(Originally published November 2010).
As part of a major legal settlement reached in mid-October, Chinese drywall manufacturer Knauf Plasterboard Tianjin- along with suppliers, builders and insurers- will pay to fix as many as 300 homes damaged by corrosive drywall. If the program is successful, it may be expanded to thousands of other properties built with Knauf drywall.
Builders used Chinese gypsum board as a cheaper alternative to American products, but in the past several years more than 7,000 home owners have filed suits alleging that noxious sulfuric fumes have caused extensive property damage, including corrosion of plumbling, electrical wiring and appliances.
Knauf is among many Chinese drywall manufacturers, but attorneys for the home owners in this case say the outcome will have a huge impact on drywall litigation pending with other manufacturers around the country.
November/December 2010 REALTOR Magazine, p. 11.
Showing posts with label repair. Show all posts
Showing posts with label repair. Show all posts
Monday, March 28, 2011
FHA 203(k) Loans for Foreclosures or Properties in Disrepair
As we are all aware, there are plenty of foreclosures out there and more coming on the market. While each property has unique challenges and opportunities, it is not true that you need to pay all cash for one.
If the property in question is in need of substantial repair you can apply for a FHA 203(k) loan. Upon acceptance, qualified buyers can purchase the house as-is and finance the purchase, repairs, and improvements with a single mortgage loan. The loan amount is based on the value of the home after the construction is finished and the loan down payment is only 3.5%
Lenders, like Bank of America's Buy and Renovate home financing program, are even providing extra help by lining up contractors and project management services before the loan is entered into. The service provider, like Lowe's Home
Improvement, works with the customer and the lender through the entire repair process. If you have questions about a foreclosure you're interested in, give me a call- 912-352-1222.
Special thanks to Jim Ragan with Bank of America Home Loans for the 203(k) information. RealEstate Vol. 28, #12, 2010.
If the property in question is in need of substantial repair you can apply for a FHA 203(k) loan. Upon acceptance, qualified buyers can purchase the house as-is and finance the purchase, repairs, and improvements with a single mortgage loan. The loan amount is based on the value of the home after the construction is finished and the loan down payment is only 3.5%
Lenders, like Bank of America's Buy and Renovate home financing program, are even providing extra help by lining up contractors and project management services before the loan is entered into. The service provider, like Lowe's Home
Improvement, works with the customer and the lender through the entire repair process. If you have questions about a foreclosure you're interested in, give me a call- 912-352-1222.
Special thanks to Jim Ragan with Bank of America Home Loans for the 203(k) information. RealEstate Vol. 28, #12, 2010.
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