active duty: Buying your 1st Home - From Rental to Ownership
- 10/15/18 05:55 AM
Prior to purchasing a home for the first time, many buyers often will rent a home. And in doing so, the common household and some not so common issues, are the responsibility of the landlord – homeowner of the rental property. A landlord traditionally handles anything from a leak with the shower to a crack in a foundation. Renters, also known as tenants, are not responsible for these issues. However, the transition from being a tenant to a homeowner is difficult and often surprising for many first-time buyers.
While renting a home, a tenant is protected by law from having to live … (1 comments)
active duty: VA Loan Myths Busted - Lender Overlays
- 09/18/18 07:43 AM
Regularly, veterans are told or come to understand, the VA has the toughest requirements when it comes to buying a home. More often than not, these are myths. In fact, these “myths” are often disguised as Lender Overlays.
Lender Overlays are additional guidelines placed on a loan by the lender. The VA is insuring the loan. However, the lender has the right to further protect their investment by adding an additional layer(s) of protection. This additional layer(s) of protection by the lender is oftentimes mistaken as a VA requirement.
Some examples of lender overlays would be: No manufactured homes … (0 comments)
active duty: Buyer's Offer: Contingent to sell...seller beware
- 09/10/18 01:27 AM
When sellers are considering an offer from a buyer, understanding the effects contingencies often are under estimated. Contingencies are considered to be the ability to obtain financing, inspections, septic inspection, pest inspections, appraisal, early occupancy, but for the sake of discussion let’s address the “contingent to sell existing home”.
Contingent to sell existing home is when a buyer’s offer cannot close unless the buyer’s original home sells first. And there are times when a buyer may submit an offer, even though their existing home is not listed yet. This scenario creates an open-ended contract with no end in sight. This type of … (1 comments)
active duty: Trust but Verify
- 09/04/18 03:29 AM
When you have an accepted offer on a home you are interested in, it is very important to know all the facts. Reasonable expectation could be placed on the home inspector’s report and an appraisal, if you are using a federally backed loan (FHA, VA, etc.). However, you do have the right to conduct specialized inspections as well.
With specialized inspection, an additional review of life safety areas of the home, will provide a better understanding and condition of your future home. These specialized inspections include but not limited to: Roof; Heating, Ventilation, Air Conditioning (HVAC), Plumbing; Electrical; and Foundation.
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