I get a ton of emails from perspective buyers concerning synthetic stucco in Georgia and the most frequent statement is “I have heard bad things about synthetic stucco”. Even a lot of real estate agents tend to shy away from showing homes with synthetic stucco, but if you know the appropriate steps to take, a house with synthetic stucco can be ok.

The most important step to take for a buyer and a seller is to get a stucco inspection done. If you are a seller, do this before you put it on the market, this will also let you know how much work may need to be done or it will be a clean report that you can present to the buyer. If you are a buyer make sure that in your initial offer that you ask the seller for a current stucco report and that if the report is unsatisfactory to you that you have the right to walk away from the contract. BUT, MAKE SURE THAT YOU (BUYER) CHOOSE THE STUCCO INSPECTOR!

I almost got burned by this on one transaction, we asked the seller for a current stucco report, the seller did provide us with a 1 page summary report that stated that there was no moisture detected and that all windows and seals have been sealed properly and so on. After seeing that summary, my buyers and I were very happy that everything turned out great. However, we did a little bit more research about this particular inspector and found out that he did not have the appropriate equipment to do a detailed inspection. To make a long story short, if we did not catch this, my buyer could have ended up to pay about $4000 in repairs. Luckily, we did, and we had the seller pay for a second inspection done by our choice of inspector and had the seller pay for all of the repairs. To sum it up – beware if the seller gives you a one page stucco report.

A qualified inspector will give you about a 60 page report, with photos of the defects and a overview of what repairs need to be done. The inspector should also be a approved inspector through Moisture Warranty company. Moisture Warranty Company (MWC) is a company that is well known for their warranties and also provides list of stucco inspectors that have been approved. Check them out at www.moisturewarranty.com. A stucco inspection will cost in the range of $650 – $850 depending on the size of the house. One of my favorite stucco inspectors is Pro-Spect. Check them out at www.prospecthomeinspection.com. Pro- Spect will also come out a second time after the repairs have been made to reinspect for free.

After your recieve your stucco report back you have three options: 1) Walk away from the house. 2) ask the seller to repair the defects 3) Bite the bullet and you pay for the repairs. If you get the seller to repair the defects make sure that again you choose the company that does the repairs. Remember not every stucco company has the capabilities to repair the problems. Again, check with Moisture Warranty for a list of approved repair companies. A couple of my favorites are Achilles Construction and Craftmaster.

As a buyer you can also ask the seller for a one year stucco warranty through Moisture Warranty, the cost of a warranty is a good chunk of change…approximately $1000. But it is well worth it!!

If you are a seller make sure that these 3 things happen to help sell your home faster. 1) Have a stucco inspection done to your house prior to putting it on the market. 2) Offer buyers a 1 year moisture free warranty. 3) Make sure that your Realtor puts in the comment section on the MLS and flyers that you are offering a home warranty and that you have a current stucco report.

I know this may seem a bit overwhelming but if you have a good agent to guide you through you will have a solid house! But once you get into your house make sure that every 18 months you have a company that comes out to make sure all cracks are sealed! – Nesa Kleinheksel

(From AtlantaNation.com)

By Craig Levine
Several changes may be on the horizon for someone looking to buy or sell a home in Atlanta in the near future.

Financing a home, which affects, both, buyers and sellers, has gotten easier with more loan programs out there than ever before.

Lenders are offering “Zero Down”, “Interest Only”, and “Balloon” products that are flying off the shelf. No longer does a purchaser have to go to Guido to get a 10% interest rate B-C loan, but he or she may, in fact, qualify for a 7% FHA (liberal) loan.

The resources available to both banks and mortgage brokers (loan officers with the capability of working with several banks) allow a prospective home buyer to be approved within 7-10 days, and sometimes within minutes in their office.

Less paper work is required and the need to constantly supply documentation is gradually diminishing. Too many people have been put through the mortgage ringer and it’s about time the process has gotten streamlined.

BE AWARE THAT INSURANCE RULES HAVE TIGHTENED
If you’re buying a home, it’s not going to be smooth sailing, once financing is secured, however.

A recent shake-up in the insurance industry will make it tougher for you to get, both, auto and homeowner’s insurance (the latter, a necessity to close a loan) if you have marginal credit or have owned a home previously and have made a claim.

Insurance agents are migrating towards using credit scores to approve or deny policies and are utilizing “Clue Reports” to research previous claim histories in an effort to find the profitable clients.

Thinking of applying with State Farm for a homeowner’s policy?

Consider other companies if you’re not already a policy holder. According to a close agent friend, State Farm (the nation’s largest insurance company) is not writing new home owner policies due to its losses over the last three years. That is big!

DON’T WASTE YOUR TIME WITH A REALTOR WHO DOESN’T HAVE A PERSONAL WEBSITE
If you are selling a home with an agent or buy owner, don’t waste your time with classifed ads. Homes without pictures are like meals without seasoning.

All marketing has shifted to the internet and roughly 3/4 of prospective buyers are primarily utilizing the net for their home search.

I used to spend hundreds of dollars each month on AJC classifieds. Now, I devote that investment into web site advertising and positioning. Fully, 85% of my business comes from the internet.

You want results, don’t hire a realtor without a PERSONAL web site. I repeat, don’t hire a realtor without a PERSONAL web site.

BE CAREFUL WITH REPAIR ALLOWANCE PROVISION
One other caveat to be aware of in this changing industry. If you’ve had an inspection and are negotiating through repairs, be careful with a repair allowance.

Sometimes, sellers don’t have the funds available or time to do repairs prior to closing. A repair allowance works in lieu of physically addressing issues. Some lenders, though, are now requiring that either the seller or buyer provide written estimates for the repairs that will be handled after closing. Previously, all you needed to do was state a contractor and an amount to be paid at closing. Now, it’s no written estimate on letterhead, no closing.