February 28, 2011

Anyone who has ever been victim of a flood in the workplace or at home understands the devastation that it can inflict. The impact of the damage caused can be deeply upsetting and leave us feeling overwhelmed. The result is that many victims of flooding waste time when they should really be tackling the flood restoration process; this is a big mistake.

Rescuing personal property

The loss of personal belongings is quite often the most upsetting element following a flood and the longer you wait the more items you are likely to lose. Therefore it is vital that you begin the cleaning up process immediately.

Reducing disruption

The disruption that can be caused by flooding in both homes and workplaces can be substantial. Whilst we all want to have a settled home environment, the impact that such disruption can have on a business’ profitability is perhaps more worrying. Therefore it is a business’ main focus to clean their premises up as fast as is possible so that they can open back up for business.

Solving the problem

It is extremely important to fix the source of the leak speedily, whether it is a hole in the roof or a burst water pipe. If the problem is not fixed quickly then the whole flood restoration process can be severely delayed in the event of a reoccurrence.

Safeguarding the property

Floodwater will soak into the brickwork and wood of a building, which can undermine it. The risk of structural damage can be hugely reduced by undertaking quick and efficient flood restoration.

Protecting your health

There is a real likelihood that mould will start growing in properties that have been flooded. In some cases this mould can be toxic, which can cause health problems to humans. This mould usually begins to grow about 48 hours after flooding, meaning that prompt flood restoration can go a long way to protecting your health.

February 15, 2011

Be it at your place of work or at home, experiencing a flood in your property cab be traumatic. Looking at the damage that the water has caused can be upsetting and your first instinct may be to get busy cleaning up. The desire to begin the repair process is one that we can empathise with. However, there are a few important facts that you should be aware of before you undertake such a task. Read on to learn about the three key dangers you face if carrying out your own flood restoration.

Structural insecurities

The first area where you could find yourself at risk, if undertaking your own flood restoration, is if there has been damage to your property’s structure. Water seeps into brickwork, plaster and wood, which serves to destabilise then. So risks such as falling through a floor are very real.

The dangers of electricity

Damage to electrical circuitry is another element that we must consider. The fact that this is an unseen threat and that water is a conductor, makes it a particularly dangerous one.

Issue of toxic mould

Most people will not even realise that mould can be a hazard following a flood. Flooded properties provide a perfect environment for mould to grow. This is dangerous due to the fact that some mould is toxic, making it harmful when breathed in. The hazard of mould can be particularly worrying because it often grows behind plaster boards and under floorboards, meaning it can cause illness before we even realise it is there.

Seeking the help of a professional

Bearing in mind the risks that we have discussed regarding flood restoration, it is advisable to seek out professional assistance. Your insurance policy should cover the cost that hiring a specialist will incur. Therefore, rather than putting your health at risk, it makes better sense to leave it to the professionals.

February 4, 2011

A seriously well liked methodology for selling a property quickly is to sell the property "Subject-To" the present financing. This is a change of owner financing whereby in the exchange the seller makes an assignment of motgage debt to the purchaser and also deeds the property to that buyer. The buyer then begins making the payments on the loan either thru a note servicing company or right to the lender themselves. Once the transaction closes the vendor is no longer involved with the property. This kind of exchange is similar to a mortgage assumption ; but technically, it's not a presumption, because the original loan is still in the seller's name.

It is important to note that almost all loans in recent years are not assumable.

Example Assignment of Mortgage Debt:
Home value: $150,000
Existing loan amount: $135,000
Cost of sales: $10,000 (this is typical for this value of home)
Sales price: $140,000

In order for this home to be sold through normal means, i.e. with a REALTOR, it would have to be sold for $155,000 or more to pay off the existing loan amount and closing costs (i.e. REALTOR fees, seller concessions, etc.). By using an assignment of mortgage debt, the original owner is able to sell the home to a new buyer for $140,000 with very little closing costs, title insurance and a few other small fees paid for by the buyer.

Advantages and Disadvantages of Assignment of Mortgage Debt
The benefits to using an assignment of mortgage debt are that the buyer does not need to qualify for a loan through a bank, pay for any appraisals on the property, there are no loan origination fees, and there are typically no loan application fees. These savings make a tremendous difference in the transaction and thus make it much more affordable.

The downside to an assignment of mortgage debt is that the original loan remains in the name of the seller. If the buyer were to default on the loan, it would then affect the seller's credit. If you selling a property this way, you'll need to do your due groundwork on the purchaser to make certain they have strong fiscal certifications.