Hello, this is Karena Jolley
with Coldwell Banker Mendo Realty Inc.
Today we’re picking up where I left off in the first video to first time
homebuyers. Now we’re ready to start
looking at homes in the price range that you have been qualified for. Some buyers are looking for a fixer so they
can work and put equity into the home. Depending on the type of loan, we may
need to look for more of a cosmetic fixer because loans such as FHA, VA and
USDA will be much pickier about property condition. With VA loans, the lender will want to see a
very clean home with a cleared Pest and Fungus report. With FHA and USDA loans, the home must have
all appliances functioning and be clean enough that the appraiser does not take
note of rotten boards, holes in the walls or floor, any structural or mildew
issues, etc. So, a home with a rotten
deck, hole in the roof, obvious signs of wood rot, etc will raise too many
issues and prevent the loan from being approved. However, if the home simply has dated
flooring, lighting, and worn features, then it could very well be fine for
purchase!
At every home we will do our
best to point out obvious issues that we notice when we show you properties—we are
not experts or inspectors and cannot find all issues, but when a condition pops
out at us are glad to point it, give our thoughts on it and suggest an inspector
that could check it out.
So, when we are looking at
homes, you will be seeing if you like the home, floorplan, amenities, location,
etc while we look and see if there is anything we want to advise you on. When we move forward in making an offer on a
house, it’s best to guess what repairs and maintenance the home needs and offer
a comfortable price taking this into account.
If an offer is accepted and inspections reveal more than what we were
guessing, then that is where renegotiating on price or asking the seller to do
repairs comes in to play.
Next up will be a discussion
of the ins and outs of the offer process!
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