Buyer’s or Seller’s Side; There are often repairs to be made on a home.

Buyer’s or Seller’s Side; There are often repairs to be made on a home.

Buyer or Seller? What should you do?

Hi, it’s Robin McCoy with Keller Williams and I thought we would talk today about repairs on a house. Whether you’re on the buyer’s side or the seller’s side, there is often repairs to be made on a home. One of the things that we want to talk about is, “what do we do about that”?

If you’re on the buyer’s side and you have a general inspection done as you should do, regardless of the age of the house, and it comes back and there are some things that are just not up to par. Some common things are the AC needs to be serviced or there may be a small leak under the sink. Sometimes things are more dramatic. Maybe they need a new roof or maybe the foundation needs to be looked at. Maybe there’s some electrical issues, any number of things can come up and all of those are not the end of the world.

Make sure you hire a general inspector so you understand what repairs are needed. Image of older home with a porch. Siding and curved driveway. House Inspects Logo and information

What Now?

The House is not falling apart. Nothing like that. Those are things that your agent and you will decide what are the most important and you will negotiate that with the with the seller and negotiate what the seller is willing to fix or what they’re not willing to fix. Then you get to make a decision based on that information.

What Can a Seller Do?

Now from the seller side…there are a couple of things to look at here too. Before your house goes on the market I always recommend going through and repar the things that you know are broken or that need to be fixed.

Get those obstacles out of your way. When you are selling your house, you want to present the best product possible. If you know the dishwasher makes a funny noise, let’s get that serviced. If you know your oven to be at 400 and it always heats up to 425 so you adjust accordingly. A new buyer is not going to know that. So let’s go ahead and get that calibrated.

There are any number of different things that can be taken care of before you hit the market. In fact, you could get a pre inspection by a general inspector so that you can fix all of the things that you know are going to come up in the buyer’s inspection. Your agent will help you with that.

And Finally…

Make sure you discuss these things with your agent so that everybody knows what to expect when that buyer comes in and that first offer is made. If you have any questions about the general inspection, what repairs may or may not be necessary or required, and which ones you might want to do prior to even listing your house. Please let me know. Robin Mccoy with Keller Williams, license number 0582766, we are here to help you with all of your Texas real estate needs.

RobinMcCoy@kw.com

214.226.3770


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How to Buy a House – Get Your Mortgage

How to Buy a House – Get Your Mortgage

Cartoon image of 3 check boxes, red pencil and Pre-Approved stamp image

Get Pre-Approved for a Mortgage

This is vital! Getting pre-approved for a mortgage is a critical step in purchasing a home. An offer cannot be made without verification that you, in fact, can gain financing to purchase the home.

Most Realtors won’t show you property until they know you are, in fact, capable to finance the homes you are looking at. Your Realtor should have some very solid relationships with lenders that are respected in the market and have a history of getting transactions closed on time. This is all extremely important.

The initial pre-approval does not take long…minutes really. However it gives the lender, Realtors, and the sellers information they need to get a transaction completed. Dana Hakes of Uptown Funding explains what the loan process looks like for a residential buyer.


Dana Hakes with Uptown Funding discusses pre-approval and the loan process

The Pre-Approval Process

Like your Realtor relationship, the lender relationship will be very important during the transaction. They will be going through your finances and ask you things that are personal and may make you uncomfortable. Understand this is required and they will not ask you for anything they do not need.

  • Pay stubs
  • Tax Returns
  • Employment status
  • Bank Statements
Meme with eight photographs of the guys from OCC. I want to buy a house; Get Pre-Approved. I don't know my budget; Get Pre-Approved. I want to go look at houses; Get pre-approved. This house I like sold; Should have gotten pre-approved. Get your mortgage

Under Contract…Now What?

The mortgage industry is very regulated. Since 2008 many laws and regulations have been put into place to protect the consumer. Once you are under contract the real mortgage work begins. Because of the regulations lenders must ask you for certain information…sometimes multiple times…to ensure legitimate loans are being made. Some of these things are:

  • Paper trail for all cash deposits into your bank accounts (no mattress money)
  • Tax returns for 2-4 years depending on the work that you do
  • Explanations of assets
  • Employment records and paystubs
  • A variety of other items of documentation depending on your specific situation. No two are alike.

The key to an easy loan process and getting the mortgage that you want it terms of rate, length of loan, and other terms. During this time do not spend any money out of the ordinary…no buying appliances, furniture, or cars. And do not change jobs! All of these things can compromise your ability to purchase the home.


How to Get Approved for the Best Mortgage Without Sticking a Fork in Your Eye ™: A Comprehensive Guide for First Time Home Buyers and Home Buyers Getting a Mortgage Since the Mortgage Crisis of 2008