When you reach this point in the home search, you’ve already prequalified in the loan process.  You’ve thought carefully about this decision because it’s a lasting investment.  Unlike renting a temporary place to live, you now expect to move into a house that will continue to develop equity.  However, in your quest to improve your economic lifestyle and better serve your family’s housing needs, the size of this investment may make you uneasy.   Perhaps, you start  waking up earlier than usual (loosing sleep) and now you’re thinking… maybe something will show up in the home inspection that indicates this is not really the Lord’s will, and, we can STILL get out of this deal before we die with a nervous break down.

Please note: I have purchased a number of houses as investments, and,  before each closing I GET NERVOUS! Does this mean that I shouldn’t proceed?   No… however, it does suggest that buying property reflects a commitment to current and future responsibilities.

Most contracts in the state of Virginia require new homebuyers to purchase the new house “AS-IS” unless any exceptions are specifically disclosed in the contract.  And, all sellers must guarantee these basic terms of the inspection process:  (1) that the foundation is structurally sound, (2) that the plumbing, appliances, heating and cooling systems are all in safe working order, and, (3) that the roof is free of leaks.

The contract usually provides limits to the seller’s economic obligation to make any necessary repairs.  For example, there maybe a $500 limit for problems discovered during home inspections.  If the repairs exceeds that limit,  the buyer must accept the need for more repairs as a new homeowner,  or, walk away, and look for another property.

The home inspection is for the purpose of verifying standard, acceptable living conditions of the house for sale. If there are significant questions, the buyer and seller must work out differences.  The golden rule always serves well in these negotiations.

Most home inspections will also include items that are recommended for future maintenance, care and enhancement of  your new property.  However,  this does not mean that the seller is obligated to deliver to the perspective buyer “a new home”. Stick with the true purpose of the property’s inspection as described in  the terms of the sale in your contract.

Take a good look at the house before you make the offer to purchase!  Then, plan to move ahead with the deal if the inspection doesn’t reveal any major problems.  Here, it’s very important that you feel that you can trust your realtor.

When new buyers call the inspection process “a nightmare”, most likely the buyer didn’t understand the purpose of the home inspection. Work with your realtor during this process and ask them questions if you are unsure about the process.

Have you had a hard time getting through a home inspection? Please submit your comments and tell me your story.

Ed Galimore
McNeil Real Estate

Advertiser Sponsored blog

If you want to sell the house, you must make it possible to see the house.

Pack some of your furnishings to make room for the new buyer to really look at the available space in each room.

You know when a car dealer wants to sell a used car… he has it detailed which means that it will be cleaner than any automobile ever usually appears most days.

But, the new sparkle can help catch a potential buyer’s attention, “well,  it sure is a clean one!”

So, it might be worthwhile to hire someone to clean your house– cleaner than most houses normally look, because, it really matters when the hopeful buyer says to your realtor,  “it sure is a clean one!”, Pack unnecessary belongings like those things cluttering the dresser that you’ve possibly haven’t used for three years or more.

Do you admire a friend’s house that always looks great inside and out?

What do you think makes a house or property look better or worse?

Ed Gallimore
Realtor & Principal Broker,
McNeil Real Estate

-Advertiser Sponsored Blog

Maybe you want to be closer to town … Maybe the babies need more room, or maybe your budget will allow for the 2^nd bath. Work with a realtor and see if there is home that has the up-grades you are looking for in your price range. Have him or her do a market analysis on your current home to established the “sell-ability” and price. Ask your realtor for an estimate of how long they think it may take to sell your house at the market price.

Now take a look at other houses in your price range and see how much it compares to what you have to offer a buyer, be objective. Put yourself in the buyers’ shoes for a moment. Does your price need to be higher or lower than similar houses? Consider things like the condition of the driveway, will the home need a new roof in the near future, does it have central air and how do all of the selling points compare with other homes that it would be competing against.

If I was going to sell my house I would take a couple pictures of the front and the back from different angles put them up on the screen and see what is distracting you from seeing how pretty you think it is. Ask yourself if this photo were to pop up when your where searching for a home would you say, “Honey stop what you are doing we must hurry and see the rest of this house before its sold.”

Can you make a few changes in that photo such as new shutters, replace the sagging guttering, or maybe just clean the mildew off of the siding and move all the bikes to the back building? Maybe put some extra care in trimming and weed-eating around the side walk? Remember the outside of your house offers the first impression of the entire home.

Have you seen a home that you had a great idea for a quick fix to perk it up? Or, would you like advice on your own home? Just post it here! I look forward to your comments as I continue writing these blogs and sharing my own personal experience in getting the most from your real estate investment.

-Ed Gallimore
Realtor & Principal Broker, McNeil Real Estate

Advertiser Sponsored Blog

Look for a home that can grow to meet needs and, per your realtor’s professional advice, one that is going to act as a savings account for you. That means it should be worth more in the next few years than you are paying for it. This is called appreciation. Let’s say a few years go by, you  have received a few raises at your job and now you can sell your house. The equity (the cash amount your house is worth over what you paid for it) can go toward the down payment of that dream home!

By buying a home this way, and if you where very careful to make your payments on time or early, your credit scores are going to go up. The next thing you know, your local banker is speaking to you on the street because he wants your responsible business … a few years have gown by and now your net worth is $20000-30000 because of appreciation and home loan balance binging paid down.

Getting a home you can afford now and paying it off on time or early will put you in a better position in the future. Don’t you think it’s worth some small sacrifices like not eating out as much or maybe taking care of the old car a little longer? If so, your dream home is closer than you may think.

Ed Gallimore
Realtor & Principal Broker,
McNeil Real Estate

-Advertiser Sponsored Blog

When my wife and I wandered into a furniture store, which is not to often, the first thing we discussed was “what can we really afford?” Just because you can get credit does not mean that using it would be the best thing for your budget. If you use your credit card, you should also consider if you can pay it off before you have to replace it with something new.

You should also understand how making a large purchase will effect your the credit line when you need to purchase a car and a house later on.

Remember to shop with varying home sizes in mind. Its easier to fit your sofa to your living room, than your house to your sofa.

Have you or a friend ever made a mistake and bought something that was just too big? A truck too large to fit in the garage, a bed frame that wouldn’t fit through the door? What did you do you fix the problem?

-Ed Gallimore
McNeil Real Estate
Advertiser Sponsored Blog

What is my budget or what is a budget? If you are not sure what the budget means to you as a first time home buyer that does not mean it’s not time to buy a house. It may mean you just need to talk with a family member or someone who is successful at managing their budget and let them teach you how to do it on your own so you can enjoy whatever you purchase in your life instead of living under a burden.

Just because someone has a lot of new things, boats, houses, etc it does not always mean they are the ones to talk to as they may be up to their eyes in debt. Some banks have financial advisors you can speak to as well to help you begin to set your own budget.

The next to step is to ask your realtor for a list of mortgage companies to consider. Also ask your parents, grandparents or, if you are comfortable, even your boss

Find out who they have there mortgage with and make an appointment to get pre-qualified for your new home loan.