Home Inspection Consultant Essay

Potential home buyers may find they cannot obtain a loan on a desired property if the property is in need of repairs, upgrades or improvements. To do so, they must follow a costly and complicated process, one they may decide not to embark on. Loans designed for acquisition and improvement typically come with short repayment arrangements, high interest rates along with a balloon payment to pay the home in full. Many borrowers weren't comfortable with this type of loan, thus fha 203(k) loans were created.

The major difference that can be spotted in the standard FHA underwriting process compared to the FHA 203K underwriting process is that with the former, there is the usual inspection that checks livability and an appraisal to assess the market value of the property. With the FHA 203K underwriting process however, it does not make too much sense to find the fair market value of a property that needs repairs.

The difference between the FHA203k and other more traditional loans is that, normally a lender will only want to secure the loan AFTER the property value is secured. The lender wants to know the EXACT value of the property being bought BEFORE they guarantee a loan. When a borrower wants to buy a fixer-upper, or wants to do major remodeling of an existing home, it is hard to estimate what the value of the property “will be”. This makes lending money from the lender 's point of view much less attractive and it then becomes a high risk. They get out their 10 foot pole and start backing up from the loan when they can 't get an accurate account of the property value. This is what makes the FHA 203k loan more efficient when a borrower is interested in buying a property that will need repairs. It is important to realize that getting an FHA 203k purchase loan is not all rainbows and butterflies. There will be some hoops you will have to jump through. Be prepared to have your credit and supporting documentation ready to make the whole process more streamlined. You will be given a time limitation to make said improvements, typically, within 30 days. Stricter regulations and guidelines that are

I have compiled this checklist to provide homeowners, like you, with the basic services you should expect from a professional agent to avoid hiring a Lazy Lister. When you know what you should be given in the form of quality of work and effort by a listing agent, you can confidently interview several agents until you find one that you know will not be a Lazy Lister.

Our qualified and highly experienced building inspectors provide reports for each stage of the building process, looking out for a number of issues that may arise due to shoddy workmanship from builders. Things we look out for include:

One of the more frustrating, but necessary elements of representing a seller or buyer of a house is getting through a home inspection. In order to better deal with this ordeal we must first look at why it is so important and then look at the best way to educate the parties as to what to expect. In order to avoid any problems during the process it is best for the parties to be forth right and make sure it is clear to all the parties as to what their obligations are.

First of all, request to see to see all the HOA financials on the property before you pay for a home inspection

The real estate appraisal process is a process that affects nearly everyone who lives in a home. Most people do not have the funding to purchase a home outright and must rely on financing to purchase their homes. Banks require that a real estate appraisal be conducted to determine what the market value of a property is so they know how much the property is worth as collateral for the loan. Therefore the appraisal serves as the basis for factors such as determining a fair market price, how much collateral a property can offer a lender, or in some cases even how much a property should be able to earn in income in a "best use" scenario. This report will outline the basic steps of evaluating the value of property as well as discuss some of the considerations surrounding the appraisal process in general.

In accordance with Rules _____________________________ of the Wisconsin Rules of Civil Procedures, Plaintiff requires that you answer the following Interrogatories in writing and under oath.

Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They

Comprehensive knowledge of RESPA/TILA,HMDA, all agencies/ investor guidelines, including, FNMA, FHLMC, FHA, USDA, and VA

“Real estate is a year-round opportunity to help countless people realize the American dream” (“Why Real Estate”, 2012). Eighty-five percent of buyers believe that home purchases are good financial investments, and a majority of homebuyers and sellers rely on the services and expertise of real estate professionals to assist them with their transactions (Profile of Home Buyers and Sellers, 2010). “The primary job description for an agent is communicating with potential clients to determine what kind of property they are looking for” (Richard, 2012). This means, setting up interviews with clients to see if the agents firm possesses property that meets the client’s specific needs. Once it is apparent exactly what the client is looking for, the agent sets appointments to show houses to clients and many times the agent physically accompanies couples while showing off properties.

Although this statement goes without saying, it 's worth mentioning simply because many of those looking to purchase commercial real estate believe it is standard protocol to rely upon the realtor 's recommendation for hiring an inspector. In reality, this practice poses a conflict of interest that can have dire consequences for the party purchasing the property. Unfortunately, real estate agents who knowingly partake in this practice along with inspectors who continue to burn the candle from both ends know exactly what they 're doing and how to get away with it. While there may be a few exceptions to what I am telling you, I can assure you that the majority of inspectors who rely heavily upon referrals from real estate agents for their business are not going to rock the boat by disclosing

When evaluating a property 's value, appraisers note the details of the property and surrounding area, such as a view or noise factor. They also consider the overall condition of the property, including the foundation and roof. They must determine whether any renovations have been done. Appraisers photograph the outside of the home and some of the interior features. This gives them the ability to determine the condition. They compare the property to other comparable ones by analyzing lease records and previous appraisals. Appraisers record their findings and observations before

We work with first time or regular buyers for provision of relevant market information that is essential in safeguarding long term or short term property investments