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Do You Need A New Home Inspection Report If The Seller Already Has One?

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As you search to purchase a home you may come across a seller who has already had a home inspection completed. Possibly this was done as a pre-listing inspection or a previous buyer had an inspection completed and then the deal fell through. Either way, this could possibly be a big benefit for you and might mean you don’t have to shell out for a home inspection. However, before you get too excited, here’s what you need to know before deciding you don’t need to get your own home inspection.

Do you have access to the inspection report?

Access to the home inspection report is only given to the one who paid for it. This means if an inspection was completed by a previous purchaser, the seller won’t have access to the report and therefore can’t give you access. Unless somehow the buyer gave the seller a copy of the report, possibly in an effort to make negotiations. Even if they do, your lender is going to require a home inspection. You will need to find out if a second-hand home inspection report would be acceptable to your lender and home insurer.

When was the home inspection completed?

For a house that has been sitting on the market for a while, a seller may use a pre-listing home inspection as motivation for buyers. It’s one less thing a buyer has to pay for! Which sounds great, but you want to make sure the home inspection was done recently. Any home inspection report older than 90 days would not be as reliable. In fact, the most ideal report would have completed within 30 to 60 days. You also want to read the report thoroughly. Just because it was done doesn’t mean the inspector didn’t find any major issues. Some sellers believe just by knowing the issues a buyer would feel comfortable purchasing the house. But major issues should always be a major concern, no matter what the situation.

Who was the home inspection completed by?

You will want to research who completed the inspection report and decide for yourself if you feel they are a reliable company. If you are not familiar with a home inspection report then you may not know what to look for or how to read it. There are two things you need to do if you would like to depend on the home inspection report offered by the seller. First, find out who the home inspector or company was and give them a call. Do your due diligence to make sure they are a credible resource and a dependable, insured company. Second, ask the home inspector if they would review the home inspection report with you. They should be able to talk you through their findings and educate you about the house, including any concerns.

What is the home inspector’s policy?

Some home inspectors are not willing to honor the report if you did not order and pay for it yourself. You may also want to ask them if there are any warranties offered by the company that would be valid or invalid based on the transaction of the report. In this case, any findings or claims can be made by the homeowner only (the seller) and not the buyers. This does you absolutely no good if you run into an issue with the house, especially if it’s an issue with something expensive. Plumbing, electrical, or the roof is just examples of very important areas that need to be inspected thoroughly. If the report claims everything is fine and you find out something is wrong you may have a hard time holding the inspector or the seller responsible.

Ask your agent for their opinion

Your agent is seasoned and familiar. Ask them for their opinion! They can advise you on whether they think it’s a good idea to use the inspection report provided or order your own. Your agent will consider factors such as the seller’s history, age of the house, and other things you may not know to consider. Always use the resources you have around you when you can.

Divinity Inspection Services offers pre-listing home inspections. These inspections are specifically for a seller that wants to know more about their home before they sell it and also want to use the report as an incentive for buyers. A pre-listing inspection can also give the seller a heads up on anything that needs to be fix that might hinder a sale before they put their house on the market. Learn more schedule your home inspection now!

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What Exactly Does an FHA Home Inspector Do?

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Are you applying for an FHA loan? If you qualify for a loan through the FHA, your property needs to undergo an inspection first — otherwise known as an appraisal. Does this sound rather scary to you? All FHA appraisals are done by an FHA home inspector. The entire process is extremely structured and FHA guidelines are strictly followed by inspectors.

What to Expect During an FHA Home Inspection

It’s important that you know what to expect during a home inspection performed by the Federal Housing Administration. Their inspectors are fully educated and trained concerning every detail of home inspections. An average inspection typically lasts between two and four hours. Your home must be approved before the FHA will give you a loan or before a loan can be offered to a buyer who aims to purchase your home.

An FHA home inspector has a specific purpose. Their findings help the agency determine your home’s current market value, despite what it may have been listed for in the past or what it could go for in the future. Such an inspection also determines whether the property and house meet the United States Department of Housing and Urban Development’s minimum living standards. An FHA home inspector must be licensed and HUD-approved in order to inspect a home for FHA appraisals.

Appraisals Determine the Current Market Value

It takes a comparison of recently-sold homes similar to yours to determine the current market value of your property. A recent list of sales for homes that have a similar layout to yours will be obtained. The idea is to determine loan limits through an area’s cost of living. This is all a part of home inspection services.

Be Prepared For Photos to Be Taken by an FHA Home Inspector

A home inspection includes having photos taken of your home. You can trust an FHA home inspector to respect your privacy while they take the necessary shots of your home. You can also prepare ahead of time and make sure those areas are photographable. Photos will be taken of the front, back, and sides of your home, as well as decks, pools, value-increasing home improvements. Comparable homes in the area will also be photographed. Finally, an aerial street map photo is required unless an actual copy of a map is available. If the home is new construction, the photos will focus on elevation levels in terms of the lot grade.

What Is Most Essential to the Value of a Home?

Appearance, functionality, and safety are regarded as three of the most important factors when inspecting a home. An inspector for the FHA will examine your home both inside and out. Be prepared to have your roof, heating and cooling system, foundation, crawl spaces, lot grade, and mechanical systems checked. The condition of bathrooms, appliances, kitchen fixtures, wall paint, sills and window frames, and driveway condition taken into account. All of these things should be in great condition and proper working order or the FHA may not give loan approval.

The Rest of an FHA Inspection

Finally, FHA inspections focus on safety checks and any potential safety issues. A few of those aspects that are checked include staircases and handrails, as well as property slope (so as to determine the likelihood of flooding or water damage). Are windows in every bedroom so there is access to the outside in case of a fire? Peeling or damaged paint must be repaired and the foundation should be free of problems such as significant cracks. The good news is that the FHA allows repairs if your home doesn’t meet proper safety checks after an appraisal. Once those repairs are made, then financing can happen.

Although this is a lot to take in, it’s important to make necessary changes and know what to expect prior to your inspection. With this information in mind, you can go into your FHA home inspection feeling prepared and confident. For more information, please contact us today.

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Why Should I Hire A Building Inspector?

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If you take a 203K loan to purchase commercial property, one of the best things you can do is have a commercial property inspection, making sure that you are making the right investment starts with having a building inspector looking out for your best interest.

203k consultancy with an experienced commercial building inspection service can help you to make an informed decision. Knowledge is power and a commercial real estate inspector has the knowledge you can tap into.

Making Informed Decisions

It is just good business sense to collect as much information as you can before you sign your name on the dotted line for your 203K loan. Making sure you have the information you need will help you to make confident decisions.

Throughout the process of buying commercial property no one is really looking at your best interest. The same is true when you are buying a residential property. The bank is looking out for their best interest, the agent looks out for theirs, who looks out for yours?

A home inspection service that is also a commercial real estate inspector is making sure you 203K loan is being invested in the right property. Knowing fully what you are getting into is vital to your decision making. For example, an FHA home inspector Tampa buyers have found notice things that can be detrimental about a property that an appraiser does not.

Protect Yourself

The fact is that a certified building inspector reviews about 500 points in the property. He or she is there to make sure that you are being protected and that you will know exactly what you are getting into. The information that a certified inspector collects can be used as a negotiation tool.

A lot of people make the mistake of thinking that the bank appraiser is going to look out for their interest. The truth is that the bank appraiser does the inspection for the bank, not for you. They are there to evaluate if the bank’s interest would be protected if you default on the loan.

When you hire an inspector you are taking the steps to protect yourself in the process. It is important for your interest to have someone on your side. Getting the support that you need is critical to making the right choice for your investments and to protect your cash flow.

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The Continuing Struggle of Renting vs. Buying

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Tampa’s real estate has been on the rise, and 2020 will be no exception. Housing is not only projected to increase, but because the baby boomer segment is transitioning into assisted living, smaller homes are expected to rise in the market. At a time when real estate is an excellent investment opportunity, is it time to be renting or buying? If Tampa is such a hot market, why are so many people still renting homes instead of buying a home?

Renting is Currently More Expensive

In Tampa, renting an apartment will cost you an average of $1,300 per month. Many students report paying $700 for a room (with bathroom) in a 4×4 apartment, which means the total rent is $2,800. With low interest rates on mortgages holding steady, purchasing a home can cost as little as $1,000 per month (with insurance). In a simple comparison, if you qualify for a mortgage loan and you already know which neighborhood you would like to plant your roots, then buying a home is definitely your best option. However, not everyone wants to plant their roots. Welcome to the new generation of home buyers who are trying trying to pay off their student loans and find a job. They are not evening thinking about buying a home.

The Millennials are moving, a lot

Trending within the Millennial generation is the ability to move around. Freedom they call it. Paying more money for apartments all over the Tampa Area just so they don’t “settle down” too quickly. In fact, home ownership is the lowest it has been in over 50 years in the Tampa Bay Area! That is a pretty significant number. In addition, some of these newly-graduated Millennials are still struggling to find decent jobs and as such have not moved out of their parent’s spare room to their own home. Home-ownership is no doubt a tell-tale sign up our economy.

We won’t forget 2008

And neither will the younger generation who witnessed what their parents endured through the massive home foreclosures and job losses. The stench of a down-trodden economy still lingers in the air, making young adults more cautious of such a big decision. CNBC sums it up perfectly:

“People’s monthly student loan payments can eat up a large slice of their income, threaten to push down their credit scores and make saving nearly impossible — all huge impediments, of course, to landing in a house.”

Sources:
https://www.cnbc.com/2018/04/19/student-loan-debt-can-make-buying-a-home-almost-impossible.html

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Are You Ready To Buy A House? Home Buying Tips

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Going through the home buying process as a first time home buyer can be intimidating. Do you think you’re ready to buy a house? Here are some really helpful tips, collaborated by a variety of professionals, to help you take the right first steps.

Take a first-time home buying class

Did you know there are many resources which you can use to learn about the home buying process in detail? In fact, many mortgage officers will encourage you to attend one of these classes before you even apply for a mortgage. Here are a few things you will learn:

  • How to get prequalified and preapproved
  • How to find the right real estate agent
  • How to shop for your home and make an offer
  • How to obtain insurance and what kind of insurance you will need
  • When to have the home inspection and appraisal
  • Details of the process from beginning to closing

As you go through a class or seminar, some lasting as long as 8 hours, you will learn about each topic in detail. Don’t let the amount of information intimidate you, just take it one step at a time. Also, don’t forget that a good real estate agent will help you with each step as you take them.

The Paperwork for your financing

One task that many first-time home buyers are not prepared for is the amount of paperwork they will need to gather and provide for the financing. Not only will you need proof of income, but you will need proof of everything as it pertains to your finances. A good loan officer will tell you that the key to getting through this phase is organization.

In many cases, this phase is when many home buyers lose track of the little important things. For example, someone forgot to tell the home inspector that the water in the home runs on a well. Now you also need a water inspection and that takes longer – but you were supposed to close in a few days! So now closing could be delayed because a little detail got left out and had a big impact. Effective communication between your loan officer, your real estate agent, and your home inspector will make all the difference.

How to look for a home

You’ve been preapproved! Congratulations, it’s time to start looking for that dream home. Each individual approaches the actual home buying process differently. For example, you might look at homes that are outside your preapproved amount with the intention to negotiate on the price. Others might want to look under their preapproved amount. Some will wait until their real estate agent sends them listings, other will look for them on their own. There is no right or wrong way, just your way.

An important feature of your real estate agent will be assisting you in deciding on whether to make an offer on a home or not. They will provide pros and cons that you may not identify and also provide insight from a unique point of view. Your real estate agent will help you negotiate, if that is an option, and even help you understand resale value. Don’t take this for granted, it will make the process significantly easier. Lastly, your real estate agent will walk you through each step of the process until your closing day.

Every agent’s goal is to assist you in getting the best property at the best price with the least amount of inconvenience based on current market conditions.