First Time Home Buyers-Questions About Inspections!

Questions about Inspections! by Georgia Bennett Henderson

1) Who needs an inspection? As a homebuyer looking to purchase a home, after your offer has been accepted you will typically have between 7-15 days (check your contract for that information!) to conduct home inspections. You typically will pay for these upon completion, and make sure you go with a trusted experienced inspector. We have several trustworthy, excellent inspectors that we like to work with!

2) What are the biggest things I should look for on the inspection report? The biggest things that you need to look for are things that are structurally important to the home, and any underlying issues that you might not have noticed at first glance. Ensure that no mold was found, that all windows and doors are structurally sound, and that all major systems and appliances are in good working order. Also, make sure you have an inspector who is able to inspect the roof and attic access to check the quality, age and structure of the roof.

3) Speaking of the roof, do I need a wind mitigation inspection report? Yes! Having a Wind Mit Report completed will make sure that the roof is thoroughly checked and will also provide you some discounts on your insurance for your new home. Make sure you get an inspector who is able to do both to save you some time and money, and also have your agent ask ahead of time to see if the previous owners had a wind mitigation inspection completed already!

4) What should I not worry about too much in an Inspection Report? It is the inspectors job to find all things possible that could affect the new homeowner. However, there will be many things that could show up on the home inspection report that should not make you worry. Small minor things that can be corrected after closing such as cosmetic touch ups, wall holes, normal wear and tear of a home, and more. No need to worry about baseboards that need repair, but cracked windows and areas that need sheetrock work should definitely be on your inspection repair requests list.

5) So what’s next? After your inspection has been completed and you have received the report, within the inspection time period based on your contract, your agent will need to assist you in writing up your repair requests to send to the cooperating agent and home owner. From there, you will all come to terms on what repairs will be completed. These will have to be within the repair limits which are also based on your contract. Make sure you go over those with your agent when writing up an initial offer or accepting a counter offer!

We would be honored to assist with you the home buying or selling process. Contact us with any questions that you have and let us show you what it means to be Livin’ Right!

Purchasing Your First Home as a Newly Wed... What to Expect-Kersten Reed Bowman

Kersten's Interview with Jenna Laine Weddings (http://www.jennalaineweddings.com/) on first time home buying for newly weds:

(www.jennalaineweddings.com)

One of the first steps every newly, married couple faces is the purchase of their first home together. With this big purchase comes many questions. To help sort through some of those questions and the purchasing process I sat down with Realtor Kersten Bowman of Livin' Right Real Estate. Kersten is a licensed Realtor in both Florida and Alabama. She specializes in Residential Real Estate and is one of the top selling agents along Florida's Emerald Coast. She is currently expanding her footprint into Alabama and hopes to find equal success along the Gulf Coast.

How do we know we are ready to buy a house?
You married the person of your dreams and you are ready to start a life together. To buy a home, or not to buy a home is the next question that often comes to many young newlywed's minds. My initial response to any first time home buyer is, "How long will you be in the area?" For tax purposes, it is beneficial to own a primary residence for a minimum of two years. If this fits into your timeline, take the plunge! Real estate, more times than not, is one of the most secure financial investment options.

Once we decide to we are ready to buy a home, what's next? 
Once you decide to purchase a home, your next step will be to find a lender and review your finances. Feel free to shop around for a lender you feel comfortable with (Aim to discuss your options with 1-3 loan officers before making your decision). A lender will be involved in your real estate transaction just as much, if not more, than your Realtor. Find a lender that thoroughly explains the lending process to you, is easily accessible (not only from 9:00AM- 5:00PM ) and has competitive mortgage interest rates. I personally suggest using a local lender, however many lenders are licensed in all states and can work with you from a distance.

How do we find a Realtor and how do we know the Realtor is a good fit for us?
The best way to find a Realtor is through referral! If you do not have any referrals in the state you will be located in, ask a friend or family member if they have a Realtor that can help you locate an agent in that specific area. You want a Realtor that works with you AND for you. Find a Realtor that thoroughly explains the buying process, answers your phone calls or promptly returns your phone calls, and knows the market area well. To keep it simple, have him/her explain to you their duties and you explain to him/her your expectations before beginning a working relationship.

Time to Shop! 
Your lender will pre-approve you for a loan and begin communication with your Realtor if they have not already done so. This will help you decide on a budget according to the monthly payment you can afford. Once you have decided your budget, talk with your spouse about a wish list. You may want to visit a few open houses to get a realistic feel for what your budget can buy in your area. Please note, that if you are working with a Realtor during this time, it is polite to inform all parties of this fact while shopping. Once you have your wish list, begin working with your Realtor. He or she will help continue your search, make appointments to view the homes that are convenient with your schedule, and advise you on how to and when to make an offer on the home you choose.

Contract Review
NEVER feel pressured to sign a contract. Review and understand all of the terms. Do not hesitate to ask your Realtor any questions during this time. Once both parties have agreed to the terms and the contract has been fully executed, escrow begins. A typical closing involving a loan can take 30-45 days.

How much should we be prepared to put down on a house?
Depending on the type of loan you qualify for will determine how much money you are required to put down on a home. Some loans, such as a VA Loan, require 0% down. Other loans can require up to 20% down. A licensed lender can help you further answer any financial questions. One thing to note is the earnest money deposit, often referred to as Trust Money or an EMD. This is required to be put down on a home within three to five business days once the contract has been fully executed. This amount can be negotiated, however it is typically 1% of the purchase price of the home. It will be held by the Title Company in an Escrow Account.

If you have more questions about purchasing a home or are in need of a Realtor you can contact Kersten for information or referrals. She would love to help you start your new life together in a new home!

Kersten Reed Bowman: 251-455-8177
Licensed in Florida & Alabama