Inspector Michael J. Savage

I'm a:	Real Estate Professional
Company:	MJS Inspections, Inc.
Location:	Plainfield
Phone:	(815) 254-7393

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Inspector Mi…'s Answers (13)

Direct Buy Chicago - is this place for real or a complete rip-off? It sounds fantastic - wholesale prices:

Asked yesterday, 12:12 by Zira - Chicago - Home Buying - 1 answer

Inspector Michael J. Savage answered:

It's very expensive to join, no? -Inspector Mike Savage - Earlier today

What kind of loan would be the best if buying a foreclosure? Especially if the property needs to be fixed?

Asked Fri May 2 2008, 08:27 by Elina - 60612 - Financing - 31 answers

Inspector Michael J. Savage answered:

Charita, read up on the FHA 203(k) loan; it's a rehab mortgage that includes the price of the house AND the cost of rehab repairs. We're not talking about a regular FHA mortgage. -Inspector Mike Savage - Earlier today

"I'm so glad I got an opportunity to read the "Good-day, I am Mr. Bill Richards" commercial!!"

I was wondering if he's legitimate, then I was reassured by his intro that he is. -Mike Savage - Yesterday, 10:47

I'm not an appraiser and I don't think an inspector should offer an opinion as to whether or not a house is a "good buy", but in preliminary situations I have offered to do a "feasibility study", which is an inspection and an abbreviated report on the estimated rehab costs. Potential buyers have found this useful in determining whether or not to proceed and I do credit the cost of the feasibility study toward the price of the rehab consulting package. With the rehab cost estimates, the purchase price and an estimate of "after improved" value from an appraiser you should have all of the information you need to make a good decision about whether or not to purchase. -Inspector Mike Savage - Thu May 15 2008, 16:00

No, Zira, I don't think you're nuts at all. You could do very well with the right property at the right price. Dino, you're right about a 203(b) [standard FHA loan] and foreclosures, but the question was about an FHA 203(k) loan, which is designed to purchase distressed properties. -Inspector Mike Savage - Sat May 10 2008, 15:12

You WILL need a contractor who has agreed to do the work as a condition for closing. The contractor does indeed need to be licensed and the lender is supposed to run a business credit check on the contractor. The 203k is not intended for the owner to do the work (unless the borrower is a licensed contractor). -Mike Savage, MJS Inspections, Inc. - Fri May 9 2008, 10:16

Cynthia Davis-Means, Flagstar Bank, (708) 466-8134 or (630) 925-4501
Fern Russell, Country Mortgage Services, (847) 368-9180
Tessie Krygier, Wells Fargo Home Mortgage, (708) 417-1950 or (708) 226-7401
Giovanni, Moonstar Mortgage, (847) 758-6666

Let me know if you need more. -Mike Savage - Thu May 8 2008, 06:45

If you had to repair the bathroom before it would pass appraisal then it wasn't a 203k. -Mike Savage - Mon May 5 2008, 14:04

I agree with Allison - the FHA 203(k) is a mortgage that includes the price of the home and the cost of repairs. You work with a rehab inspector/consultant [hint: I am one] that guides you through the inspection and recommends specific repairs. There's more info about this type of loan on my website (reference below). - Fri May 2 2008, 17:04

house flipper is trying to pull a fast one!

Asked Tue May 6 2008, 20:31 by DMC - Brighton Park - Home Selling - 2 answers

Inspector Michael J. Savage answered:

The cynic in me thinks the house flipper is trying to save himself $30K. This kind of situation is slimy but not completely unheard of. It's not a positive indication of how the rest of the transaction will go. -Mike Savage - Thu May 8 2008, 06:50

Carport Issues in Chicago

Asked Fri Apr 18 2008, 07:55 by Edward - Chicago - Home Selling - 5 answers

Inspector Michael J. Savage answered:

Installing a garage door may also change the definition of the structure, causing it to be subject to property setback regulations. You'll need a variance to build all the way to the property line, so I would start in your alderman's office, because a variance won't happen without the alderman's blessing. -Inspector Mike Savage - Fri Apr 18 2008, 08:01

Townhome rooftop deck and permit questions

Asked Tue Apr 15 2008, 09:46 by Josh - Lincoln Park - General Area - 1 answer

Inspector Michael J. Savage answered:

The City does not automatically inspect anything, but they usually will if you call and request an inspection, but they won't put anything in writing. You might also want to consider hiring an independent inspector. -Mike Savage - Wed Apr 16 2008, 06:17

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