They Are Asking For What?? Are They Crazy?

So, you have arrived at the point in the process of getting your home under contract. Congratulations! You are well on your way to getting your house sold, and you have already mentall moved out, and up to your eyeballs in moving preparations

HERE COMES THE INSPECTION!!!

This is typically a nervous time for the parties involved, because anything can pop up on the inspection.  It is always recommended that a purchaser performs a home inspector by a licensed home inspection company

The duties of the home inspector is to provide information on the “guts” of the house. As depicted in the picture above, these areas include, but not limited to, electrical, plumbing, appliances, roofing, siding, decks, and the list can go on.

Upon completion of this inspection, this report is provided to the purchaser for their review to determine what they may want to ask the seller to take care of prior to selling the house.

STILL HAPPY HOUSE UNDER CONTRACT?

Now, you get the list from the purchasers and you are wondering what are they thinking asking for all of this?  Well, they have the right to ask for items to be repaired or even a dollar amount off the price in lieu of making actual repairs.

Put yourself in the buyer’s shoes.  They obviously love your home because they made an offer, and then they are given a list of recommended items that could need attention. With this being said, take this time to make it work. I have worked with some sellers who refused to do anything whatsoever, and the list included a few minor, but important issues.  When you refuse to “make it work” you are putting the buyers in a position to simply walk away from everything and move on to another home.   Ready to wait for another buyer yet?

With working with a buyer, I always recommend that we only focus on important issues, and NOT nickel and dime a seller crazy, so dont ask for light bulbs to tightened, or anything else that could be done in a couple of minutes for $10.00

Sometimes, a buyer thinks they can ask for everything, and this only deters a seller from focusing on important issues, and could tie their cost up from doing a top notch job on everything. Dont put a bad taste in the seller’s home that your are purchasing, as it could backfire and put everyone in a situation you can recover from

As part of The WILSON Group’s focus, we offer our seller’s a Pre-Inspection Plan For Home-Sellers. There are many great benefits to this, but most importantly knowledge of your own home, and the chance to take care of most items before your purchaser has a home inspection to make the process as streamlined and as stress free as possible!!

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Do You Know What You’re Getting Into? No, Really, Do You??

You see them in almost every community, and advertised everywhere.  They are….Foreclosures….

There is no doubt that these bank owned properties can save home buyers a great deal of money, and a great way for investors to build their portfolio. These homes are sold typically much lower than other comparable in the neighborhood which attracts a lot of attention.

As an Agent who has plenty of experience of navigating the route from getting a bank owned property offer accepted,  all the way to closing which sometimes is much easier said than done, here are some good point to keep in mind if these type of homes are in your radar.

SOLD AS-IS

Almost every bank owned home is sold “As-Is”, meaning what you see when you tour the home is exactly how you are getting it.  If it doesn’t have a kitchen counter, bathroom wall, or a really bad floor, it will be that way when you get the keys. Pay very close attention to the small and cosmetic details when you view it to make sure you understand what you are getting into.  I always recommend bringing a  note pad to the showings of these so you can take plenty of notes, because numerous cosmetics add up quickly when you start looking at cost of repairs.

SHOULD I DO A HOME INSPECTION?

 

YYYYYYEEEESSSSSSSS!!!!!. Although it is completely up to the purchaser and not required, it is highly beneficial to have a home inspection completed.  A home inspector’s job is to provide a very detailed report of major items of the home to include electrical, plumbing, roofing, and much more.  This will help determine the condition of the home, and in some cases, assist in deciding if this is the home for you.  Be careful when submitting an offer for a property that you review very carefully the inspection clauses of your contract as time is of the essence with the banks, and miss a deadline could cost you in the long run.

HOW AM I PAYING FOR THIS HOUSE

Before you have your agent submit your offer, please have your pre-approval letter ready to go. Speak with your lender ahead and time and get qualified first. These days, you cannot submit an offer without a pre-approval letter, but you especially do not want to find that “perfect deal”, and then you have to wait to get qualified and possibly missing out on getting your offer submitted at all due to someone else getting their offer in first.

If you are paying cash, the bank will require you to provide proof of funds for that amount. This can be a bank statement, or documentation from your financial institution stating you have the money to purchase this house.  Oh yeah, don’t be surprised if they ask for it during the period of moving towards closing.

These are just a few tips on buying a bank-owned home and if you have any questions, just ask!!!!

Get Your Ducks In A Row

Get Your Ducks In A Row
Since my last post was about rentals, and property leasing, I thought I would share some great pointers for people looking to rent a home.

CHECK THE FACTS
Knowing the facts of your current lease is a great place to start when you are considering a move and looking for a new rental home.  Some important things to know is
*when is the exact end date of your current lease?
*what is the required notice that needs to be given? A typical notice can be about 30, to 60 days, and must be in writing.
*how is your security deposit affected? To ensure proper refund of your security deposit, double check with Landlord to see what he/she is going to take into consideration when deducting from deposit. A good way to ensure proper refund of your money is deliver the home back to Landlord clean, no damage, repaired walls where pictures were, yard maintained, and painting that is/could be required, and most importantly there is not a financial balance
*When you will receive your deposit back? Most cases this will vary by state and should be in your lease. This is important to remember that you will NOT be given your money back the same day you deliver keys back to Landlord

READY FOR PAPERWORK?

Now that you have decided to move, or this is your first rental, here are some typical rules of thumb in what may or may not qualify you for a rental. It is also a good idea to keep in mind that different Landlords, Property Manager, and apartment complexes look at different things so finding out ahead  can keep you informed of their criteria, save you time, and possible money from rental application fees

As someone who frequently works with rentals, this is a set of factors that seem to be consistent,

*Household Income? Most Landlords recommend 3 times the monthly rent of household income. Example: Rent is $1000.00 per month. With this equation, there would need to be a monthly household income of $3000.00

*Length of Employment: Landlords like stability, and duration on the job.

*Current and Previous Rental References: Sometimes tenants forget that when they move, their history is going to be referenced when applying for a new property. Things that can be verified is payment history, household maintenance, was there any damage when you vacated, did you provide proper notice, and possibly more.

*Credit: An individuals credit could be reviewed for payment history with other creditors to determine an idea on how someone pays their bills and respects their due dates;

Remember, all of the above WILL VARY by Landlord, Property Manager, or Apartment Policy, so you will need to check what exactly they will be looking for, but now you have some general guidelines, you have a decent starting point.