Happy Monday!
If you weren't able to attend our monthly learning event last
week, here is a RECAP! We had a foundation company owner speak about some
pitfalls with foundation inspections, and WOW! Some eye openers.
Did you know:
- In Houston there are over 200 foundation repair companies
- In Texas, there is NO REGULATION for foundation inspectors. i.e. no licensing, education requirements, bonding, or set procedures.
- Insurance will NOT cover foundation repair unless you can prove that it was caused by a leak. Once they send 'their' inspector out, then it is to be proven also that the foundation did not cause the leak! In other words...hardly ever happens.
- If a seller gets multiple quotes for foundation repair, they are required to disclose all of them to a buyer
- Houston has many foundation issues because of our SOIL, clay and porous!
How to ensure that the foundation company is reputable:
- Ask: a) Are you bonded, b) Do you have Texas Workers Comp? c) Are the workers employees or contractors? D) On the warranty include any future pro-ration requirements , e) Does the warranty have a definition of settlement at repair?
- Get a copy the insurance!
- Call the insurance company to verify! (the presenter told us of fraudulent ones)
- Be sure at inspection they use the 'yellow' gadget (a zip level machine!)
- Get a copy of the warranty and/or settlement definitions and re survey post repair
IN THE MARKETS:
A record week in mortgage rates. Concern about economic
weaknesses in China, Europe and other world markets was the driver of rates
this week, for fear that weakness overseas will slow economic growth in the US.
Read more here!
JUMBO RATES are not far from the lowest I have seen in 20
years!! Wow! Call us TODAY to start the process!
Enjoy your week, and as always, we would be HONORED FOR YOUR NEXT
REFERRAL!
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