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 simple...you 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.

RELATED READING ABOUT PROPERTY INSPECTIONS.

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.

Just send me an email.

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!

Home Buyer Tips: Are You Buying a House or Just Browsing?

Let me say it up front - no one, including this real estate agent, likes pushy sales people asking all sorts of intrusive questions! 

But sometimes the questions are necessary.

I don't buy a new car very often but when I do I start out the same way.  Research on the Internet and then walk onto the car lot.  And when approached by that car sales person I always say the same thing...just browsing.

My wife and I purchased some furniture last weekend.  We went through six furniture stores in the Melbourne, Florida area over a couple of days.   Six stores and six sales people.

I told some of them we were just looking to see what they have in stock.  I even told one that I did not know what we looking for!  They all left me alone to browse and leave. 

Except the last who let us browse but also asked questions which led to the ultimate purchase.  No, I did not really want to reveal too much information...you know how pushy sale people are!

But, in the end, it was necessary to get my questions answered and make the purchase decision. 

Which brings me to your real estate agent and those darn questions.

When you contact a real estate agent as a prospective buyer you will be subjected to questions. 

These questions are necessary to determine your goals.  They are necessary to determine your budget.  They are necessary to understand your circumstances and how best to guide you to your goal.

You may think they are intrusive although trust me when I say they are well intentioned.  You may be a little uncomfortable in the beginning but, in the end, the relationship you develop with your agent will be necessary to achieve your object.

Ready to buy a home in Viera, Florida?  Please give me a call at 321-693-3850 or send me an email.   Have a question about the local Brevard County, Florida real estate market, please ask. 

Questions your Realtor may ask
First Time Home Buyer Questions and Answers
Two Questions That Must Be Answered Before Looking at Homes
Why do real estate agents ask so many questions?

And if your goal is to just browse attend a few open houses this weekend.  Find something of interest, give me a call!


Image courtesy of jackthumm at FreeDigitalPhotos.net

Brevard County Residential Report for March 2015 compared to March 2014

Brevard County Residential Report for March 2015 Compared to March 2014:

• Closed Sales increased 21.9% in March 2015 with 942 units sold (773 in March 2014 2014).
• New Pending Sales are up 49.7%.
• New Listings are down -3.6%.
• Median Sales Price for Brevard County Single Family Homes are up 13.6% to $150,000 compared to a year ago, which was $132,000. 
• Median Days on the Market are down -40.0% to 30 days vs. 50 days last year.
• Months’ Supply of Inventory is down -11.5% to three months
• Traditional Sales are up 34.2% with a median sales price of $169,000.
• Foreclosure/REO Sales are up 1.5%, with a median sales price of $102,000.
• Short Sales are down -34.9% with a median sale price of $112,450.