Self Home Inspections

You can learn as much as you can about the condition of the property and the need for any major repairs, fixings and installations before you buy. Home inspections will point out the positive aspects of home, as well as the maintenance that will be necessary to keep it in good shape. After the inspection, you will have much clearer understanding of the property you are about to purchase, and will be able to make a confident buying decision.

There’s a few things you can check for yourself when looking at a new property to make sure you don’t make a big purchase that may have underlying issues. following suggestions will help to get the home ready for the home inspection, and minimize the need for the home inspector to make a return trip to the home, which may cost an additional fee.

Be sure you ask the real estate agent or the property owner how the drainage systems function, and when the last time was that they were repaired. One of the most costly and devastating problems new home owners deal with is basement flooding, which can destroy stored items as well as lead to mold and mildew problems. Make sure drainage systems point away from the house, and won’t overflow into areas near the basement.

Are there overhanging trees on the property, or are there trees with the capability to overhang the home in the future? These can be a major liability for the home, and should be taken into account as a necessary repair at some point.

Some things like furniture and appliances won’t be covered by the previous home owner, and you might be strapped for cash when you first move in. Rely on a company like Central Texas Home Rebates to help give you some cash to finance those purchases. 

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Buying Homes in a Down Market

Beautiful Tenerife

There's quite a bit of talk about the real estate market getting better in the near future, but at the same time there is a great deal of uncertainty. Certain areas of the country have been doing well, and home buyers and investors have been eager to snatch up homes with the opportunity to sell them at a higher price down the road. This leads people to talk about the dreaded bubble word, which makes me and the rest of the world worried.

There are quite a few areas in the United States that are seeing a nice turnaround though. Washington D.C. is an example of an area that's shown significant signs of recovery, for an area that's struggled quite a bit in the last 30 years. Inventory of unsold homes is down to 39 in a neighborhood where last year at this time it stood at 78. Housing prices are again climbing, making home buyers more eager to sell their homes, and more real estate transactions occur as a result. Pockets of Arizona and Texas are also seeing ridiculous growth expansion, where homes are being sold at double the rate they were a year ago, with no decrease in home values. The question is if these gains can help carry the rest of the real estate industry out of its slump. There are no sure bets on the entire market returning to balance, let alone shifting back to a sellers market. Still, many experts say the bottom has been reached in some markets, and the only thing to fear is another housing bubble. Only time will tell if we can learn from our previous mistakes.

If you are looking to buy a vacation home abroad, or just move in to a new area, you may think to intensify your search before prices begin to climb again. Our advice however is to always make a vacation home purchase or new home purchase based on the area and the home itself, and on the fact that you believe you're getting a great bargain on the area. Home prices do in fact go up from down markets, and you always hear success stories while it addresses this subject about the general residential market, offers some useful homebuyer tips that apply whether you are hunting for a primary residence or a second home.

Of course, it's always a good idea to monitor home prices and real estate conditions in an area that you know you would one day like to live. Taking a look at Tenerife property for sale (one of the most beautiful areas of the world) you can find studios, apartments, villas, houses and businesses for sale that are all reasonably priced for an area that has quite a high demand. Now would be a good time to contact a real estate agent there about available property if you would like to move there in the near future. 

Flipping Homes is Not Such a Bad Thing

House flipping has been getting a lot of attention in the media lately, and most of it is definitely not kind. Many investors who took out multiple loans to purchase properties intending to flip them, ended up getting stuck when the market started to stall. Many of the properties purchased by these investors are now in default or have already been foreclosed on.

But house flipping has been around for longer than the current boom-bust cycle. People have been buying fixer-uppers cheap, fixing them, and then reselling them for decades. It was looked on as an honest way to make a living. You’d find a nice neighborhood that had one or two properties that were run-down and often vacant (many times the owners had passed away and the heirs didn't really want anything to do with the property). They were considered eyesores by others in the neighborhood. You’d track down the owner, make them an offer, and purchase the home at a good price. Then you’d go in and remodel the place to meet the needs of the current market. Then you’d sell the home for a nice profit, maybe $10,000 or so. The neighborhood came out a winner because it got rid of the eyesore and increased everyone’s property values.

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Three Possible Ways to Keep your Second Home Insurance Reasonable

Insurance for second homes are increasingly more scrutinized by underwriters, and as a result, second home insurance costs are rising, if not being denied, because of perceived unacceptable risks (by insurance companies).

However, there are a few things second home owners can do to mitigate their insurance costs. Among them are:

• Choose an area for your second home that is not located in the flood zone (see FEMA maps for identification of these areas), or is not susceptible to frequent/regular hurricanes and/or tornados;
• Consider the security that a ‘gated’ community would offer, with the associated warning to stay out of known high crime areas;
• Rethink your plans to rent your second home for part of the year, which puts you in a sometimes higher risk category with the insurance company…with the associated thought of having a property manager that might help to lessen the perceived risk.

Not to mention more insurance when trying to make your current policy less expensive, but you might want to consider an ‘umbrella’ policy which is designed to offer you greater liability/accident coverage than what you have in your home owner’s policy. Many more people are begining to consider real estate options in other countries to avoid high insurance costs on their second homes. A popular market is Okversilia real estate which is located in a beautiful spot in Italy, and is quite friendly for international home seekers. Use the site to look up homes for sale in Italy, search for land in Mexico, and buy Red Sea property.

The Enforcer

Yesterday, I took Tod-lar and In-fant to the park.  Tod-lar had a fabulous time showing off his newly acquired climbing skills. In-fant squealed with delight as she watched him.

When it was time to leave, I gave Tod-lar his standard 2-minute warning. “You have two minutes to play.  Then we’re leaving.  What fun thing are you going to do for two minutes?” 

“Slide!” 

“Great idea!”  I then began gathering our things and loading them into In-fant’s stroller.  Tod-lar went down the slide several times.  Once everything was packed up, I called out to him. 

“Okay!  It’s time to go!”

“No.  I have two minutes,” he said shaking his head. 

Usually, when I tell him it's time to go after the two minutes, he just leaves. This was the first time he’d ever responded this way.  I was momentarily stunned. 

“We’re going home.  It’s time for dinner,” I said.

“No eat dinner home.  Eat dinner pahk.”

I’d heard about this from other people.  In fact, one woman I know who considers her son a genius is always talking about what a master negotiator he is.  In fact, he’s so good at it, she couldn't possibly have another child since his superior negotiation skills at age two required so much attention (he’s now four).  Frankly, I’m not interested in Tod-lar being that smart. Hell, there are times when I wish he’d regress to the age when distraction still worked.  With all this talking, no wonder I’m so thirsty for a glass of merlot at night (that’s right – I drink merlot). 

So, there we were – staring each other down.  The log siding wood chips started to kick-up around us.  The sun’s reflection off the slide forced me to close my left eye.  Tod-lar squinted back at me, still as a rock.  My teeth clenched down on my coffee’s straw.  Tod-lar wiped the sweat from his upper lip.  My hands hovered above the stroller’s handle, ready to move on a second’s notice. All the while, my mind raced.  Was this good, bad, or just plain ugly? 

After a moment, I decided it was time to bring out my .44 magnum.  It’s a weapon that always sends the if-you-don’t-do-what-I-ask-then-I-will-do-it-for-you message. 

“One . . . two . . . three . . .”

He had until “five,” but he surrendered early.  Tod-lar came toward me whimpering, hand extended.  I grabbed it.  He quieted, and we calmly walked to car.

Now he knows.  In these scenes, I ALWAYS get to play Clint Eastwood.

Learn About Sheriff Sales

Several people have asked me, how does a sheriff's sale work? Since I am currently in the process of flipping a sheriffs sale house, it is a topic that is fresh on my mind. Okay here's the reader digest version as I understand it. Let's say you have a house owned by Bart Lancelot. Bart did not pay his mortgage his second mortgage, or his credit cards. Long story short, Bart loses the house, he's foreclosed on, the two mortgage companies have a lien on the house (actually they already had one) and the credit card company decides to put their lien against the house also. After the house goes through the foreclosure process, it may go to a sheriff's sale. All of the creditors named on the foreclosure and the general public may go to the place of bidding and place a bid on the house.

The starting bid is set by the primary lien holder. They may set the bid at whatever they choose. (An interesting side note  many homes do not sell at sheriff's sale because the start bid is too high.) Highest bidder wins. Different states and counties have different laws about payment methods. The county I reside requires cashiers check for the full amount the day of the sale. I have seen other areas that require 10% down the day of and the balance within say, 30 days, or something similar. Check with your county's sheriff's office for details. Anyway, the winning bid goes to pay off the people who had liens against the property (mortgage companies, credit card companies, etc.) 

If by chance, the money is not enough to cover the debts, a judge will determine where the money goes most likely, and someone will just be out of luck. If by chance the winning bid is more than what is owed, the former owners will receive the overage. There are many potential snares here so buyer beware. If one of the lien holders was not named on the foreclosure, there could be some big problems. I know from experience. That is why you must consult with an attorney before, during, and after you buy a home from a sheriff's sale.

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Property Condition Assessment Inspectors

An official property inspection is basically a visual examination of your residence that is performed by a licensed inspector. The process is totally objective, and the chosen professional is there to speculate how your property is operating. Most would compare the course of action to that of a physical examination conducted by the family medicine physician. Both are thorough and necessary. However, do not confuse this procedure with a house appraisal, for it does not constitute a market value by applying a pass/fail grade. It only indicates the present condition of your house.

What's the Point?

It is completely normal to question the significance of a property condition assessment, especially if you have never administered one. You need it to summarize the current state of your dwelling by reporting any problematic symptoms before a disaster occurs. You will feel secure in knowing that you were able to prevent a mishap by seeking the assistance of an inspector.

What Should One Expect?

In a property inspection, everything from the condition of the heating and cooling system to that of the roofing and floors are included. The inspector observes the physical and underlying structures of your residence, and he or she is likely to jot down notes on what needs improvement and what is in good shape.

The Final Cost

Inspection fees ordinarily vary depending on the size and type of housing that you own. The price is also determined by the features and the age of the individual property. Thus, it is a good idea to carefully compare costs before making a decision on who you want to inspect your property. The costs may not be agreeable to you, but you must not let it affect your choice to go through with an inspection altogether. Remember that every residence requires an inspection at some time or other to ensure the quality of the property. Furthermore, do not resort to examining the property yourself. There are certain skills that you may lack in property inspecting, and only a professional may be able to detect the smallest of problems. Seek the best qualified.

Finding a Good Inspector

You can easily find a well-trained property inspector by listening to word of mouth (be cautious about who you trust), looking through referrals on websites, or visiting local inspection agencies to question individuals in person. Keep in mind that an ideal inspector will always display competency, interpersonal skills, and professionalism. Choose accordingly!

In order to stay confident in the qualities that your house offers, seek a licensed inspector to perform your property inspection. Your property deserves as much care as you do!

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