HGTV anyone?

“My First Place” is coming back for its ninth season and coming to St. Louis.

They are looking for FUN, HIGH-ENERGY people who are just starting the home-buying process for their first place and would like to share their story with HGTV!

Candidates who complete taping will receive a surprise housewarming gift as part of the show and also a DVD copy of their episode to document their first home buying experience for all time! Contact doug63026@yahoo.com or 314-640-1778 for more information.

Use this report  to compare your homes current value to an annual 4% growth.

Do you want more specific detail about your home, make an appointment right now with Doug Aegerter 314-640-1778 or Art Wagner 314-503-0335.

St. Louis First Time Home Buyers need to read this before buying a home.

ATTIC VENTILATION

Attic ventilation is an important part of your home’s design and construction but is seldom noticed when home buyer’s are looking at their dream home. In the summer attic ventilation can help prevent heat build up, which will make your living areas cooler and more comfortable, help reduce air conditioning costs and help prevent premature roof shingle deterioration. The major shingle manufacturers require attic ventilation to validate the shingle warranty. In the winter attic ventilation can help prevent moisture buildup, which will help prevent wood rot, mold, mildew, and poor indoor air quality. Good attic ventilation, along with proper attic insulation can help prevent the uneven freeze/thaw cycle associated with snow on your roof that often leads to ice dams which can backup water under shingles causing roof deck and interior sheathing damage.

Did you know that the average family of four generates 2-4 gallons of water vapor a day through activities such as cooking, cleaning, showering, laundry and breathing? Some of this water vapor rises into your attic. Good ventilation helps remove this moisture before it causes problems such as wood decay, wet insulation, mold and mildew.

So, what does your inspector look for and how does he report on acceptable or marginal attic ventilation. Your inspector knows that the best way to ventilate the attic is with a balanced system. Ventilation must be low and high, or in other words, vents at the soffits or edge vents for intake and ridge vents at the peaks for exhaust. The best part of ridge vent installations is that the component is installed along the entire peak and ventilates the entire underside of the roof deck.

Your inspector will document conditions inside the attic and on the roof with photos and review with you all the conditions that are present at the time of the inspection to ensure that you understand all the important aspects of attic ventilation.

Good house hunting, and leave all the important structural and mechanical details to your ASHI inspector.

Harry Morrell
Allied Building Inspections, LLC
Inspector

LOW SLOPE ROOF SYSYEMS

A client called for an inspection last week and was concerned because the house did not have a roof. Actually the house did have a roof and the reason the client was not able to see the roofing on the roof structure was because the house had a low slope roof. This system is also commonly referred to as a flat roof. 

It is critical during the inspection process of a flat roof to actually achieve access to properly determine the condition of the roofing. This can be challenging if the inspector does not have the proper equipment or if there is not interior access to multi-family two or three story buildings. Good inspectors will contract with a boom truck to gain access. Sometimes multiple ladders may be needed to go from roof to roof or rear deck to roof to gain access. No matter how challenging it is, the inspector must gain access to properly report on the conditions of the roofing for the client. 

Even though these roofs are sometimes referred to as flat roofs, there should always be a minimum amount of slope directed towards a means of roof drainage to prevent water intrusion to the interior spaces. This is true even though low slope roofs use water tight membranes as opposed to the asphalt composition shingles used on steep pitched roofs that shed the water. If there is no slope or drainage system, it is highly likely that this roof will always leak. 

The materials used on today’s low sloped roofs have changed and improved over the years, but the concept is still the same. The system generally starts with either metal or wood decking, topped with a rigid layer of foam insulation or a base sheet that is attached to the roof deck. Roll roofing, Built up roofing, Modified Bitumen roofing, and Sprayed Polyurethane Foam are some of the most common type roofing materials that you will typically see on these type roofs. Your inspector will be able to advise you on the advantages and service life on these type materials. 

The inspector will typically report on blisters or bubbles, splits in the membrane, inadequate seals around roof penetrations, cracks or (alligatoring) in the membrane, and signs of water ponding. If a roof or sections of roofing have been repaired repeatedly, there is a good chance that there is a leakage problem that is either still active or will be again. 

Generally speaking low sloped roofing does not have as long a service life as pitched roofs with composition roofing shingles. Ask your inspector to take as many photos as needed to confirm his findings. Buyers do not want to install new roofing one week after closing. 

Harry O. Morrell

ASHI Certified Inspector

A crawl space is an area or portion of a space in a building or house, without a basement, between the surface of the ground and the bottom of the first floor. This space is usually less than normal headroom. This space is designed to permit access to components such as ductwork, wiring, and pipe fittings.

“This sounds like a great idea”, says Mr. and Mrs. Home Buyer, “Besides, we don’t need a basement for storage and we don’t care what our crawl space looks like, we will never go down there”

You may not want to go through a crawl space, but you better know the condition your crawl space is in. There are three concerns every buyer should be aware of when it comes to crawl spaces.

1) BUGS & CRITTERS – Dirt crawl spaces are a great place to live, thrive, and reproduce if you are a bug. There is even temperature, moisture, damp wood, and shelter. Spiders, beetles, centipedes, termites, and all kinds of other insects are found in dirt crawl spaces. Animals such as mice, (dead or alive) are commonly found in dirt crawl spaces. In some cases even rats, snakes, and small animals have been found in crawl spaces.

2) CONDENSATION – Because of the high humidity level in dirt crawl spaces, cool surfaces such as the earth at 55 degrees, concrete, and metal surfaces will sweat with water vapor condensing out of the air. This can result in rot, odor, and is a water source for critters.

3) MOLD & STRUCTURAL DAMAGE  – Mold spores, the seeds of mold, are everywhere. All they need to grow is organic material, such as wood, the right temperature range, and moisture. Dirt crawl spaces have the high humidity levels necessary for mold to grow. Humidity levels from 50%-90% are easily found in dirt crawl spaces even when they have never flooded. Mold can grow on dirt, insulation, framing, and even under your carpet on the first floor. Mold can reproduce by producing millions of floating airborne spores, which some people are very sensitive to. Spores even can be dormant for many years waiting for the right conditions to grow.

I hope I have the attention of all the buyers out there on the importance of knowing the conditions of a house with a crawl space. The good news is there are many solutions and improvements that can be recommended by your home inspector after the conditions are evaluated. Don’t panic, many of these solutions and improvements are not that pricey. If you truly love the house, you will make these improvements. Take your time, talk with your inspector, and make intelligent decisions for the safety and well being of your family.

Harry Morrell
ASHI Certified Inspector

Spreading the Good News . . .

A very IMPORTANT change is going on and it is great news for our Realtors and clients. That news has a direct impact on why interest rates have been drastically falling.

There has always been a correlation between the bond market and the stock market.

In traditional times money would flow into or out of the stock market. When investors pulled money out of the stock market it would flow into the bond market. As money flowed into bonds interest rates would drop. We lost this ying and yang system for some time because money was placed in the cash markets instead of bonds. 

The bond market has now returned as an off-set to stocks. That is why with the decline in stocks money is now headed to bonds and your interest rates are declining.

NOW IS THE TIME TO BUY A HOUSE! 

Aprille Trupiano
Mortgage Banker
314. 363.3913
Aprille@LoansByAprille.com

www.LoansByAprille.com

Certainly you’ve heard the term “underwriting”.  But does it mean anything to you other than a nameless, faceless, omnipotent force that determines the future of your loan?

Underwriters are real live people who assess your credit history, the probability and ability you present to repay your loan successfully, and the value of the property as a worthy collateral asset for the funds the lender will loan you. 

When choosing a lender, a very important question to ask is:  “Where are your Underwriters?”  You see, most underwriters are miles and miles away in another city, working on loans that have no faces or real people attached to them.  While they may be good at doing their job, they often just check off the list of what’s needed without even considering the human element because it’s just one of the many loans they have to move through the system. 

In-house underwriters understand that you are a real person whose financial future and whose family’s peace of mind are at stake.  Being just a few steps away from my actual desk, I often ask my in-house underwriters to assist me when working with my clients before even sending them the full loan package.  This insures that if there are any challenges, those are addressed and managed at loan application, NOT the day before closing.  They expertly and quickly answer not only my questions, but my clients’ and my Realtor partners’ questions also. 

Having an in-house Underwriter allows your Mortgage Professional to be your champion in dealing with the uncertainties that the current lending climate can bring.  It gives us direct access to the person who has the final say, which gives you extra peace of mind that when it’s got “final approval” on it, there’s not a shadow of a doubt.  In-house underwriting equals NO HASSLES and ON TIME closings.

 So…In House Underwriting…it’s a BIG DEAL!

 Just ask Kathi S, who had this to say just this month about her loan process with us…

“I was blown away when I found out Aprille had gotten the loan approval back 10 days ahead of schedule, more than two whole weeks before closing. Thank you Aprille!”

Aprille@LoansByAprille.com
www.LoansByAprille.com

Neither the State of Missouri nor any federal agencies currently have any regulations regarding investigation, evaluation, or remediation of mold. The front runners in the development of mold regulations include the states of New York, California, Minnesota, and Texas. 

A general home inspection during a real estate transaction typically includes looking for mold, and water/moisture intrusion. This is significant during the inspection of the interior.  Every home inspector should be aware of the legal consequences of mold in homes. In fact, mold litigation has been the chief reason for mold awareness in homes. Health issues and the affects mold has on adults and children have been debatable. However, the mere thought of going through trials and litigation over mold, health concerns, and law suits make the whole mold issue significant. 

A careful visual inspection for mold and water/moisture intrusion can eliminate 80% of the concern and responsibility of mold being in the home. The 20% of what is going on in between the walls that can’t be seen will always be there. Most good home inspectors will do a virtual photo scan of the entire house to document what the conditions were at the time of the inspection. However, all parties should be aware that lawsuits and litigation can raise its ugly head even when everyone has made a good faith effort to disclose and carefully inspect the property before the real estate transaction has closed. 

During the inspection the inspector will typically look for stains and/or mold and then try to determine the source of the stains. Mold does not appear out of the blue by itself. Sources are typically an interior water leak, or water/moisture intrusion from the exterior to the interior spaces or lack of or improper ventilation. If there is an unusual odor or musty smell, air monitoring should be considered. If mold is found, the inspector may also suggest taking a sample to determine and identify exactly what type mold is present in the home, toxic or allergenic. Both these procedures are separate fees from the whole house building inspection. 

Take time and talk with your inspector over all these variables and more concerning mold. You can’t afford not to know about mold in your home. And make sure your inspector is ASHI certified! 

Harry Morrell
ASHI Certified Inspector

There IS 100% financing.   MHDC funds, organized and funded by the Missouri Housing Development Commission, offers the First Place program.  Currently, there remains over $11million dollars available to Missouri residents who qualify. 

How it works:

• First Place program supplies the 3% down payment funds at closing for the Buyer.
• Simple application process – you apply through your trusted mortgage professional.
• Funds are disbursed in the form of a second mortgage on the property.
• Applies to first time homebuyers and qualified veterans.
• First Place loan is a 30 year fixed rate mortgage.
• It’s used in conjunction with FHA, VA, USDA loans and is Fannie Mae qualified.

So what’s the catch?

• Not all lenders are approved (so you’ll need to ask up front).
• The interest rate is set by the government (right now, that’s a good thing).
• There are maximum income levels and maximum purchase prices (check with your lender).
• You must live in the home for a period of five (5) years (or repay the balance at sale).
• It’s a loan and not a grant – however, it’s still forgivable after five (5) years.
• There may likely be other tax ramifications (ask your tax expert).

So what’s the message to you?  There are still many options available if you are serious about buying a home right now.  It’s a fabulous time to purchase your new home and get a great deal.  The question is…what are YOU waiting for now? 

For more information on the MHDC loans, you can go to the website at http://www.mhdc.com/ or you can contact your mortgage professional directly.   I’m also available to answer your inquiries at Aprille@LoansByAprille.com  or (314) 363-3913. Once you’re pre-approved for MHDC funding, call your Realtor and get out there house hunting!

Facing the Music – Find Out What’s in the Report

• The three major credit “repositories” (bureaus) are Equifax, Experian and Trans Union Corp.
• Requesting a report from each should cover your complete credit history (reports can be requested online: www.equifax.com , www.experian.com , www.transunion.com ).
• You are entitled to one free credit report per year.

Don’t Take Their Word for it – See if Somebody Goofed

• Most financial information, such as a credit card payment history, is sent directly from creditors’ computers to the three repositories’ computers.
• Data transfer still involves human input, including information gathered from courthouse files, for example.
• Simple recording errors or mistaken identities could result in a mistake on the credit report.

Be a Vigilante – Request Corrections

• Credit bureaus are obligated to investigate complaints and correct errors.
• Consumer vigilance is important, nonetheless, because the bureaus are not as diligent as we would hope.

Start Doing the Dance – Get Ready to BUY or REFINANCE!

• Do things to offset your credit if it’s less than ideal.
• Opt out of credit card offers at 888-5-OPTOUT – this will raise your score.
• STOP making inquiries or allowing anyone else to make inquiries 60 days before you are ready to buy.
• Make sure your Mortgage Broker is not running the credit over and over.
• Don’t be late on payments – one month can cost you down the road!!
• Pay off all recent small collections – especially medical and utilities (let the old ones sit or you could reactivate a dormant account and actually hurt your credit more).
• Start putting money in the bank – 100% financing is no longer available, although FHA still allows 97% and many 95% loans.
• Build good credit while you’re working on resolving old credit issues.
• Pay down high balance credit cards (your debt to credit ratio should not exceed 40%).
• DON’T cancel all your credit cards. Keep the three or four oldest ones and maintain good payment histories and low balances to continue good credit reporting activity.

Plan for your Future – Get the Right Home Mortgage

Count on your Personal Mortgage Professional for smart financing options and the expertise to help you achieve your goals.  Your home mortgage should be part of your overall financial planning picture, not just something you do “for now”.

Don’t Procrastinate – Call your Personal Mortgage Professional EARLY in the process to:

• Buy a new home.
• Refinance your home to pay off high interest debt, make improvements.
• Eliminate Private Mortgage Insurance (PMI) and increase monthly cash flow!

For more indepth information, some great overview booklets can be found here:

http://www.myfico.com/crediteducation/brochures

http://www.consumerfed.org/topics.cfm?section=Finance&Topic=Credit%20Scores%20and%20Reporting 

If you’d like to join us and learn more about your credit, how to evaluate it and how to improve it, please join us.

Date: Wednesday, October 22, 2008
Time: 6:00 pm, Central Daylight Time (Special Realtors ONLY Session begins at 5:30pm)
Meeting Number: 615 784 337
Meeting Password: credit

Please click the link below to see more information, or to join the meeting.
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To join the online meeting (you must be in front of your computer)
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1. Go to https://meetings.webex.com/meetings/j.php?ED=5638742&UID=0
2. Enter your name and email address.
3. Enter the meeting password: credit
4. Click “Join”.
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To join the teleconference only
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Call-in number (US/Canada): 1-650-429-3300
Toll-free dialing restrictions: http://www.webex.com/pdf/tollfree_restrictions.pdf
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For assistance go to http://www.webex.com/go/ppusupport
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