I can be your liar I can be your bearer of bad news Sick and uninspired by the diamonds in your fire Burning like a flame inside of you Is this just desire or the truth
So shame on me for the ruse Shame on me for the blues
I met Roger Banowetz in late 2009. I had an extended conversation with him about home inspections, and I was very impressed with his knowledge. I told him then if he wanted to write about his knowledge and experience with houses, it would be great educational material for the blog. Friday evening, I received an email from him with the post below. Hopefully, he will participate in the comments and write more posts.
He is a very thorough inspector, and I recommend his services.
THE REAL STORY ABOUT YOUR HOME
Roger Banowetz, Retired City Building Inspector ICBO Certified, cell (714) 401-5980
First lesson: DON’T BE AFRAID OF YOUR NEW HOUSE
Hello my name is Roger Banowetz Retired City Building Inspector. Based on what I’ve read on this blog, and from the comments/concerns I’ve received from many of my clients, I would like to correct a lot of areas of misconceptions.
Some people mistakenly think that the new homes are not as good as the “good old days” when houses were much better built; well this is a big misconception. The homes in California are in a seismic zone #4, which is the most mobile dirt in the USA; as homes in the colder states are built to be warmer, here in our state we build to with stand the many earthquakes we have every week (some of which we don’t even feel but our homes do). So as a result, the homes built today are better built than in any time in our history; our design, materials and codes are just better, for example Foundations (the footprint of your home), the slab that supports your home and provides the floor on the first floor, the concrete we use now are now designed and engineered with more syntheses materials to increase strength and elasticity to the concrete, connections imbedded in the foundation to the framed walls.
Walls; framing members are built with “#2 grade or better” lumber combine that with the OSB “orient strand board” which is that wafer board that you see on all new building it is used for “sheer wall” which is how we stabilize the building the more OSB we use the stronger the building it is, stack that up with the same method for the roof. Every time we install a window or a door we install metal straps and brasses and lastly the floors are built with “TGI “tongue and grove I-beam” floor joist” these are those flimsy wafer-board long panels, by themselves they are not vary strong but as a repetitive member they are the strongest diaphragm ever made,
Roofs; are built either conventional framing (built on site) or a truss system (Factory engineered and built), both are equally strong but the truss systems are much more popular and cost effective, the roof cover are designed to divert water and sun rays, the real moisture barrier is the 15 lbs tar-paper that is the underlayment for the roof tile.
Doors and windows; are designed to save energy and to be earthquake resistance.
Whereas back east there are homes two or three hundred years old, here in California were still looking to see how long our homes will last, because we are still building them, and if maintained in a normal manner, your home will last 150 years at least. If you have any questions, I can guide you though the “shark-invested” waters of codes and the city system. Thank for taking the time to stop and read this message.
This weekend's featured property is unique among the mortgage equity withdrawal cases i have encountered. The foreclosed owners (the property is now REO) bought this place in 1998 and never borrowed against the property. Then on 12/21/2006 they borrowed $354,000 and on 4/9/2007 they followed up with a $70,700 HELOC. There was no pattern of HELOC abuse, but these owners managed to put the property to the bank right at the peak and obtain maximum value without moving out. With the exception of bad credit, the deal worked out pretty well for them. They got the cash from a peak sale without selling.
I'm not sure how to grade them. They lost their property after more than doubling their mortgage, so I can't give them a passing grade, but they did manage to get maximum value out of their property while screwing the bank, so they deserve some credit for that.
Home Purchase Price … $310,250 Home Purchase Date .... 8/12/2010
Net Gain (Loss) .......... $(42,444) Percent Change .......... -13.7% Annual Appreciation … -33.6%
Cost of Ownership ------------------------------------------------- $284,900 .......... Asking Price $9,972 .......... 3.5% Down FHA Financing 4.25% ............... Mortgage Interest Rate $274,929 .......... 30-Year Mortgage $54,059 .......... Income Requirement
$1,352 .......... Monthly Mortgage Payment
$247 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $24 .......... Homeowners Insurance $292 .......... Homeowners Association Fees ============================================ $1,915 .......... Monthly Cash Outlays
-$122 .......... Tax Savings (% of Interest and Property Tax) -$379 .......... Equity Hidden in Payment $15 .......... Lost Income to Down Payment (net of taxes) $36 .......... Maintenance and Replacement Reserves ============================================ $1,465 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $2,849 .......... Furnishing and Move In @1% $2,849 .......... Closing Costs @1% $2,749 ............ Interest Points @1% of Loan $9,972 .......... Down Payment ============================================ $18,419 .......... Total Cash Costs $22,400 ............ Emergency Cash Reserves ============================================ $40,819 .......... Total Savings Needed
Property Details for 6 LAKEPINES Irvine, CA 92620 ------------------------------------------------------------------------------ Beds: 2 Baths: 1 full 1 part baths Home size: 1,223 sq ft ($233 / sq ft) Lot Size: 1,672 sq ft Year Built: 1978 Days on Market: 59 Listing Updated: 40448 MLS Number: P748744 Property Type: Single Family, Residential Community: Northwood Tract: Lk ------------------------------------------------------------------------------ According to the listing agent, this listing is a bank owned (foreclosed) property.
You have been waiting for this opportunity! The largest floor plan in Northwood at the Lakes with a two car attached garage! Pride of ownership neighborhood with award winning schools nearby. This townhouse features two spacious stories with cathedral ceilings, romantic fireplace, and formal dining room. Also featured is a LARGE back yard with deck. The master bedroom has a peaceful balcony. Why is this spacious townhome priced so aggressively?? Because it needs your help! Bring your paint and tool box and you will have instant equity!
0 comments:
Post a Comment
Note: Only a member of this blog may post a comment.