Tue, Feb 2nd 2016, 03:49
Tue, Feb 2nd 2016, 19:37
Inspection vs. Appraisal
Home inspection is performed to protect the buyer from purchasing a house with structural defects and other major problems. Home appraisal aims to protect the lender from paying more than the house is worth.
What is home appraisal?
The bank demands that a property has to be appraised for determining its market value. The lender hires the appraiser, who inspects the home visually to identify those aspects that can increase or decrease its value. In addition, the appraiser takes into account the house's location, its area in square meters, and selling prices of houses similar in size and area. The home appraiser usually addresses evident or observable aspects.
Unlike a home inspector, an appraiser does not test mechanical systems and appliances. The appraisal helps the lender to determine how much to lend according to the value of the house: what type of loan to offer, how much for the down payment will be needed, and in many cases, what the interest rate will be. The buyer must obtain a copy of the appraisal. Remember that while the lender orders the appraisal, the buyer pays for it, usually within the closing costs. The fee can cost several hundred dollars. A home inspector can save you from making a bad purchase.
What is a home inspection?
A home inspector, hired by the buyer, focuses on the "guts" of the house. He or she assesses the general condition, paying attention to mechanical systems —such as plumbing, electricity, heating, and cooling— as well as major appliances. An inspector determines if the house needs repairs and if there is any health or safety problem. A home inspection is highly recommended, though not required in most closing processes. The inspection may cost a few hundred dollars and can take three or four hours. If possible, plan to be present at the inspection.
Make sure to read the inspection report, which should be exhaustive and easy to understand. It must include all the inspector's findings, along with pictures and diagrams. Remember, however, that an inspection is not a warranty, so there is no guarantee that all the problems of the property will be repaired. Most inspection reports find some areas that need attention, but if the issues are major, you may use the report to renegotiate your original offer for the house.
Before hiring a home inspector or appraiser, make sure they hold a license issued by the State where they work, as they are required to follow certain regulations. Most, but not all States, require home inspectors to be licensed. Make sure the person you hire is properly experienced and, preferably, certified.
Wed, Feb 3rd 2016, 16:48
Thu, Feb 4th 2016, 01:08
Thu, Feb 4th 2016, 01:15
Three Ways to Use your Tax Refund for Buying a House
"TAX TIME!" For many, this is one of the best financial moments of the year because they get a tax refund on their income tax. Of course, we don't all have the same opportunity, but this is an exciting time for W2 employees.
How much will I receive? Which debt can I pay off with that money? What can I buy?
We have several options. As we want our customers to buy homes, we continue our mission, so we are going to teach you 3 ways to use your tax refund for buying a new house.
1. Down payment: Typically, our customers are qualifying for loans with a minimum of 3.5% of the house value. That extra money would be very convenient here.
2. Inspection: When your purchase offer is accepted, the bank will demand that you hire an inspector who will check that the house is in good condition. Believe me, it will be money well invested because you should consider several things before taking possession of the property.
3. Closing costs: Just prior to taking possession of the house, the transaction will be done by a lawyer or a title company (depending on the state). If the seller didn't cover some of any of those commissions, you could also use your tax refund here. Without that, you won't manage to reach the goal.
As you can see, there are many ways to use that money for buying a home. We hope these three options help you to understand how your tax refund could be used to have stability and finally get to make the purchase you have always dreamed of. Come on, get that extra money or buy your house.
For more information sign up here or call 1-866-200-5250.
Thu, Feb 4th 2016, 01:27
Thu, Feb 18th 2016, 19:59
Fri, Feb 19th 2016, 19:18
Tue, Feb 23rd 2016, 22:27
Wed, Feb 24th 2016, 20:50