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Moreover, although some home inspectors offer Chinese-drywall inspections, they can rely only on visual inspections for symptoms.
Chinese drywall is likely to be an issue for several more years. As discovery, confirmation and remediation unfold, all parties with an interest in contaminated properties will feel the effects, and default and financial losses will mount.
In an effort to prevent future losses, many lenders likely will adopt underwriting guidelines that require some level of testing for Chinese drywall. Similar guidelines likely will apply to homes that have been remediated.
Insurers, in turn, likely will identify defective drywall as an uninsured risk and require additional policies on suspected properties.
Although the specifics have yet to develop, it seems certain the bulk of the testing and risk mitigation will occur as part of new mortgage transactions. In turn, brokers must know how their clients can navigate the process effectively.
By helping current and past clients solve Chinese-drywall problems, brokers can close more loans and establish themselves as trusted professionals.
Joseph Weissglass is president and founder of Certified Chinese Drywall Testing LLC. In conjunction with American Risk Management Resources Network LLC, he developed the nation's first insurable and guaranteed testing protocol for Chinese drywall.
For more information, visit certified-chinese-drywall-testing.com, call (877) 399-2238 or e-mail firstname.lastname@example.org.
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