Wednesday, May 27, 2015

Home Buyer Tips: "Looks like it will fly right through the inspection, right?"

While showing homes this morning a buyer made the comment "Looks like this one will fly right through an inspection, right?"

My response was a never know for sure.

Sure this flip looked as if all had been done.  But have all the permits been pulled and cleared?  What about the quality of the work?  Has something been "covered up" with paint?  What about the electrical panel and wiring?  And the major systems like the AC or roof?

There are a lot of potential issues when it comes to a structure.  I have seen older homes fly right through the inspection.  I have witnessed a few newer homes have issues.

So will it fly right through an inspection?

That question will need to be answered by one who is qualified to answer it.

As a real estate broker I know my boundaries.  I am not much good either when the question concerns taxes or legal issues as I am not an attorney or CPA.

Home Inspections - Boring But Informative.
Who Should Attend the Home Inspection?
Do not buy a house without having an inspection performed.
The Home Inspection Report.
You have the Home Inspection Report.  Now what do you do with it?
If its a defect, its a defect!

If you are considering buying a home in Viera or Melbourne, Florida, I can help.  If you are relocating to Florida, I am available to answer your questions.   Need a Florida real estate agent in another area of state?  I can help as well.

Friday, May 1, 2015

Home Buyer Tips: What is a "maybe letter?"

When making an offer to buy a home the seller is looking for some confidence the transaction will actually close.  The "maybe letter" will not do it.

There really is nothing in the home buying process officially called a "maybe letter."   It is just a moniker I use when referring to a mortgage pre-qualification letter.  

Buyers seeking to buy a home should have a mortgage pre-approval letter which is very different from a mortgage pre-qualification.  Pre-qualification letters can be easily printed off the Internet.

There is a world of difference between a mortgage pre-approval and mortgage pre-qualification.

A mortgage pre-qualification involves a basic screening process that usually consists of cursory reviews of a potential buyer's income, liabilities, credit history,etc.  The mortgage pre-qualification process will provide a general idea of one's ability to obtain a mortgage.

The mortgage pre-approval process involves lender review of documents provided by prospective borrowers.   These documents may include pay stubs, tax returns, credit reports, verification of income and employment history and possibly more.  

The bottom line.  With pre-approval there is a verified ability to obtain a mortgage at a certain amount provided the right property is located (condition, appraised value, contracted price, etc) and circumstances do not change.

When you are ready to buy a Melbourne, Florida home start the process with confidence. Obtain a mortgage pre-approval and not a "maybe letter."   Need some suggestions for local Brevard County lenders, ask me.

As the Brevard County, Florida real estate market heats up there is a greater likelihood of buyers finding themselves in multiple offer situations.   Be ready.

Sellers most often choose to accept the offer that offers the greatest chance of closing [fewest contingencies, best supporting documentation like pre-approval or proof of funds letters), sooner closing].

It may not always about the price alone.

Call me at 321-693-3850. I am eager to help you buy your Brevard County, Florida home!