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Real estate corner: Inspections a must for sellers and buyers

Marcia Ramsey | September 5, 2010

As a prudent buyer of property a very important part of your transaction is going to be getting the property inspected by a licensed inspector. Even if the seller is selling the property in "as is" condition you need to know about the component parts of the home and what you are purchasing.

The inspector will check out heat, air conditioning, roof, wiring, plumbing, drainage, windows, attic, foundation, and any built in appliances. This process can take up to two and one half hours and comes with a written report including photos of each deficiency. The cost can range from $300 to $400 and should include a termite inspection as well.

If you are buying a foreclosed property or a property owned by a bank or government entity, they are not going to do any repairs, and you really need to know the condition of the property. In the case of a private individual owner, you can sometimes negotiate repairs to be done to the property.

In any case, be certain that you know what you are buying. Most insurance companies will not insure a roof that is in poor condition, and if you are getting a FHA loan, there are certain deficiencies that they will not loan on.

Because this inspection is such a critical part of the selling process, I suggest that sellers get a pre-inspection prior to putting the home on the market. There are small things that can be addressed before they become a problem. Call your realtor or contact the Texas Real Estate Commission for a complete list of licensed property inspectors.

Real estate corner: First things first, pre-qualify for mortgage

Marcia Dye Ramsey | August 16, 2010

Prior to looking for the home, you need to look for the mortgage. All lenders welcome pre-qualification appointments, and most of the work can be done over the phone, fax, or computer.

A mortgage loan person can guide you to the right price range, furnish details on working on credit scores, and tell you how much you will need to go to the closing. Don’t leave this up to chance; you will have to go through this process sooner or later, and it needs to be sooner.

Ask the mortgage agent for a letter stating what you can qualify for, as most sellers want to see this prior to even looking at an offer from you. Items that you’ll need to provide are current pay stubs, bank statements, verification of retirement or other income, and possibly explanation letters on any diverse credit reporting.

Know your credit scores, as they can be worked on and fixed. Don’t let the fear of a credit report keep you from homeownership. There are professionals who specialize in credit repair. Ask your mortgage person who they recommend, get a couple of names, and do some comparing. Ask about gift letters from family, seller assistance programs, and city grants for homebuyers. There are many ways to finance your purchase.

With interest rates at an all time low (4.35 percent and falling), now is the time to begin the purchase process. Stay with people that are recommended to you, and ask your real estate professional for some guidance. The worst case scenario is venturing out on your own and finding people that you don’t know or whose track record you are not familiar with. Don’t become a statistic in the process. Smooth sailing!

Real estate corner: Getting your house in order

Marcia Dye Ramsey / August 3, 2010

Putting your home on the market to sell requires "getting your house in order." Homes that are in great condition not only sell faster, but in some cases, for a little more than the neighbors’.

Curb appeal is a must, with lawn cut and edged and bushes and trees trimmed so that the house is visible from the street. Put some color out in the front. Large pots of flowers with various colors work wonders. They can even be silk ones, which sometimes look nicer and never need watering.

On the inside get rid of clutter so the buyer can see the home. Pick up and put away anything that is not absolutely necessary. Beds should be made, and there should be no dishes in the sink or dish drainers. Clear off the counter tops, and take magnets and papers off the refrigerator. Make sure there are no dirty clothes about, and the pets are in carriers! In other words, you don’t live there anymore. Get rid of any visual distractions.

Plug-ins are a wonderful way to make the house smell nice. Do not smoke in the house, as it is a turn off for buyers. Also, be careful of pet odors like cat boxes and doggie smells.

The total presentation of your home is critical. It is the difference between someone making an offer or going to the next showing. Don’t sell someone else’s house…sell yours!