4 Reasons To Always Get A House Inspected

real estate contractDid you know that the National Association of Realtors has data that says 77% of homebuyers have a prospective home inspected prior to purchasing? If you are selling your home, consider having it inspected before putting it on the market. This will give you ample time to make the necessary repairs and list your home for more than you otherwise could. For both buyers and sellers entering into a real estate contract, it is important to get an inspection done. Here’s why.

  1. Electrical Issues
    If you are buying a house, you want to make sure that the wiring is working as advertised. Faulty wiring can lead to excessive energy consumption, non-functioning outlets, power outages, and fires. A home needs to have quality and up-to-date electric. If it doesn’t, the seller won’t get the price they’re asking for, and the buyer will be stuck with a frustrating and potentially dangerous home.

  3. Foundation Leaks
    Whether it’s because the drainage system is incorrect, the gutters are clogged, the foundation has cracks, or the basement windows are improperly sealed, foundation leaks are expensive to repair. If you find foundation leaks in a home, you might be better off looking elsewhere.

  5. Roofing Repairs
    A damaged roof can cost more money than most home repairs. If you notice shoddy shingles, leaks from a ceiling, or a general aged appearance to the roof, you should either look elsewhere or consider a roof replacement as an investment before entering into a real estate contract.

  7. General Damage
    If the home has a run-down feeling to it, consider that a big red flag. Not all homes that look pretty are problem-free upon inspection, but nearly all homes that look worn down do have problems. If you’re a do-it-yourself type of person, you might find good deals in these types of homes, but certainly inspect them first.

When buying or selling a home, it helps to have some knowledge of real estate law cases. Rely on a real estate lawyer for answers to questions you don’t know. Always have a home inspected, whether you’re buying or selling, so you can feel comfortable that there are no building code violations.

Pros and Cons of Buying A Foreclosed Home

buying a foreclosed homeThere are many questions thrown around all asking the same thing: How long will it take to buy a home? The answer obviously depends on the contract you signed when you agreed to purchase. The day you are able to move in will be specified in the contract, either stating the closing date or the number of days from signing. Typically it takes between four and ten weeks, but it varies based on location.

One way to make the buying process faster is by considering the purchase of a foreclosed home. Since there is next to no room for negotiation on foreclosed houses, and you have to move quite quickly before another person or investor scoops your desired property up, the process can be speedy and often less expensive than traditional methods. There are some downsides as well, so let’s take a look at the pros and cons of buying a foreclosed home.

Pro: Once you find a home you like, the process goes very quickly. Since the occupants are already moved out, you might be able to move in inside of a week.

Con: Preparing for this rapid-fire transition takes time. You need to have a financial backer ready with a loan, a realtor or real estate attorney ready, and the ability to pull the trigger on a house you like without hesitation.

Pro: Buying a foreclosed home can be quite cheap compared to the residential real estate market as a whole. This is because the banks that loaned money to the previous occupants haven’t yet been reimbursed for their loan, so they want to sell the house fast to get back what they’re owed, and maybe a little more for themselves. They are not so worried about huge profits, but will not sell at a loss.

Con: There are essentially no negotiations. The price is the price, and very rarely will it drop. This is because the banks need to recuperate their investment, and spending time negotiating would siphon resources away from more important prospects.

Pro: No haggling means you know the price you will pay.

Con:It also means you get the house in ‘as is’ condition. No discounts for necessary repairs.

Buying a foreclosed home can be a great and speedy alternative to shopping the market for months at a time. Make sure to look into personal property law cases and get to know the legal process a bit more with the help of a lawyer. This will ensure you are well prepared for owning a foreclosed property.