Real Estate Blog | Matt Ramey, Real Estate Agent - Part 11

If the inspector finds something – like foundation issues, septic problems, or needed roof repairs – you have the “option” to back out of buying the home. Anytime after – or outside – of option period, you cannot back out of the contract. If you do, you will lose your earnest money – which can be thousands of dollars. #conceptblog

If the inspector finds something - like foundation issues, septic problems, or needed roof repairs - you have the “option” to back out of buying the home. Anytime after - or outside - of option period, you cannot back out of the contract. If you do, you will lose your earnest money - which can be thousands of dollars. #conceptblog View on...

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When you get a home inspection, the inspector will attempt to find as many of these defects as possible. Once you have the inspection report in hand, you can request that the seller repair the items found. They may agree, decline, or in some cases, offer you “repair credits” instead. These essentially lower the selling price, giving you more cash to do the repairs yourself once you own the home. Your job as a buyer is to figure out which issues warrant a repair request with the sellers, and which you’ll ask for cash for, handle yourself, or let slide altogether. #conceptblog

When you get a home inspection, the inspector will attempt to find as many of these defects as possible. Once you have the inspection report in hand, you can request that the seller repair the items found. They may agree, decline, or in some cases, offer you “repair credits” instead. These essentially lower the selling price, giving you more cash to do the repairs yourself once you own the...

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For instance, you belong to this group if you haven’t owned a principal residence for the last three years. You also qualify as a first-time buyer if you are a “displaced homemaker who previously owned with a spouse” or you own a mobile residence not affixed to a permanent structure, according to HUD. These would-be borrowers can get help from state programs, tax breaks, and government-insured loans. Moreover, they may be eligible for lower down payments and less stringent credit requirements. #conceptblog

For instance, you belong to this group if you haven’t owned a principal residence for the last three years. You also qualify as a first-time buyer if you are a “displaced homemaker who previously owned with a spouse” or you own a mobile residence not affixed to a permanent structure, according to HUD. These would-be borrowers can get help from state programs, tax breaks, and government-insured...

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Even after you submitted your application, avoid getting new loans and last-minute purchases because these could hurt your DTI ratio and alert your underwriter for possible disqualification. Instead of incurring new debts, try your best to accumulate three to six months’ worth of emergency funds. Your monthly mortgage payment may be cheaper than renting an apartment, but you will solely be in charge of your house’s upkeep and maintenance. #conceptblog

Even after you submitted your application, avoid getting new loans and last-minute purchases because these could hurt your DTI ratio and alert your underwriter for possible disqualification. Instead of incurring new debts, try your best to accumulate three to six months’ worth of emergency funds. Your monthly mortgage payment may be cheaper than renting an apartment, but you will solely be in charge...

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You can do this in one of three ways: – Ask for a discounted purchase price considering the results. – Request that the seller give you credits to cover some of your closing costs. – Ask that the seller have the problems fixed before you close. The seller might accept your request, or they might reject it. If your seller rejects your request, it’s up to you to decide how to proceed. #conceptblog

You can do this in one of three ways: - Ask for a discounted purchase price considering the results. - Request that the seller give you credits to cover some of your closing costs. - Ask that the seller have the problems fixed before you close. The seller might accept your request, or they might reject it. If your seller rejects your request, it’s up to you to decide how to...

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