Inspector Michael J. Savage

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  • Real Estate Pro
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  • Agent
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  • MJS Inspections, Inc.
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  • (815) 254-7393
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Inspector Michael J. Savage, Real Estate Professional in Plainfield, IL
  • 35 Answers
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  • 8 First Answers
  • 16 Useful Answers
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Inspector Mi…'s Questions (0)
Inspector Mi…'s Answers (35)
Cblank34, Home Buyer in Chicago, IL

Cost of purchasing and installing a furnace and water tank for a 2500 sf house?

Asked Wed Jun 10 2009, 15:29 by Cblank34  -  Remodel & Renovate in Chicago  -  1 answer
Inspector Michael J. Savage answered:
Depending on the ductwork that will be needed to adapt to the new furnace expect between $2500 and $3000. For a 40 gallon water heater figure $800-$1000. -Inspector Mike Savage - Wed Jun 10 2009, 16:28
Vonnie24girls, Home Buyer in Chicago, IL

how much does a home inspector cost?

Asked Thu Apr 30 2009, 13:33 by Vonnie24girls  -  Home Buying in Chicago  -  4 answers
Inspector Michael J. Savage answered:
My rate is $295 and I throw in a free termite inspection. With the home inspection, radon testing adds $150 and mold screening adds $200. Hope that helps. -Inspector Mike Savage - Sat May 2 2009, 02:54
Carl, Other/Just Looking in Chicago, IL

Can 203(k) loans be used to rehab a four flat if the owner occupies one of the units?

Asked Tue Jun 24 2008, 17:08 by Carl  -  Home Buying in Logan Square  -  9 answers
Inspector Michael J. Savage answered:
"Actually a garage warehouse has been renovated under the 203k program... we did one. What you have to do is 'ask HUD' to waive that rule if you have one that fits the mold otherwise and is located where a home makes more sense than a warehouse due to the properties that have grown up around it. HUD makes the rules and can modify them when it is for the public good. NOT always however. It is a case by case and you need to present the case well."

That's good to know. I should also point out that zoning changes must be made BEFORE the loan can close.

-Inspector Mike Savage - Wed Apr 15 2009, 08:04
A garage warehouse cannot be converted into residential under the 203(k) because the property must have been occupied as residential. Also, any zoning changes must be completed before the underwriter can issue loan approval for closing. -Inspector Mike Savage - Mon Aug 11 2008, 12:56
As Greg stated, the 203k can be used on 1-4 unit buildings and the property has to be owner-occupied, so you'd have to live in one of the units. There are other rehab loans (HomeStyle, etc.) for non-owner occupied, but I believe they require 30% down. -Inspector Mike Savage - Thu Jun 26 2008, 14:14
K, Both Buyer and Seller in Chicago, IL

FHA 203k?

Asked Wed Apr 8 2009, 09:49 by K  -  Financing in Chicago  -  8 answers
Inspector Michael J. Savage answered:
I can give you a list of lenders in the area if you contact me privately at mike@mjsinspections.com. -Inspector Mike Savage - Wed Apr 8 2009, 12:40
Kris, Home Buyer in 60647

Home inspection on 'corporate owned'

Asked Sun Mar 30 2008, 21:35 by Kris  -  Foreclosure in Chicago  -  19 answers
Inspector Michael J. Savage answered:
"One in 15 sounds like a high estimate for the percentage of homes in the city proper with termite activity"

It's a very accurate number.

Inspector Mike Savage - Fri Mar 13 2009, 08:39
Congratulations, Kris! -Inspector Mike Savage - Fri Apr 11 2008, 05:49
1 in 15 homes in Illinois have termites and termite areas are scattered throughout the City, especially east of Ashland (although the Belmont & Kedzie area is especially nasty re termites). FYI, a termite inspection is included free with my home inspections. -Mike Savage - Sat Apr 5 2008, 09:36
I have inspected several homes where the utilities were off and, while there will undoubtedly be limitations to the inspection, the visual inspection will often tell you what you need to know. As others have pointed out, turning the utilities on is sometimes easy and you can sometimes get the utilities turned on for 24 to 48 hours for an inspection. Hope this helps. - Thu Apr 3 2008, 08:32
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