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Posts Tagged ‘Tips’

Five Tips to Quickly Recognize Serious Structural Problems – Home Inspection Tips for Denver-Boulder

07 Nov

Serious structural problems in houses are not very common, but when they occur they can be difficult & costly to repair. Recognizing the symptoms of structural movement and displacement is the key to understanding the extent of the concern. When searching for a new home, or simply observing aging and changes in your own home, there are several key tips for areas to watch. These tips won’t turn you into a home inspector, but it will give you some of the common indicators of structural concerns. In these cases, a structural engineer should be called out to investigate further and provide a professional opinion.

Tip 1 – Leaning House
Take a macro-look at the home from across the street – is the house obviously tilting or leaning, or one edge of the home separating? Often most symptoms of problems can be observed at a macro, or big picture level. Before getting deep into the details of an area, take a broader view of the whole house and look for general problem symptoms.

Tip 2 – Exterior Walls & Entries
Look for areas of wall separation greater than ½” in size. Also, a combination of smaller cracks all running in the same direction could be an indication of settlement in one area. Some minor settlement cracks are always possible, but larger cracks that continue to expand over time are indicators of more serious movement.

Check the Chimney area well – is the chimney separating from the home? Often the chimney can move on its own, but many times this can be a good indicator that overall settlement or heaving is occurring.

Tip 3 – Doors & Windows
Do doors and windows open freely? Look for cracks around the edges of windows and doors, and for sagging lintels on brick homes. Openings in the home are often the first area to show signs of overall movement. Sticking doors and tough-to-open windows can be a good indicator that movement is occurring. Once discovered, look at windows and doors above this area, and look closely at the foundation below this area.

Tip 4 -Floors & Walls
Are there drywall cracks greater than ¼” in size? Are there uneven floors near corners? Diagonal cracking of the drywall around openings, as well as movement of the flooring, can both be indicators of localized settlement or heaving. Again, investigate above and below these areas, to search for further clues of settlement.

Tip 5 – Basement Foundation Crack
Look for significant cracks both inside and outside on the foundation, particularly near corners, around windows, and any cracks that run the full length vertically or a considerable length horizontally. Unfinished basements can provide the best opportunity to observe and inspect settlement issues. Use a flashlight and inspect along the basement walls, both inside and out, for cracking and movement.

Summary:
Tip1 – Is the house obviously leaning?
Tip 2 – Are there large external cracks?
Tip 3 – Are doors & windows sticking?
Tip 4 – Are walls cracked or floors uneven?
Tip 5 – Are there basement cracks present?

Any of these may indicate a structural issue that should be inspected or reviewed by a structural engineer. Structural concerns when selling or purchasing a home are the most costly items you can be faced with. Look closely at these areas, or ask you home inspector to focus on these areas in a separate walk through of the home. If you aren’t sure about something you see, have a structural engineer look at it. The cost of an inspection will be well worth the peace of mind in knowing the severity and extent of the concern. Using simple observational analysis and visual inspections can be the difference between solving a problem early on, and being faced with extensive, costly structural repairs.

 
 

Tips On Selecting The Right Structured Settlement Company

16 Sep

Before we move on to the tips that will help you find the right structured settlement company for your needs, are you really sure what you’ve got on your hands is a structured settlement? When litigating procedures come to an absolute end, the winning and losing party may come to a compromise over the payment method for the settlement. Some individuals prefer to pay or receive a structured settlement. A structured settlement is paid in installments over a definite period of time.

1. The role of a structured settlement company

A good structured settlement company must be able to assist you from the moment youve agreed to receive a structured settlement from the losing party to the very day the last payment is made. A good company will also ensure that youre being treated fairly throughout the procedure.

2. Years in the industry

How long has the company been in practice? How many cases or individuals have it helped procure the best settlements for their needs? Can they furnish you with any references?

3. Fairness

If you’ve agreed to have a structured settlement, contact a company that specializes in such payment methods to help you through with the succeeding steps. The first task it faces is ensuring that the terms and conditions of the settlement are fair to you. Is the amount of monthly or annual payments fair? Are the interest rates too low?

To determine the capabilities of any company in this aspect, ask its representative to give you several proposals that it considers fair to both sides.

4. Financial Advice

Some individuals have a hard time saying no to their loved ones, even if it means possible bankruptcy. If you have the same problem, you can instruct or authorize your company to handle the money you receive from the settlement. You can give the company the right to say no to your loved ones and therefore save your money at the same time.

Of course, this requires you to place a huge amount of trust in the company. To know if youve trusted the right party, research online about the reviews and opinions made by previous customers. You can also ask the nearest Better Business Bureau office for information about the company youre planning to transact with.

5. How much money?

Some structured settlement companies do not hesitate to overcharge their clients simply because they know they can get away from it. To prevent this from happening to you, research online once more and try finding out whats the going rate for structured settlement consultation fees are nowadays.

Annuities represent a large chunk of the profits that insurance companies earn every year. Hence, these companies are willing to pay exorbitant commission fees for any broker or company thats bringing in a lot of new customers in their way. Its why other structured settlement companies insist on transacting with a particular insurance firm, even if it doesnt offer the best terms, rates and benefits. Make sure that the company youre about to deal with is not setting the same trap for you, too.

6. Are there other solutions?

The right company always comes up with the best and most practical solutions. While its able to empathize with what youre going through, especially if your loved one or the defendant had been seriously hurt, it will not let emotion cloud its judgment; it will not your emotions cloud your judgment as well. The right company will not be afraid to propose practical solutions to your dilemma. If your loved one has only less than a year to live, a good company will insist on the minimum number of periodic payments. Such a method will allow you to make the most use of the settlement in providing comfort for your loved one in his remaining days. Whats more, it will prevent the insurance company from getting the better part of the bargain!

 
 

Five Tips When Selling Your Structured Settlement

11 Sep

You may have received structured settlement payments through personal injury or workers’ compensation claims.  You may be wondering if you should try to sell your settlement payments in exchange for a lump sum of cash.  Be aware, however, that despite the claims of advertisers, the selling your structured settlement may not always be possible – and even if it is possible, it may not be an economically wise decision.  There are some benefits to selling structured settlements, but also some hidden costs of which you should be aware.

Tip #1: Make a Wise Settlement Decision from the Beginning

If you have the option, it is always best to make a decision about receiving structured settlement payments from the start.  You may, from the beginning, choose to press for a lump sum payment vs. periodic payments.  This is not just black and white either – you may negotiate for a combination agreement.  You may want to get a smaller lump sum plus periodic payments, or decide that you will need a lump sum at a future date.  You may want to consult with a tax adviser and see what arrangement makes the most sense from a tax perspective.  If you are in this stage of the settlement, remember: now is your best time to decide.  Should you decide to sell your structured settlement at a future date, you will be losing a percentage of your money to companies that buy those structured settlement payments.

Tip #2: Watch Out for the Tax Man

Although you may be considering selling your structured settlement, it is important to consider that it was probably structured from the beginning to provide you with significant tax advantages.  As a result, you may be in for an unpleasant surprise if you decide to receive a lump sum payment.  Check with a competent tax adviser to see what the ramifications are in your situation.

Tip #3: Beware of Hidden Restrictions on Selling Structured Settlements

Many people do not realize that federal regulations can limit and restrict the sale of structured settlements.  In addition, approximately 60% of the states have some laws on the books which restrict the sale of structured settlements.  Find out which laws apply to your situation.  You may have to obtain court approval for the sale, and the process of transferring settlement payments to a buyer may be highly regulated by your state.  Also, if your structured settlement was issued by an insurance company, watch out for hidden clauses.  They may state that payments cannot be sold to another party.

Tip #4: Don’t Take the First Offer You Get

This seems like common sense, but many people attempting to sell structured settlements are excited by the prospect of receiving a huge lump sum of cash.  But it pays to shop around.  Even if your first offer seems excellent, get quotes from at least 2-3 other buyers of structured settlements to see if the first offer can be topped.  Do your research and make sure you are dealing with a reputable buyer of structured settlements.  If one buyer’s offer is way better than the others, be alert – if it seems too good to be true, it just might be.

Tip #5: Get a Good Lawyer

When dealing with such a large amount of money, consulting with a lawyer can pay for itself many times over.  A lawyer experienced in dealing with settlements can tell you if your buyer’s offer is reasonable, as well as if the terms of the purchase agreement are right for your situation.  He or she can also protect your rights, in case any of the parties in the transaction are not cooperating or sending payments according to the agreed contract.

 
 

5 Tips for Selling Structured Settlements

07 Sep

Consumers choose to sell their legal settlements (also referred to as structured settlements) for many reasons. While many sell their payments to help with college tuition, debt reduction, medical expenses or mortgage payments, most people sell their settlement to gain financial flexibility when personal or financial needs change. “The long payout periods of most structured settlements – typically up to 30 years – work well for many holders, but not all,” said Andrew Torre, Chief Compliance Manager for J.G. Wentworth. “Many people find that they need access to their money now to pay for legitimate needs.”

However, consumers often are unaware of their options when selling their structured settlements. What price is too low? Which company is reliable? Can I sell just part of my settlement? These are just some of the many questions that arise when considering selling your structured settlement. Torre recommends doing thorough research ahead of time. He offers these 5 tips to consider before selling a structured settlement:

1. Search for specialty finance companies that are able to purchase your structured settlement. Be sure to research their reputation and testimonials – what clients (past and current) say is invaluable.

2. Torre recommends not accepting the first offer to purchase your policy. Why? Browse multiple companies to make sure you’re getting the most value for your settlement.

3. Evaluate your current financial standings, and then decide whether you need to sell all or part of your structured settlement.

4. If you can’t understand the legal jargon, consult an attorney. Make sure you understand the documents and any tax ramifications that occur with liquidating your structured settlement.

5. Evaluate your financial obligations that will accrue in the future. Re-consider whether selling all or part of your structured settlement will be beneficial for you. Also, consider how accessing your assets will affect your income.

Bonus: Additionally, before you sell your structured settlement, be sure that the company you’ve chosen addresses all legal ramifications, Torre adds. Prior to purchasing policies, J.G. Wentworth seeks approval from a judge who examines the appropriateness of the transaction, including state legislation.