Yes…but, is this within the scope and purpose of the US federal government to insure mortgages for the construction or operation of nursing homes? How many FHA mortgages have been used to fund nursing homes and have there been any defaults of FHA loans to nursing homes? What other investment avenues are available to finance nursing home construction or operation?

$1 Million Penalty Brings Record Nursing Home Default Near an End… The federal mortgage insurance program has had few significant defaults in its nearly 50-year history, but a number of government watchdogs — including HUD’s own inspector general — have routinely warned that the department does not spend enough time monitoring the financial viability of nursing home owners and operators in the program.

SECTION 232 OF THE NATIONAL HOUSING ACT

Section 232 of the National Housing Act authorizes the Federal Housing Administration to insure mortgages made by private lenders to finance the development of nursing homes, intermediate care facilities, board and care homes, and assisted living facilities.

Section 232 Mortgage Insurance for Residential Care Facilities program and the Section 242 Mortgage Insurance for Hospitals

The Office of Residential Care Facilities (ORCF) manages the Section 232 program, which provides mortgage insurance for residential care facilities such as assisted living facilities, nursing homes, intermediate care facilities, and board and care homes. 

Section 232 may be used to finance the purchase, refinance, new construction, or substantial rehabilitation of a project.  A combination of residential healthcare uses is acceptable – e.g. refinance of a nursing home coupled with new construction of an assisted living facility.  The benefit to the lender is that the loan is insured by FHA.  The benefit to the borrower is that the loan is at a fixed interest rate, often lower than conventional rates, and is non-recourse.

SECTION 242 OF THE NATIONAL HOUSING ACT

Section 242 of the National Housing Act provides mortgage insurance for acute care hospital facilities ranging from large teaching institutions to small rural critical access hospitals.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Errors and omissions policy forms vary from carrier to carrier and all have their own list of exclusions.

Claims related to criminal, fraudulent, or dishonest act are normally excluded. Claims related to any type of liability which was assumed by the insured under a contract are also excluded. Another important exclusion relates to the insolvency or bankruptcy of an insurance carrier with which business was placed, unless such carrier had a certain AM Best rating when the business was placed (such as A- or better, or B+ or better). Other common exclusions include fee disputes, fines, penalties, sanctions, and disciplinary proceedings. You should always review the entire policy, including the actual exclusions and limitations, before binding your errors and insurance coverage.

While local or state laws may or may not expressly require some types of professionals to carry E&O coverage, other laws regarding their duty of care to clients make it a necessity. Additionally, you should seriously consider errors and omissions coverage if your business provides a professional service or regularly gives advice.

Here’s just a couple of the 5 questions:

I was showing a property and my client tripped and fell. Is that covered under my E&O policy?

Do I really need to protect my real estate firm against cyber theft and fraud?

Source: Pearl Insurance Risk Manager – 1Q2019

In 25 words or less….or more:

Lenders won’t make loans for home purchases (hey – this is important even if you buy a property for cash) unless title is clean and title insurance policy can be issued on the property. This survey guarantees property can be insured.

However, it has been a recent practice for most lenders and closing attorneys in Georgia to require an “enhanced” level of title insurance be issued to cover losses and legal challenges for many of the possible disputes that a Land Survey would reveal. Therefore, many homes (except for new homes, larger lot sizes, and others lender identify) seldom require a land survey for lenders to make loans.

See my Blog Post on Title Insurance.

Source: ALTA/NSPS Land Title Survey

Why does spray foam insulation interfere with termite control?

Spray foam insulation unfortunately provides termites with a dense, spongy place to build their colonies, and it is very easy for them to tunnel through. It does not attract termites, but it does provide them a nice home if they find it.

Homes ravaged by termites hidden behind spray foam insulation

According to the pest control operator who provided the Fox 5 I-Team with video of this case, the spray foam in this two-year-old house is now home to termite tunnels going 15 feet up.

Improperly Installed Spray Foam Insulation Could Impact Ability to Inspect for Termites. Homeowners who have spray foam insulation currently installed in their home and have a pest control contract for termites should contact their pest control company to review their contract.

Reason it’s a bad idea (Hint: Theft!): One arrested in connection with thefts from real estate open houses in Kennewick

Only 3% of buyers visited open houses according to the 2018 Home Buyers and Seller Generational Trends Report published by the National Association of Realtor.

About 45% of female REALTORS® and 25% of male REALTORS® have experienced a situation in the past year that made them fear for their personal safety or safety of their personal information

Safety is an on-going concern for real estate professionals whether you are sponsoring an open house or conducting a private showing of a property.

Source: A Sales Tool or a Magnet for Trouble & Common Sense Tips for Safe Open Houses

A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage.

Situation: A lending institution engaged a real estate broker to list and sell residential property that went through the foreclosure process after its owners defaulted on the mortgage. As instructed, the broker arranged to have an asset management company “trash out” and dispose of the contents by sale or destruction. A for sale sign was then placed in the yard and the lock on the front door was changed. Problem: It was the wrong property.

Source: https://eo.pearlinsurance.com/acton/attachment/21966/f-aec890d4-7bae-423d-84f8-f2966c1ab983/1/-/-/-/-/Pearl-Insurance-Realtors-EO-Risk-Manager-March-2019.pdf?utm_term=192151-XL-EO-INT-E-MAR&utm_campaign=192151&utm_content=192151-XL-EO-INT-E-MAR&utm_source=Act-On&utm_medium=Email&cm_mmc=Act-On%20Software–email–James,%20Your%20E%26O%20Risk%20Manager-_-READ%20NOW&sourceCode=182028-XL-EO-INT-E-NOV&refer=Act-On&sid=TV2:BYulMqhAq

I found these on the web through different source and I am not sure how much use they will be or the simplest or you to use, but don’t feel obligated to use any services advertised on this website. I will also continue to post any others I encounter.

Simple mortgage calculator from Kim Komando – http://amortizationloancalculator.net/index.php

Realtor.com offers a mortgage calculator – https://www.realtor.com/mortgage/tools/mortgage-calculator/

Various mortgage calculators –  http://www.calculators4mortgages.com/

Determination to refinance an existing mortgage – http://www.bills.com/calculator-mortgage/

Zillow.com offers a mortgage calculator – http://www.domania.com/Calculator/default.aspx

Helpful tips and mortgage calculator – http://www.mtgprofessor.com/home.aspx

Lending tree (careful – you may get alot of ads) – http://www.lendingtree.com/mortgage-loans/calculators/loan-payment-calculator/

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.

Do you know your rights as a landlord? As a tenant?

The Georgia Landlord-Tenant Handbook addresses each parties rights for residential rental properties.

For example:

Please see one of my related blog posts: Are tenants liable for HOA fees?

References to articles, sources, products, or services are not a specific endorsement and not guaranteed to be true or accurate. You should perform your own “due diligence and investigate” whether the information provided is valid, or the product or service is right for you. I welcome any or all comments that would help others.

Source: From Pearl Insurance E&O Risk Manager

When an agent and broker partner together for a transaction, it’s extremely important for both parties to do their own due diligence. Because even if you don’t directly make the mistake, you could still be at fault. This actual scenario teaches us two lessons. First, don’t falsely advertise your expertise or claim you know an area of real estate that you don’t. And second, when working with another party, make sure you develop procedures and ask questions to prevent a lawsuit from occurring.

21 men arrested in football-themed child sex sting

Cobb DA Reynolds to Head GBI… It’s true that Reynolds has focused on gang prosecutions. He targeted sex trafficking, as well, pulling together different branches of law enforcement to carry out arrests and rescue victims.

==========================================

1-13-2015: According to the GBI (http://gbi.georgia.gov/documents/quarterly-report-0) there are about 400 more sex offenders in Georgia as of 10-1-2014 than 7-1-2014.

10-7-2014: According to the GBI (as of 7-1-2014), there were approximately 25,000 registered sex offenders in Georgia (more or less – those who aren’t yet registered and those who have moved within the state and have not yet reported change of address).

3-6-2014: As of the date of this post, there are over 24,000 Georgia registered sex offenders, but the good new is only 19,000 have Georgia residences. The bad news is 5,000 an’t be accounted for….ooops!

Update 4-7-2012:    Georgia Governor Nathan Deal is asking (and planning to sign into law effective 7-1-2012) the Georgia Bureau of Investigations (who now maintains the state’s official database of registered sex offenders in Georgia) to assume duties of the current state board (under the Department of Behavioral Health and Development Disabilities) of determining the threat level of each of the sex offenders.  Apparently, there is a 4,000 case backlog of reviews.  Reviews determine the relative level of possibility that the sex offender will repeat the crime.  A lower level is less likely to repeat an offense a a higher level.

Broker’s Comment:  What a heavy burden it is for the state to determine the threat levels of these criminals.  Can anyone know the thought in each person’s mind, especially at least 4,000 minds?

Source:  Marietta Daily Journal, Saturday 4-7-2012, Page B1

==========================================

There are a few websites that were designed to help locate sex offender living in Georgia.

As of 1/1/2011, Georgia had about 19,269 registered sex offenders.  But I understand that there may be many other unregistered sex offenders.

This is the Official Georgia website (10-7-2014) to search:  http://services.georgia.gov/gbi/gbisor/SORSearch.jsp

Another possible, but unofficial website:  http://www.familywatchdog.us/ShowMap.asp?frm=0

Here is the national sex offender website:  http://www.nsopw.gov/Core/PublicRegistrySites.aspx

As a potential resident in certain areas, you are obligated to perform due diligence to discover information about the areas you plan to live.  I hope his information answers some questions.

References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.