The potential effects of lead poisoning are particularly devastating to children. The complications include brain and nervous system damage, behavior and learning problems, slowed growth, headaches and hearing problems. In adults it can cause reproductive problems in men and women, difficulty concentrating, muscle and joint pain, nerve disorders and high blood pressure. Complications arise when paint chips or dust is inhaled or ingested.

The older paint is most often exposed in peeling and chipped areas around windows, doors, fences, stairs and railings. Children should be encouraged to wash their hands before every meal if there’s a possibility that lead is present in the environment. Peeling paint should be immediately stripped, cleaned and repainted.

On April 22, 2010, the EPA issued the Renovation, Repair and Painting Rule, which requires special certification for contractors working in homes, child care facilities and schools built before 1978.  If the repair or remodeling work disturbs more than six square feet of lead-based paint, the paid renovators must be specially trained and certified by EPA-approved instructors. The Epa.gov website provides a list of training providers as well as a list of certified construction firms.

Testing for the presence of lead-based paint should be done by trained professionals. Some of the diagnostic tools include the use of a portable x-ray fluorescence machine and sending paint chips to a lab for analysis. Children between the ages of 1 and 2 should have their blood tested for lead if there’s reason to believe that they have been exposed.

The penalties for non-disclosure vary, but can include treble damages, payment of court costs, fraud charges and the forced rescission of the sale with the money returned to the buyer. Every state has a statute of limitations for real estate contracts and this timeframe can expire years after the transaction closed. The potential for lawsuits exists as long as the statute of limitations is in effect.

Suppose a home in the Northeast sells in June and in January, the roof leaks from the weight of the snow. The buyer discusses the matter with the neighbors who tell him that the previous owner had roof problems for years. The damage to the roof was not apparent in the summer and the seller failed to disclose the problem. There are probably grounds for a lawsuit in this scenario.

If a home inspection for one prospect reveals problems with the home that aren’t obvious as a buyer walks through the property, from that point forward – if state law mandates disclosure –the seller and the seller’s real estate agent are required to disclose these defects to future prospects.

Play it safe and use a form, even if it’s not required by law. The form may contain such questions as the source of drinking water, septic or municipal sewer, known property liens, any past or present roofing, plumbing or electrical problems and perhaps hazardous waste questions. In some locations, the seller may be asked to disclose water rights. Follow the form and when in doubt, disclose.

After the Offer: What to Expect

You’ve made an offer for a house. Now what? Well, the first thing to be ready for is a counter-offer. Unless you’ve offered full price without asking for any concessions from the seller, the seller might ask you to pay more, change the closing date, or make other changes to your offer.

Once you’ve negotiated an offer that the seller accepts, you’ll be told you’re “under contract.” You and the seller have agreed upon terms of the sale and now have a sales contract to complete.

Now the stress barometer steadily rises. Buyer remorse sets in. It’s like buying a unique new car that will really make you stand out from the crowd – only to discover five more on the road while you drive it home from the car lot.

Especially common among first-time homebuyers, buyer remorse can leave you questioning your decision. You think, “This is such an expensive purchase! I’ll be tied into a loan for years.” And then,  “What if you have to sell in a couple years? Will I lose money? What if there’s a better house that we’ve missed seeing?”  What if… What if… What if…

Buyer remorse is natural, and your real estate agent won’t be angered if you have questions and fears. Go ahead and call! He or she will be able to help you regain perspective and feel calmer.

There are just a few things that you have to take care of between now and the time you accept your new keys. Your Realtor, title agent, and lender will take care of most of the necessary steps, but there are a few things you must do yourself.

First, get a home inspection done if you plan to have one. While this might not be necessary on newly constructed homes, sometimes hidden problems can be uncovered even on a brand new structure. George M., for instance, decided to hire an inspector for the house he purchased even though it was not quite completed. The inspector discovered that although there was a drainage grate for the mechanical room, there was no drain! George’s air conditioner, washing machine, and hot water heater would have flooded his basement if they ever had problems because the water wouldn’t be carried away from the finished family room.

Older homes may have delayed maintenance or hidden damage that an inspection can uncover. Kathy R. hired an inspector who discovered a problem with the septic tank. Kathy requested repairs that the seller agreed to provide. She was lucky, because the inspection would have cost her over $4,000 if she’d paid it.

Follow your lender’s instructions for providing paperwork they need right away. Delays can prevent you from getting your house! At a minimum, you’ll be asked to provide proof of your income and identification, and often you’ll have to pay for a home appraisal up front. (That way, if you don’t close for any reason, the lender won’t be left owing the appraiser.)

Next, locate an insurance policy for your new home. You won’t have to pay for it when you order it, but you’ll need to be able to describe the home thoroughly. The agent will probably ask you for the square footage, the age of the property, whether it has a basement or not (if it’s an unfinished basement, you will want to make sure they know this to save money on the quote), what kind of electrical wiring it has if it’s an older property, and the kind of floor coverings it has. They may ask about where the nearest fire hydrant is located, whether there are any smoke detectors or security systems, too. Finally, even if the home is not in a flood plain, they may ask if you want to pay for flood damage, because your policy will not cover damage from burst pipes without it.

Home warranties can often provide a supplement to insurance that is worthwhile. These policies normally do cover burst pipes, as well as electrical problems, appliances that stop working, and heating and air conditioning systems. For additional fees, they may also cover swimming pools, septic systems, and more.

Your homeowner policy will normally be paid for at closing, as will a home warranty if you are paying for it yourself. You’ll pay for a full year, plus a couple months extra for your escrow account, for your owner’s policy. Home warranties are generally paid for one year at a time.

Finally, arrange your utility turn-on dates as you near your closing date.

That’s it. Your real estate agent should review your appraisal and title work with you, instruct you on how much to bring to closing and where the closing will take place, and conduct a final walk-through on the house to ensure it’s clean and in the same general condition it was in when you made your offer. These steps are not required by law in all states, however, so don’t be afraid to request them if your agent doesn’t bring them up directly.

Even though purchasing a home is a huge step, it’s not a complicated one when you understand clearly what steps you need to take. There will probably be a few stressful snags along the way, but your Realtor should be well equipped to handle most of them. Before you know it, you’ll be the proud owner of your new home.

Refinance

Homeowners might be capable of refinancing an existing mortgage and then apply the cashed-out equity to pay off the arrearage. This will hinge on the number of payments the borrower omitted and how tarnished his or her credit is at the time of closing on the refinanced loan. For many homeowners, this may not be possible without additional help.

Repayment Plan

Numerous lenders will work with homeowners to institute a repayment plan that brings them current with belated or neglected payments. The basal repayment plan functions by tallying a minor amount of money on to the normal monthly payment until the arrearage is absolved. This can be done over one or two years in most cases and requires paperwork outlining the new agreement signed by a notary public.

Modification

During a loan modification, the homeowner and lender work collectively to outline a brand-new loan, oftentimes drawing out the loan term while bringing down interest rates and payments to a controllable amount. It is significant to remonstrate that mortgage modifications are awarded on a case-by-case basis, and require several weeks for approval.

Housing and Urban Development Partial Claim

If a homeowner has a Federal Housing Administration (FHA) loan, he or she may be able to get a defrayal from the Federal Housing Administration mortgage indemnity fund. If a claim is payable, the fund pays a percentage or every late or missed payment on behalf of the homeowner. If there is any left over, the remainder is applied to the homeowner’s past-due interest. Once the missing payments and interest is current, the lender ceases foreclosure proceedings.

Forbearance

In terrible cases of semi-permanent financial hardship, homeowners can apply for a specialized longanimity program. This program would temporarily freeze or reduce payments if the lender sanctions the forbearance. There is a tidy sum of paperwork affiliated with the operation, but it is a very potent technique, aiding homeowners and barricading foreclosure.

Repurchasing

Whenever the homeowner’s property goes on the foreclosure auction block, the homeowner possesses the right to bid on the property using hard currency or a fresh loan as collateral. If he wins the bid and can ante up the banknote, he spares his house once the auction concludes.

Right of Redemption

A few states extend homeowners a right to save their property, even post foreclosure. This is more complex than containing the foreclosure prior to the paperwork going through, but can be a last ditch alternative to salvage a house. Homeowners must confer with a lawyer concerning state jurisprudences and eligibility for this alternative, nonetheless.

Although all of these techniques call for diametrical amounts of collateral and paperwork and each come with diverse periods and bureaucratic procedure, they apportion one primary thread; all necessitate contacting your lender to ascertain what your options are first. If your lender is not amenable to work with you to save your home from foreclosure, find your local Department of Housing and Urban Development office and confer with a housing advocate; this is costless and it just might salvage your most valuable asset.

Regardless, it is important to note that any method to prevent foreclosure is only temporary. If a homeowner violates the terms of his or her workout program; foreclosure is inevitable. Therefore, it is important to abide by all terms set forth by your lender.