Realtor Tips: Mold Testing and Real Estate Sales
Mold is a four letter word when it comes to real estate sales. If you want to get a mold test when purchasing a home there are a couple of things to keep in mind. Mold spores are pretty much everywhere and the real estate sales contract we use in the Dayton OH area makes reference to that fact. Secondly, there are no state or federal standards regarding results of samples. There are no recommended exposure limits so the lab will provide feedback on what’s considered ‘elevated’ levels or ‘normal’ levels. Most people are surprised by this lack of definitive thresholds when testing for mold in a home. Instead, mold samples are taken outside the home and compared to those samples taken inside. Results from inside the home should yield a lower concentration of spores than outside and be of the same types. Finding either higher concentrations of spores inside or spore types different than those found outside may point to a source of mold within the home. When I’m selling homes in the Dayton area I typically see two types of mold testing done. Air samples and tape/swab samples. Air sampling involves a special pump that draws a metered amount of air across a cassette to be analyzed. Tape or swab involves physically touching/wiping an area to be analyzed in the lab. Expect to pay in the vicinity of $300 - $500. I’m always happy to assist and advise when this issue arises, just reach out to me.
New Fence, Survey Needed?
The question comes up often in real estate sales, ‘Do I need a survey to install a fence?’ The safe answer is, ‘Yes’. Yes, because this will give the definitive answer on where the property lines are. This is referred to as a boundary or pin survey. Pin, because the surveyor physically locates the actual steel pins that mark the corners of the property. The pins often have a colored plastic cap to make them easier to see. Over the years the caps are often missing and the pins can slowly disappear under the soil. A metal detector can be used to aid in locating. Don’t confuse a mortgage location survey for a boundary survey. When you purchase a home your lender may require a mortgage location survey. This is drawn up based upon the legal description and recorded right of ways and easements. This survey is less precise and should not be used for setting a fence, structure or pool. I recently helped a couple purchase a new construction home here in the Dayton, Ohio area and they wanted to immediately install a fence. Can we just use the mortgage location survey we just had done?, they asked. Even with new construction your best bet is to go with a boundary survey due to the fact that the pins often get moved and end up missing from heavy equipment running over them during construction. The boundary survey will also solve the issue of an unscrupulous neighbor relocating pins in the middle of the night to gain some ground. These surveys run around the $500 -$600 mark but it’s better than having to move a fence or shed if you guess where the line is. Need a good surveyor? Just reach out and I’m happy to assist with any of your real estate needs.
What are Mortgage Discount Points?
This is a common question among buyers. You may also hear them referred to as just ‘points’ or ‘discount points’. Think of a point as prepaid interest. One point equals 1% of the loan. On a $200,000 loan one point would be $2000. It is referred to as prepaid Interest because paying a point up front at closing reduces your interest rate for the life of the loan. Hence, the PREpaid name. You may also hear the term ‘buy down’. Paying a point upfront is BUYING down the rate, the same thing as PREpaying interest - it’s just another term for it that can lead to confusion. Of course, you can pay more than one point if you want to bring your interest rate down further. So why would you even want to do this? It’s not always the best plan. In fact, when I sell homes in the Dayton, Ohio area I don’t see a lot of this but there are instances where it makes sense. If you feel you’ll be in the home for just a few years you would be wasting money buying down the rate and not being there long enough to recoup the cost of the upfront points. It may be a better plan to just put more toward the down payment and have a smaller loan. This is where speaking with a good loan officer can benefit. They can run break-even scenarios for you and figure the best plan. As an active Realtor in the Dayton area I can direct you to a lender that can help.
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