$8,000.00

First time home buyers need to remember that they must close on their home before December 1, 2009. The incentive expires at midnight November 30, 2009. It seems like a long time but in reality is not. As an example, short sales take on average between 60 and 90 days just to get an answer. Don't delay. As Larry the Cable Guy says "Git er done!"

Inspection; a Story

It's funny how things connect. My last post was about having an inspection. This is about one the we had. My buyers are purchasing a foreclosed home. During a walk-through prior to making the offer we notice a very light stain in the foyer. It appeared to be the result of a toilet leak. Despite having to pay to turn on the utilities, the Buyers had decided to have the home inspected.

On the day of the inspection, the inspector did all the structural and exterior work. Finally, he turned on the water to check the plumbing. One moment we were in a fairly well-maintained repossessed home, the next moment we were in a cloudburst. Water was dripping everywhere. I should have brought an umbrella. We shut off the water. After making the bank aware of the conditions. They sent their plumbers in to make repairs, including a test for the presence of mold. It turned out that at some point the pipes had frozen and burst. The Buyers are now living in the home without any problems.

The moral of this story? Have a home inspection, CYA.

To Inspect or Not to Inspect,That is the Question.

In the past, having an inspection was a matter of course. It was an automatic. The Buyer was investing a great deal of money and was being prudent. In today's market, where homes are sometimes sold at unbelievably low prices. many homes are being offered for preview and sold without the utilities on. It is then the Buyer's responsibility to have the utilities turned on and then turned off again at their expense. Many times this becomes an issue for the Buyer. They feel the home is a bargain and resist the inspection under the assumption that there will be some shortcomings as a result of the price.

My response to this reasoning is to have the inspection. Sometimes the bank will pay to have the utilities turned on. When the bank won't, step up and get it done. The shortcomings discovered could be monumental. You can't see if there are leaks, if the furnace is spewing out lethal fumes, or other serious issues. The cost to have the home inspected compared the cost of possible problems is negligible. This is just one way to protect yourself from what may be hazardous consequences.