Archives
October 2008
Home Inspection as part of a sale!
Oct. 21, 2008
Insist on ahome inspection as part of the sale
A home inspection examines many of the systems and components on a home. It is a wise consumer who includes the right to have a home inspection in any purchase and sales agreement.
This is true even if the home you are buying is new and comes with a builder's warranty. A home inspector will examine the safety features and major operating components of a home.
Home inspections help the buyer make an informed decision about buying a home. The inspector’s role is to inspect, report, and educate.
You can be sure you have selected a good inspector if he/she delivers information honestly and does not expect that any repair work will be corrected by him or herself.
In fact, the inspector should not note who should correct any of the problems or conditions found during the inspection. This is a matter of negotiation in which your real estate agent can assist you.
A home inspection company does not warrant or provide a guarantee or insure anything, so it is still up to the consumer to pay attention to this report. I alway instruct my clients to attend the inspection. It is easier to understand a problem if you are there and can see it. Ask the inspector to explain the cause and effect of a stated problem. It is important to call and compare a few companies before hiring one. Fees for home inspection services vary greatly, and in many state there are no revelations governing home inspection companies.
Ask what components are inspected and which areas require the services of another inspector. In our area, we often call in a second inspector for reports on septic and well water, some electrical testing, roof, pool or hot tub, and termite examination.
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Components,
Reports
'Approved' & 'Pre-qualified not equal terms in real estate
Oct. 21, 2008
I want a Buyer who is "Approved"
If you are selling your home, be cautious about becoming too confident about an offer from a buyer who has been pre-qualified for a loan.
This term is often used incorrectly. A person who has been pre-qualified is not the same as a buyer who is "approved" by a lender.
Generally, pre-qualified means that a lender has provided a buyer with a non-confirmed price range indicating the loan amount he or she may be able to afford. The loan amount is based on the information a buyer provides to a lender.
This information includes the buyer's income, debts, assets and credit status. At this stage, this information has not been confirmed. If the buyer misleads the bank or does not understand all the debts outstanding against him, this figure could be wrong. Until further investigation by the bank, this loan amount is only an estimated opinion.
All good real estate agents will pre-qualify buyers in order to get an idea of the price range of homes they can afford. Again, this range is dependent on the information the buyer is willing to give the agent.
If you are looking at two or more offers, and one of the buyers has been "approved" for a specific loan amount, subject only to an appraisal of the home for the purchase price, this buyer is the stronger choice.
View more entries tagged with: Prequalified,
Approved,
Loan Status,
Real Estate
Veterans Gain High Loan Limits
Oct. 20, 2008
Zero Down Home Loans
Are zero-down loans completely gone from your marketplace? If your client is a veteran then there is a great opportunity waiting for him today. The department of Veterans Affairs (VA) is raising the cap for no-down-payment home loans to the same level as the Housing and Economic Recovery Act of 2008 limits through December 31, 2008-currently as much as 125 % of the local area median home price up to $729,750. The "temporary" limits are part of the Congress and the Bush administration loan guarantee programs approved for Fannie Mae, Freddie Mac and the Federal Housing Administration. These limits will expire in Jan. 1, 2009 when the limits will be scaled back to 115% of the median home price. The VA is currently one of the few available sources of zero down loans. Take the right step today to achieve home ownership.
View more entries tagged with: Zero Down,
Va,
Housing And Economic Recovery Act Of 2008
Trilogy of Glen Ivy shines in the Fall
Oct. 4, 2008
Wait a day and see what the weather will be!
I know the calendar says it's Fall but do we have to jump from 98 degrees to 67 over night! Yesturday we were swimming in our beautiful outdoor pool at Trilogy of Glen Ivy and today I'm in a sweater. "Be careful what you wish for" was a saying my mother often used but boy I know the meaning now. Last week were making statements like "Are we ever going to get out of this oven?" . This week we are shaking our heads and saying "What happen?". I like to think of myself as a positive person so I am now looking for the positive side of this temperture switch. When I was growing up in New England fall was on of my favorite times of the year. Beatiful colored leaves and apple cedar mills. So here in Corona I can start looking for those brillant red and gold leaves or a beautiful rainbow over the Cleveland National Forest. My roses are blooming again and the far off hills are turning green. The golf course is seeing more visitors and the community is getting ready of our great October Feast. Trilogy is an over 55 community of active adults so we are now planning our winter trips to far off places that our social director offers us. If I wasn't working full time I would be signing up for all the trips and excursions. I can't wait to retire so I can join the fun.
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