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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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Digital Showings

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Ask any real estate professional if they have sold a house without the buyer having physically seen it and they’ll most likely tell you they have. While it may have been an unconventional sale, it is more prevalent today than it was twenty or even ten years ago. The digital world of the Internet has changed the process of buying a home. It is evolving as people have become more comfortable with the reliability of the information available. Getting in a car and driving around all day looking at homes that may or may not fit your needs or wants is not productive for buyers or the agents. The quality and the quantity of pictures has dramatically improved in the last twenty years. Buyers and agents alike can view a property online and get a fairly accurate idea of the condition and layout of home and whether it warrants a physical visit. Videos can “walk” you through the house to be able to assess if the floorplan will work for you. The 2015 Profile of Home Buyers and Sellers r
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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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