environments) are the most common. Mold can be found in every area of your home: attics, basements, bathrooms, carpeting, ceilings, chimneys, closets, raised foundation crawl spaces, doors, flooring, garages, kitchens, ventilation systems, walls and framing, and windows. It grows in most building materials, including concrete, dry wall, carpeting, wall paper, fiberboard, ceiling tiles, and thermal insulation. [Read more...]

Wood Rot aka Dry Rot

pj-otool-in-the-box

wood rot sidingFirst off, dry rot isn’t dry. It’s wet and nasty and destroys your home. This is far and away the most common discovery that I see on home inspections and that’s why I recommend that a homeowner takes care of it before the home even goes on the market. If the inspector doesn’t find wood rot it should be an indication of home that has been well maintained and give the buyer more peace of mind that other issues have been maintained as well.

On windows if just the sill and brick mold (the exterior trim on the window) are bad I recommend repairing it. If we find the jambs (the sides that hold the tracks) are starting to go or maybe the sashes (the moving parts of the window) it may be more economical to do a replacement window. Sometimes I suggest a full replacement unit, depending on homeowner preferences and how much longer they will be there. [Read more...]