Chinese drywall in your SW FL home............. (Tampa, Cape Coral: home owners insurance, condos)

[bboddie]

I know that this blog talks primarily about toxic drywall but does anyone know what is going on with the extremely low appraisals in CC. We thought we were going to buy a house in the yacht club area, we made an offer and the offer was accepted. The lender ordered an appraisal and the appraisal came in 55k under the offer. We were told that low appraisals have become common in CC. Has anyone heard of this problem or is this an isolated incident?
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[nhkev]

appraisal aren't usually low or high they are representative of what like properties are selling for, so if the appraisal came in $55k under it probably means your offer was 55k more than what properties like that are selling for. if your offer was contigent on financing you may want to back out and re submit an offer 55k lower. get a copy of the appraisal and look at what they used for comps and make sure they are good comparables to what you were looking to buy. Sometimes appraisers can make mistakes and they may be more cautious than normal in fear that the lender may try to come back after them if they appraise too high and it ends up being foreclosed upon.

[vman650]

Originally Posted by Angelala

We called about a gulf access house on 3722 Tropicana Pkwy and the listing agent told my agent that when we walk into the house that the odor that we smelled is not chinese drywall it's just the carpet that needs to be replaced. So we go into the house and the smell hit us like a brick and I looked down on the floor and someone had left a match on the floor by the front door, which I thought was very odd. So my husband brought tools and proceeded to take out a couple outlets and pulled them out and sure enough the copper wiring was black. So at that point we already knew but he looked at the AC coil anyway and sure enough it was totally black! That house does have chinese drywall! I am so disgusted that the listing agent is telling people that it doesn't. She ought to have her realtors license yanked. I would like to thank everyone who posted about this stuff because we might have been stuck with that house had I not read about it here. So, THANKS EVERYONE!!!!!!

Some people have no morals and will do anything for a buck. Let the buyer beware.

[AlliedHomeInspections]

I have found numerous homes that have Chinese Drywall. It is now being reported that Chinese drywall may have been used as early as 2001 and that it was possibly available in stores such as Home Depot etc for small home repair and remodeling jobs. A Chinese Drywall visual inspection can be performed by the home owner by looking in the attic for the manufacturer and also for corrosion of metal piping, wiring etc. If in doubt, hire a licensed home inspector to perform the inspection. Lab testing can also be performed for under $500.

[AlliedHomeInspections]

PS-about the appraisals. The appraiser is basing the appraisal on the values of recently sold comparable homes. With all of the short sales and REO homes, the prices are very low. As an example: many investors are currently buying year 2000 and newer duplexes in Lehigh Acres which sold for almost $300k 2-3 years ago for $50-60k ( for a duplex.) Sellers right now are having a hard time competing. These homes are selling for way below replacement value and as a result the appraisals are reflecting this.

[firsttimeowner]

Ok................so bottom line....................Is it really safe to buy ANY house in Florida built in 2001-2008? If there is a good likelihood of it containing this drywall and possibily it not being detected even by an inspection..............should I even take that risk to buy at all? Yes the prices are enticing as are the homes but is Northport or Tampa or anywhere safe if the homes are new and built in that time frame? I am going to florida next week to buy a house and now I am really concerned. I have seen listings in port charlette and cc and Lehigh that state the home may have chinese drywall. If some do , who is to say they all dont? Can I feel safe anywhere in Florida in a newer home? Was this drywall used in California or Nevada during these years? I cant afford to take a chance like this with a permanent home for me and my son and elderly mother. Someone please tell me what to do.

Thanks
Debbie

[yachtcare]

Originally Posted by firsttimeowner

I cant afford to take a chance like this with a permanent home for me and my son and elderly mother. Someone please tell me what to do.

Thanks
Debbie

Well, nobody can tell you what to do, only make you aware of the potential problems.....

If you read carefully here, you will find that even the older homes in this(and likely many other areas of the country)MAY have this this problem to a lesser extent, as this drywall was used to repair and remodel many older homes during the boom period as well, not to mention the many repairs done after the active hurricane seasons of '04 and '05 in this area.

As I and others have mentioned, if you have to buy, an inspection by two, or more competent home inspection services are probably your best protection, to avoid the situation, at this point.

[sandinmyshoes]

to be true,....Be very wary.I wanted to buy a florida home.I was glad i read this forum.I would only rent in something 20 years or older.

[aidaolympia]

Based on what I have read so far, in making those contaminated Chinese dry walls, "industrial waste" had been used. The chemical reaction to other material is so strong that even affects the fundation of the house, wood, carpet and of course it gets into the water of boiler and circulates in the entire house through air/heating system.

Every day much nicer houses with better options at low prices are coming to the market.
It is about your health.
The damage to your health will be very costly.

[hiknapster]

More than half of the homes affected are in Florida and a lot in Louisiana due to the repair work needed after Katrina.

It seems that there were problems in one gypsum mine in China but possibly more. German drywall manufacturer Knauf has been named in a lawsuit among many home builders.

Is Drywall the Next Chinese Import Scandal? - TIME