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Home Inspections

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A home inspector is another key professional involved in a real estate transaction.   Many times, the sales contract will have a provision that allows the purchaser to have inspections made to discover issues that are not readily apparent or have not been disclosed by the seller. It is important to have a qualified individual perform the inspection.   Regardless of whether a license is required, buyers should ask about the inspector's experience, training, years in business and if they are familiar with the area and type of property involved. Membership in professional associations can indicate an inspector's commitment to education and training.   References from both customers and agents are helpful and may be more meaningful.   You are encouraged to call the references, especially, if you are concerned about any specific areas. Errors and Omission insurance is intended to cover mistakes made during an inspection.   It would be good to find out if the inspector has this
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Can You See the Savings?

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If you’ve considered changing your light bulbs to energy-saving LED bulbs but decided not to make the investment because the prices were too high, you might want to investigate again.  The prices have come down considerably. An initial investment now will generate immediate returns through energy costs and because they last longer, you won’t need to replace them for years. The life of LED bulbs is projected to be from 35,000 to 50,000 hours compared to an incandescent bulb at 750 to 2,000 hours.  For normal home use, a LED bulb could last more than 20 years. 80-90% of the energy used by fluorescent and incandescent bulbs is wasted by the heat generated.  In contrast, cool LED bulbs converts 80% of the electrical energy to light energy. • The color of LED lights is bright white, more like daylight, instead of the warm yellow of incandescent or the greenish tint of fluorescent bulbs. • LEDs light up instantly instead of building to their intensity like some of the fluorescent b
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Where Did the Assumptions Go?

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Mortgage assumptions have not been a practical matter for the last 30 years because mortgage rates have been on a steady decline.   Even if the seller had a rate lower than the current rate, the new purchaser must qualify to assume the loan.   In the case of conventional loans, the lender has the right to increase the rate to the current rate which neutralizes the reason for assuming the loan.   This change took place in the early 1980's when lenders added due on sale provisions so lower rates could not be assumed. FHA and VA loans can be assumed at the existing rate with the provision that the purchaser qualifies for the loan.   This could be an advantage if the rate on the loan to be assumed was lower than the current mortgage rate for FHA or VA and the buyer is going to owner-occupy.   Unfortunately, investors are prohibited from assuming FHA and VA loans. Besides the obvious advantage of a lower rate which would have a lower payment, the closing costs are lower on an assu
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