Depending on the area you live in and your income you could do an FHA loan which you can put down as little as 3.5%, or you may even be able to do a USDA loan in which case you could put 0% down and hang onto your cash. With your score you should be able to do a conventional loan loan with as little as 5% down. The best thing for you to do is contact a few different lenders and see what programs and options are available to you.... more
Hi Kathy, NO there are no regulations regarding removal (that I know of) and I've sold many older homes with asbestos shingles. If it is not in bad condition you can paint over it or cover it over with vinyl siding or whatever siding you prefer. If it needs to be removed (terrible condition called friable) should be professionally removed and disposed of properly. I have used on many occasions Home Environmental Consulting, Inc ask for Tom Parisi 1-800-626-9912 for free estimates Homenvir@aol.com . Very honest, reputable and very reasonable. Terry K 718-614-3167 or email TKorahais@elliman.com... more
Your concerns are understood Joseph. Always verify with proven, qualified professionals on the best way to solve your issue. better to get the correct advice now then problems later. Someone experienced in coating floors would be your best bet. Like a contractor or floor sealing specialist.
Joseph, Hey, I would save the step of going to the building department and just contact a licensed electrician. He/she is going to know the code, tell you what you need to do and give you estimates of the costs. All, of which you are going to need anyway....why spend the time at the building department trying to figure out things that may, or may not make sense to you?
My son is an electrical contractor...I just rely on his expertise. Additionally, I have done a lot of remodeling and construction in my "day" and electricial is just something I sub out and stay out of. It is far to complicated (and dangerous) for my to wrap my little brain around.... more
Actually you are both wrong a termite inspection is only good for 30 days and yes it is most definetly required to have a termite inspection for a FHA loan i just bought a house with an FHA loan and they required it. I bought the house in dec. 2010 and just had an infestation in april 2011. The termite inspection was done on 10/24/10 and called the Real Estate agent and then the inspector was liable for the damages done to my home and spraying the entire perimeter... more
It depends on the company. Most companies want some form of inspection and that is usually the hold up. If the agent is nearby they will try to inspect the property quickly to get the policy issued. Getting a policy issued can take an hour or a week, depends on the agent and the company.
Here are some things to consider:
A policy has to be quoted, accepted, and then bound or issued. Give yourself time for that and ask the agent how long these steps will take.
Some companies need money to bind and some will bill you or get their payment from closing.
Some agents cannot bind the policy and everything has to be sent to the company underwriters to bind.
Most policies require money or the promise of money, inspection of exterior, and a signed application.
This list is not conclusion but does provide some idea of the process. It is always better to start researching as early as possible so you are not put in a position where you are ready to close on your home and the insurance is holding up the finalization of your home purchase.
The Home Insurance Specialists
What is the peril or cause of loss that creates the structural failure? I can tell u their is no generic structural failure. Need more info in other words. If u r concerned that the structure may fail because of the age of the support system I can tell u no matter what state u r in no insurance company is going to provide coverage. I have been an insurance agent in CA for over 12 years. I do applaud u for getting a structural engineer. In Ca earth movement is never covered. If we are talking about a sloping issue insurance can be difficult to place because while earth movement is excluded for your structure the damage it can cause to another structure is not excluded from liability. In CA again... Hope I have helped....And yes, ask an experienced insurance agent.... more