columbusbestblog.com

Freudian slip? In talking to Columbus Ohio Real Living HER agents on Tuesday about today’s housing market, attorney Karl Schneider of Maguire & Schneider said “sub-crime” rather than sub-prime.

Not all of the mortgage woes connected to sub-prime defaults were because of crime of course… but mortgage fraud with or without straw buyers is part of the problem.

The topic was short sales and foreclosures. Schneider used “workout” to describe short sales. I had first heard that terminology, “workout” about a year ago. This was originally published on Discover Columbus … last February:

“This is hardly about exercise… this is about the real estate market in Central Ohio. Although I could say exercise caution….. when it comes to short sales.

 

A fella in NJ, David M. Petrovich described short sales as a workout program…I had never heard the term workout program before… I am taking a class on short sales today. I have negotiated a couple of short sales (buyers side) and they are a nightmare.

 

Short sale as in it will all be over quick? Guess again. Everything about a short sale takes longer.

 

Definition: A pre-foreclosure sale. The lender (s) take (s) a short payment.

 

Petrovich writes about The Perfect Storm- Get Ready to Short Sale! “

Last February I went on to show Short Sales in Central Ohio in the post on Discover Columbus, not the houses, the numbers.

Schneider and his associate were able to share how short sales, foreclosures and bankruptcies affect your credit report. At the Real Living HER meeting no one mentioned Schneider was just named a “Super Lawyer” .. congratulations. I thought they hated being called “lawyers?” I guess it is different if you say “Super” first.

This is from an email spam I recieved from a Central Ohio basement contractor:  

“Question #4:  Can’t we just paint over it with UGL Drylock™ or ThoroSeal™

Answer:  No.   In fact applying these products to a wet wall actually worsens the problem! The reason is that these products actually do trap water in the wall they will actually accelerate the internal disintegration of the wall by trapping soil acids in the blocks which begin to break down the concrete itself. Also there is no way to keep the paint or the Thorpo-seal from de-laminating due to efflourescence. Additionally, latex based paints placed over mold or concrete block can create a greenhouse like effect, due to the vapor barrier forming nature of latex.  This effect was discovered the hard way by the asbestos industry when they began to “encapsulate” by means of latex paint, asbestos covered walls. Perfectly good asbestos began to turn to mush and become dangerous as the “greenhouse effect” of the latex trapped the moisture inside.”

Above is from a spam email I received.  Duh…  I think most people know that sealing from the inside is not going to keep water from the outside coming in.. but what about his claims about greenhouse gases and destroying concrete?

I had a listing a couple  years ago where the seller hired an engineer to look at the basement walls after buyers ran scared after an inspection.   One short wall did look bad.   The wall was against the driveway and there were window wells. 

I told her not to paint the wall when we listed the property because we did not want to hide anything.  He was able to tell the homewner that the wall was plumb (not bulging, had not moved) and that it did not need the work from the inside or outside, just needed to be painted…

Showing homes Sunday… very old, old homes… in an urban area of Central Ohio on Sunday we visited a property that is being remodeled.  There was a contractor in the basement “Thorough Sealing” (I don’t think of it as a brand name… more as a processs…) the basement walls.  Old basement wall… old, old basement walls,   pre 1920 walls… stone foundation rather than block.   The “Super Dry Basement” guy’s  answer above went through my brain…

I’d love to hear from home inspectors what they think of these products.  What do you tell a buyer when you inspect a basement that has been “sealed.” 

Wet Basement Quiz Question 3

Wet Basement Quiz Question 2

Central Ohio Wet Basement Quiz…

This is a series of entries based on one piece of spam email from a contractor who does basement water proofing in Central Ohio. The spam email says:

“Question #3: If the seller hires a professional who offers a warranty, I have no liability as an agent, right?

Answer: While potentially technically true, most real estate attorneys are notorious for suing anyone who comes in contact with the house that might have either assets or even better something most realtors carry, which is Errors and Omissions Insurance. That means they will often sue the realtor, the home inspector, the basement contractor, the seller etc. etc. So while not technically liable you may have to defend against frivolous lawsuits, which can be costly! (Please do not construe this as legal advice as always consult with a legal professional before making any legal decisions). That is why you are always better off to recommend a quality contractor rather than some novice or newly undertaken enterprise as this an extremely litigious area of law.”

This is to me as a real estate agent… I could not tell the questions and answers are all over the board… Good thing he put in that line about not construing it as legal advice.. it looks like legal advice to me…

Or a scare tactic? Those notorious real estate attorneys!

Anyone had experience with a water proofing company? Who is good? Who is not good?

I “Googled” for “Super Dry Basement” (the book written by the Central Ohio water proofer that spammed me.) I found his website. He has the same “Basement Quiz” there that he spammed me with. It just stops mid sentence on the answer to question number one there too.

Wet Basement Quiz Question 2

Central Ohio Wet Basement Quiz…

BuilderOnline.com reports that Fischer Homes from Cincinatti has bought  the lots Centex’s owned in:

Claybrooke Crossing - Grove City
Sheffield Park - Galena
Royal Elm - Blacklick
McCammon Estates - Lewis Center

Fischer Homes will also manage construction for 90+ homes that Centex sold.  Fischer Home is going to employ the subcontractors that Centex used…in Central Ohio.

This must have already been in Columbus Business First and I missed it… Fischer Homes site says:

“New Homes in Cincinnati, Columbus, Dayton, Northern Kentucky, Indiana”

The BuilderOnline.com story is written by Steve Zurier.

It was in the Columbus Dispatch on Thursday…. missed it, the article written by Mike Pramlik:

“CINCINNATI BUILDER Fischer Homes to enter market”

We had lots of rain last night.  How’s your central Ohio basement?  Sump pump still running?

This is the second in the series from a spam email from a water proofing / basement contractor.  I had never heard of him before.  Again no credit to the spammer / contractor but he’s an author… he wrote the book on dry basements.  I suppose you should be able to find him if you are impressed with his answers:

“Question #2: Which Basement waterproofing system is better inside or outside (full excavation and tile replacement) ?

Answer:  Neither, both systems serve individual purposes. Interior de-watering is sometimes the only option due to external excavation obstacles. In many cases it is often the least-expensive cure for a big problem. Most inside contractors however leave out some of the most critical steps that are essential for long-term, hassle-free correction (please refer to my book the Super Dry Basement). Exterior systems are necessary in certain circumstances. In many cases of especially old foundations or in cases of crumbling, buckling, bulging, or bowing basements it is absolutely essential for long term correction.  Most outside contractors however leave out some of the most critical steps that are essential for long-term, hassle-free correction (please refer to my book the Super Dry Basement).”

Maybe this is legit? Or maybe not.  Maybe I should take the email spam more seriously.  Nah! 

Anyone outside Central Ohio… most homes in Central Ohio have basements.  We have heavy clay soil so eventually many people have basement issues.  A lot of basement issues  have to do with maintenance from my limited understanding…

When you buy a home in Central Ohio it is important to have it inspected.  The home inspector can explain any water, settling, sagging, cracking visible in the basement.  A good inspector gives the buyer a heads up on what maintenance is required to keep the  basement dry and problem free.

Central Ohio Wet Basement Quiz… Question 1