KNOWLEDGEFINANCIAL.COM
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| How to Identify a Qualified and Reliable Home Inspector recommend inspectors to you. How could you identify and hire qualified and reliable home inspectors? The first best way to find your way leading to such inspectors is to ask referrals from friends, colleagues, or relatives. You could begin your search from there. You should not easily jump into conclusion. Double- check the recommended inspector’s qualifications and credentials. You may also look at the qualification of your home agent. Inexperienced and unreliable agents logically would also recommend equally inferior home inspectors. ------- KNOWLEDGEFINANCIAL.COM States and cities may have home inspector associations. In the United States, you may begin by checking out the American Society of Home Inspectors. The organization could point you to its members in your community. It could also lead you to several other related associations, which in turn may have affiliations and members in your place. Remember that such organizations are meticulous in recruiting and accepting members because they have a name to protect. To check the actual validity and reliability of a home inspector, you should also review a sample report of the home inspector you are considering to hire. If the inspector emailed or sent you a sample actual report that is about four to five pages long, immediately turn him down. Inspection reports surely vary but in no way could comprehensive home inspection reports be shorter than 20 to 50 pages. Such reports should also include colored pictures to show actual defects and problems. Clues could also be culled from the length of home inspection. Ask your inspector how long it usually takes for him to complete a job. Most qualified home inspectors do the job in more than three hours. If the inspector intends to complete the task in mere 90 minutes, something is really wrong with him. You are not inviting a person to just come and appreciate your home. Remember, you are inviting (and paying) a home inspector who should meticulously inspect your house. Some inspectors are also vocal in recommending repair and maintenance contractors long before actually inspecting your house. Stay away from those inspectors. They are obviously just trying to make business with you. How sure could you be that the inspector would not identify problems just so you could hire his recommended contractor? For all you know, that inspector might be into a partnership or commission deal with a contractor. A qualified home inspector is not asking for re-inspection charges. The initial inspection might require several repairs. After the repair has been completed, home inspection must resume finding out if the task was successful in eliminating possible problems. If the inspector tells you his services does not cover such re-inspection, drop him. You should also prefer a home inspector who agrees to have you be around or be with him during the inspection process. Unqualified inspectors are afraid that clients might discover that they are not actually inspecting accurately and systematically. See, it could be easy finding the best inspectors around. ----------KNOWLEDGEFINANCIAL.COM |
| HOW TO GET THE BEST OUT OF IT? How a Home Inspector Could Make a Final Walk-Through a Success The main goal of a final walk-through is always to make the home sale succeed. It is assumed that before this stage, the home is already prepared. Necessary and required repairs should already have been completed and maintenance should already be set. Thus, it is important that long before the final walk-through, you should have already completed a home inspection and abided recommended repairs and maintenance. There are things that are always checked by homebuyers every final walk-through. As investors, they would logically aim to make sure their investment would be a good and sound one. As always, no one would want to buy a defective and damaged house. Expect the homebuyers to: turn on and then off light fixtures; test appliances; run water in faucets and check under sinks for possible leaks. They would also look at garage door openers; flush toilets; look at ceilings, floors, and walls; close and open all doors; test air conditioning and heating system; close and open all windows; run exhaust fans; and look for any debris. That is why you should always make sure that all fixtures and appliances found in the house are all operational and in good condition. The home inspector could definitely help make it all possible. During walk-through, you should always make sure the home is very presentable. This may not be directly covered by the inspector, but you could always put your personal touch for the aesthetics. Again, make the house presentable, but also free from defects and safety issues. It is important that you make the house vacant long before the final walk-through. Prospective homebuyers would always assume that the house is not occupied so that the deal could always be closed anytime. Nine out of 10 times, homes that are successfully sold during final walk-through sessions are vacant. However, there could be problems to expect when a home has been vacant for a long duration. There might be presence of unwanted insects and termites. The cleanliness could also be questionable, though this aspect you could always make caretakers do the necessary action. -------------- KNOWLEDGEFINANCIAL.COM If in any case, the house is still occupied during a final walk-through, the seller should always make sure he is around to tour the prospective buyer in and out of the home. The homebuyer could always have pop-up questions when inspecting the house, and it is important that the owner or seller is there to answer every query so as not to build up suspicions and doubts in the mind of the buyer. Doing so is also like a conventional case of marketing. You could do a little persuasive sales talk to make sure the deal closes. Where is the home inspector figuring in walk-through sessions? He might not be around. But his services could be very crucial in helping the seller identify defects and finally run important repairs. No defective home could ever be sold in a competitive price these days. -------------- KNOWLEDGEFINANCIAL.COM |
| How to Look for a Good Home Inspector A home inspection process is usually a thorough yet non-invasive examination or assessment on a current condition of the house. Home inspectors are carefully trained and licensed to carry out their inspections or examinations and they usually carry with them special equipment that aid them in conducting the assessment.After the thorough examination, the home inspector then issues a report that is released to the client and regulating bodies that ensure consumer protection and welfare. Usual inspection procedures involve thorough examinations of the home’s interior structure, basement, roof, heating or cooling system, water heating system, exterior structure, plumbing, electrical system and other aspects of the house or building to check for faulty installation processes or fixtures, especially improper or substandard building practices. This is also true with homes that require extensive repairs or remodeling, including general maintenance issues, including but not limited to fire and safety concerns. Home owners or buyers usually hire a home inspection service prior to selling or buying their homes. A home inspector is then sent over to the property being considered and conducts a thorough examination of a home to inspect and examine for potential systems or components requiring attention, most especially when it deals with structural integrity or standard installation or fixture set-up. After the examination process, the home owner receives a detailed report of the condition of the house the owner can then plan for needed repairs and upgrades. Oftentimes, home inspectors are often confused with a real estate appraiser, but the difference is mainly that a home inspector determines or assesses the condition of a structure, while a real estate appraiser determines the value of a property so that a homeowner can have a general idea of the market value of the property. During a home inspection examination process, there is no pass or fail rating, rather it is a home inspection process that determines the current condition of a house, thus not an appraisal. It is also not a municipal or regulatory home inspection, which aims to verify a local building code compliance and the home inspector does not indicate whether to give a passing grade or fail a house, but describe its current physical condition and indicate what components and home interior or exterior systems that may need a major or minor repair or replacement. In Canada and the United States, a similar home inspection process applies and is usually included in a contract to purchase a house for which a home inspection by an authorized or licensed home inspector is an important prerequisite before the contract can become valid or executable. Many states and provinces, have regulating bodies that provides licenses to trained home inspectors, while there are also some states that do not regulate the practice. There are several common tips to look for good home inspectors if the need should arise, you could simply check local phone listings, the internet or ask around so that you may have your choice of a good home inspector to check your home. It’s not really difficult and there are dozens of ways to know how to look for a good home inspector. |
HOME INSPECTION:
A Home Inspection is to Bring a Buyer Back to Reality. HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE? How to Identify a Qualified and
Reliable Home Inspector? How to Make the Most Out of The Home Inspection Process make the most out of your investment.
A Home Inspection is to Bring a Buyer Back to Reality. HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE? How to Identify a Qualified and
Reliable Home Inspector? How to Make the Most Out of The Home Inspection Process make the most out of your investment.
-- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE
INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY INVESTING IN
REAL ESTATE TODAY IS A GOOD IDEA FOR FIRST
TIME HOME-BUYERS AND FOR EVERYONE?
---... Federal Housing Administration {FHA} Mortgage
Loan Programs Information Center. Help for
America's Homeowners! How to make your home
affordable?
--- ...REAL ESTATE ADVANTAGE AND GREAT
OPPORTUNITY FOR FIRST TIME HOME-BUYERS IN
SOUTH FLORIDA! ———
-- FIRST TIME HOME-BUYERS. METHODS,
TECHNIQUES, AND STRATEGIES TO SUCCEED -- THE
MOST IMPORTANT INFORMATION FOR FIRST TIME
BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE AND
FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER. INVEST YOUR
MONEY TODAY AND GET RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE AND HOW TO
FIND MONEY TO INVEST IN REAL ESTATE?
Bringing the Dream of Home-ownership Within
Reach... THE DREAM NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE
INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization Program
Neighborhood Stabilization Program: HUD's new
Neighborhood Stabilization Program provides
emergency assistance to state and local
governments to...
---... HOME-BUYER'S TAX CREDIT, ASSISTANCE WITH
DOWN-PAYMENT AND CLOSING COST. {FLHOP}
FLORIDA HOUSING OPPORTUNITY PROGRAM.
Utilizing home buyer tax credit to assist at closing
--- What are the advantages of commercial property
investment?
--- REAL ESTATE ADVANTAGE AND GREAT
OPPORTUNITY FOR EVERYONE. LEARN MORE...
--- How to Step Up and Build Wealth by Investing in
Commercial Real Estate?
FIVE IMPORTANT THINGS EVERY REAL ESTATE
INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- REAL ESTATE INVESTMENTS: WHY INVESTING IN
REAL ESTATE TODAY IS A GOOD IDEA FOR FIRST
TIME HOME-BUYERS AND FOR EVERYONE?
---... Federal Housing Administration {FHA} Mortgage
Loan Programs Information Center. Help for
America's Homeowners! How to make your home
affordable?
--- ...REAL ESTATE ADVANTAGE AND GREAT
OPPORTUNITY FOR FIRST TIME HOME-BUYERS IN
SOUTH FLORIDA! ———
-- FIRST TIME HOME-BUYERS. METHODS,
TECHNIQUES, AND STRATEGIES TO SUCCEED -- THE
MOST IMPORTANT INFORMATION FOR FIRST TIME
BUYERS...
--- INVESTMENT GENERAL KNOWLEDGE AND
FINANCING STRATEGY...
INVEST NOW AND GET RICHER LATER. INVEST YOUR
MONEY TODAY AND GET RICHER TOMORROW
--- REAL ESTATE FINANCING: WHERE AND HOW TO
FIND MONEY TO INVEST IN REAL ESTATE?
Bringing the Dream of Home-ownership Within
Reach... THE DREAM NOW CAN BECOME A REALITY.
--- SOUTH FLORIDA REAL ESTATE INVESTMENTS. ---
FIVE IMPORTANT THINGS EVERY REAL ESTATE
INVESTOR SHOULD KNOW ABOUT?... ATTENTION,
ATTENTION HOME-BUYERS AND SELLERS...
--- NSP --- Neighborhood Stabilization Program
Neighborhood Stabilization Program: HUD's new
Neighborhood Stabilization Program provides
emergency assistance to state and local
governments to...
---... HOME-BUYER'S TAX CREDIT, ASSISTANCE WITH
DOWN-PAYMENT AND CLOSING COST. {FLHOP}
FLORIDA HOUSING OPPORTUNITY PROGRAM.
Utilizing home buyer tax credit to assist at closing
--- What are the advantages of commercial property
investment?
--- REAL ESTATE ADVANTAGE AND GREAT
OPPORTUNITY FOR EVERYONE. LEARN MORE...
--- How to Step Up and Build Wealth by Investing in
Commercial Real Estate?
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL
FREEDOM, BECOME A RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial
success. Rule Of 72 is the most important and
simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million?
The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK
MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general information;
Local, State, and Federal.
Housing Finance Authority of Miami dade, Monroe,
Broward, and Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to
Save. THE TRIANGLE OF SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND
STRATEGIES TO FIND MONEY TO INVEST! The Five C’
s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE
DIFFERENCE WHEN AN INVESTOR DECIDES TO
INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF
IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO
NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE
YOU KNOW, THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator
Problems every investors should know about...
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL
FREEDOM, BECOME A RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial
success. Rule Of 72 is the most important and
simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million?
The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK
MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general information;
Local, State, and Federal.
Housing Finance Authority of Miami dade, Monroe,
Broward, and Palm Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to
Save. THE TRIANGLE OF SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND
STRATEGIES TO FIND MONEY TO INVEST! The Five C’
s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE
DIFFERENCE WHEN AN INVESTOR DECIDES TO
INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF
IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO
NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE
YOU KNOW, THE LESS YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator
Problems every investors should know about...
A home inspection is a non-invasive examination of the condition of a home, often
in connection with the sale of that home. This is carried out by a home inspector,
who usually has special equipment and training to carry out such inspections. A
home inspection report is then issued by the home inspector. Many home
inspectors use home inspection software.
An inspector will check the roof, basement, heating system, water heater,
air-conditioning system, structure, plumbing, electrical, and many other aspects of
buildings looking for improper building practices, those items that require
extensive repairs, items that are general maintenance issues, as well as some fire
and safety issues. Home owners or home buyers often use a home inspection
service before selling or buying their houses. A home inspector conducts a
thorough examination of a home to detect any potential systems or components
requiring attention. A home owner receives a detailed report of the condition of
his/her home so that he/she can plan for needed repairs and upgrades when it is
time to make them.
A home inspector is sometimes confused with a real estate appraiser. A home
inspector determines the condition of a structure, whereas an appraiser
determines the value of a property.
A home cannot "fail" an inspection, as there is no score or passing grade given. A
professional home inspection is an examination of the current condition of a
house. It is not an appraisal. It is not a municipal inspection, which verifies local
building code code compliance. A home inspector, therefore, will not pass or fail a
house, but rather describe its physical condition and indicate what components
and systems may need a major or minor repair or replacement.
---------------------------------------------------------------------KNOWLEDGEFINANCIAL.COM
HOME INSPECTION
In Canada and the United States, a contract to purchase a house will often include
a contingency that the contract is not valid until a home inspector has inspected
the property (and the contract will usually provide for how problems found in
inspection are to be remedied). In many states and provinces, home inspectors are
required to be licensed, but in many states the profession is not regulated at all.
Typical requirements for obtaining a license are to complete an approved training
course and/or to pass an examination selected by the state's licensing board.
Several states and provinces also require inspectors to periodically obtain
continuing education credits in order to renew their licenses.
in connection with the sale of that home. This is carried out by a home inspector,
who usually has special equipment and training to carry out such inspections. A
home inspection report is then issued by the home inspector. Many home
inspectors use home inspection software.
An inspector will check the roof, basement, heating system, water heater,
air-conditioning system, structure, plumbing, electrical, and many other aspects of
buildings looking for improper building practices, those items that require
extensive repairs, items that are general maintenance issues, as well as some fire
and safety issues. Home owners or home buyers often use a home inspection
service before selling or buying their houses. A home inspector conducts a
thorough examination of a home to detect any potential systems or components
requiring attention. A home owner receives a detailed report of the condition of
his/her home so that he/she can plan for needed repairs and upgrades when it is
time to make them.
A home inspector is sometimes confused with a real estate appraiser. A home
inspector determines the condition of a structure, whereas an appraiser
determines the value of a property.
A home cannot "fail" an inspection, as there is no score or passing grade given. A
professional home inspection is an examination of the current condition of a
house. It is not an appraisal. It is not a municipal inspection, which verifies local
building code code compliance. A home inspector, therefore, will not pass or fail a
house, but rather describe its physical condition and indicate what components
and systems may need a major or minor repair or replacement.
---------------------------------------------------------------------KNOWLEDGEFINANCIAL.COM
HOME INSPECTION
In Canada and the United States, a contract to purchase a house will often include
a contingency that the contract is not valid until a home inspector has inspected
the property (and the contract will usually provide for how problems found in
inspection are to be remedied). In many states and provinces, home inspectors are
required to be licensed, but in many states the profession is not regulated at all.
Typical requirements for obtaining a license are to complete an approved training
course and/or to pass an examination selected by the state's licensing board.
Several states and provinces also require inspectors to periodically obtain
continuing education credits in order to renew their licenses.
HOME INSPECTION PART ONE: WHAT TO KNOW, WHAT TO LOOK FOR IN A FINAL WALK THROUGH BEFORE BUYING?
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE?
--------------------------------------------------
HOME INSPECTION PART TWO: What to Ask During Home Inspection... Ten Important Questions to Ask Your Home
Inspector. .. How to Interpret Home Inspection Reports?
-----------------------------------------------------
HOME INSPECTION PART THREE: A home inspection is a non-invasive examination of the condition of a home, often in
connection with the sale of that home
How to look for a good home inspector? How to get the best out of a home inspection?
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE?
--------------------------------------------------
HOME INSPECTION PART TWO: What to Ask During Home Inspection... Ten Important Questions to Ask Your Home
Inspector. .. How to Interpret Home Inspection Reports?
-----------------------------------------------------
HOME INSPECTION PART THREE: A home inspection is a non-invasive examination of the condition of a home, often in
connection with the sale of that home
How to look for a good home inspector? How to get the best out of a home inspection?
| HOME INSPECTION PART ONE: WHAT TO KNOW, WHAT TO LOOK FOR IN A FINAL WALK THROUGH BEFORE BUYING? HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE? -------------------------------------------------- HOME INSPECTION PART TWO: What to Ask During Home Inspection... Ten Important Questions to Ask Your Home Inspector. .. How to Interpret Home Inspection Reports? ----------------------------------------------------- HOME INSPECTION PART THREE: A home inspection is a non-invasive examination of the condition of a home, often in connection with the sale of that home How to look for a good home inspector? How to get the best out of a home inspection? |
..RICH GUIDE, WHY AREN'T RICH?
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A
RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial success. Rule Of 72 is
the most important and simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million? The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general information; Local, State, and
Federal.
Housing Finance Authority of Miami dade, Monroe, Broward, and Palm
Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to Save. THE TRIANGLE OF
SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES TO FIND
MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE WHEN AN
INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS
YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems every
investors should know about...
...REAL ESTATE MARKET: TODAY'S GREAT
DEALS FOR FIRST-TIME HOME-BUYERS & FOR
EVERYONE AS NEVER SEEN BEFORE!
WONDERFUL OPPORTUNITY TO CREATE
TREMENDOUS AMOUNT OF WEALTH...
BUILDING FINANCIAL WEALTH, OBTAIN FINANCIAL FREEDOM, BECOME A
RICH PERSON; YES YOU CAN...
..RULE OF 72: The compound interest and financial success. Rule Of 72 is
the most important and simple rule of financial success.
..MILLIONAIRE: How To Make Your First $1 Million? The Millionaire's Mindset
..FORTUNE: BEFORE INVESTING IN THE STOCK MARKET LEARN THIS FIRST!...
..GOVERNMENT: Government's general information; Local, State, and
Federal.
Housing Finance Authority of Miami dade, Monroe, Broward, and Palm
Beach County
..EMPIRE: THE ABC's OF INVESTMENTS, Ways to Save. THE TRIANGLE OF
SUCCESS...
..INVESTORS: CREATIVE FINANCING:
TOP 10 CREATIVE FINANCING TECHNIQUES AND STRATEGIES TO FIND
MONEY TO INVEST!
The Five C’s of Credit: LEARN MORE..
CREATIVE FINANCE CAN AND WILL MAKE ALL THE DIFFERENCE WHEN AN
INVESTOR DECIDES TO INVEST IN REAL ESTATE...
..HOME INSPECTION: HOW TO GET THE BEST OUT OF IT..
Top 10 home-buying mistakes to avoid!
HOW TO USE HOME INSPECTION REPORTS TO NEGOTIATE SALE PRICE?...
...ACCOUNTING: The Basics of Accounting...
...TAXES: THE FUNDAMENTAL OF TAXES. THE MORE YOU KNOW, THE LESS
YOU PAY...
...ANALYTICS: Top 9 Real Estate Financial Calculator Problems every
investors should know about...
...REAL ESTATE MARKET: TODAY'S GREAT
DEALS FOR FIRST-TIME HOME-BUYERS & FOR
EVERYONE AS NEVER SEEN BEFORE!
WONDERFUL OPPORTUNITY TO CREATE
TREMENDOUS AMOUNT OF WEALTH...
| Ways Buyers Can Compete With Real Estate Investors You might not have the all-cash trump card that lots of investors play, but that doesn’t mean being a homebuyer doesn’t come with its own set of advantages. Competing with real estate investors can be tough, but you can do it — and you can even win. Real estate investors are focused on trying to score a great deal (not finding their dream home), so although they frequently make those superattractive all-cash proposals, they may also come in with a lowball bid. |
Here are seven proven ways to beat out
the investors
1. Put in a strong offer
The most basic way to win a bidding war is to offer more money.
“Cash buyers are always looking to get into a property at lower-
than-asking prices,” “Buyers competing with cash investors have
to come in with strong offers at asking price, and perhaps slightly
over asking price.”
2. Don’t skimp on the earnest money
“Earnest” might be an old-fashioned way of saying “serious,” but
the concept it represents — of putting your money where your
mouth is — is timeless. Earnest money, which you put into an
escrow account right after signing the purchase agreement,
signals to the seller that you’re serious about buying the house —
and that you won’t back out.
Investors often don’t put down earnest money; they hate tying up
funds because they’re likely to have lots of deals happening at
once. So how much earnest money puts you ahead?
“Generally, the safe bet is 1% of the purchase price; $500 sends
the message you don’t have [much] money,” says Joshua Jarvis, a
Georgia agent. Many buyers offer up to 3%, depending on the area.
3. Get a preapproval or (even better) a pre-
underwriting letter
Being preapproved for a loan, if you’re competing with an all-cash
buyer, is practically a requirement if you want the seller to
consider your bid. A preapproval letter is a statement from your
lender that you are approved to borrow a certain amount of money.
But you can kick up the preapproval a notch by presenting a
personalized letter instead
“This means that the mortgage adviser talks about what great folks
you are and includes information that would not apply to other
buyers.”
There’s also a way to take this process to Buzz Lightyear’s favorite
place: infinity and beyond! Do so by getting a pre-underwriting
letter (or a conditional approval), a more thorough vetting process
than preapproval.
While preapproval involves checking income, bank statements,
proof of down payment funds, and credit history, pre-underwriting
also reviews all the documentation required to get the deal done.
“A conditional approval is the closest offer to cash. If you’re a
poker player, it’s the second-best hand to have,”
Buyers with a pre-underwriting approval are in the same position
as all-cash buyers as far as the seller is concerned, including
being able to close fast, since they’ve already gone through the
detailed mortgage process.
“What attracts sellers to an all-cash offer is the speed to close. At
the end of the day, the seller receives a wire transfer in their bank
account. There’s no duffle bag of cash with an all-cash offer,”
4. Personalize your offer
This move falls under the category of it couldn’t hurt. And since
this strategy costs you nothing, go ahead and tap into the seller’s
emotional ties to the house. “Many sellers are very sentimental
about their homes,”
“They raise their families there, they fix it up, and they love it.” So
bring out your inner Hemingway and let the seller know how you
and your family will enjoy the home.
“A well-written narrative can put you ahead of other offers in many
circumstances.”
5. Waive the financing-contingency clause
This clause allows buyers to walk away from the deal if they don’t
get the loan or if the appraisal comes in below the offer.
If you waive the financing clause, you’ll grab a seller’s attention.
Getting a preapproval or pre-underwriting letter helps you “be
more confident in your financing terms,”
. “All the risk [would then be] on the appraisal only.” Be prepared
to lose money with this option, though. Choose it only if you don’t
mind losing your deposit or paying more — possibly much more
than the home is worth.
6. Remove (or at least reduce) the inspection
contingency
Cash investors often buy a property as-is. That’s because they’ve
probably bought homes before — lots of times. They know what to
look for, and if they’re planning to buy a fixer-upper to flip as an
investment, they’ve already budgeted for repairs.
“[Removing the inspection] tells the seller that the accepted offer
from the buyer will go into escrow and, therefore, close escrow
quicker,”
To compete with that, work with your agent to shorten the
inspection period. “If an agent has an inspector that they use a lot,
they may get an appointment lined up while writing the offer,” says
Mark Charlesworth, a Portland, OR, agent. But don’t waive the
inspection altogether. It’s just not worth the risk.
7. Be flexible with the possession date
When an investor wants a property, they usually want it right away.
But you can be more flexible. “Sellers are often nervous about
where, when, and how they will find a replacement property,” says
Charlesworth. “Give them some time to rent back the property so
that they can find a new home. Investors hate that!”
- See more at: http://www.trulia.com/blog/7-ways-buyers-can-
compete-with-real-estate-investors/#sthash.P6vNk27H.dpuf
the investors
1. Put in a strong offer
The most basic way to win a bidding war is to offer more money.
“Cash buyers are always looking to get into a property at lower-
than-asking prices,” “Buyers competing with cash investors have
to come in with strong offers at asking price, and perhaps slightly
over asking price.”
2. Don’t skimp on the earnest money
“Earnest” might be an old-fashioned way of saying “serious,” but
the concept it represents — of putting your money where your
mouth is — is timeless. Earnest money, which you put into an
escrow account right after signing the purchase agreement,
signals to the seller that you’re serious about buying the house —
and that you won’t back out.
Investors often don’t put down earnest money; they hate tying up
funds because they’re likely to have lots of deals happening at
once. So how much earnest money puts you ahead?
“Generally, the safe bet is 1% of the purchase price; $500 sends
the message you don’t have [much] money,” says Joshua Jarvis, a
Georgia agent. Many buyers offer up to 3%, depending on the area.
3. Get a preapproval or (even better) a pre-
underwriting letter
Being preapproved for a loan, if you’re competing with an all-cash
buyer, is practically a requirement if you want the seller to
consider your bid. A preapproval letter is a statement from your
lender that you are approved to borrow a certain amount of money.
But you can kick up the preapproval a notch by presenting a
personalized letter instead
“This means that the mortgage adviser talks about what great folks
you are and includes information that would not apply to other
buyers.”
There’s also a way to take this process to Buzz Lightyear’s favorite
place: infinity and beyond! Do so by getting a pre-underwriting
letter (or a conditional approval), a more thorough vetting process
than preapproval.
While preapproval involves checking income, bank statements,
proof of down payment funds, and credit history, pre-underwriting
also reviews all the documentation required to get the deal done.
“A conditional approval is the closest offer to cash. If you’re a
poker player, it’s the second-best hand to have,”
Buyers with a pre-underwriting approval are in the same position
as all-cash buyers as far as the seller is concerned, including
being able to close fast, since they’ve already gone through the
detailed mortgage process.
“What attracts sellers to an all-cash offer is the speed to close. At
the end of the day, the seller receives a wire transfer in their bank
account. There’s no duffle bag of cash with an all-cash offer,”
4. Personalize your offer
This move falls under the category of it couldn’t hurt. And since
this strategy costs you nothing, go ahead and tap into the seller’s
emotional ties to the house. “Many sellers are very sentimental
about their homes,”
“They raise their families there, they fix it up, and they love it.” So
bring out your inner Hemingway and let the seller know how you
and your family will enjoy the home.
“A well-written narrative can put you ahead of other offers in many
circumstances.”
5. Waive the financing-contingency clause
This clause allows buyers to walk away from the deal if they don’t
get the loan or if the appraisal comes in below the offer.
If you waive the financing clause, you’ll grab a seller’s attention.
Getting a preapproval or pre-underwriting letter helps you “be
more confident in your financing terms,”
. “All the risk [would then be] on the appraisal only.” Be prepared
to lose money with this option, though. Choose it only if you don’t
mind losing your deposit or paying more — possibly much more
than the home is worth.
6. Remove (or at least reduce) the inspection
contingency
Cash investors often buy a property as-is. That’s because they’ve
probably bought homes before — lots of times. They know what to
look for, and if they’re planning to buy a fixer-upper to flip as an
investment, they’ve already budgeted for repairs.
“[Removing the inspection] tells the seller that the accepted offer
from the buyer will go into escrow and, therefore, close escrow
quicker,”
To compete with that, work with your agent to shorten the
inspection period. “If an agent has an inspector that they use a lot,
they may get an appointment lined up while writing the offer,” says
Mark Charlesworth, a Portland, OR, agent. But don’t waive the
inspection altogether. It’s just not worth the risk.
7. Be flexible with the possession date
When an investor wants a property, they usually want it right away.
But you can be more flexible. “Sellers are often nervous about
where, when, and how they will find a replacement property,” says
Charlesworth. “Give them some time to rent back the property so
that they can find a new home. Investors hate that!”
- See more at: http://www.trulia.com/blog/7-ways-buyers-can-
compete-with-real-estate-investors/#sthash.P6vNk27H.dpuf
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Your Home Inspection Checklist
Buying a house is probably the biggest purchase you'll ever make, so it's important to be sure your potential new home has
a proper home inspection before you sign the papers. Getting a qualified home inspector can be an important first step.
A home inspector is a qualified professional who visually inspects the structure and components of a home and looks for
any immediate or potential problems. They provide a written report to you with a description of problem areas and may also
include recommendations for further evaluation.
You can go over the report with your real estate agent to decide how the results may affect the purchase of your potential
home.
What They Inspect
Home inspection requirements vary greatly from state to state, but the American Society of Home Inspectors (ASHI) has a
Standards of Practice page that outlines minimum and uniform standards that you should expect from an inspection. They
include the following:
Structural elements. Construction of visible foundation; evidence of sagging or bowing of the structure; and window
alignment.
Grounds. Leaks from septic tank; proper drainage; and condition of driveways, fences, and sidewalks.
Roof. Condition of shingles; any repairs/patches to flat roofs; clear vents; damage to chimneys; and properly working
gutters.
Exterior surfaces. Correct clearance between ground and siding material; condition of exterior paint or siding; and properly
working lights and electrical outlets.
Attic. Sufficient insulation; proper ventilation; and any sign of leaking or water damage.
Interior plumbing. No damaged or leaking pipes; proper hot water temperature; and functioning toilets, sinks, bathtubs, and
showers.
Electrical system. Up-to-code condition and type of visible wiring, and proper function of circuit breakers, outlets, light
fixtures, and fans.
Appliances. Proper function of stove, dishwasher, refrigerator, microwave, washer and dryer, and all other appliances.
Heating and cooling systems. Condition of furnace, air conditioning (temperature permitting), water heater, chimney, and
fireplace.
Basement. Solid foundation, walls, and floors, with no signs of water intrusion or damage.
Garage. Solid foundation, windows, ceiling, framing, and roof; working garage door opener; up-to-code electrical system;
and proper function of outlets.
What They Don't Inspect
Again, while there is variation of what home inspectors look for, there are areas that are generally not covered by a home
inspection. If you suspect any problems or concerns in the following areas, you may want to schedule an evaluation by a
certified specialist:
Pest control
Swimming pools
Asbestos
Radon gas
Lead paint
Toxic mold
Finding a Home Inspector
Be sure you are comfortable with your choice of home inspector. They are extremely important and can help you detect and
avoid major pitfalls in the home buying process.
Talk to your real estate professional. They may be able to recommend a home inspector that they have worked with in the
past and trust.
Ask friends and family. If you know anyone who has recently gone through the home buying process, they may have a good
recommendation.
Looks for accredited affiliations.
Consumers should look for an inspector who has an affiliation with groups such as National Association of Home
Inspectors, the National Institute of Building Inspectors, the American Society of Home Inspectors, and the International
Society of Certified Home Inspectors. These are some of the most reputable inspector associations, and their Web sites have
a "find an inspector" service to locate a member in your area.
Making a major purchase such as a house requires a dedicated team. Besides your real estate professional and lender, a
home inspector is critical to helping make sure you are covered. Be sure to educate yourself about the process and find a
home inspector you can trust.
Buying a house is probably the biggest purchase you'll ever make, so it's important to be sure your potential new home has
a proper home inspection before you sign the papers. Getting a qualified home inspector can be an important first step.
A home inspector is a qualified professional who visually inspects the structure and components of a home and looks for
any immediate or potential problems. They provide a written report to you with a description of problem areas and may also
include recommendations for further evaluation.
You can go over the report with your real estate agent to decide how the results may affect the purchase of your potential
home.
What They Inspect
Home inspection requirements vary greatly from state to state, but the American Society of Home Inspectors (ASHI) has a
Standards of Practice page that outlines minimum and uniform standards that you should expect from an inspection. They
include the following:
Structural elements. Construction of visible foundation; evidence of sagging or bowing of the structure; and window
alignment.
Grounds. Leaks from septic tank; proper drainage; and condition of driveways, fences, and sidewalks.
Roof. Condition of shingles; any repairs/patches to flat roofs; clear vents; damage to chimneys; and properly working
gutters.
Exterior surfaces. Correct clearance between ground and siding material; condition of exterior paint or siding; and properly
working lights and electrical outlets.
Attic. Sufficient insulation; proper ventilation; and any sign of leaking or water damage.
Interior plumbing. No damaged or leaking pipes; proper hot water temperature; and functioning toilets, sinks, bathtubs, and
showers.
Electrical system. Up-to-code condition and type of visible wiring, and proper function of circuit breakers, outlets, light
fixtures, and fans.
Appliances. Proper function of stove, dishwasher, refrigerator, microwave, washer and dryer, and all other appliances.
Heating and cooling systems. Condition of furnace, air conditioning (temperature permitting), water heater, chimney, and
fireplace.
Basement. Solid foundation, walls, and floors, with no signs of water intrusion or damage.
Garage. Solid foundation, windows, ceiling, framing, and roof; working garage door opener; up-to-code electrical system;
and proper function of outlets.
What They Don't Inspect
Again, while there is variation of what home inspectors look for, there are areas that are generally not covered by a home
inspection. If you suspect any problems or concerns in the following areas, you may want to schedule an evaluation by a
certified specialist:
Pest control
Swimming pools
Asbestos
Radon gas
Lead paint
Toxic mold
Finding a Home Inspector
Be sure you are comfortable with your choice of home inspector. They are extremely important and can help you detect and
avoid major pitfalls in the home buying process.
Talk to your real estate professional. They may be able to recommend a home inspector that they have worked with in the
past and trust.
Ask friends and family. If you know anyone who has recently gone through the home buying process, they may have a good
recommendation.
Looks for accredited affiliations.
Consumers should look for an inspector who has an affiliation with groups such as National Association of Home
Inspectors, the National Institute of Building Inspectors, the American Society of Home Inspectors, and the International
Society of Certified Home Inspectors. These are some of the most reputable inspector associations, and their Web sites have
a "find an inspector" service to locate a member in your area.
Making a major purchase such as a house requires a dedicated team. Besides your real estate professional and lender, a
home inspector is critical to helping make sure you are covered. Be sure to educate yourself about the process and find a
home inspector you can trust.