I received an update on one of our offers, which is in a multiple offer situation and we must submit our highest and best. But what troubles me the most is that this property has "Chinese drywall" can we still obtain financing? should my client even consider purchasing this property even if he is able to secure financing?
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Keller Williams Boise - Boise, ID
Boise Idaho Real Estate
What is "Chinese drywall?" And how do you know it has it? I'm just curious as I've never heard of it before.
May 05, 2009 05:46 AM
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate
Alvaro - Sorry I don't have an answer for you, but I'm interested in seeing what others have to say. We don't have to deal with this in KY, but I have had clients ask about it. I'd be concerned that your client would have a tough time with resale because of the perception of health risks.
Brian - Check out his WSJ article
May 05, 2009 06:02 AM
PROTEGE REAL ESTATE INVESTMENTS - Miami, FL
Chinese Drywall is Sulfur-emitting wallboard from China, The drywall apparently causes a chemical reaction that gives off the rotten-egg stench and corrodes metal. Researchers do not know yet what causes it, but possible culprits include fumigants sprayed on the drywall and material inside it. The Chinese drywall is also made with a coal byproduct called fly ash that is less refined than the form used by U.S. drywall makers.
The U.S. Product Consumer Safety Commission and a number of states are investigating the extent of the problem, what's causing it, and whether it poses serious health risks. But it could be years before the full extent of the problem is known.
Meanwhile, the humid and warm climate of the U.S. South has meant the impact is being felt here first - at least 350 people in Louisiana have already complained to the state health department in yet another unexpected twist for hurricane victims who have lived through more than three years of hardship.
Read More:
http://www.floridarealtors.org/NewsAndEvents/n4-041309.cfm
http://www.floridarealtors.org/NewsAndEvents/n2-042109.cfm
May 05, 2009 06:10 AM
TheHousingGuru.com - Waleska, GA
Housing Guru
Looks as if you have a good answer above. It is a huge problem in those homes where it is installed, and removal seems to be the only--and a very costly--solution.
May 05, 2009 06:12 AM
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate
Wow, I learned something new. I don't think it's an issue in our area but then again I wasn't aware of it until now. Thanks for being so gracious and answering.
May 05, 2009 01:48 PM
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