Radon, the Silent Killer

photo credit: Daniel Y. Go via photopin cc

We have been advising our clients to do radon tests when purchasing their homes these past few years and this year we have had several homes test positive.  It seems to be a fairly common problem here in the Salt Lake valley.  The good news is that fixing the problem it generally isn't very difficult.  Most of our clients have been able to remediate the problem for less than $1,500.



So why do we care so much about radon?  

According to The National Cancer Institute at www.cancer.gov, radon is the second most common cause of lung cancer.  Radon is estimated to cause about 21,000 lung cancer deaths per year, according to  EPA's 2003 Assessment of Risks from Radon in Homes (EPA 402-R-03-003).

What exactly is Radon?

Radon is a cancer causing, radioactive gas.  It is an invisible gas that you can't taste or smell.  Radon comes from the natural (radioactive) breakdown of uranium in soil, rock and water that eventually gets into the air you breathe.

Testing for Radon

Radon can be detected by a simple test that good home inspectors are able to test for.  There are a number of tests available in the home improvement stores.  Some home inspectors have the ability to test for radon as part of their home inspection.  The National Radon Program Services at Kansas State University offers discounted test kits available to purchase online.  Here is the link to their site http://sosradon.org/test-kits.

How to fix the problem

The good news about radon is that in order to remediate the problem it generally isn't a difficult process.  There are several ways to reduce the levels of radon in the home but the primary way is to use a vent pipe system and fan that pulls radon from beneath the house and vents it to the outside.  This is know as a soil suction radon reduction system.  There are many ways to ways to reduce the amount of radon and we recommend discussing it with a professional radon mitigator.

For more information on radon please visit  http://www.epa.gov/radon/pubs/citguide.html.

For more information about things to look for when buying a home please visit www.saltlakeopenhouse.com 

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For Sale: 5BR/2+1BA Single Family House in Salt Lake City, UT, $179,900

Great Salt Lake Home Near Liberty Park

Home Affordability Modification Program (HAMP) Defined

I get a lot of questions these days about HAMP, HARP, and all the new government programs.  I put together this article to help explain how HAMP works. The information is readily available on various government websites.

Home Affordability Modification Program (HAMP)

The Home Affordability Modification Program, or HAMP,  makes it possible for eligible homeowners  to modify their current mortgage in order to reduce the monthly payments. This is accomplished by adjusting the interest rate, reducing the principal amount of the loan, extending the period of the loan,  or a combination of both.

To qualify for HAMP the homeowner must:

• Be the owner-occupant of a one- to four-unit home.

• Have an unpaid principal balance that is equal to or less than:

ο 1 Unit: $729,750

ο 2 Units: $934,200

ο  3 Units: $1,129,250

ο  4 Units: $1,403,400

• Have a first lien mortgage that was originated on or before January 1, 2009.

• Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.

• Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

Homeowners experiencing financial difficulties and/or at risk of foreclosure that have loans owned or guaranteed by Fannie Mae or Freddie Mac are allowed to participate in HAMP.  In addition to Fannie Mae and Freddie Mac, there are many other lenders receiving government incentives to participate in the program as well.

As of June 2010 over 1.2 million homeowners have started trials of HAMP.  Of those, only 396,021 have become permanent modifications.  50,000 trials will be converted to permanent modifications in June – a 15% increase from May.  On average HAMP has reduced homeowners monthly payments by  about $510. 

HAMP expires on December 31, 2012. Your trial modification must be in place by that date.

If you are struggling to make mortgage payments and HAMP sounds like an option for you, or if you have any questions please feel free to contact us.  We will personally evaluate your situation and find a solution.

For more information about HAMP, including FAQ's click here.   http://www.makinghomeaffordable.gov/borrower-faqs.html#19

Sources:

www.makinghomeaffordable.gov

www.financialstability.gov

Short Sales on the rise in Utah

In case you haven't hear the news lateley, short sales in Utah are on the rise. In Salt Lake County Alone in March there were 1,650 short sales. That is 22% of the ALL the homes on the market. The good news is that the banks have finally figured out that they have to deal with the short sale process rather than waiting for the market to return. Now is the best time in recent years to get a good deal on a property in Utah. Prices have fallen, sellers are motivated, interest rates are still low for those that qualify (more on this later).