Radon Testing Reasons

Recently, I asked Dallas Collins of Precise Radon Testing Labs why home buyers would consider the extra expense of having their prospective, new home tested for radon levels. We don't easily identify radon-it is a colorless, odorless, unchemically reactive, heavy gas. Radon gas has a radioactive isotope that is a product of uranium's nuclear decay. The EPA puts safe levels at or below 4.0 picocuries/L of air.

So check out this blog for more details: preciseradontesting.blogspot.com

What's your decision as a buyer? To test or not to test, that is the question....

Questions to Ask Your Mortgage Loan Originator

The latest from the 2010 required Realtor Update course.

Consider these when choosing your next lender.

*What will the monthly payment be for every month of the loan, and could it increase?(When could it increase? What would my new payment be? Could my monthly payment incrase more than once?)
*Does the monthly payment include an escrow amount to pay for my property taxes and homeowners insurance? Or must I pay these costs on my own? If I have to pay on my own, can you give me an estimate so I can budget accordingly?
*What is the term of the loan (for example 15 years or 30 years)? How many payments will I have to make? Would the loan be paid off at the end or would I still owe a "balloon" payment?
*Will I have to pay prepayment penalties to refinance and pay off the loan early? If so, how much, and when would they apply? If the loan has an introductory or tease rate, can I refinance without penalties before the rate resets and my payment increases?
*Is the person I am speaking to on my mortgage a state of Colorado licensed loan originator?

DORA, the Department of Regulatory Agengies in Colorado, suggests that people verify they are working with licensed lenders or people who are exempt from licensure. Further, they recommend checking out these tips:
*Consumer Corner: availableon the Division's website at http://www.dora.state.co.su/real-estate
*Complaints with the Commission can be made online by clicking the "complaint process" button on the Division's home page.
*Look up mortgage licensees online by clicking the "search licensees" button on the Division's home page.

Aid 4-Mile Canyon Fire Victims and Local Food Bank

Want to do something for those who lost their homes in the recent 4-Mile Canyon fires?

Are you concerned about the increasing number of people who go rely on the local food bank for groceries as times are tough?

Do something about it. Bring your donations to our fundraiser this coming Sunday, September 26th from 1 pm to 3pm. The location is 3360 W 98th Pl, unit A, West minster, CO 80031. See the invitation below for more details. We're having an Open House to gather the donations. As a thank you we'll have live jazz by a local trio and nibbles. (Yes, Broncos fans, the game will be on in the loft, too!) So you could say, we're having an Open House with Purpose!

Hope to see you there!

Make The Final Walk-Through Useful

Here're some good ideas for that final walk through before closing. It's usually a day or so before closing and all inspection items have been completed, you hope. For those who like check lists, check this out...

Lease Options, Wraps, other ways to get a property

Recently a couple of clients asked me about rent-to-own, rent-to-buy, lease option and other alternatives to a straight purchase or a straight lease. This article by Karen J. Radakovich, Esq. (counsel with Frascona, Joiner, Goodman, and Greenstein) discusses some of the pros and cons of this netherland between leasing and purchasing a property. You may care to read this article before contacting your lawyer to draw up an agreement that links renting and buying.

Spot On: Getting a Mortgage Loan Today

This recent article in Forbes correctly identifies the current market for home mortgages.

I would further add that a buyer putting down 25%, who has substantial assets liquid in the bank, a stellar credit score, and is no longer working for a salary (read retired or independent contractor), will find it harder to get a loan for an investment property than a person of modest means and decent credit scores with 3.5% down purchasing their primary residence.

Once again the resale markets for residential loans are driving the market. What is and is not possible is not governed by ability to pay as much as ability for the lender to resell the loan with other mortgage backed securities. That was the essence of the mortgage crisis earlier. To the other absurd extreme we go! The good news is that people are gettting loans. It's just harder across the board, no matter how qualified a buyer is.

New EPA Lead Requirements for Fixer/Flippers

Just out last month are some important new requirements for anyone renovating and planning to sell or rent a home older than 1978. We now have SAFE LEAD PRACTICES. As you probably know lead was used in many paints until 1978 and in buildings circa pre-1978 the dust created when walls and ceilings are worked on often contains lead. In order to protect more people, especially children, from lead poisoning, all contractors doing this work are supposed to be certified by the EPA. Further, the seller will be held liable if the contractor doesn't follow safe practices in handling the dust. For the 12-page details go to http://bbakerowens.yourcastle.org/bc/documents/yourcastle/renovaterightbrochure.pdf