Category: Buyers

Posted in Buyers

Why You Need a Home Inspection

Posted on by Liz Walker

Avoid Unwelcome Surprises

A home inspection is an objective visual examination of the physical structure and systems of a home, from the roof to the foundation. If problems or symptoms are found, the inspector may recommend further evaluation.

WHY HAVE A HOME INSPECTION? The purchase of a home is probably one of the largest single investments you will make. It is important to know about any major repairs before you buy so that you can minimize unpleasant surprises and difficulties.

WHAT WILL MY HOME INSPECTION INCLUDE? The standard home inspector’s report will review the present condition of the home’s heating and cooling system, interior plumbing and electrical systems, the roof, attic and visible insulation, walls, ceilings, floors, windows, doors, the foundation, basement and visible structure. Most inspectors will provide you with an on-the-spot written report detailing their observations. The home inspector is usually contacted as soon as the Offer To Purchase has been accepted.

SCHEDULING A HOME INSPECTION:HOW LONG WILL AN INSPECTION TAKE? Most Offer contracts allow for 10-15 days from acceptance for the inspection contingency. A home inspection on an average size home will typically take from 2-3 hours. Large homes and any testing will add some time. Your inspector will recap the inspection with you and point out any areas of concern. Be sure to ask your home inspector, in advance, what type of report will be issued and when it will be provided to be sure you will be able to meet any contractual deadlines.

WHAT WILL A HOME INSPECTION COST? Most are in the $300-$500 range. If additional testing (such as testing for radon or lead basedpaint) is requested in your offer to purchase, there will be an additional cost.

Posted in Buyers

Buyers’ Mortgage Application Checklist

Posted on by Liz Walker

Items Needed to Expedite your Mortgage Application

APPLICATION FEE: This fee will cover the cost of appraisal, credit report and processing fee.

EMPLOYMENT: Social Security numbers, names, addresses of employers for the past two years, one month’s worth of pay stubs, last two year’s tax returns and W-2 forms.

SELF-EMPLOYMENT: Two years individual tax returns, two years corporate or partnership returns (if applicable), year-to-date profit & loss balance sheet.

SECONDARY INCOME: Retirement, disability, social security and income award letter.

RENTAL INCOME: Two years individual tax returns.

BANK ACCOUNTS: Most recent three months of statements (showing names, addresses and account numbers) for all checking, savings, CD’s, money markets, stocks and bonds, mutual funds and any other pertinent asset accounts.

OUTSTANDING CREDIT: Names, addresses and account numbers.

MORTGAGES: Lender address, account numbers, payment and loan balances.

LANDLORD: (If renting) Name, address and telephone number.

CONTRACTS: Accepted Offer to Purchase, counter offers, amendments, earnest money receipts, name of listing agent and number, name of selling agent and number.

FHA: Driver’s licenses, Social Security cards, legal description and preschool/child care expenses.

VETERANS: Certificate of Eligibility or DD214, preschool child care expenses.

DIVORCE DECREE: Decree and all amendments if making child support and/or alimony payments, and proof there is no arrearage. If receiving payments, provide statement from County Clerk of Courts showing regular receipt of payments for 24 month period. There will be a small fee charged for these services.