Did the previous owners know about the fire damage?

Question: Long story short, I came home from vacation to major water damage in my home. It seems that my second-floor toilet tank cracked and water ran for almost a week.

When the demolition crew was taking out walls they discovered that there was a fire in our home, at one time. We have lived in our home since 1992 and during the selling process there was no mention of there being a fire in the house. There needs to be some insulation and drywall work that is not covered under the water damage.

The previous owner of this house was the real estate agent. Do we have any recourse in this situation?

Answer: The first questions an attorney for the former owners would probably ask would go like this: You have lived in this house for 15 years. How does anyone know that you did not have a fire at some point in your residency and that in making repairs you did not include insulation?

How do you know the agent-owner was responsible? Did anyone else own the property? Could the fire have occurred while the home was under construction? Do you know for a fact that there was insulation in place when the property was originally built? What if the broker hired a contractor to do repair work after the fire and the contractor -- without the owner's knowledge -- did not install the insulation? How many of us, after all, break down walls to look for insulation?

What, exactly, are the damages here? Were your heating and air conditioning bills higher than they should have been? How much higher?

What were the disclosure requirements in your state 15 years ago?

Given the time, cost and irritation of a lawsuit, why not just fix the damage and be grateful that much of the cost for a better wall is covered by insurance.

Problem with my Contract to Buy a Home

Question: I'm trying to buy a home for the first time, did the usual contract, had the inspection done and found out the roof had four layers of shingles. The inspection report came out and stated the roof was not leaking, but structurally it was dangerous.

The sellers came back and said they will fix the roof, but increase the price of the house. That was a verbal, and we stated no because we did not expect to pay more for the house. To make a long story short, the sellers are two attorneys and they are now threatening us with legal action because they said nothing is wrong with the roof and they agreed to fix it anyway.

Answer: You need to get your own attorney and have him or her look at the purchase agreement and all disclosure statements. Most likely the building code requires that no more than two layers of roofing material can be used. The reason for this is to limit weight on the roof.  Too much weight could cause structural problems.

As to the seller's offer, it's a counter offer to fix the roof at your cost in the form of a higher price to which you have not agreed. What, exactly, is attractive about that?

Don't Overlook Home Security

Did you know: Home security doesn't always need to come with a hefty price tag?

To make sure your home isn't a target for burglars, use inexpensive plug-in timers to operate your lights and appliances while you're away. Leaving a small desk radio on for 6 hours a day only costs about 22 cents per month.

A large dog bowl filled with water will make burglars think twice about entering your home in fear that that big dog bowl is reflective of a big dog with even bigger teeth!

Also look into motion-detecting floodlights, which cost as little as $12. Just remember to put them in a high enough place so they can't be broken or dismantled easily.

Lastly, remember the most common entry points for thieves -- the front, side and back doors, the first floor window, and the garage. Always keep these points locked and secure, and while you're at it, put up home security stickers in these spots too. You can find these for as low as $10 on eBay. Having a few displayed will make anyone think twice before breaking in.

So remember, even if you don't have a big budget, there are some low-cost ways you can protect your home.

Why Do you expect top dollar for your Home?

When we do market evaluations, many times we hear, "My house is worth more money than that."

Similar homes sell at different price ranges. Homes that have been updated and are beautiful demand more money. If your home has not been updated, you will not get top dollar. It's just that simple. A newer furnace does not mean more money for your home. Beauty adds demand, demand creates higher prices. 

Bad Idea Before Marriage

Question: I plan to marry in the near future; my husband-to-be had to buy out his wife's portion of the house in a hurry -- she has also ruined his credit. I have excellent credit and also a home to sell. I will make around $40,000 profit from my house.

Would we be better to use some of my profit to fix up his house and ready it to sell; or should he sell his house "as is" and get him out from under the large payments and interest rate. We plan to buy a home together in my name after we are married.

Answer: Imagine if you sell your home, provide the cash to fix up his property and then the wedding is called off. You would have no cash, no house and no hubby.

It may be best to do nothing until you're actually husband and wife.

2245 June Dr, Schererville. Stunning 4 bedroom, 3 bath Ranch style home that shows like new and is bursting with impressive features. This Home offers high quality finishes & architectural detailing throughout. Thoughtfully designed to capture beautiful views of the Natural area behind the home. Spacious Living room with (2 way) fireplace. Beautiful Kitchen with Granite counters, Ceramic back splash, Tray ceiling, Large Dining area, high quality Cabinetry, Gathering room & Fireplace. Separate Master bedroom wing with Tray ceiling, Walk in closet, private bath, skylight, double sink vanity, separate shower & whirlpool tub. Bedrooms 2 and 3 are located on the other side of the home where there is an updated Main bath. Formal Dining room with 14 ft Tray ceiling. Butler pantry. Finished main level laundry room. Walkout lower level is unbelievably impressive with a Family room & (2 way) Fireplace, wet bar/2nd Kitchen, Large bedroom suite w/ Private (shared) bath & Fireplace. Lower & Upper Deck. Inground sprinklers.

Why Won't They Let Me Buy A Home?

Question: I want to own a home, but the Real estate agent won’t show me homes for sale & the bank guy won’t give me a loan because of my credit score. As a US citizen, I have the right to purchase a home. I have argued my point to these so called real estate people, yet they refuse to listen anymore.  Do you know of anyone that can help me?

Answer:  Mark Twain said: “It ain’t what you don’t know that gets you in trouble. It’s what you know for sure that just ain’t so.”  Homeownership is the right of every adult in our great Country. But, to do so, we must show financial responsibility.

Instead of ignoring their advice, why don’t you listen to their professional knowledge and start shifting your negative energy to improving your credit score and reducing your debt? A real estate agent wants to sell you a home. A lender wants to give you a loan. That’s how they make a living.  But, you must follow the prequalification rules & guidelines. If you don’t meet these rules, lenders won’t lend to you and Realtors won’t show you homes. Do you think home sellers want buyers who cannot qualify for a loan walking through their homes? Would you? I don’t think so.  So now do you understand?

Take responsibility for your present situation and then listen to these professionals that can be part of your successful team. Follow their advice and soon you will own part of that American Dream!