Why Should You Get a Home Inspection?

Why should you order a home inspection before you close on a property? I’ll explain today.

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Do you need to get a home inspection when buying a home? Absolutely.

The home inspection is very important. When you walk through a house, you’re going to look at the floor plan, the rooms, and the area. You won’t necessarily be inspecting the home.

You need to know about any latent defects in the property, so hire a professional home inspector to go in and look through the home. You’re probably not going to look at foundation issues in the basement or how much insulation is in the attic on your own, but you need to know those things.

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You need to know about the condition of the home and maintenance costs.

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You’re going to want to know what the maintenance costs for the property will be. You’ll also want to understand what the long-term costs will be, which is why it’s very important that you have a home inspection before closing on a property.

If you don’t know any home inspectors, we can recommend a professional to you.

If you have any other questions about home inspections or buying a home, just give me a call or send me an email. I would be happy to help you!

How Long Does It Take to Close on a Home?

When buying a house, the length of your closing period
depends on you and what type of loan you get.

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How long does it take to close on a home?

The length of the closing period depends on the buyer and the type of loan they get. Getting a loan constitutes the longest part of the closing process. If you don’t use a loan and buy your home with cash, however, you can close within 10 to 14 days.

The longest part of getting the loan itself is getting your documentation to your lender. Make sure you get your loan documents to your lender the same day they’re requested, or at the very least the next day. Once the whole process goes to underwriting, everything stops once the lender requests documentation. The faster you can get them that documentation, the faster you can get to closing.

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The faster you can provide your lender their requested documentation, the faster you can get to closing.

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Typically, the average closing takes anywhere from 30 to 45 days because appraisal times can take a long time to come to completion.

If you have any questions about how long it takes to close a home or you’re thinking about buying or selling a home, feel free to give me a call or send me an email. I’d be happy to help.

How Important Is the Final Walkthrough?

The final walkthrough should be the last thing you do
before closing and it’s incredibly important.

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Today I want to discuss the thing you do right before closing: the final walkthrough. This step is essential because it allows us to go through all of the inspection items the seller has agreed to complete and make sure they are done to our satisfaction. Also, this is a great time to make sure there is no new damage anywhere on the property as a result of the seller moving out. We do this to double-check that the home is in the same condition it was when it first got under contract.

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All of these steps in the final walkthrough should be completed on the last day before closing.

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Lastly, we’ll make sure you receive a vendor checklist. This checklist will have each and every number you could possibly need as a new homeowner. All of these steps in the final walkthrough should be completed on the last day before closing. By waiting until that point, you are making sure that there is no time for anything to change on the property. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Do You Determine How Much Home You Can Buy?

If you want to accurately determine how much home you can afford to buy, there are two professionals you must speak with.

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Buyers ask me all the time, “How do we determine how much we can afford for the new house we’re looking at?”

First, speak to a lender before you start shopping for a home. They can give you accurate information regarding your debt-to-income ratio and your FICO score, which are the two key ingredients to knowing what you can afford.

On the real estate side, speak to a real estate professional. They will be able to provide you with accurate information that will affect your monthly payment. This information includes what your property taxes will be, what your HOA payments will look like, and how these factors will affect your debt-to-income ratio.
 

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Getting a professional opinion
on both the real estate and lending sides is your best bet.

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You can research some of these things on your own, but getting a professional opinion will best determine how much you can truly afford for the home you intend to purchase.

If you have any questions about this topic, please don’t hesitate to reach out to us. We’d be happy to help you.