For Your Protection Get a Home Inspection Note: The Documentation included is required by Law No. 93, the emendation to Law No. 10, must be informed, delivered, and signed by both the Buyer (s) and the Seller (s) prior to the Closing. Why You Need a Home Inspection Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a trained expert. During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will: • Evaluate the physical condition: the structure, construction and mechanical systems. • Identify items that should be repaired or replaced. • Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes. The home inspector does not estimate the value of the house. After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within five to seven days. This brochure is primarily for homebuyers that buy their homes with the help of the Federal Housing Administration (FHA) mortgage insurance programs. All homebuyers can benefit from the information in this brochure to understand the difference between home inspections and appraisals, the benefits of home inspections, how to find a qualified inspector, and the importance of radon testing. Home Inspections Are Not Appraisals A property appraisal is a document that provides an estimate of a property’s market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers. FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), requires lenders to obtain appraisals of properties securing FHA-insured loans. FHA requires appraisals for three reasons: • To estimate the market value of the property. • To make sure that the property meets FHA minimum property requirements/standards (health and safety). • To make sure that the property is marketable. The FHA appraisal process will note property deficiencies that are readily observable and found not in compliance with HUD’s minimum property requirements/standards (Handbook 4905.1 REV-1 and Handbook 4910.1). These deficiencies may not be the same as those items noted in a home inspection report. About FHA Home Inspections FHA helps individuals and families become homeowners by providing lenders with mortgage insurance for certain loans. FHA does not guarantee the value or condition of your future home, and FHA does not perform home inspections. If you find problems with your new home after closing, FHA cannot give or lend you money for repairs, nor can it buy the home back from you. That’s why it is so important for you, the buyer, to get an independent home inspection. Ask a qualified home inspector to thoroughly examine the physical condition of your future home and give you the information you need to make a wise decision. The Bottom Line: Spending Hundreds May Save Thousands When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. If you are satisfied with the results of the inspection, then your offer can proceed. FHA does not guarantee the value or condition of your potential new home, and FHA does not perform home inspections. Finding a Qualified Home Inspector As the homebuyer, it is your responsibility to carefully select a qualified inspector and pay for the inspection. The following sources may help you find a qualified home inspector: • State regulatory authorities. Some states require licensing of home inspectors. • Professional organizations. Professional organizations may require home inspectors to pass tests and meet minimum qualifications before becoming a member. • Phone book yellow pages. Look under “Building Inspection Service” or “Home Inspection Service.” • The Internet. Search for “Building Inspection Service” or “Home Inspection Service.” • Your real estate agent. Most real estate professionals have a list of home inspectors they recommend. Radon Gas Testing The U.S. Environmental Protection Agency and the Surgeon General of the United States have recommended that all houses should be tested for radon. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-Radon or 1-800-767-7236. As with a home inspection, if you decide to test for radon, you may do so before signing your contract, or you may do so after signing the contract as long as your contract states the sale of the home depends on your satisfaction with the results of the radon test. Be an Informed Buyer It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector. You may arrange to do so before signing your contract, or may do so after signing the contract as long as your contract states that the sale of the home depends on the inspection. El MoMA celebra el centenario de 'Las señoritas de Aviñón' Nueva York - El Museo de Arte Moderno (MoMA) de Nueva York celebra con una exposición inaugurada hoy el centenario de la pintura 'Las señoritas de Aviñón', de Pablo Picasso, considerada como la obra que definitivamente cambió el curso del arte moderno. La exposición examina los orígenes de la obra que marcó un giro en la carrera del maestro español, al reunirla con nueve de los cientos de bocetos que realizó para su ejecución, prestados por colecciones públicas y privadas. "En retrospectiva, no ha habido otra obra que haya cambiado el curso del arte moderno y contemporáneo. Aunque se ha dicho que fue hecha con una espontaneidad salvaje, esta muestra confirma que fue cuidadosamente estudiada", dijo John Elderfield, comisario principal de Pintura y Escultura del MoMA. La exposición desvela cómo Picasso se obsesionó con estudiar cada figura desde distintos ángulos y en variadas poses, gracias a dos pinturas y una serie de bocetos pertenecientes a la colección del MoMA, el Museo Picasso en París y una colección privada parisina. "Picasso llenó al menos 16 cuadernos con bocetos y produjo cientos de dibujos y pinturas entre el invierno de 1906 y el verano de 1907, explorando la composición, las figuras por separado y en subgrupos, en una amplia gama de estilos y colores", dijo Anna Swinbourne, comisaria de la exposición. Uno de los bocetos revela que, en la concepción original de la escena, Picasso concibió un burdel con siete figuras, dos personajes masculinos y cinco prostitutas, que luego redujo a seis y finalmente a cinco mujeres. Sobre el lienzo, Picasso representó a las mujeres en su estilo "ibérico" o "estilizado" -un ejemplo del cual es la pintura 'Dos desnudos', de 1906, incorporada en esta exposición- y trabajó las cabezas hasta transformarlas en máscaras rituales africanas. Picasso mantuvo el proceso en completo secreto, trabajando durante seis meses en solitario, sin mostrar los bocetos o el progreso de la obra al público, aunque las visitas de algunos marchantes, críticos y amigos a su estudio siempre terminaban en conmoción. Artistas como Henri Matisse y André Derain se escandalizaron y reaccionaron con incredulidad, incomprensión, ira o burla, sin saber que cien años después ésta sería la pintura que gestó el Cubismo y otros ismos de principios del siglo XX, esto es, la modernidad. "Los historiadores de arte especulaban. Los bocetos apenas salieron a la luz en 1940 y no fue sino hasta 1973, después de la muerte de Picasso, cuando se revelaron todos los detalles de cómo la trabajó", dijo Swinbourne. Para el crítico de arte del New York Times, Michael Kimmelman, "si 'Las señoritas de Aviñón' no es la gran pintura del siglo XX, sigue siendo la más radical porque cambió el arte más que ninguna otra", al romper con las convenciones sobre belleza, armonía y coherencia estilística. La primera vez que se exhibió fue en un salón de pintura en París, en 1916, y después no se supo más de ella hasta su adquisición en 1924 por el coleccionista francés Jacques Doucet. En 1937, el fundador del MoMA, Alfred H. Barr, que la había visto en París, inició una campaña para adquirirla, lo que se concretó en 1939 cuando pasó a formar parte de la colección permanente del museo y se incluyó en una exposición en la primavera de ese mismo año. Si bien esta muestra es la primera en Estados Unidos en reunir la pintura con algunos de sus bocetos, este encuentro ya había ocurrido en los Museos Picasso de París y Barcelona, en 1988, toda una rareza considerando que las peticiones de préstamos que le llueven al MoMA son siempre rechazadas. Así, esta exposición en el MoMA es doblemente especial, porque en 2009 se cumplen 70 años de su debut en el museo. "La muestra revela cuáles fueron las rutas que Picasso decidió no tomar y nos enseña que ni él mismo sabía dónde iba a parar", explicó la comisaria. Las decisiones que tomó Picasso mientras pintaba la obra han sido desveladas en sus restauraciones, la última de éstas emprendida por el MoMA entre 2003 y 2004, un proceso que será mostrado al público en otra exposición que se inaugurará el 30 de mayo. En esa exposición se instalarán cajas de luz con rayos X de 1950 que muestran los cambios significativos en composición que hizo Picasso directamente sobre el lienzo, así como la documentación de la restauración y la cronología de los cien años de la pintura. Fed cut impact on housing The Federal Reserve's aggressive half-point cut Tuesday could provide support for a slumping housing market. A quarter-point drop had already been priced into the market for Treasury bills and other instruments tied to mortgage rates, according to Richard DeKaser, chief economist for National City Corp. The deeper cut means mortgage rates may have a little more room to fall, giving support to prices. The Fed Funds rate affects a range of consumer loans, including home equity and mortgages. Lower mortgage rates would add to the number of home buyers able to afford to make purchases, increasing demand for properties and buoying home prices. Buyers generally care less about the actual purchase price than they do about the size of their payments. If rates drop, so will monthly debt obligations. (Latest home prices) Interest rates for conforming loans - those of no more than $417,000 - are already reasonably low, averaging 6.31 percent for a 30-year fixed rate loan. But an important class of loans that might benefit from the big cut: the high-ticket home mortgages known as non-conforming or jumbo loans. These loans have no guaranteed secondary market because they exceed the $417,000 cap and Freddie Mac and Fannie Mae will not buy them. With investors wary about any loan perceived as carrying the least bit of risk, jumbo rates have risen in recent months. They carry rates about a full point higher than conforming loans. Jumbos are especially important in high-priced housing markets such as New York, California, Washington D.C. and Boston. Jumbo rates may come down if the cut makes consumers more confident, according to Mark Zandi, chief economist for Moody's Economy.com. However, the real problem in the housing market is not interest rates, according to Keith Gumbinger, vice president for HSH Associates, a mortgage industry publisher. It is that there is not enough money available for making loans. "The liquidity problem hasn't changed," Gumbinger said. "The primary issue is trust between buyers and holders of debt." Investors holding worthless or heavily discounted paper are not eager to buy more. As a result, Gumbinger said problems in the housing market problems are too entrenched for a Fed rate drop to have an immediate impact. Trust can take time to rebuild. Something that might speed the rebuilding process is better-than-expected earnings from the major Wall Street banks. Tuesday, Lehman Brothers' reported higher-than-forecasted profit, which allayed fears about the wallop that the mortgage crisis may inflict on Wall Street. Goldman Sachs, Morgan Stanley and Bear Stearns are due to report earnings later this week. Home prices in many parts of the country remain out of reach for average Americans, leading to slow sales and lengthening inventories of houses on the market. Also adding to listings is a flood of new foreclosures hitting the market. That inventory is weighing heavily on housing markets, according to Zandi, and much of it will have to sell through before prices start to rise again. It didn't help market confidence that venerated ex-Fed head Alan Greenspan came out and opined on the possibility of double-digit housing price declines, according to Dean Baker, an economist and co-director of the Center for Economic and Policy. "That has to be very worrisome for anyone lending into these markets," said Baker. El comprador le condiciona la opcion de compra a una Inspeccion de Calidad de Vivienda. Debemos Preocuparnos? Por: Roberto Castañer, P.E. Inspector Certificado Calidad de Vivienda RC Home Inspections of P.R. Inc. http://www.rchomeinspectionspr.com/ No! Al contrario, nadie debe preocuparse. El Inspector de Calidad de Vivienda no es su adversario. La Inspección es positiva para todas las partes en la transacción independientemente de los hallazgos de la misma. Aunque no existe la casa perfecta y la respuesta dependerá de como usted ha mantenido su casa y los enseres y/o equipos que son parte de la transacción. Debe recordar que nuestra misión como Inspectores no es buscarle defectos a su propiedad. Nuestra misión se resume en ofrecer una evaluación imparcial de la condición de calidad de los componentes de la propiedad. La Inspección de Calidad de Vivienda es el proceso por el cual un INSPECTOR CERTIFICADO examina visualmente los componentes de una vivienda, los evalúa de acuerdo a estándares establecidos y ofrece un reporte de la condición de la propiedad, usualmente con fotos, y explicaciones. El Propietario se beneficia pues se verifica las condiciones actuales de su casa y las puede corregir con tiempo, a su paso y dentro de su presupuesto. Puede realizar las mejoras y corregir detalles encontrados durante la Inspección que le ayudara a comercializar su propiedad y quizás venderla mas rápido e incluso lograr mejorar su valor en el mercado. El Comprador eliminara dudas y preocupaciones, tendrá mayor información para tomar su decisión, se sentirá mas tranquilo y satisfecho con la inversión a realizar. El Corredor de Bienes Raíces , al orientar y recomendar la inspección por un Inspector Certificado cumple con la nueva Ley Numero 93 , que es la que enmienda la Ley Numero 10 y se libera del riesgo de omisión, cumpliendo así con su responsabilidad. Merma los riesgos que puedan afectar el cierre y el financiamiento hipotecario, además aumenta la satisfacción de su cliente entre otros. El desarrollador, en casos de viviendas nuevas, obtiene una revisión detallada e imparcial y reduce las posibles reclamaciones futuras. El Banco hipotecario refuerza su seguridad que el préstamo a otorgar esta bien garantizado y respaldado conociendo la condición de calidad actual de la propiedad que esta por financiar. Recuerde que la inspección no es un “examen”. La casa, “ni pasa, ni se cuelga”. No debe sentir ansiedad o preocupación alguna. El Inspector de Calidad de Vivienda no esta afectado por intereses económicos, ni atado emocionalmente con la propiedad y le provee una opinión objetiva, imparcial de la condición de la propiedad para beneficio de todas las partes. __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Ten Important Questions to Ask Your Home Inspector 1. What does your inspection cover? The inspector should ensure that their inspection and inspection report will meet all applicable requirements in your state if applicable and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront. 2. How long have you been practicing in the home inspection profession and how many inspections have you completed? The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection. 3. Are you specifically experienced in residential inspection? Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of home inspection. If the inspection is for a commercial property, then this should be asked about as well. 4. Do you offer to do repairs or improvements based on the inspection? Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest. 5. How long will the inspection take? The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings. 6. How much will it cost? Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees. 7. What type of inspection report do you provide and how long will it take to receive the report? Ask to see samples and determine whether or not you can understand the inspector's reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection. 8. Will I be able to attend the inspection? This is a valuable educational opportunity, and an inspector's refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert. 9. Do you maintain membership in a professional home inspector association? There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate. 10. Do you participate in continuing education programs to keep your expertise up to date? One can never know it all, and the inspector's commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training.