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$99,900 IN LILBURN ! Charming home in older John Wieland community with opttional Swim-Tennis. http://www.patsabin.com/3979.html |
Articles and Advice |
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INSPIRATION FOR SEPTEMBER: MATURITY MATURITY This is maturity: To be able to stick with a job until it is finished; to be able to bear an injustice without wanting to get even; to be able to carry money without spending it; and to do one's duty without being supervised. From "Wings of Silver" compiled by Jo Petty. |
| Pricing to sell in today's market By Dian Hymer Putting yourself in the right mindset to sell is essential. It's the most difficult aspect of selling for most sellers. Your home is worth what a buyer is willing to pay, which may not be what you think it is worth. Detaching yourself emotionally from your home is difficult. Clearing out years of clutter, depersonalizing your home by removing personal memorabilia, and staging your home for sale can help you step back and view the home as a commodity that needs to be sold rather than as your personal sanctuary. Putting your home on the market at a price that reflects what you want and not what the market will bear can cost you time and money as it sits on the market unsold. The home-sale market is a localized phenomenon. The only way to get a clear picture of what your home is likely to sell for is to find out which listings are selling in your neighborhood and for how much. The most recent sales -- those that closed within the last three months -- will be the most informative. Be sure to take a hard look at the list prices of homes that are new on the market. If the list prices are lower than they were two or three months ago, this indicates that prices are declining. This needs to be taken into account when you select a list price. HOUSE HUNTING TIP: Pay close attention to your competition. Don't fall into the trap of pricing your home higher than your neighbor's home because yours is better. If your neighbor's price is too high for the market, neither of your homes will sell. Ask your listing agent to call the listing agents of properties similar to yours to find out what kind of showing activity they are receiving. Have they had offers? If so, why weren't they accepted? Were the offers too high? If so, you should set your sights lower. Some listing agents recommend that you list considerably under market value in order to stimulate multiple offers. In some cases, this can be an effective strategy. For example, in the low-end foreclosure market, this was common practice at the end of 2009. Some listings priced way below market value received more than a dozen offers. However, it can be risky to price significantly lower than market value on a more expensive property for which the demand is lower. You could end up with more than one offer, but you could also receive under-market price offers. Your home needs to be perceived as a good value to a buyer to sell in this market. However, you could shortchange yourself by discounting the price too much. Your home is most marketable when it is new on the market. Buyers wait anxiously for the new crop of listings. Listings that don't sell relatively quickly often languish on the market. Price reductions often follow as the sellers try to find market value. A listing that has been on the market for months is likely to receive a low offer -- if a buyer makes any offer. A listing that receives a lot of showing activity when it first hits the market but gets no offers is probably overpriced for the market. In this case, it's best to lower the price to market value as soon as possible while the listing is still fresh in agents' and buyers' minds, even if this is within two to four weeks of the listing date. THE CLOSING: Listings in neighborhoods where sales activity is slim require a longer marketing period. Even so, pricing right for the market is imperative. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
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REMEMBERING WHY HOME OWNERSHIP IS IMPORTANT Like most of you, I watch the evening news and read financial reports, including FMLS statistical reports each month with great concern. In these three years of recession, I've spent many hours counseling home buyers and sellers on the ever shifting housing market. Honestly, it's not always an enjoyable conversation. Since there are so many prospective home sellers, and because most home buyers will become home sellers one day, I thought I would bring back our old prospectives on HOME OWNERSHIP. THE AMERICAN DREAM After WWII, the American Dream was of home ownership. That dream had everything to do with a comfortable life, pride of ownership, and a "paid in full" mortgage one day. Real ownership! The additional benefit to homeowners vs. renters has been the tax incentives. The idea is that if you must live somewhere, why not live in your own home, and enjoy the fruits of your labors? If you've ever planted a perinneal plant and felt that thrill when it bloomed the next spring, you know what I mean. WHERE WE WENT WRONG We convinced ourselves that our homes would increase at a ridiculous rate every year, and we used them as ATM machines. As a result, our housing market did not just adjust as we expected in early 2007, it collapsed. SHOULD YOU SELL YOUR HOME IN THIS MARKET? IT DEPENDS. Last year, I had clients who, after two years of debate, decided to sell their home in Lilburn and make their dream of moving west a reality. They had no mortgage, and were able to price their home competitively to get good traffic. The home was extremely well maintained, but the home inspection revealed a few needed repairs. Because of their financial strength, they were able to perform the repairs prior to closing, pay some of the buyer's closing costs, provide a one year home warranty, and pay real estate commissions. I'm happy to say that they found a great deal on a property in their new city, and are thoroughly enjoying their new lifestyle. This listing and sale were successful ONLY because the sellers had equity, and had released the notion that they could sell for what the home was worth in 2004-2006. Sellers will be competing with bank foreclosures and short sales in their neighborhoods for a LONG time. What you NEED to net has nothing to do with your home's current value. I will be happy to do a CMA for your neighborhood to give you an idea of recent sale activity of similar homes. SHOULD YOU BUY NOW? If you are qualified to buy (ready, willing, and able), you have job security, and you expect to live in the area for at least five years, YES, YES, YES!!! Interest rates are at an all time LOW. Don't miss this opportunity! Get preapproved by a reputable lender to establish your price range, what loan program best suits your needs, and the amount of cash you'll need at closing. Sellers expect a preapproval letter to be attached to any offer to purchase. Choose your area and home carefully. Stay focused on your goals. What are your conditions for purchase? This may be price, schools, neighborhood amenities, home plan, etc. I can set up several custom searches for you with your own Client Gateway. You'll be updated every night on any new homes meeting your criteria. Allow more time for closings, preferably 45 days, to get through your home inspections, appraisal, and loan approval. With new federal guidelines, all loans take longer to process. Most lenders do not want to order the appraisal until the "Due Diligence" period ends. Please don't hesitate to call or e-mail me with any questions. If you are just beginning to consider purchasing a home, I would be happy to sit down with you and go over the entire process. |
| Playing the real estate waiting game By Dian Hymer Buyers often are reluctant to make an offer to buy a home they find early on in their search. After looking for months and not finding anything comparable, some buyers regret not having moved quickly on a listing even though they saw it early on. In most cases, you should consider yourself lucky if you find the home you want to own for years relatively quickly. It's not uncommon in some low-inventory markets for buyers to look for a year or more before they are able to buy. For the last few years, sellers who haven't had a pressing need to sell have been waiting for a better market before putting their homes on the market. In one case, the inventory was so paltry that buyers who purchased in the Upper Rockridge area of Oakland, Calif., looked for four years before finding the house that would work for them in the long term. In high-demand niche markets, there can be a shortage of listings and a lot of buyers waiting for the same kind of home. A couple who purchased in the Oakland Hills looked for more than a year in an area where not much that suited their needs was available. They made two offers during that time and ended up losing in multiple-offer competitions before they were finally able to secure a new home. HOUSE HUNTING TIP: Buyers who find the right home soon after starting their search need to get a quick education about the local market in order to be able to keep from making a bad decision. You don't want to pass on a house and kick yourself later for doing so. You also don't want to buy a house that doesn't work out for you, particularly in the current market. You'd be unlikely to sell the home again soon and break even. Find out how often a listing like the one you're considering comes on the market. High-quality, well-located homes in coveted locations come on the market infrequently in some areas. Ask your real estate agent how many listings like the one you're interested in came on the market in the last six months or one year. How long did it take them to sell? Were there multiple offers? In other areas that have lots of homes for sale similar to the one you like, you have the luxury of shopping the market awhile. If someone else buys this home, you'll be able to find another in a reasonable period of time. There's no urgency, unless interest rates are rising and locking in a low rate is key to being able to afford the home you want. To ease your concern about buying a home before you've seen many, scour the Internet for other similar homes for sale in the area. Ask your agent to show you any other homes currently on the market that might work for you. This is how to determine the range of housing options in the area as well as understand local pricing. Buyers from out of the area are at a disadvantage if they are not familiar with the housing market in the new location. The Internet helps buyers gain information about what kinds of homes and how many are available in the new location. THE CLOSING: Although no one likes to make an interim move to a rental before buying, it does have the benefit of letting you live in the new community and decide which neighborhood will work best for you. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist. |
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SEPTIC SYSTEMS You won't see many new homes in metro Atlanta built with septic systems. However, but if purchase an older home in Gwinnett or DeKalb, or a new home in outlying counties, you may be the proud owner of a septic system. A septic system is a completely passive system that works on gravity. Your home's sewer line takes waste water to the septic tank, where solids sink to the bottom (called the "sludge" layer. The middle "water" layer remains in the middle, with a light weight scum layer on top (from cooking oils, etc.). The water layer is piped out of the tank to a Distribution Box which distributes waste water into drain fields. Here is an excellent article with diagrams of a septic system: http://www.howstuffworks.com/sewer2.htm Older systems may have deteriorating concrete pipes, and all systems require proper maintenance to serve the household. A failing septic system can create a nightmare for the homeowner and may leach dangerous bacteria into creeks and rivers. If you are in Gwinnett County, you can obtain a graph of your septic system for a small fee: Environmental Health Section 240 Oak Street Suite 101 Lawrenceville, GA 30045 (770)963-5132 Fax: (770)339-4282 General Office Hours: Monday through Friday 8 a.m. to 5 p.m. What the experts say about septic system maintenance: INSIDE 1. Promptly repair any dripping faucet, running toilet or plumbing leak. 2. Don't overload the system by washing all your laundry in one day, running the dishwasher during peak use hours, etc. 3. Do not use a garbage disposal or dump grease or coffee grounds in the sink. 4. Do not flush anything down the toilet except toilet tissue. 5. Do not use any commercial additives or yeast in your system advertised to facilitate the breaking down of sludge. 6. Avoid dumping solvents like dry cleaning fluid, pesticides, photographic chemicals, paint thinner, or auto products down the drain. OUTSIDE 1. Have your tank pumped and inspected every two to five years, depending on use. 2. Avoid compacting the soil by running heavy equipment over your system. 3. Do not plant trees over or near your septic system (grass and shallow rooted plants are good). 4. Direct drainage away from the field area to prevent ground saturation. |
| Loan modification “blackmail” By Benny L. Kass DEAR BENNY: My wife and I received from our lender a repayment agreement for our original mortgage. This was a result of the bank initiating a foreclosure sale, which was temporarily suspended because we agreed to enter the Home Affordable Modification Program. But the bank is asking us "to acknowledge that they are the legal holder and owner of the Note and Security Instrument and further acknowledges that if Lender transfers the Note, as amended by this Agreement, the transferee shall be the 'Lender' as defined by the agreement." It should be noted that this is not the original bank we signed the mortgage with. We obviously won't sign this amendment and supplement to the original mortgage until we have an attorney review the documents. What do you think we should do? --Brian DEAR BRIAN: Your lender is trying to protect itself by having you sign that document. Over the past several years, lenders sold their mortgage loan papers in bulk to such groups as Fannie Mae or Freddie Mac who "securitized" those loans and resold them to investors all over the world. No one knows the whereabouts of the original promissory note that you initially signed.. And many judges throughout the country have told lenders, "If you cannot show me the original note, I will not let you foreclose on the property." So, your lender is basically "blackmailing" you. If you want the loan modification, you have to sign the agreement. You really should get a lawyer to assist you. The lawyer will determine whether judges in your state require the original note. If they do, you may be in stronger bargaining position with your lender. It should be noted that not all courts have adopted this position. The bottom line: You don't want your house to be foreclosed upon. Only you can make the decision, but get some legal advice before you sign that agreement. DEAR BENNY: In 2006, the assessed value of my house had climbed to $756,000 and then dropped to $714,000, trailing the declining market. I filed an abatement based on erroneous information that my town was using, and was successful. My house was reassessed at $531,300, very close to my suggested valuation. About the same time, I refinanced my house based on a bank appraisal of $678,000. Since then, my house valuation has decreased each year and it now has an assessed value of $442,600; our area is being re-evaluated this year. Here is my dilemma: I firmly believe, based on almost daily research, that the market value of my house is somewhere in the low $500,000s. I think by filing this abatement, I shot myself in the foot. I know buyers look at the assessed value, which is easily accessed on our town Web site. In my case, this differs dramatically from two years ago as well as the appraisal I had during the same month my abatement went through. Can I realistically list my house at what I consider to be market value and expect a real estate agent to explain these events to potential buyers, or am I stuck with an asking price closer to the current assessed value? --Karen DEAR KAREN: I don't think you shot yourself in the foot; in fact, you have been paying real estate tax on the lower assessed value. You can list your property for any amount you feel it is worth. Some real estate agents may balk if your valuation is too high, but if you have the research (comparables) showing what other similar houses in your area are selling for, you should be able to convince the agents of the value of your house. From my experience, assessments in many parts of the country are not consistent with a home's true value. Many older homes are not carefully inspected, so the government assessor does not always know what kind of improvements have been made. Keep in mind that based on today's economy we are in a buyer's market. Regardless of the price you set for your house, potential buyers will lowball their offers. Obviously, you do not have to accept any offer and have the absolute right to counter with a higher price. When an offer is made either to a seller or a buyer, the recipient has three alternatives: you can accept it, you can counter, or you can reject it outright. One suggestion: Because most buyers do not pay all cash, they will need to get a mortgage. Lenders will obtain an independent appraisal before committing a loan, and appraisers are coming in very conservatively with their valuations. So, to satisfy yourself, I suggest that you consider obtaining your own appraisal before you sign up with a real estate agent. It will be worth the $300-$500 dollars that most appraisers will charge you. DEAR BENNY: I own a condominium unit in a fairly large association. Over the years with good management, we have amassed a sizable reserve account. Recently, the board announced that because we are earning only a very small amount of interest on this account, it wants to start investing these funds in the stock market. The announcement stated that with interest rates starting to increase, the board believes that the stock market will be a good place to earn more money for our association. Can the board do this? --Charles DEAR CHARLES: If absolutely every owner in your association agrees to go to Las Vegas and gamble with your reserve account, I would reluctantly have to say this would be legal (although clearly inappropriate). Notice that I said that every owner must affirmatively agree. Your board of directors has a fiduciary duty to all of the owners who elected them to their positions on the board. If they want to spend their own money on the stock market -- or in Las Vegas -- that of course is their business. They certainly have the right to spend their own money as they see fit. But your reserve account does not belong to the board; it belongs to every owner in your association. The clear obligation of the board of directors is to invest your money in secure, insured investments -- even if that means that your money may not be earning as much as everyone would like. Reserve accounts are very important to the well-being of any community association. If, for example, your elevator or your roof needs replacement, and if the association does not have enough money in reserve to pay for these matters, each owner -- including you -- may be faced with a special assessment. This may cost you a lot of money. More important in today's market economy, lenders are insisting that a condo association have adequate reserves before they will commit to a mortgage loan. Indeed, the FHA loan -- which today is probably the most important mortgage around -- requires associations to have a minimum reserve requirement of 10 percent of the annual budget. For example, if your association's budget is $400,000, you have to allocate $40,000 annually for future reserves. A reserve simply means that the association should have money set aside "in reserve" to cover the cost of future emergency or major repairs. Reserves are (or should be) an essential part of every community association. Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. |
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PAT'S MAILING ADDRESS Please use the following address for snail mail. Solid Source Realty does not receive and hold mail for agents: Pat Sabin Solid Source Realty, Inc 5021 Green Oak Dr, SW Lilburn, GA 30047-5528 Driving directions to the Lawrenceville office are linked from my web site. |
| Avoid house-rich, cash-poor pickle By Benny L. Kass DEAR BENNY: I am 58 years old and married. I have 22 years left on my 30-year mortgage, which is at 5 percent. I have a Roth IRA. I have some extra money to invest. In this current economy, what might you suggest? Should I pay money toward the principal on my mortgage? Put it in the Roth? I lost money in the stock market (bank stocks), so please don't suggest that I go back into stocks. Thanks in advance for any knowledge you might share. --Tommy DEAR TOMMY: Your question is perhaps one of the most difficult ones I have received. I have two crystal balls on my desk and, unfortunately, both are cloudy. I don't recommend paying off your mortgage, but you may want to consider sending in extra money every month. This will dramatically reduce your loan balance and shorten the paydown period. If you decide to send in additional money, please make sure that you write "extra payment toward principal" on your check as well as on the payment statement you send to the bank. I know that readers will challenge me on this; many homeowners believe firmly that it makes a lot of sense to pay off the mortgage so that you do not have to pay all of the interest that accrues. I understand this position, but too many of my clients end up "house rich and cash poor" at age 65 or older. I believe it makes sense to invest your extra cash rather than pay off the mortgage. Keep in mind that mortgage interest is tax deductible, so the "bite" is not a dramatic as the monthly payment. OK! Now readers will send me e-mails asking "Where can I invest?" Banks are currently paying less than 1 percent on most deposits. That's true, but I believe that by the end of the year, banks will start paying more for long-term CDs (certificates of deposit). In the meantime, I would: 1) Start sending in extra money every month to your mortgage lender. Take your monthly payment (only for principal and interest and not for any escrows) and divide it by 12, and that number should be the minimum of any additional payment; 2) Yes, you should consider increasing your Roth investments, but first you should talk with a financial advisor to get assistance as to how much to invest; 3) Have you considered buying real estate for long-term investment? Prices are low, and while investment money is hard to locate, it's not impossible, especially if you can put up a sizable downpayment. If you are not interested in real estate, invest the balance of your additional cash in laddered CDs. This means that you open several accounts with staggered due dates. As the date approaches for each account, you roll over that CD for another period of time. And try to get CDs that allow you to withdraw without penalty at any time. DEAR BENNY: My husband purchased a condominium 20 years ago as an investment and has rented it continually during the course of ownership. A few years back the condominium board voted successfully to eliminate all renters. They gave all rental units five years to cease renting. Additionally, they voted that all condominiums must be occupied by the legal owner only. I can understand the desire to eliminate rentals for all new purchases. Can the association force us to cease renting -- thereby affecting our income -- and force us to sell in a down market? --Susan DEAR SUSAN: This is a very serious issue facing condominium associations and unit owners throughout the country. There is the perception among associations as well as mortgage lenders that somehow tenants are going to create problems within the community. Lenders such as Fannie Mae, Freddie Mac and even the Federal Housing Administration (FHA) impose caps on the percentage of absentee owners. Perhaps there is some truth to this perception, but from my experience some tenants make better "owners" than the owners themselves. Be that as it may, however, this issue has been litigated in many states. The courts have been fairly unanimous in holding that if the association follows the proper rules and requirements, the courts will uphold rental restrictions. What are these proper procedures? First, the restriction must be done by an amendment to the association bylaws; it cannot be accomplished merely by a rule promulgated by the board. Why an amendment? Because to amend your legal documents, it requires a super-majority vote of all unit owners. Second, the amendment process spelled out in your legal documents must be carefully followed. Was there proper notice? Was there a quorum at the meeting when the amendment was approved? Is the language of the amendment the same as was provided in the notice of the meeting? While these are technicalities, they are important. You and your husband should review the process by which the rental restriction was adopted. If, however, it was done properly, you have no case. Condominium law is very clear that all owners are legally bound not only by the rules and regulations as they were when the unit was first purchased, but by any future amendments properly enacted. Here's a thought, however. Talk to your board about getting an extension based on market conditions. But if they don't agree, discuss your situation with your attorney. You may want to consider doing a Starker (Section 1031) exchange and swap that condo for some other real estate investment. DEAR BENNY: For medical reasons, I anticipate outliving my wife. If I remarry (or get involved in a long-term relationship), how do I keep my new bride (or significant other) from inheriting the house when I die? --Thomas DEAR THOMAS: You are an optimist, but I wish you good health and a long life. Although your question sounds simple, the answer is somewhat complex. You should have a last will and testament, which would spell out your intentions with regard to the house on your death. But a will is not necessarily the controlling factor. For example, if you and your new bride (or significant other) hold title as joint tenants with rights of survivorship (or in many states as tenants by the entireties), then your house will pass automatically on your death to the other person on title. This is true even if your will states some other disposition. If, for example, you want to leave your house to a child, you can add that child to your title as "joint tenants." But caution: There are tax consequences to this and you should consult a local attorney for more details. Alternatively, you can keep the house in your name only, and the will you create will be effective. However, in many states, a spouse has rights to take property -- even against the clear intentions stated in the will. Again, you have to consult your attorney about the laws in your state. Finally -- and this is always a touchy topic -- you can have your new spouse (or friend) sign a "prenuptial agreement" whereby she states in writing that she will make no claim to your house on your death. DEAR BENNY: We are planning to sell our vacation home in Virginia and then purchase another one as soon as possible. How long do we have between the sale of the first vacation home and the purchase of the second vacation home to avoid paying taxes on the profit from the sale of the first? Is it necessary to strive for a "double-closing"? --Colin DEAR COLIN: Unfortunately, unless you do a Starker (Section 1031) "like-kind" exchange, where you literally swap one investment property for another, you will have to pay capital gains tax. Your vacation home is not your principal residence, and the up-to-$500,000 exclusion of gain (for married couples, or $250,000 if you file a single tax return) applies only to your main home. If you want to do a Starker exchange with your vacation home, there are a number of specific rules that you must follow. First, you must own the property for at least 24 months before the exchange. Next, during the two years before the exchange, you have to rent the property to another person at a fair rental price for 14 days or more. More important, your personal use during each of the two years before the exchange cannot exceed the greater of 14 days or 10 percent of the number of days the property is rented. And finally, the exchanged property, which we call the "replacement" property," must similarly be used the same way. In other words, it must be investment property instead of merely a second, vacation home. Accordingly, in your case, since you call it your "vacation" home, you will not qualify for the 1031 exchange. You will have to pay capital gains tax on the sale of the first property, and it makes no difference when you settle on the second home. Benny L. Kass is a practicing attorney in Washington, D.C. and Maryland. No legal relationship is created by this column. |
| Seller financing for today's market By Dian Hymer During the recession in 2001, a strong home-sale market was instrumental in pulling the economy back on track. The opposite may be the case now. The economy, particularly employment, needs to improve before the housing market stabilizes. Low interest rates are helping the home-sale market today, but the housing market is far from stalwart. Unemployment is high; mortgage qualification is difficult; and most buyers can't afford to buy a new one without selling their existing home first, creating a logjam in the repeat homebuyer segment of the market. Interim or bridge financing that buyers used routinely in the past to buy a new home before selling their current home is virtually nonexistent in today's market. An interim loan is a loan secured on your current home to generate cash for a downpayment on a new home. Homeowners who have a home equity line of credit (HELOC) secured against their property can tap unused funds to convert equity to cash in order to buy a new home before selling first. HOUSE HUNTING TIP: Seller financing could be the answer for some homebuyers. One possibility would be to ask the sellers of the home you want to buy to carry financing until you sell your home. If the sellers have no mortgage secured against the property -- i.e., they own it free and clear -- they might be willing to carry a first mortgage. Compared to other investment options, 5 percent or so from a buyer with good credit and a decent downpayment could be attractive if the seller doesn't have an immediate need for the proceeds from the sale. As with all terms of a purchase agreement, the terms of seller financing are negotiable -- everything from the interest rate, when the loan is due, how and when payments are made, the amount of the late fee, etc. Interest on the mortgage can accrue and be due when the loan is paid off. Or payments can be amortized and paid monthly. Particularly with a first mortgage, sellers will probably want to receive periodic payments. However, it lowers the buyers' carrying costs while they own two homes if the seller will defer payments until the note is paid off. A more common scenario than a seller-carry first mortgage would be to find sellers of a home you'd like to buy who have enough equity to carry a second mortgage secured either against your current home or on the home you are buying from them. This wouldn't work if the sellers have already committed their proceeds from the sale, like to the purchase of another home. If the sellers carry a second mortgage on your home, it should not require approval of your first mortgage lender. However, you would need to be able to qualify for a first mortgage on the new home. In order to be approved for that loan, your overall debt-to-income ratio will be scrutinized by the lender's underwriters. The underwriters will factor in the cost of the seller-carry financing into your overall debt. Most lenders will also want the term or due date of the seller's loan to be not less than five years from closing. Check with your mortgage broker or lender before making an offer that will include seller financing to find out what the first lender on the new home will require. The sellers will want their loan paid off when your current home sells. The first mortgage lender might allow a seller-carry second mortgage with a due date in five years or when your home sells, whichever occurs first. THE CLOSING: The lender wants to make sure the buyers aren't faced with a large balloon payment due months after closing. Dian Hymer, a real estate broker with more than 30 years' experience, is a nationally syndicated real estate columnist and author. |
| New lead rules affect pre-1978 homes By Paul Bianchina Many houses, apartments and other buildings that were built prior to 1978 may have paint in them that contains lead. Lead-based paint can pose serious health hazards if not taken care of properly, especially for children and pregnant women. If you live in a home that was built prior to 1978, or if you're thinking of buying or renovating one, this is certainly an issue that you need to be aware of. On April 22, 2010, the Environmental Protection Agency (EPA) put a new rule into effect that's designed to help focus the efforts of consumers and contractors to protect against the potential health hazards of lead-based paint. Called the Lead Paint Renovation, Repair and Painting Rule (RRP), the new rule affects contractors and subcontractors who work on older homes. Under the RRP rule, all renovation and repair contractors working in pre-1978 homes, schools, and day care centers who disrupt more than six square feet of lead paint are required to become EPA-certified in lead-safe work practices. Contractors are required to take a one-day training course, and firms must send in an application to the EPA. If not, they could face tens of thousands of dollars in fines in the future. According to the EPA, many contractors think the issue of lead-paint poisoning went away years ago. But lead-paint poisoning isn't just about eating paint chips, and even contractors who think they're doing a good job may not be working in a lead-safe manner. In fact, new research shows that contractors such as plumbers, electricians, painters and window replacement experts can inadvertently expose children to harmful levels of lead from invisible dust disturbed during jobs they perform every day. Of particular concern to the EPA is the safety of young children who are living in the home during renovation work. The EPA quotes one study where it was found that children were 30 percent more likely to have unsafe levels of lead in their blood than those in homes where renovations were not occurring. Contractors who work on pre-1978 homes, apartments, schools, day care centers and other places where children spend time -- from large and small contractors to building services professionals -- will have to take the necessary steps to become lead-safe certified. EPA certification is good for five years. Where is lead a hazard? Typically, the older your home is, the more potential there is that lead paint will be present. It may be buried under several other layers of non-lead-based paint, and as long as those upper layers are not disturbed the health hazard remains relatively low. But as soon as the paint begins to chip or peel, or if any sanding, cutting, or other renovation or repair work is done, the lead-based paint can be released. Here are some of the potential hazard areas, based on suggestions from the EPA: • Lead from paint chips, which you can see, and lead dust, which you can't always see, can be serious hazards. • Peeling, chipping, chalking, or cracking lead-based paint is a hazard and needs immediate attention. • Lead-based paint may also be a hazard when found on surfaces that children can chew or that get a lot of wear and tear. These areas include windows and window sills; doors and door frames; stairs, railings, and banisters; and porches and fences. • Lead dust can form when lead-based paint is dry scraped, dry sanded or heated. Dust also forms when painted surfaces bump or rub together. Lead chips and dust can get on surfaces and objects that people touch. Settled lead dust can re-enter the air when people vacuum, sweep or walk through it. • Lead in soil can be a hazard when children play in bare soil or when people bring soil into the house on their shoes. To find out more about lead-paint hazards, lead-paint testing, and the new lead-safe certification program for contractors, visit the EPA's Web site at www.epa.gov/lead, or contact the National Lead Information Center (NLIC) at 1-800-424-LEAD (5323). |
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