What to Look for in Home Inspection

Is This Your New Home Sweet Home?

Once you’ve found the perfect home, you’ll want to try to assess how well the property has been maintained over time, carefully review all property disclosure documents and do a more thorough examination of the property for any hidden surprises. Hiring a home inspector who has extensive credentials is generally considered a wise move.

A home inspection should include a thorough review of:

• Structural elements: construction of walls, ceilings, floors, roof, foundations
• Exterior evaluation: elevation, drainage, driveways, fences, sidewalks, fascia, trim, doors, windows, lights, and exterior receptacles
• Roof/Attic: framing, ventilation, type of roof construction, flashing, and gutters
• Plumbing: identify pipe materials for potable, drain, waste and vent pipes as well as condition of toilets, showers, sinks, faucets, and traps
• Systems and components: water heaters, furnaces, air conditioning, duct work, chimney, fireplace and sprinklers
• Electrical: main panel, circuit breakers, types of wiring, grounding, exhaust fans, receptacles, ceiling fans and light fixtures
• Appliances: dishwasher, range/oven, built-in microwaves, garbage disposal and smoke detectors
• Garage: slab, wall, ceiling, vents, entry, firewall, garage door, openers, lights receptacles, exterior, windows and roof

 

You’ll also want to know what isn’t included in the home inspection. Some areas frequently not included in the inspection, or included only at a cursory level are:

• Asbestos
• Radon, methane, radiation, formaldehyde
• Wood-destroying organisms
• Mold, mildew, fungi
• Rodent presence
• Lead

Marie Dickinson

Information is from Prudential Cooper Realtor

www.MarieDickinson.com

First-Time Homebuyers Face the Opportunity of a Lifetime

Image via Wikipedia

Prudential (DBA)

Part 6

Making offers – Make sure you visit several different homes to get a feel for the marketplace. Visit the ones you like again to see things you might have missed. Work with your real estate professional to get all of your questions answered before making an offer. And remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction.

Indeed, home ownership remains a sound financial decision for most and a key component of long-term financial planning. First-time buyers who seek homes for all the right reasons – a place to raise a family, build for the future and face life’s opportunities and challenges – can secure their dreams and build for their futures at some of the most attractive values in years.

Marie Dickinson can be reached at www.mariedickinson.com . Prudential Cooper & Co. is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

First-Time Homebuyers Face the Opportunity of a Lifetime

Prudential (DBA)

Part 5

Closing costs must be factored in as well. These include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowner association fees. All told, buyers should spend no more than 28% of their income on housing costs, according to Fannie Mae. Your real estate professional will be able to explain your options.

First-Time Homebuyers Face the Opportunity of a Lifetime

Prudential (DBA)

 Part 4

Down payment – The down payment amount varies depending on the value of the home you choose and your mortgage lender. First-time homebuyers may also qualify for down-payment assistance programs and grants available through their states and municipalities. Contact your state housing finance authority, county housing and community development office for an application.

First-Time Homebuyers Face the Opportunity of a Lifetime

Prudential (DBA)

Part 3

Mortgage payment – In today’s buyers market, you may face competition for your dream home. To establish your spending limit and gain the ability to move quickly on a home, get pre-approved for a loan before you start looking. The fact that your loan has already been approved is of great value to the seller because it shortens the purchase process, and there is less of a chance that the buyer will back out of the sale. This process will also help you identify any credit challenges you must address prior to your purchase.

If you don’t have a specific mortgage lender in mind, ask your sales professional for a recommendation.

First-Time Homebuyers Face the Opportunity of a Lifetime

Image via Wikipedia

Prudential (DBA)

Part 2

Affordability – Costs involved in the purchase of a home – mortgage, down payment and closing expenditures – can be overwhelming to first-time homebuyers. By looking at your income and debt ratio, your real estate professional can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance.

How To Buy A Home- Part 3

Closing Cost

     Closing costs must be factored in as well. These include origination fees charged by the lender, title and settlement fees, taxes and prepaid items such as homeowners insurance or homeowner association fees. All told, buyers should spend no more than 28% of their income on housing costs, according to Fannie Mae. Your real estate professional will be able to explain your options.

     If you have questions concerning this part of the home buying process, please feel free to get in touch with me, I’ll be glad to help.

info@MobileBaldwinHomes.com

www.MobileBaldwinHomes.com

www.MarieDickinson.com

First-Time Homebuyers Face the Opportunity of a Lifetime

 Prudential (DBA)

Part 1

Knowledge is power – Nine out of every 10 home searches today begin on the Internet. With just a few mouse clicks, you can peruse neighborhoods, search countless online listings and take virtual tours packed with detailed photographs. The process gives you working knowledge of home availability and pricing in your local markets so by the time you sit down with your real estate sales professional you’re well on your way.

Also visit informative websites such as www.ginniemae.gov, www.realtor.com and prudential.com, and check the local newspaper for homebuyer seminars.

First-Time Homebuyers Face the Opportunity of a Lifetime

Image via Wikipedia

Prudential (DBA)

 Part 1

Today’s first-time homebuyers are presented with the opportunity of a lifetime. Mortgage rates in early December stood near lows last seen during the Truman administration while home prices were well off their peaks of previous years. The combination made housing affordability, as measured by the National Association of REALTORS^®, the highest since NAR^® launched its Affordability Index in 1973.

Housing inventory is also abundant in many markets, enabling first-timers to secure good homes and pave the way to their financial futures. Indeed, homes and their long-term virtues of shelter, wealth-building and personal and civic pride are available at bargain-basement prices that won’t, or can’t, last.

Naturally, first-timers have many questions about home buying, starting with costs. With research and the services of a licensed real estate professional, these consumers can demystify the process and place themselves on the fast track to homeownership.

Prequalification vs Preapproval with Home Loans

So… Your Realtor Says You Need to Get Pre-Approval for a Home Loan

     And your reply is, “but I am pre-qualified“.  There is a big difference between the pre-qualified and pre-approval.  Pre-qualified can break your heart.  Pre-qualified just means that the lender ”can possibly” allow you to acquire a loan.  There are no gurantees given and when you leave there is no agreement made.  They have run some figures to see approximately how much they may agree to loan you for a home. 

     You call a realtor, go see homes, fall in love with one, go to the lender and uh-oh, not loan.  After ALL the information is taken and ran you find out you are not qualified or not qualified for the amount you need for the home you fell in love with.

    Yes, if you are just considering getting a home and want to know if there is a posibility…then ask a lender if it is a possibility.  But, if you are serious and want that new home, then you need pre-approval.

PRE-APPROVAL

     As a real estate agent I advise my clients to get pre-approved before they start searching for a home.  This is an essential first step to buying a home.  There are more advantages to having pre-approval than you would think.  When a buyer has that pre-approval letter from the bank it means they can start that house hunt.  The following are benefits of having a pre-approval letter from your lender:

• Search in Your Price Range: Thereby Saving Time:  If I am sending my clients automatic e-mail listings of homes I can target the right price range.  This allows them to fall in love with a home they can afford and not s home out of their price range.  I hate it when that happens, I do not like to disappoint anyone.
• Looking at the Right Value Range:  After the price range is known and we pass that point, then I can search for the particulars a client desires.  They have more time to look not only for what they can spend but location, big or small yard, style of the home, and then to the nitty-gritties.  You know, one or two closets for master bedroom, separate shower/tub, garage no garage, etc.
• Pre-approval Means Bargaining and Negotiating Power-
• Avoid Disillusionment by Having ALL the Facts:  My clients avoid disillusionment and gain confidence when they are pre-approved.   NO-one can say no you do not qualify to buy the home.  They can inform their friends and relatives that they will be closing on a home and know it will happen. 
• Faster Closing Time:  Once the offer is made and since pre-approval has already taken place an appraisal can be ordered immediately upon acceptance of an offer.  Which will possibly speed up closing from 30 days to 2-3 weeks.

So, due to mortgage approval being the most time-consuming process when buying a home, getting a  pre-approval letter from the start will save a lot of time, aggravation, worry, sleepless nights, and disappointment.