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Smart Home-Buying - Independent Home Inspectors
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What To Do When Behind On House Payments
More people are losing their homes from a lack of knowledge rather than from a lack of money. People are going into foreclosure at record numbers. With rising interest rates, many people are getting behind on their payments. You only need to miss one payment for it to affect your credit score. When you miss two or more that is when the damage can really start.
None of the suggestions in... Read real estate article
Buy a Cheap VA Repossessed Home
A VA repossessed home is actually a home that has been foreclosed due to the owner's failure to pay the loan.
Contrary to the other types of foreclosure, VA repossessed homes were previously possessed by members of the military or a veteran in the United States. These homes are actually insured under the provisions of the Department of Veteran Affairs or VA.
With steep prices... Read real estate article
Smart Home-Buying - Independent Home Inspectors
Who Needs a Home Inspection Anyway?
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home (house, condo, townhouse) you want to buy is in good condition. A home inspection is an evaluation of a home's condition by a trained expert. During an independent home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy.
The home inspector will:
* Evaluate the physical condition: the structure, construction and mechanical systems.
* Identify items that should be repaired or replaced.
* Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
After the inspection is complete, you will receive a written report of the findings from the home inspector, usually within 24 hours.
Finding a Qualified Independent Home Inspector
As the homebuyer, it is your responsibility to carefully select a qualified inspector. I stress that it is "your" responsibility, and not your agent's. After you purchase your new home, your agent will not be responsible for paying the unexpected repair costs that result from non-thorough home inspections. Any unexpected repair costs will be your responsibility.
Understanding the Home Inspector / Realtor Relationship
For your protection, hire an independent home inspector, instead of a home inspector who is recommended by your real estate agent. Here's why:
Most home inspectors solicit real estate agents for work, hoping that the real estate agent will exclusively recommend his home inspection services to all the real estate agent's clients. Agents work with many home-buyers throughout the year, and each home-buyer will eventually need a home inspection in order to close the sale. So, it originally made sense for an agent to find one or two home inspectors that he/she could regularly recommend to clients. However, this Agent / Home Inspector relationship carries a conflict of interest.
Here's why:
(a)Real Estate Agents make commission when their client buys the home.
(b)A client will only buy if s/he finds the home's condition acceptable (Among other reasons)
(c)So, a negative home inspection can stop a home sale (and the Agent's commission)
Now, this is not an accusation of any Agents or Home Inspectors. However, in this relationship, the Home Inspector may feel stated or unstated pressure from the Agent. There may be pressure to deliver positive home inspection reports or the agent may pressure the home inspector to produce inspection reports in less time at the expense of performing a more thorough inspection. After all, the Agent could easily replace the Home Inspector with another who may write more lenient reports. To be honest, there are many other Home Inspectors who would line up to get a steady flow of new clients from the Agent.
The Bottom Line: Spending Hundreds May Save Thousands
When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified independent inspector of your choice. Independent home inspectors are hired by you, and they do not have a relationship with the real esate agent. Hiring a qualified independent home inspector could keep you from buying a house that will cost you many thousands of dollars in repairs down the road. Only after the independent home inspection is complete and you are satisfied with the results of the inspection, your real estate purchase offer can proceed.
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Secrets to Buying a Condo
Thinking about buying a condo? Great! It can certainly be an exciting process, and even more so when you know what you're doing.
But when you don't know what you're doing, the condo-buying experience can be downright scary and costly. No need to fear though, because we're going to cover the top seven things you should do when buying a condo.
1. Get pre-qualified for a mortgage.
When you're pre-qualified by a mortgage lender, you'll have more leverage with sellers. Pre-qualification means a lender has informally reviewed your financial situation and found you capable of taking on a loan in a specified amount. It doesn't guarantee that you'll get the loan, but it shows sellers you're serious about buying.
2. Choose the right location.
"Location, location, location" is one of the most commonly used expressions in the real estate industry - but with very good reason. People often choose condos over traditional homes with a certain lifestyle in mind. So be sure your condo's location can accommodate that lifestyle. Experiment. Test out the drive from the potential condo to your work, school, shopping, etc.
3. Conduct thorough research.
Condo life usually comes with a number of bylaws, association rules and other declarations. Be sure to get this documentation up front to avoid any surprises later on. You're making a big financial investment, so you'll need all the facts about what's permitted and what's prohibited. While you're at it, get to know the developer too. Find out their history and expertise. Talk to a few of the residents (when applicable) to get their input.
4. Ask about building services.
Condos often have "built-in" services that residential homes do not. This can be part of their overall appeal. But don't assume your prospective condo comes with a certain service - find out for sure. Is there a door man? Is there a maintenance man or building engineer? If so, what hours will they be available?
5. Learn about pre-construction pricing.
Developers will sometimes offer significant price breaks in the early stages of development. They do this to attract buyers during the pre-construction phase. As construction begins on the new development, demand usually goes up. And we all know what happens to prices when demand rises! So if you take advantage of pre-construction pricing, you could save a lot of money in the long haul.
6. Remain flexible.
If you're buying during the pre-construction phase, give yourself plenty of flexibility with the closing date. Construction delays are not uncommon, so it's important to consider this when locking in your interest rate and setting a closing date.
7. Take advantage of tax deductions.
Speak with your accountant to find out what portion of your assessment is tax-deductible. Other expenses that add value to your condo may also be tax-deductible. Get an understanding of these tax implications before making your purchase.
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