Showing posts with label rebuild. Show all posts
Showing posts with label rebuild. Show all posts

Friday, October 23, 2009

Common Origins of Fire Damage




Fire Starters
Fires have their origins and are classified accordingly.  Like any other kind of manmade disaster they have a starting point. The following are the most common starting points of fire along with some description of how they generally start:

Electrical – fires that originate from this source are due to overblown fuses and short circuits that throw spark.  Frayed wires which overheat in time make combustion possible.  Improper wire connections within the house structure must be promptly corrected.  Many fires that come from an electrical source do not emit any flame at first to show that fire is present.  But a smoke coming from any electrical source should not be taken lightly because of the fact that electrically originated fires are not known to cause a full blown flame.

Candles – candles are normally used when electric power is out and during special occasions.  To be on the safe side, trim the candle’s wick once it gets too long making the flame too large. Remove any flammable material like paper, linen, etc that may be caught by the flame.  Always position the candle at a safe distance from wind blown curtains, and use appropriate candle holders that will hold the candle upright to prevent it from toppling and causing a fire.  Be sure to put off any lighted candles before going to sleep.

Smoking – it is better not to smoke inside the house, but if you do then make sure to use ashtrays and to put out the cigarette before you retire to sleep or rest.  Also make it a habit to throw your unlit cigarette butts into proper waste receptacles to avoid littering.


Cleanup and Restoration
In case of a fire disaster, most residential owners due to the lack of any financial resources may want to do the cleaning and restoration procedures by themselves along with the other family members.  While this may sound practical and cost saving, the truth is you are facing a very daunting task of cleaning up the mess and restoring the house to its pre-fire disaster condition, consequently spending more money than expected. 

It would also entail an unnecessary length of time to accomplish the task because you do not have the appropriate tools, equipment and gear necessary to do the job efficiently and properly.  It is commonly suggested that an expert or professional fire damage cleaner is hired to do the job.  For at least they have the experience, the knowledge, correct equipment and adequate manpower to engage with the after effects of the fire.  Just make sure that the professional fire damage cleaner you hire has all the legal documents and certificates to prove that they can do the task of proper cleaning and restoration.

Fire may be inevitable but with the steps and tips above, it can be prevented or at least, damages may be mitigated.
Source:  Restoration Resource
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Advanced Restoration is a preferred service provider for insurance companies and services the New York Metro area.  Emergency Service.... (800) 693-6263. 

Friday, October 9, 2009

FHA 203k Loans Featured on NBC News4 New York!


NBC Reporter Lynda Baquero and 
Gary Matzelle from Advanced Restoration Corp.

On Monday, October 5th, NBC News4 New York featured a story on FHA 203k loans.  The  parties interviewed included Advanced Restoration Corporation, Continental Home Loans and a homeowner from Suffolk County, New York.

The homeowner in this story utilized the 203k loan program to renovate a home (located in   Medford, New York)  which needed $74,000 in repairs/restoration.  
The Section 203(k) program is HUD's (Housing and Urban Development) primary program for the rehabilitation and repair of single family properties.

With a 203k loan, t
he borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. 



VIDEO:  To view this story, please click here.

For more information on FHA 203k loans in New York, please contact:


A
dvanced Restoration Corporation (203k Contractor):  

Gary Matzelle at (w) (800) 693-6263; (c) (516) 903-4107, 
or email Gary at:  gmatzelle@advancedrestoration.com

C
ontinental Home Loans (FHA Approved Lender): 
Wendy Doerzbacher at (w) (631) 390-6176; (c) 516 982-6339, 
or email Wendy at:  wendyd@cccmtg.com

Monday, September 28, 2009

Why Renovate With a 203K Streamlined Loan?

Because You Can!



I'll keep this very brief...


You are purchasing a home that needs minor repairs (repairs under $35,000 qualify for a streamlined loan).  Incorporating the rehab into your mortgage payment allows you to have just one payment. Some highlights include:



  • Loan amounts up to 110% of the home's appraised value; renovation amounts up to $35,000. 
  • No work write-up, no inspection required if repairs are less than $15,000 and no HUD consultant required.
  • There is no longer a minimum of $5,000 in repairs for a 203K Streamline.
  • On a 203K Streamline, up to 50% of the rehab amount can be requested immediately following the closing. After closing the work can start.
  • For a 203K Streamline, there is a maximum of 2 draws per contractor.
  • Loan can be used for many improvements, including repair/replacement of:  roofs, plumbing, electrical, flooring, minor remodeling, windows, doors, etc.
  • Available for mortgage refinance transactions including those where the property is owned free and clear.
203K Streamlined Loans are available through HUD approved lenders. For more information on how Advanced Restoration can be your 203k contractor, please contact Gary Matzelle at (516) 903-4107.

Wednesday, August 19, 2009

Rehab Your Foreclosure with a 203k Loan!


You are thinking about buying a home foreclosure on Long Island, but the properties you are looking at need serious rehabilitation.
What Can You Do?

You may want to apply for an FHA 203(k) restoration loan through an approved lender!
The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.

HUD's 203(k) program can help you overcome this obstacle by enabling you to purchase or refinance a property plus the cost of making the repairs and improvements in one mortgage. The FHA-insured 203(k) loan is provided through approved lenders nationwide and is available to persons wanting to occupy the home.

The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3.5% of the acquisition and repair costs of the property.
The 203(k) loan includes the following steps:

A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with his/her real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.

The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.

The appraisal is performed to determine the value of the property after renovation.

If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.
At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.

Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property. It is essential for a borrower to select a general contractor (restoration company) that is familiar with the 203k loan process, including the required forms and documents.

Streamlined 203k Loan
FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.
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Advanced Restoration Corporation is a full-service property restoration contractor with the ability and 203(k) knowledge to provide complete Rehabilitation & Restoration services to your new home or refinance! We service the New York Metro area (Nassau County, Suffolk County and the NY Boroughs).

For more information about 203(k) loans and mortgage professionals authorized to generate FHA 203(k) loans, please contact Gary Matzelle at (516) 903-4107.

Tuesday, August 11, 2009

When Disaster Strikes...Advanced Restoration Responds!

Disasters can happen when you least expect it...

In late June, 2009 a vehicle crashed into a building in Deer Park, NY. The Suffolk County Police, Deer Park Fire Department and other public agencies responded within minutes.

The driver of a Buick Eighty-Eight sedan was injured after the car was involved in an accident in which it struck a smoke shop. The car hit the Kristy Smoke Shop on Deer Park Avenue, and the driver was taken to Good Samaritan Hospital Medical Center by the Deer Park Fire Department Ambulance with unknown injuries, and there were no injuries to anyone in the store.

Also responding to the scene within minutes was Advanced Restoration Corporation. Advanced Restoration staff had the primary responsibility to immediately secure the building and partner with local officials, ensuring the structural integrity of the building.

Advanced Restoration staff also worked closely with the tenant of the building, the insured and the insurance company to mitigate damages and take the appropriate action to begin the restoration process.

This video depicts Advanced Restoration's actions associated with restoring this building back to "normal", allowing the business owner to re-open the smoke shop in a timely manner.

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To find out more information on how you can partner with Advanced Restoration, call us at (800) 693-6263, or visit us on the web at www.AdvancedRestoration.com.

Advanced Restoration Corporation is a family-owned and operated full-service property damage restoration company with a combined 75 years experience in dealing with Fire Damage Restoration, Water Damage Restoration, Flood & Storm Damage, Mold Remediation, Smoke Damage Restoration and Reconstruction. We service Long Island (Nassau County, NY; Suffolk County, NY) and the New York Metro area.

Saturday, April 25, 2009

203(k) Loan Application Process



The 203(k) Rehab Program is available through FHA approved lenders and is available in New York.

Here is a brief summary that provides the process for homeowners interested in applying for a 203(k) loan:

  1. Homebuyer Locates the Property.
  2. Preliminary Feasibility Analysis
  3. Sales Contract is Executed
  4. Homebuyer Selects Mortgage Lender
  5. Homebuyer Prepares Work Write-up and Cost Estimate.
  6. Lender Requests HUD Case Number
  7. Plan Reviewer Visits Property
  8. Appraiser Performs the Appraisal
  9. Lender Reviews the Application
  10. Issuance of Conditional Commitment
  11. Lender Prepares Firm Commitment Application
  12. Lender Issues Firm Commitment
  13. Mortgage Loan Closing
  14. Mortgage Insurance Endorsement
  15. Rehabilitation Construction Begins
  16. Releases from Rehabilitation Escrow Account
  17. Completion of Work/Final Inspection

Advanced Restoration Corporation is a full-service 203(k) restoration contractor with the ability to provide complete Rehabilitation & Restoration services to your new home! We work closely with all FHA approved lenders and are committed to providing professional service throughout the NY Metro area.

For more information about mortgage companies authorized to generate FHA 203(k) loans, please contact Gary Matzelle at (800) 693- 6263 or send an email to gmatzelle@advancedrestoration.com

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Wednesday, April 22, 2009

203(k) Re-hab/Restoration Loans- What Can You Do?


Pursuing an FHA 203(k) loan enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

The extent of the rehabilitation covered by a 203(k) may range from relatively minor (minimum of $5000 in cost) to virtual reconstruction: a home that has been demolished or will be restored as part of rehabilitation is eligible.
Section 203(k) insured loans can finance the rehabilitation of the residential portion of a property that also has non-residential uses; they can also cover the conversion of a property of any size to a one-to-four unit structure.
The types of improvements that borrowers may make using Section 203(k) financing include:

-Structural alterations and reconstruction

-Modernization and improvements to the home's function

-Elimination of health and safety hazards

-Changes that improve appearance and eliminate obsolescence

-Reconditioning or replacing plumbing; installing a well and/or septic system

-Adding or replacing roofing, gutters, and downspouts

-Adding or replacing floors and/or floor treatments

-Major landscape work and site improvements

-Enhancing accessibility for a disabled person

-Making energy conservation improvements
Advanced Restoration Corporation is located in New York and is a general contractor/ restoration company that specializes in the rehabilitation of homes in disrepair. We are affiliated with various mortgage companies and have experience with contractor requirements associated with a 203 (k) loan.
For more information on partnering with an experienced company ready to rebuild your dream house, contact Gary Matzelle at (516)903-4107. Service area includes: Nassau County, Suffolk County, Queens, Manhattan, Staten Island, Brooklyn and The Bronx.