Buyers

Home Inspections

Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. They are not always possible, or necessary, but can be incredibly helpful. Some of the inspections which may be required or recommended by your real estate professional are:

Standard Home Inspection – The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold “as-is” even though an inspection may take place.

Radon Inspection – Radon levels are detected and measured. The Environmental Protection Agency (EPA) estimates that between 15,000 – 22,000 deaths per year result from radon exposure, therefore they recommend that all homes be tested for radon. EPA recommends that homes containing 4.0 or more Pico Curies per liter be remedied.

Termite Inspection – A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. Inspection requirements vary by state.

Asbestos Inspection – Lab analysis will determine if asbestos fibers are present and evaluate their condition. If friable or non-friable conditions exist, buyers should seek professional assistance.

Composition Board Siding – The condition of the siding and any areas of high moisture are evaluated during this inspection. Typically, composition board siding is a paper-based product that is manufactured to replicate traditional wood siding at a fraction of the cost. Homeowners recently brought class action lawsuits against some of the larger manufacturers of this type of product. The homeowners claimed that the siding was susceptible to water penetration, which caused premature deterioration and rotting. According to the Environmental Protection Agency, some of the most commonly known manufacturers of composition board siding are Louisiana Pacific (LP), Georgia Pacific (GP), Masonite, and Weyerhaeuser.

Lead Paint Inspection – Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches.

On-Site Waste System (SeptiChekTM) Evaluation – SeptiChekTM is an evaluation performed by an on-site waste management professional. It involves accessing the cover of the septic tank to examine the fluid level inside the septic tank. The tank is then pumped to check the condition of the tank and its baffles. The leaching field is probed to check the level of sub-surface liquid waste (effluent). This test alerts the buyer to a wide range of potentially costly septic system repairs or failures. The SeptiChekTM evaluation provides more reliable information of potential problems than a septic dye test.

Pool / Hot Tub Inspection – Determines the overall condition and operability of a pool and/or hot tub’s equipment. Additionally, the condition of the pool deck will be inspected for deterioration and/or other noticeable defects.

Private Well Flow and Potability Inspection – Designed to determine whether or not a private well adequately supplies water to the house. Samples are sent to a lab for potability (drinkability) analysis.

Stucco Siding Inspection – There are two types of stucco siding to be aware of: cement-based “traditional” stucco and synthetic stucco. An inspection of the siding’s application according to manufacturer’s installation specifications is recommended. Synthetic stucco siding is commonly referred to as Exterior Insulated Finish System (EIFS).

• In considering a home with stucco exterior, we recommend an inspection be conducted to determine the condition of the siding.
• Synthetic stucco is predominately found in the Southeast but it is present in homes in other areas of the country as well.
• Hidden structural damage has been documented in synthetic stucco homes in 34 states.
• Moisture readings are taken to determine if the system has already experienced water intrusion.

Obtaining the proper inspections for a home prior to purchase is one of the best ways to make a smart purchase decision and protect your investment.

Interest Rates

As you start shopping for a home loan, your first question of each lender will probably be “What’s your interest rate? How much are you charging?”

Interest rates are usually expressed as an annual percentage of the amount borrowed. If you borrowed $120,000 at 10% interest, you’d owe interest of $12,000 for the first year. With most mortgage plans you’d pay it at the rate of $1,000 a month. You would also send in something each month to reduce the principal debt you owe – and the next month you’d owe a bit less interest.

When your grandparents bought their home (putting at least half the purchase price down, by the way), their interest rate was probably around 4 or 5%. Rates stayed the same for years at a time. Then in the years following World War II, things became more turbulent. As economic changes speeded up, rates began to change several times a year. By the l980s, lenders were setting new rates on mortgage loans as often as once a week – and they still do today. When inflation hit a high in the ’80s, some mortgage loans carried interest rates as high as 17% – and those who absolutely needed to buy, paid that much.

Rates dropped gradually through the 1990s, and by 2000 had reached their lowest rates in decades. Continuing into the millennium, home buyers appear to have the most favorable conditions for mortgage borrowing since their grandparents’ days – and without 50% down payments either.

I usually work with Mortgage Brokers / Specialists, and would HIGHLY recommend them!  They cost you nothing, and can do the shopping for you at multiple lenders to find you the best rate and mortgage package possible.  They take your whole financial health into consideration and ultimately work for YOU.