Real Estate Information |
|
Selling Your Home: 5 Deal Killers That Are Lurking In Older Homes
You've listed your home for sale, you have a Buyer and now their Inspector is performing an inspection. You think you have a pretty good home, but do you really know for sure? What is he finding? Why is it taking so long? Here are 5 deal killers to watch out for when selling your home. Deal Killer #1: FPE Breaker Boxes. These breakers and breaker boxes are known to have performance issues. They are no longer made, however they were very popular between the 1950's and 1980's. Many homes still have them. Some of the problems were that the breakers would trip but still allow electricity to pass through the breaker. Another issue was that the breaker would not trip at all causing an over current condition which could lead to fires. Just because the home is 30 years old and you've had no problems, don't expect any Professional Real Estate Inspector to look past a FPE breaker box. The time theory does not hold water with electrical components. In my market, the cost to replace the box with a new 150 amp breaker box is anywhere from $1000 to $2500 depending upon the company and the extent of the work. Deal Killer #2: Aluminum Wiring: The problem with aluminum wiring is that it expands and contracts more than copper wiring. So the components meant to be used with Copper wiring did not work well with Aluminum. The Aluminum would work its way loose over time and cause arcing, which lead to excessive heat, which leads to fires. Even after the alloy was changed in Aluminum wiring, problems still persisted with the wiring. Special outlets have to be used. These are marked CO/ALR. This means that the outlet is designed to work with either Copper or Aluminum. "Pigtailing" the Aluminum wiring with Copper so that the Copper wiring can be attached to the outlets (remember, less expansion and contraction" is allowed by the National Electrical Code. No one is sure why. The Consumer Product Safety Commission does not see 'pigtailing' as a safe alternative. Rewiring the home can be costly. The total price depends on to many variables to give you a price range here. Deal Killer #3: Asbestos: Asbestos was used in many building materials and is still used in a very few even today. Areas a Seller or Buyer will have to worry about it are in a few places. Pipe insulation on older heating pipes, vermiculite insulation, some paints and to a lesser extent, on roof and siding shakes. Asbestos causes the most problem when it is in a loose state (friable) where particles can float around. We're all aware of the health problems concerning Asbestos, so I'm not going to go into them here. If you have Asbestos siding or roofing shakes/shingles, then there is a lesser worry because these are not friable unless broken. Asbestos removal can be very, very costly and not likely a cost a new buyer will want to tackle shortly after moving into their new home. Deal Killer #4: Composition Wood Siding: Some of this type of siding is known by it's generic terms like Masonite and LP siding (there are other brands). This type of siding was (and some are still) involved in class action lawsuits. This type of siding is basically constructed from pressed and glued wood particles, some as small as sawdust. Some of the problems arise from poor installation techniques that allowed this siding to get wet. It would then start rotting and letting more water into the structure. There have been many homeowners who joined the class action lawsuits, received money to replace the siding, but instead pocketed it and put their homes up for sale. Composition wood siding companies only pay once for siding on a home. If a claim has been filed and paid out on a home, there'll be no more money coming down the pipe for siding replacement on that particular home! Deal Killer #5: Polybutylene (PB) plumbing lines: These are water supply lines that are grayish in color. The problem was that this type of piping is known to burst, especially at the seams. Many of the class action lawsuits have been closed and it may be difficult, if not impossible, to receive any money for replacement if the home you are buying has PB plumbing. Replacement cost can be in the thousands of dollars. Any good home inspector will call this out on their inspection report and likely recommend a licensed plumber to investigate. I don't know of one reputable plumber who will recommend keeping the pipes in your home. Granted, many of these Deal Killers only exist on older homes. However, especially in rural areas, we've seen these components show up on newer homes. How, I don't know unless someone had a stockpile of these materials. A pre-listing inspection by a reputable and qualified home inspector will bring these Deal Killers and other potential deal killing threats to you attention before listing your home. Playing ignorant about what is in your home (like some real estate agents recommend) will not save you from having to fork over some greenbacks before you home will sell. Donald Lawson is a Professional Real Estate Inspector licensed in Oklahoma (#454) and Texas (#5824). He currently owns and operates a multi inspector firm in Houston Texas, V.I.P. Home Inspections. You can learn more about homes and home inspections by visiting his site at http://www.best2inspect.com. There are also pages about the local real estate market at Houston Real Estate
MORE RESOURCES: San Francisco's real estate market is crashing New York Post Blackstone's Beleaguered Real-Estate Fund Stems Exodus The Wall Street Journal Annie Leibovitz Just Listed Her Rural California Estate for $8.995M Business Insider Spring remains a seller’s market in Nashville WKRN News 2 Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network Charlotte County cash buyers bolster mixed real estate market Gulfshore Business Real Estate Taxes Due, Wednesday, May 1 | Boxford MA Boxford MA | Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Top Payment Trends in Commercial Real Estate: A talk with JPMorgan Chase's Lisa McDonnell Commercial Observer Bill Vanderstraaten, Scott Rohrman to join North Texas Commercial Real Estate Hall of Fame The Dallas Morning News The agency imperative to manage real estate more effectively Federal News Network Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit. The Wall Street Journal Commercial Real Estate Pros On the Finance Market: 'Not a Typical Cycle' – Commercial Observer Commercial Observer Commercial Real Estate Financiers Pivot Plenty in Changing Debt Market Commercial Observer Atlanta Real Estate Investor's Sales Pitch Is a Curveball: Lease Office Space, Become Co-Owner CoStar Group Alternative Lenders Help Fill Commercial Real Estate's Debt Gap Commercial Observer REAL ESTATE SPLIT CORP. Completes Overnight Offering Yahoo Finance Former HGTV star gets jail time for real estate fraud WDAF FOX4 Kansas City Judge grants preliminary approval of $418 million settlement that will change real estate commissions North Bay Business Journal Letter to FERC: TDP real estate ad sparks Cheat Lake resident's concern about removing Cheat Lake land from federal ... The Dominion Post Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Fed Report Warns of High Risks in Real Estate and Housing Norada Real Estate Investments Real estate 2024: Emerging from the storm? White & Case LLP Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal Real Estate Split Corp. Class A Distribution Yahoo Finance Macomb County real estate transfers recorded Nov. 27-Dec. 1, 2023 The Macomb Daily SHANNA HUNT promoted to Vice President of Seabolt Real Estate Savannah Business Journal Y Combinator alum Matterport is being bought by real estate juggernaut CoStar at a 212% premium TechCrunch Cleveland's KeyBank Real Estate Capital names Midwest regional production manager – REJournals REjournals.com New CRE Clients Enter The Picture During Year of Dislocation Commercial Observer Airwavz Partners with Nuveen Real Estate to Redefine the Wireless Experience in Commercial Real Estate StreetInsider.com Is The Housing Market Going To Crash? Bankrate.com 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider Eliza Solender hosts President's Tea to empower women in real estate Preston Hollow Advocate REAL ESTATE | American Construction Services & American Architectural Group receive 1st Place 2024 American ... washingtoncountyinsider.com CORE Real Estate Partners moves into new Butchertown office (PHOTOS) - Louisville Business First The Business Journals Property Management and Real Estate Investment Firm Ginkgo Residential Names New Director of Investor Relations Business Wire Naples real estate: Fewer sales, higher insurance. What is happening? Naples Daily News Brockton-area real estate sales for Jan 22 to Jan. 26, 2024. Enterprise News These are the 10 best places to live in Massachusetts, according to real estate experts Boston 25 News Inside Bill Gates' real estate, from his Seattle to Florida houses Business Insider Casa Shares Raises $1.5M in Pre-Seed Funding to Democratize Real Estate Investing for Future Generations PR Newswire McClain to Hold Hearing on Commercial Real Estate Market U.S. Politics Today Brandywine Realty Stock (NYSE:BDN): Good Value in Challenging Real Estate Market - TipRanks.com TipRanks Washington County Real Estate Transactions NYVT Media Brooklyn Listings Six Months Later: Two Sold Brownstoner Big bill comes due for Martin Selig, giant of Seattle office real estate The Seattle Times Buyers targeting newly built homes Crain's Chicago Business US faces real estate risks, Fed report warns Central Banking Chicago industrial real estate market cooling from 2021 high - Chicago Business Journal The Business Journals The Real Estate Agent Pledge: The Jason Mitchell Group's Commitment to Transactional Transparency and Fairness RisMedia.com Baron Real Estate Fund Q1 2024 Shareholder Letter Seeking Alpha Elizabeth Herremans takes her Eagles connections to Serhant - Philadelphia Business Journal The Business Journals Brazil launches public consultation on charging real estate tax for concession assets BNamericas English Austin real estate: March Capital's industrial project rises in Creedmoor The Business Journals From the UAE to the World: The Secret of Allegiance Real Estate's Global Dominance - Markets Insider Braemar Hotels & Resorts, Franklin Street in real estate gainers; Comstock in losers - Seeking Alpha Empty SF office tower at 995 Market St sells at near 90% discount San Francisco Chronicle Real Estate Plays A Big Role In The Local Economy Therogersvillereview Dr. Phil left speechless after real estate agent claims that squatting is justified by colonization New York Post |
RELATED ARTICLES
Real Estate: The Consumers Will Have The Final Word! "The first step toward change is awareness. The second step is acceptance". Rehab Foreclosed Houses the Right Way and Keep All the Profits! I've been teaching people how to buy foreclosure properties for a long time.And we all make the biggest profits on the deals that we rehab the right way. You Have 15 Seconds to Sell Your Home! 11 Steps You Can Take to Sell Your Home for Top Dollar Selling your home? Here are some suggestions to help you sell yours for more than your next door neighbor's, and faster! Most buyers will know within 15 SECONDS after crossing the threshold if they want your home. But first, you need to attract them inside!11 steps to take to sell your home for top dollar1. Buying a Home -- Is a Home Inspection a Good Idea? To avoid "buying a pig in a poke," buyers have long demanded the closing on a home purchase be contingent upon a satisfactory inspection by a home inspection firm. In many parts of our country, we're now experiencing a strong sellers' real estate market and sellers often receive more than one purchase offer on the same day for their home. Purchasing Florida Investment Property And Various Considerations Purchasing Florida Investment PropertyConsidering researching the purchase of Florida Investment Property or properties for sale in central Florida? Do you find yourself wishing you didn't have that lawn to mow and the constant upkeep on a home? Purchasing Florida Investment Property can relieve you of all those household chores but purchasing a Florida Investment Property requires you do some homework. You need to know what you are looking for in a Florida Investment Property. Home Buying Checklist - Windows If you are in the market to purchase a home, it can be easy to fall in love at first sight. Do so at your own risk. A Possible Bargain: Foreclosed Properties In the superheated San Francisco Bay Area property market, foreclosed properties are available at as much as 40% below market value, writes Srini Saripalli.The last few months of a calendar year are considered sluggish for transacting real estate, but Silicon Valley seems to be an exception to this. Home Appraisal Values Are Critical To most, owning a home is a necessity, but sometimes it is a matter of pride or a business investment. Home appraisal values become relevant if one wishes to sell his house. Real Estate Investing - The First House Purchase Real estate investing usually begins with the purchase of a house, rather than raw land or commercial property. The purchase of a relatively inexpensive house for rental or fix-up purpose is usually lower risk than any other type of real estate investment. FSBO: For Sale By Owners Chapter IV [part 1] Like a monarch, Red Haring reigned in the deep leather seat of his KenWorth cab-with its king-size sleeper. The 400 horsepower Caterpillar diesel engine droned apathetically as Red downshifted for the parking lot to his favorite Boise, Idaho roadside diner. Yes But, How Do I Evaluate Buying Undeveloped Land And Get Into The Business? These real questions on buying undeveloped land are answered by a US Master Builder and myself after receiving them from readers of my e-book, "Residential Development Made Easy."Question 1. Should you Sell your Home yourself? Should you sell your home yourself? Yes and no. Yes, you should leave the option of selling on your own open and no, you shouldn't rule out using the services of an agent to help you sell. Property Investing Secrets 6 Property Investing Secrets:What No One Ever Tells You-How Real Estate Agents Size Up BuyersHere is the most important rule you must know about property investing: present yourself with confidence to the real estate agent. If you're property investing and trying to buy your first property and you have never really dealt with a real estate agent, you're probably not going to get a bargain. Selling Your Home - Alone or with a Broker? How do you decide whether to sell your home (or land, farm, ranch, etc.) on your own or use a real estate broker? There are pluses and minuses to each approach. Dont Just GET THE DEED - The Infamous Kitchen Table Closing Q: Hi Lou, I have a property under contract that I want to resell/flip as-is to a rehabber/renovator, but I may have to purchase it quickly and simply record the Quit Claim Deed, without using a closing attorney or waiting for a title exam. I need your advice. Are You Trying to Hit a Home Run With Your Prospects Without Asking Them on a Date? Real Estate email marketingDo you remember the old School girl/boy game of "Around the World", or "Around the Bases"? If you got a kiss you got to First Base. A french Kiss was Second Base. Should You Use a Property Management Company or Manage Your Real Estate Investment in Florida? When considering investment properties, first of all, it must be determined that it is profitable and a good idea to purchase rental properties. Let's talk about this aspect. 10 Tips for Investing in Distressed or Foreclosed Properties 1. Search on the world wide web for distressed or foreclosed properties as a starting point. How to Get Started in the Real Estate Game Fixing and Flipping Houses If you're looking to get started investing in real estate by fixing and flipping houses, you'll want to know what to type of property to buy. Many real estate investors make millions turning ugly houses into dollhouses. 5 Secrets for Surviving a Real Estate Market Downturn History repeatedly serves to show us that the real estate market is cyclical. It has boom times and stagnant times, occasionally it suffers a crash but real estate never becomes worthless, therefore if the experts are right and we're about to suffer a slow to stagnant period in the real estate market, all is not lost!There are 5 fundamental secrets that real estate investors like to keep close to their chest and they are the secrets that enable them to survive and even profit during a bear market. |
home | site map |
© 2006 TIGER MEDIA |