A contractor can be used for home remodeling, home improvement projects and any of those little repair jobs around the house. The best way to get a good contractor is to get referrals from friends or other people you trust. Learn more about hiring a contractor and what recourse you can take if the job doesn’t go smoothly. In some areas, contractors must be licensed by the municipality in which they conduct business. If they are licensed, you should make sure you see if the contractor you choose has his or her license in order. You should also make sure they have liability and workman’s compensation insurance.
Today on the Clark Howard Show, Ilyce Glink filled in. She discussed whether creditors may reveal personal information to others, why seller-financed third-party down payment programs (like Nehemiah) have been eliminated under the new housing bill, how much housing prices fell in the past month, covered bonds, the elimination of certain chemicals from children's toys, and updated travel news. She took calls on building an emergency fund (by decreasing a contribution to 401(k) plans), veterans buying houses, paying off and consolidating student loans, hardship 401(k) withdrawals, construction loans, money merge accounts, whether to pursue a contractor who has gone belly up, rehabbing a foreclosed home, whole life vs. term life insurance, and how to negotiate with a bank that charged $2,900 in overdraft fees for 135 $1 checks that were overdrawn in the account. For show notes and updates through the week, check out her blog at www.thinkglink.com/blog , and sign up for her free weekly newsletter on the ThinkGlink.com home page. Check out the videos at www.expertrealestatetips.net. And be sure to subscribe to her YouTube channel.
A buyer says his contractor wants a bank commitment letter. A bank commitment letter states that the bank agrees to fund a mortgage. Ilyce suggests he hire a real estate attorney so heâ€™s not doing the deal blindly.
What should you do If your neighbor has built a retaining wall that encroaches onto your property and he now wants you to provide him with an easement to cover the encroachment? Should you tear down the retaining wall instead? Or consult an attorney about setting up the easement agreement? If depends on what kind of relationship you have with your neighbor and the kind of impact this wall could have on your property.
Seller's property disclosure statement is supposed to list all known problems. If you buy a home and discover problems that weren't mentioned in the seller disclosure you may decide to sue the seller. Seller disclosure cases are tough to win because you have to have proof that the seller knew of the problem in order to win the lawsuit.
Make sure your new home still passes important inspections before closing. When purchasing a not-yet-built home, you should include a home inspection contingency as part of the contract. This way, if the home doesn't pass the home inspection, you as a buyer can delay closing until the problems are fixed.
Ilyce talked with Jack Thomasson, HGTV Dream House Planner about how to find quality contractors no matter where you live, and then talked with syndicated financial writer Gail Marks Jarvis about her new book. She also answered listener questions about money and real estate.
When you own a home covered with synthetic stucco you may decide to install a water barrier system. Some water barrier systems work, but many fail, and you should ensure that your system is in working order. A synthetic stucco-certified home inspector can look at the exterior of the home to find potential damage.
What can you do when the property that borders yours is to undergo extensive landscaping changes? Do you have a say in the matter? Even if your local government has approved the landscaping changes you may be able to provide an alternative by suggesting a qualified contractor.
A contractor writes Ilyce to ask about his obligations to an unhappy home owner. He installed, and repaired a deck for them. They would now like him to start over on the project. Ilyce explains where the contractor stands in these negotiations.