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home inspections: Buying a house costs MONEY?? Really? - 08/05/09 05:20 AM
During the recent downturn in the real estate market it became commonplace - at least in my little part of the world - for Sellers to kick some money toward the Buyer's closing costs.  So, as it turns out, if the Buyer could scrape together the 3.5% for a down payment (assuming an FHA mortgage), the other costs like State and County transfer and recordation fees, lender fees, title company fees, hazard insurance premiums, prepaids like interest and the like would be paid for out of the Seller's proceeds at settlement.
This is wonderful news for the Buyers because it means … (5 comments)

home inspections: A Kinder, Gentler FHA Appraisal...Not - 05/06/09 06:18 AM
For some of us who can remember the days when FHA mortgages were to be avoided like the plague it almost seems like a quaint notion that Sellers and Buyers didn't have to worry about appraisers coming in behind home inspectors to do a home inspectors job.  The FHA, it seems, wants its appraisers to hunt down "health and safety" issues in addition to their regular job which is simply to ascertain value for the mortgage company or bank.
This may be all to the good in a "normal" market. When the market is a hot Seller's market, no one touches … (16 comments)

home inspections: Appraisals and Inspections - 01/22/09 08:02 PM
Many of my clients get a little confused between the meaning and importance of an appraisal and an inspection.
The inspection usually comes first.  In my experience, sometime within 7 - 10 days of the fully executed contract of sale.  The Buyer pays for the inspection so they get to choose who the inspector will be.  Sure, it would be nice if the Realtor got to choose or if the Seller got to choose but the plain fact is if the Buyer has a brother-in-law that will give the house a once over, that's the way it is.
The inspection is … (9 comments)

home inspections: Thank You, Mr. & Mrs. Buyer For Paying For The Inspection - 01/16/09 06:34 PM
A few posts ago, I wrote about one of my listings going under contract soon after the settlement of another of my listings.  I was pretty excited and thought I was on a bit of a roll.  Maybe too excited.
I forgot my primo rule - don't count the money until it's in the bank - otherwise known as "It ain't over 'til the Fat Lady sings!"
It turns out the buyers for this house wanted to do a home inspection.  Nothing wrong with that.  Inspections are good things.  Besides the house was in good shape,  A lot of upgrades.  Still … (67 comments)

home inspections: The Offer, the Inspection and the Money - 08/25/08 08:06 PM
In a recent post about Counting Chickens Before They're Hatched, I mentioned that I feeling pretty good about things until the inspection came along and had a lot of stuff on there that the Seller really hadn't expected.
Of course, the Seller had all their money tied up in the house and, to make matters even more interesting, the Sellers had moved out of the area and weren't planing on coming back.  So here we were with lots of little and not-so-little repair items, a Seller with no money (yet) and me facing the possibility of coordinating multiple  contractors to do … (9 comments)

home inspections: Counting Chickens Before They're Hatched - 08/19/08 08:37 PM
In this post, I was doing a little bragging about how if a house is priced right and in decent condition it'll receive multiple offers...even in this market!  I was feeling pretty proud of myself (and the Seller) for getting the house into decent showing condition and pricing it so aggressively that it couldn't be ignored.
Well, a good offer came through and everything was moving along until we got to the home inspection.  It seems that home inspector found lots and lots of stuff.  Some of it pretty minor, other stuff that are in the not-so-minor category.  The bottom line, … (8 comments)

home inspections: Inspections -- Should Sellers Just Roll Over? - 07/02/08 06:29 AM
Everyone knows we're in a "Buyer's Market".  Wonderful.  That means that buyers are not in competition with other buyers for the house they would like to purchase.  There is lots of choice.  Don't like this three bedroom Rambler?  How about this one two blocks away?  Don't like hardwood floors?  Howq about this one with carpet down the street?
All this is well and good.  The buyers get a good price on the houses, they usually get as much as an additional six percent in the way of a Seller Credit toward their closing costs (whatever happened to the buyers that had … (13 comments)