Feb
03

Q&A: Home Inspection?

Question by lvsgal86: Home Inspection?
How much does in cost to get a basic home inspection on a house that is about 1400 sq ft?

Varies by area $ 250-350 for one. .

Know better? Leave your own answer in the comments!

Feb
02

Anyone know any sites where I could meet real estate buying partners?

Question: Anyone know any sites where I could meet real estate buying partners?
I want to start investing in real estate properties but I can’t afford to do it by myself. I’m looking for a site where people can get together for joint ventures and if there plans are similar (looking in same area, price etc) they considering buying the property together.

Best answer:

Entering into a joint venture with strangers is not a very good idea. Strangers could bail and leave you holding the bag to make mortgage payments and who knows what else, and yet they could still demand profits while not sharing any expenses, mortgage payments, ect.

Add your own answer in the comments!

Feb
01

Home inspection tips?

Question by Jennifer: Home inspection tips?
I am about to do a home inspection on a  property and was just wondering what could be some major issues that I should lookout for in the house I want to buy.

Thanks!




Any major renovations to the property?

Are there any uncompleted renovations or repairs needed?

Are there receipts/warranties/guarantees provided by repair contractors for the renovations done?

Pest control clearance provided?

Roofing
Indications of roof leakage?

Gutters and downspouts secure?

Signs of roof surface, flashings, vent or chimney damage?

Exterior
Evidence of cracks, paint peeling or other visible defects?

Trip hazards, cracking in the walkways, driveway or steps?

Plants/vegetation growing on the exterior of the home?

Stairway, deck, porch and other railings secure?

Cracks or indications of retaining wall failure?

Signs of inadequate surface drainage?

Openings into the building at trim, flashings, chimneys, etc.?

Signs of soil movement around perimeter of the home?

Basement
Are all accessible areas dry?

Are there any indications of current or prior water damage?

If there is a sump pump, is it operational?

Indications of foundation cracking or movement?

Musty odors or signs of mold or mildew?

Interior
Stains, cracks or damage to interior walls, ceilings or floors

Cracked or broken windows?

Windows and window latches operate properly?

Doors and door latches operate properly?

Stains or leaks at kitchen, bathroom or laundry sinks?

Interior staircases have safe, secure handrails?

Smoke alarms in hallways, on each floor, in each bedroom?

Kitchen and Bathrooms
Are all appliances functional?

Cabinets, countertops, sinks or floors damaged?

Water Pressure is ok at sinks, shower and tub spout?

Any sign of water leaks under sinks?

Are all ceramic tile floors and wainscoting intact and well grouted?

Garage
Garage door functional?

Automatic door opener reverse properly?

Indications of dampness or mildew?

Electrical
All light fixtures operational?

All electrical outlets functional?

All smoke detectors provided and functional?

Doorbell operational?

GFCI outlets in kitchen, bathrooms, exterior and garage?

GFCI devices functional?

Any visible dangling or exposed wiring?

Extension, lamp cord, or zip cord used as permanent wiring?

Plumbing
Adequate water flow at fixtures and drains?

Faucet or drain pipe leaks?

Adequate water pressure?

Ample hot water provided?

Clothes washer and dryer functional?

Water heater adequately strapped?

Water heater has popper pressure/temperature relief?

Heating/Cooling
System functional?

Serviced recently?

Is there adequate heat/cooling distribution to each room?

Are there large differences in temperature between different rooms?

Fireplace
Safety check on older fireplaces and chimneys?

Last time serviced?

Dampers operational?

Fire boxes need repair?

Spark arrestor and rain cap installed?

Further, I would visit the house on a rainy day of you can. Look for water puddles on the lot, any drainage concerns, and see if you can get in the attic as well. Look for any truss or sheathing discoloration – anything black is not good – that is an indicator of mold.

Good luck!

Give your answer to this question below!

Feb
01

Buying a home can be a confusing process for first time buyers

Buying a home can be a confusing process for first time buyers. 

Buying a home can be quite stressful if you have limited budget. You will need to find a home that fits your needs and budget and invest money for the down payment on the mortgage and closing costs.

Before buying your a home, you should learn what it takes to buy a home from its location to mortgage payment .

Learning the right tips could save you from spending money on the wrong things.  The best first step you can make is to get a professional real estate agent at Nance & Associates, Realtors to assist you in finding a great home at a reasonable price.

Small does not mean it is cheap when it come to buying a home. 

Be realistic

Decide what you are looking for in a home and then find out if they are obtainable in your budget.

Some tips to help you get more house for your money

Find a fixer upper.

 Try fixing things and do some small projects yourself,  it can save you a lot of money. Doing some small improvements may add to your resale value.

It is important to select a home situated in a nice neighborhood of larger homes.  When your think of reselling your home your neighborhood is a big part of marketability.

Buying a home is the first step to your dream home. It is important to take your time and consider the different options available to you.

Jan
31

Nice Home Buying photos

Some cool Home buying images:

Housewife in the Kitchen of Her Mobile Home in One of the Trailer Parks…
Home buying

Image by The U.S. National Archives
Original Caption: Housewife in the Kitchen of Her Mobile Home in One of the Trailer Parks. The Two Parks Were Created in Response to Workers Who Arrived for Jobs in the Town’s Manufacturing Plant Which Opened Since the 1950’s. The Town Population Was Stable at 8 to 9,000 During the First Half of the Century, Then Climbed to 13,051 in the 1970 Census. New Ulm Was Founded in 1854 by a German Immigrant Land Company. It Is Located in South Central Minnesota

U.S. National Archives’ Local Identifier: 412-DA-15848

Photographer: Villalobos, Horacio

Subjects:
New Ulm (Brown county, Minnesota, United States) inhabited place
Environmental Protection Agency
Project DOCUMERICA

Persistent URL: http://arcweb.archives.gov/arc/action/ExternalIdSearch?id=558298

Repository: Still Picture Records Section, Special Media Archives Services Division (NWCS-S), National Archives at College Park, 8601 Adelphi Road, College Park, MD, 20740-6001.

For information about ordering reproductions of photographs held by the Still Picture Unit, visit: www.archives.gov/research/order/still-pictures.html

Reproductions may be ordered via an independent vendor. NARA maintains a list of vendors at www.archives.gov/research/order/vendors-photos-maps-dc.html

Buy copies of selected National Archives photographs and documents at the National Archives Print Shop online: gallery.pictopia.com/natf/photo/

Access Restrictions: Unrestricted
Use Restrictions: Unrestricted

Resident of One of the Two Mobile Home Parks, Washes His Truck…
Home buying

Image by The U.S. National Archives
Original Caption: Resident of One of the Two Mobile Home Parks, Washes His Truck. The Trailer Parks Were Created in Response to Workers Who Arrived for Jobs in the Town’s Manufacturing Plants Which Opened Since the 1950’s. These Newcomers Reflect the Cultural Influence of the Germanic Penchant for Neatness and Order Even Though They Are Not of Ethnic German Origin. The Town Was Founded in 1854 by a German Immigrant Land Company

U.S. National Archives’ Local Identifier: 412-DA-15847

Photographer: Villalobos, Horacio

Subjects:
New Ulm (Brown county, Minnesota, United States) inhabited place
Environmental Protection Agency
Project DOCUMERICA

Persistent URL: http://arcweb.archives.gov/arc/action/ExternalIdSearch?id=558297

Repository: Still Picture Records Section, Special Media Archives Services Division (NWCS-S), National Archives at College Park, 8601 Adelphi Road, College Park, MD, 20740-6001.

For information about ordering reproductions of photographs held by the Still Picture Unit, visit: www.archives.gov/research/order/still-pictures.html

Reproductions may be ordered via an independent vendor. NARA maintains a list of vendors at www.archives.gov/research/order/vendors-photos-maps-dc.html

Buy copies of selected National Archives photographs and documents at the National Archives Print Shop online: gallery.pictopia.com/natf/photo/

Access Restrictions: Unrestricted
Use Restrictions: Unrestricted

Jan
30

9 Tips on Buying a Home

A mortgage bankers give 9 tips on buying a home.

Jan
29

Real estate agent fees when buying a foreclosure?

Question: Real estate agent fees when buying a foreclosure?
I’m a first time home buyer and I’m trying to learn some of the basics of the home buying process. I’m thinking of finding a real estate agent. However, I  want to know if  Iwould have to sign one of those exclusivity contracts and, if I were to buy a foreclosed home, where would their comission come from?

Best answer:

 

Exclusive right to represent buyers agreements have been gaining momentum recently. I don’t use them very much.  I believe that if an agent is good at their job as a real estate professional the client will stick with you because they trust you not because they are legally obligated. There is another side to this is that Real estate agents get stuck working for free way too often by agent jumping buyers that contact  every Real estate agent in a 50 mile radius.

The real estate commission would come from the sellers.  Real estate commisions are incorporated into the purchase price of the home. The real estate commission is set by the homes seller.

What do you think? Answer below!

Dec
28

How can we buy a home?

Question by Amy: How can we buy a home?
My boyfriend and I are interested in buying a home. I have good credit, and he has so-so credit. He makes the majority of the household income. I work part-time. Is there a way we can purchase a home together?

Answer:

It’s definitely a good time to buy with the combination of low interest rates and home prices.

Credit is a big factor when looking to get a home loan.  A lot of buyers today have tarnished credit because of the recovering economy. You should have a Mortgage Professional evaluate the credit and employement history of  the both of you to see if buying a home right now is possible. If not, the Mortgage Professional may be able to refer you to a reputable credit counseling company that can help you get on the right track.

Give your answer to this question below!

Dec
13

How important is your credit score when attempting to purchase a house?

Purchase house
by wallyg

Question: How important is your credit score when attempting to purchase a house?
I want to purchase a home with the lowest down payment required. My credit score however isn’t that great. My finances have now bounced back and I have been paying-off collections, ect.    My credit score is kinda low due to my past. Step by step, what should I do?

Best answer:

With tarnished credit your best choice would be an FHA loan. FHA requires a 3.5% of the sales price as down payment. FHA still does not require a minimum credit score. But individual lenders Do!Most are sticking with 580+. Some are going as low as 500, but require a higher down payment.  Assuming that you have not had a foreclosure or bankruptcy within-in the past 2.5 years. To get started Pay-off any judgments and/or collection. Try to pay down some lines of credit (Credit Cards). Do not confuse paying down or paying-off with closing the account. One factor that determines your credit score is the number of lines of credit you have and how long they have been open. Bring any ongoing monthly expenses (Insurance, utilities, etc.) current. Taking those steps should bring your credit score up. 

In the State of Virginia there is a program called the VHDA/FHA Plus that is designed for first-time home buyers or for people who have not owned a home for at least 3 years.                           The qualifying ratios are a little tighter than regular FHA but you can buy with No Money Down.

Your credit score needs to be at least 620+. No recent late-payments, judgments and/or collection. If you have some old judgments and/or collections pay them off!

This program is a collaborative effort between VHDA (Virginia Housing and Development Authority) & FHA (Federal Housing Administration). The 1st trust is an FHA loan for 96.5% of the sales price and the 2nd trust is a loan for 3.5% of the sales price. Unlike the no money down Arm’s of years past. These are fixed rate loans that have interest rates that are competitive with ordinary FHA loans  that require 3.5% in downpayment.  

National Association of Realtors

 

Know better? Leave your own answer in the comments!

Sep
25

Are Lease Purchases an alternative way to purchase a home?

HouseIn the present real estate market, a new trend in the form of lease purchase agreement has been gaining momentum over more conventional home buying methods.

There are numerous reasons why some potential home buyers are trying  to go this way.

Some people may have been transferred from another State and want to feel the pride of homeownership. Others may have tarnished credit or lack the funds for a true downpayment.

If you want to find out whether this sort of  home purchasing method will suit your individual requirements, you need to understand  what are the actual implication of entering into this type of real estate agreement.

A brief overview is outlined in the following paragraphs that will give some basic knowledge of the process.

Before signing a lease purchase agreement, you must understand what are the implications of such an agreement.

This form of real estate contract is a combination of a lease and a purchase. Meaning that you are renting the property from the property’s owner with the intention to buy it. What makes it different from just renting is that you may have given additional consideration (money) to your landlord for the option of buying the property. You must make sure you have a very well written lease purchase agreement that specificly lists your rights and obligations. Simply paying your landlord for the option to purchase the home without any form of contract will likely lead to loosing your money to an unscrupulous landlord.  

One additional benefit of this type of purchase is that it can give you first hand experience at being a homeowner.

As an aspiring homeowner who is willing to try to purchase a home using a lease purchase agreement, you need be be fully aware of all specific responsibilities involved in your contract.

You need know about all the terms and conditions that are mentioned in your agreement.

  • You must know what are the penalties for a late payment.
  • Who is responsibe for repairs, routine maintenance.
  • Any fees in additional to your monthly “Rent”.  

Please be aware that most  lease purchase agreement have the leasee paying for repairs and maintenance to the property.