10 Things Every Remodeling Contract Should Include

April 16, 2009 by  
Filed under Home Remodeling

Home Renovations:

The contract is a critical step in any remodeling project  it holds the job together and ensures that all parties agree to the same vision and scope.These are the key elements that every remodeling contract should have:

1. The contractors name, address,phone number and license number.

2. Details on what the contractor will and will not do.

3. The approximate start date and completion date.

4. A list of materials for the project in your contract. Including information about the brand name,model,color ,size and product.

5. All required plans,study them carefully for accuracy. Approved them and identify them in your contract before any work begins.

6. Make sure a termination clause is in your contract. With the right to cancel without any penalty within three business days of signing the contract.

7. Make sure the financial terms are spelled out in a way that you understand, inclusive of the total price,payment schedule and any cancellation penalty.

8. A mediation clause which you’ll need in the event a disagreement occurs.

9. Consider the scope of the project and make sure all items you’ve requested are included.

10. A warranty covering materials and workmanship for a minimum of one year. The warranty must be identified as “full” or “limited”. The name and address of the contractor,distributor or manufacturer who will honor the warranty. Also make sure the time period for the warranty is specified in the warranty.

FORECLOSURES

April 16, 2009 by  
Filed under Foreclosures

Perhaps the most well-known method of obtaining foreclosure properties is buying them at the auction. The foreclosure auction is a live bidding process, just as you may have imagined. The auction is typically conducted at a public place, such as a courthouse or even at the property itself. In some states, the county Sheriff or his deputy will conduct the sale. In other states, a referee appointed by the court will conduct the sale. Although the process is slightly different from state to state, the basics idea is the same – the property goes to the highest bidder. The first bid will usually be made by a representative of the foreclosing lender. The lender can bid up the amount that is owed to him, without actually tendering money. If nobody else bids, the lender gets the property. In a majority of cases, nobody will show up but the auctioneer and the lender’s representative. Thus, in most cases, the lender gets the property; the less equity in the property, the less people that show up at the auction.

Buying at the auction is not for everyone, especially beginners with limited funds. You need cash, and lots of it, to buy properties at auction. If you have access to a large credit line or have a money partner, you can sometimes find real bargains at foreclosure auctions. Do not get too excited, though, because most properties either have too little equity for people to bother with, or have so much equity that a large crowd will show up to compete. Despite what you see on late-night television, a real steal at the auction is very unlikely.