Marky's Depot: Always Consider an Inspection When Buying Fort …
Although this will be more effective through the eyes of a professional home inspector, you can immediately determine structural damage on your own through a few simple signs. For instance, multidirectional cracks portend foundation …  read more…

March Newsletter : Chicagoland Real Estate
One example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home. Dry Rot - Decay of seasoned wood caused by fungus. Earnest Money Deposit - A deposit made by the potential home buyer as …  read more…

North End Home Inspections
We will explain the different tools used in a home inspection. Your home is one of the most valuable purchases you will make in your lifetime. We’re here to guide you with the benefits of having your home inspected by a professional. …  read more…

From Google Blog Search

Professional Guardians Of Houston’s Carpet Cleaning Industry
Houston, Texas is a thriving young city that was discovered and developed in the 1830s. Despite its brief history, the city is continuously pushing forward in terms of economy and technology. However,…  read more…

Purposes For Conducting A Termite Inspection
Reasons For Carrying Out A Termite Inspection

Dwelling in a wooded house with insects that depend on wood as their source of food is one of the most dangerous customized one can choose. Compared to d…  read more…

Review of Netting
Company Information:
Netting.com.au
No physical location information available

Contact Information:
Phone: 1 300 744 366
Email: david@netting.com.au

About the company:

Netting….  read more…

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Voting Question: How Much Does Roof Replacement Cost? Estimate?
There’s a home we’re looking at in the Central Maine area- not huge. About 1000 square feet or so, bungalow style. We just had a post-contract inspection (we can get out of it if there’s a major issue) and the inspector told us that there are three layers of shingles on the roof, and that they need to be “stripped” and a new layer put down. I have NO idea of what kind of cost we’re looking at. Is this big enough to warrant scrapping the contract? I will of course get some professional estimates later in the week, but can anybody clue me in as to what we MIGHT be looking at cost wise, especially in the Millinocket area if you’re familiar with Maine. Labor rates etc? Is this likely to really reeeeally expensive? Any insights would be appreciated.

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Resolved Question: what kind of contractor do I need to call?
I had my current home inspected and buyer wants me to fix those. I have no clue who I need to call. I am not even sure if those need to be fixed. Inspection report says get it checked by contractor and repair if needed. If someone can guide me, i’d appreciate. If i can, I want one contractor to do all.

These are list.

1.) Please have a qualified licensed plumber inspect and repair hot water heater
combustion air vent that is blocked in the attic as this is a potential fire hazard. In
addition the TP&R valve line was kinked during time of inspection. As described on page 5
of 6 of inspection summary.
2.) Please have a qualified professional repair the gas valve at fireplace that was inoperable
(too tight to turn). As described on page 2 of 6 of inspection summary.
3.) Please have a qualified licensed electrician repair missing knock outs at panel in garage
as this is causing wires to rub and is a potential fire hazard. As described on page 3 of 6
of the inspection summary.
4.) Please have a qualified professional contractor evaluate and repair a bowed strut for the
top ridge beam located in the attic. As described on page 1 of 6 on the inspection
summary.
5.) Please have a qualified professional repair the furnace flue pipe that is not adequately
supported in the attic. As described on page 4 of 6 of the inspection summary.
6.) Please have a qualified licensed plumber ensure that hall bathroom is no longer leaking
as signs of past leaks have occurred. As described on page 5 of 6 of the inspection
summary.
________________________
and I live in Rowlett, Texas. If some can refer good contractos, i also appreciate it
Item 2 and 4 are my head scracher. I have no clue who does them.

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Resolved Question: Can I claim points paid by the seller at closing on my taxes?
I want to confirm the details before I go searching down anymore rabbit holes…

I purchased my first home in August. I have looked at the rather confusing IRS flow chart to determine whether or not the 2% in points paid by the seller can be claimed by me, the buyer, on my taxes, and I’m still not sure if I meet criteria, although I think I am… and I’ll be honest, I’m not exactly sure what most of the criteria actually means, but I took my best guess. If anyone can translate the IRS statements below in plain English, I’d be most grateful.

First, details:

* $209K = purchase price
* 6% = total amount contributed to closing by seller
* 4% = amount applied to closing costs and insurance, 2% = amount applied to points.

I worked the deal so that I didn’t have to pay a nickel out of pocket for the home and used my VA loan, so the seller practically paid me to take their short sale. The VA stipulates that the seller cannot contribute more than 4% to closing, but can contribute to points above 4% as long as it is not “excessive,” thus, I was able to apply the entire 6% to all points and closing costs.

[From http://www.irs.gov/taxtopics/tc504.html]
1. Your loan is secured by your main home (your main home is the one you live in most of the time).
(YES, IT IS.)

2. Paying points is an established business practice in your area.
(ANY REASON IT WOULDN’T BE? HOW WOULD I DETERMINE THIS ANYWAY?)

3. The points paid were not more than the amount generally charged in that area.
(I WOULDN’T THINK 2% IS A LOT FOR TAMPA)

4. You use the cash method of accounting. This means you report income in the year you receive it and deduct expenses in the year you pay them.
(I’M AN REGULAR TAXPAYER… 2009 IS MY FIRST YEAR NOT USING A 1040EZ!!)

5. The points were not paid for items that usually are separately stated on the settlement sheet such as appraisal fees, inspection fees, title fees, attorney fees, or property taxes.
(ALL POINTS WENT TO INTEREST)

6. The funds you provided at or before closing, plus any points the seller paid, were at least as much as the points charged. You cannot have borrowed the funds from your lender or mortgage broker in order to pay the points.
(DOES THIS MEAN NO EXTRA MONEY WAS BORROWED TO PAY POINTS TO REDUCE INTEREST? I ONLY USED WHAT WAS PROVIDED BY THE SELLER AT CLOSING)

7. You use your loan to buy or build your main home.
(I ONLY HAVE ONE HOME - FIRST TIME BUYER)

8. The points were computed as a percentage of the principal amount of the mortgage, and
(YES)

9. The amount is clearly shown as points on your settlement statement.
(JUST RECEIVED MY STATEMENT, AND THE AMOUNT FOR 2% IS INDICATED)

There is one additional statement that confuses me… “Points paid by the seller may be deducted by the buyer provided the buyer subtracts the amount from the basis, or cost, of the residence.”

Does this mean I reduce my purchase price by ~$4000? Will this affect my first-time home buyer credit? Due to my income, I don’t qualify for the entire credit, but if I must deduct the interest from my purchase price then will this affect the proportional amount I’m eligible for?

Lots of questions, but its all relevant. I do plan on having a tax professional prepare my taxes this year, but I would like to be moderately prepared in advance before leaving it in the hands of a complete stranger! Thank you in advance for any and all assistance.

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