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MS Consultant Gary Smith Remodeling Advice

6 Assumptions That Fail the FHA 203(k) Remodel

It’s not wise to take on any project without doing a little homework. With respect to the 203(k) talk it up, ask for recommendations and begin to gather an experienced “team” of professionals. You’ll be the team’s coach.

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Lead Paint Warning

Lead Based Paint

If it’s red – there’s lead! We tested this window last week. Are you buying an older home (prior to 1978)? Your real estate agent will ask you to sign a lead paint disclosure statement (An EPA-approved information pamphlet on identifying and controlling lead-based paint hazards) encouraging you to consider having your home tested for […]

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Gary Smith - Brandon MS Home Inspector

Brass Has No Class!

Jeeezzzz, I remember choosing this fixture for ALL my spec homes back in the 80’s and we didn’t think our homes were “cheap”! According to Mary Umberger of Inman News in her recent post at “Rooms for Improvement”, brass has no class when it comes to impressing buyers.

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Gary Smith - Home Inspector - Picture of House on Money

Do I Really Really Need a Real Estate Agent?

Let’s cut to the chase…unless you’re ready, willing and able to do and have ALL of the following: Locate potential property. Schedule appointment to see property. Know the market trends in the neighborhood Know school district lines Contact “The Right Lender” Can locate parks and recreation, shopping and places of worship Got the inside of […]

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Sign of Foreclosed Home

3 Challenges of Buying and Inspecting a Foreclosure

I got a call yesterday to inspect a home in foreclosure. For the inexperienced inspector, this could be quite the challenge. We have little to no access to data or history about the properties we inspect and when the home is owned by a bank or other governmental agency the opportunity to ask questions or uncover […]

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hud_logo (1)

203(k) Loan Requirements Disclosure

Borrower – You’ll be asked to sign quite a few documents on the road to residential rehab. The following are borrower acknowledgements, instructions and disclosures for the FHA 203(k) Loan. The borrower and the lender are asked to sign HUD-92700-A prior to obtaining the loan. If you have, in fact, not seen this info, ask your […]

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‘Rehab’ Loans to the Rescue

In the end it was another loan that came to the Mercados’ rescue: the Federal Housing Administration’s 203(k), also known as the F.H.A. rehab loan, which is designed to cover not only buying the home but also renovating it, and is then paid back like a regular mortgage. A hybrid that has been around for […]

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