home inspection: FHA Mortgage Contingencies are OK These Days
- 10/28/22 01:47 PM
“Hi Joe,
I have gotten two calls from my real estate agent last week, that actually hasn’t happened in a while.
He tells me that there are a number of properties that are now available in my price range. He indicated that he has spoke to the listing agents, and they don’t see an issue with presenting FHA mortgage contingencies. As you well know, that has been a real problem in the last 12 months. In most cases I was basically told to not waste my time, apparently not the case any longer.
Can you run new numbers for me as I know … (1 comments)
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home inspection: “We Should Have Listened to You!”
- 08/09/22 01:10 PM
“I want to apologize to you as Jill and I were very foolish and now are paying for our stupidity. Not sure you would have any interest in speaking to us after we blew you off and did our mortgage with Bank of America, what a s*** show that was.
Our main problem, we purchased our home without a home inspection – I know I know you totally advised against it. You were pretty adamant and wanted us to at least have an inspection done and if there are any problems, we’d know what they were. We did not take your … (3 comments)
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home inspection: “Two Weeks of Negotiations on Home Inspection Issues Finally Got Resolved”
- 12/09/15 05:13 AM
“Two Weeks of Negotiations on Home Inspection Issues Finally Got Resolved”
Joe we have come to an agreement from inspection and we can look to set up appraisal......please send me an itemized list of the documents and or date of appraisal you need from me. TY
No one was comfortable moving forward with the appraisal after the home inspection came through with a number of issues, none of them small but finally there was an agreement.
The issue was that these two weeks slowed down the ordering of the appraisal so we put a rush on it. Unfortunately that means we won’t … (14 comments)
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home inspection: “Pre-Listing Home Inspections”
- 12/27/14 07:19 AM
“Pre-Listing Home Inspections”
Past clients of mine, contacted me to get preapproved, as they planned on selling their home and purchasing another. As we discussed the process, they let me know that their home could use some repairs, but weren’t sure how far they should go.
I advised them to have a home inspection do to get a better handle on what needed to be done. I referred them to someone I knew and trusted. They followed my advice and have the home inspection done, once completed they contacted me again. We discussed … (32 comments)
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home inspection: “Three Months After the Closing”
- 11/17/14 09:35 PM
“Three Months After the Closing”
Clients of mine moving into their home and shortly thereafter started getting sick for no obvious reason. More out of trust, they contacted me to tell me what was going on. They felt it had something to do with the home, but couldn’t see anything that looked suspicious.
I recommended they contact a company that tests for mold, the results were staggering. There was extensive mold in the interior walls in a number of rooms, but none currently showing visible that they would have been able to spot.
The home … (41 comments)
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home inspection: The For Sale by Owner Transactions, Always a Challenge
- 08/28/14 09:20 PM
“The For Sale by Owner Transactions, Always a Challenge” I received a call a few weeks ago from someone that was interested in selling her home to the current tenant. She wanted to know if I could get a mortgage done for the tenant. I told her I would be happy to speak to her tenant, even though 50% of the time, I end up wasting my time, so my odds of being able to do a mortgage in this transaction is not good. She told me they had agreed upon a price, but nothing else. I asked her … (25 comments)
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home inspection: “When Loans Take a Long Time to Close”
- 03/31/14 10:47 PM
“When Loans Take a Long Time to Close”
I just have this never give up mentality, it’s just part of my DNA. We have been working on this transaction for 5 months and there is now a light at the end of the tunnel. 5 months of work on a $105,000 loan, but the dollar amount doesn’t matter to any of us in our office. It is all about the mission. Here is a list of some of the challenges.
1) The home inspection had a number of issues that had to get worked out.
… (25 comments)
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home inspection: “Should a Home Inspection be done on a New Home?”
- 02/04/14 09:20 PM
“Should a Home Inspection be done on a New Home?” A client of mine was buying a home in a 55+ development. I have never really understood why they are labeled 55+, but I digress. Anyway prior to entering into the agreement she contacted me to get preapproved and wanted to get some general coaching, as she had only done a purchase once before and last time around she pretty much relied on her husband, who has since passed. One of the things I asked her about, did she need a referral for a home inspector. She asked me, … (33 comments)
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home inspection: “Some Purchase Agreements, Create Problems, Part 1”
- 01/02/14 10:26 PM
“Some Purchase Agreements, Create Problems, Part 1” INSURED WITH THE FOLLOWING ESCROW REPAIR ITEMS: Replace Doorbell (Wire currently exposed) 100.00 Replace Hot Water Baseboard Covers 200.00 Replace Outlet Covers 50.00 This clause was included in a purchase agreement that I received this morning. A clause like this may be OK between buyer and seller, but not with the lender. The loan will be a conventional mortgage with 5% down. There will be a home inspection, that I’m sure will bring up each item and an appraisal will do the same. Between, the clause in the purchase agreement, the … (23 comments)
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home inspection: “One of the Worst Home Inspections I have Ever Seen”
- 12/22/13 09:12 PM
One of the Worst Home Inspections I have Ever Seen The entire report was one page, hand written and NO real information, no photos, no nothing. Based on what the buyers told me, the home needed some work, but they were going to do this work once they owned the property. They told me that their real estate agent had recommended an inspector that wouldn’t make a big deal out of work that they would be doing in the future. I asked if they didn’t feel they should get someone reliable to make sure what they might not being … (33 comments)
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home inspection: “Home Inspector Mixed up Reports”
- 10/07/13 10:31 PM
“Home Inspector Mixed up Reports”
I got a panicked phone call from a client buying their first home. They indicated they were backing out on the purchase because the home was in pretty bad condition. I asked that they send me a copy of the report so that I could review it.
I didn’t get past the first page and realized it was the wrong address. I immediately called the client to explain what had happened. He said he had to get off the phone and call the Realtor back, as he had called to back out of … (62 comments)
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home inspection: “Home Inspection Done Before Listing the Property”
- 09/03/13 10:36 PM
“Home Inspection Done Before Listing the Property”
I have been flipping homes for many years and for many years we have had a home inspection done before putting the property on the market. As good as I believe we are, we can miss stuff, I would rather know before I have a buyer. In the long run it saves time and money.
Many clients of mine contact me when they are getting ready to sell their home, often to get a Realtor referral and to get preapproved for the purchase of a … (10 comments)
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home inspection: “Buying a Home in AS IS Condition”
- 08/19/13 03:38 AM
“Buying a Home in AS IS Condition” I received a purchase agreement that indicate the purchase was subject to a home inspection, but was being sold in “as is” condition. The inspection was done and there was a boat load of issues. The client called me telling me that they were going to withdraw from the contract, because of the home inspection. I asked why they weren’t going to make a counter proposal. They told me their Realtor said that wasn’t possible, because the contract. I recommended a totally different strategy. I recommended that they either ask that the … (19 comments)
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home inspection: “No Home Inspection Required”
- 08/01/13 09:16 PM
“No Home Inspection Required” Joan was referred by her co-workers, she was in the process of purchasing her family home. She had been caring for her mother and after her passing she and her 5 siblings agree that she would buy the home. The price had been agreed upon and the final piece was the mortgage. When I met with her, I asked her if she had a home inspection done? She asked why it was necessary and I immediately told her for her protection. She said she was buying the home from her brothers and sisters, but after … (50 comments)
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home inspection: A Home Inspection Before You Get Ready to Sell
- 01/29/13 09:44 PM
A Home Inspection Before You Get Ready to Sell
I read so many articles about what to do or how to prepare a home before getting it on the market. Most folks do a pretty good job, but many are surprised when a home inspector comes along and points out items that need to be repaired to a prospective home buyer. I have seen so many transactions fall apart as a result of a home inspection.
I have been flipping homes for a long time and a number of years ago, I started having a home inspection … (3 comments)
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home inspection: Why Does FHA Have an Anti-Flipping Rule?
- 12/11/12 03:09 AM
“Why Does FHA Have an Anti-Flipping Rule?”
Why on earth is the anti-flipping rule even in existence? It has no merit what so ever. What difference does it make how much money someone is going to make on a property or how quickly this happens, as long as there are two appraisal to insure that the buyer is getting good value and a home inspection to make sure the overall work was done correctly?
I have often expressed, that we are fortunate that the flippers took many properties in disrepair in all kinds of neighborhoods, invested their money … (7 comments)
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home inspection: A Home Inspection is an Absolute Must
- 10/22/12 10:39 PM
“A Home Inspection is an Absolute Must”
When a do a preapproval for clients, one of the discussions is about the home buying process and the importance of a home inspector. Most people understand, but from time to time I am asked why they need one. Very quickly they understand how important.
There are times that I have clients referred to me, that I would not have done a preapproval for and they already have a deposit on a property. Every once and a while, the purchase agreement indicates no inspections.
I never understand the rationale, but when I … (13 comments)
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home inspection: Buyers Willing to Buy Homes that Need Repairs
- 09/28/12 02:59 AM
“Buyers Willing to Buy Homes that Need Repairs”
I am not seeing any shortage of buyers willing to purchase homes that are in need of renovations. We have been doing FHA 203K loan for years. Most of the time, buying a property that needs renovation can be purchased at below market prices.
What becomes frustrating, some Realtors don’t understand the process. I recently had a Realtor, recommend to my client, that they shouldn’t do a home inspection. The reason given was, the purchase agreement indicated that the house was being sold “as is”. It also was subject … (8 comments)
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home inspection: KEEPING WATER AWAY FROM YOUR FOUNDATION
- 08/07/12 06:47 AM
“Keeping Water Away from Your Foundation”
In January I purchased a house to flip. The property had been on the market for over a year. When I went to see the property, I immediately could see why the property wasn’t selling. There was 4 feet of water in the basement and everything around the outside of the property was draining toward the foundation.
I checked on the pricing of the property of the 12 months it was being marketed. $129,900, $99,900, $89,900 and finally $79,900. There were 3 different Realtors that had the listing.
Buying a property like this … (9 comments)
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home inspection: PREPARING FOR THE HOME INSPECTION PROCESS
- 03/09/12 03:34 AM
“Preparing for the Home Inspection Process”
Too bad more sellers don’t prepare correctly for the home inspection process. First, it would make the home more saleable and once on deposit it would be a much smoother process and less costly all around.
Whenever I complete a home that we are flipping, we will always have a home inspection done, to make sure nothing was missed. Even though we have already done an inspection, we will recommend that the buyer have one done anyway. It is always great to see the results, since ALL issues have already been done.
Preparing for a Home … (6 comments)
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