Realtors – Choosing the right Realtor to represent you as the buyer is very important. The Realtor should have knowledge and experience in most aspects of the real estate arena so that they can work for you effectively and efficiently in your best interests with as little or no stress to you. This includes standard, short sale, foreclosed on properties and new construction. (We at Trascojac Properties have experience and knowledge in these along with probate and investment properties).
Lender – It is important to shop around for a lender who has knowledge and experience with the loan program you are using, and who is easy to work with, available when you need them and if not because they are busy with other work tasks return calls and emails in a timely fashion. (We work with many lenders who also work hard in your best interests). We can provide you with their information to get prequalified (if you qualify) to begin the home hunting. You can also shop around others to get the best interest rates, loan generation fees and so on because there is no mortgage loan or lender that is “One size fits all”
Mortgage Loan types:
First time home owner down payment assistance programs
FHA & FHA 203(k) rehab loan
VA & VA renovation loan
Fannie Mae HomeReady
Conventional & Conventional renovation loan
Looking for your home:
Have an Idea of what you want – Knowing what you want that is within your budget before you start the home search is the beginning of your journey to home ownership with little or no stress. What you want may change en-route, but will remain little or no stress.
How many bedrooms and bathrooms
What sqft under air
How many car garage
Type of construction
Age of house
Move in condition or are you prepared to fix up
Type of utilities
Quick and easy access to work
There is much more. We get into the nuts and bolts on our home search forms and while during the search because every property and buyer is unique. No two are alike.
Homeowner Association or Condominium Association – If you are buying a condominium or in a homeowner’s association community, know the rules and regulations along with the fees to know if an HOA is for you or not.
Modifications to Your Home – When buying in an HOA, there are strict rules and regulations and local ordinances and boards that dictate .
Lead-Based Paint – Houses built before 1978 may contain lead-based paint, a potential health hazard. Don’t let this put you off these home though because it is easily determined if there is lead paint or not.
Chinese Defective Drywall – Houses built before between 2001 and 2009 there was a drywall shortage, so drywall was imported here from China during which later was determined to be defective and a potential health hazard. Don’t let this put you off these home though because it is easily determined if there is Chinese defective drywall or not.
Flooding – Be sure your home is not in a flood zone and prone to frequent flooding. Aside from the irritating, inconvenient and cost of your home’s contents being destroyed, your insurance premium will be very high.
Once you have found your home and have a contract in place:
Inspections – You should have a termite & WDO inspection done.
4 point inspection (can reduce home insurance cost)
HVAC (Heating, Ventilation and Air Conditioning)
Electrical wiring and panels
Plumbing connections and fixtures
Even though these inspections are not required by law, we at Trascojac Properties highly recommend them because they will play an important role in determining whether or not you want to go ahead and purchase the property and or renegotiate the price depending on what was found.
Radon Gas – We check if radon gas is a problem in the area of the home you like and considering putting in an offer. Radon gas is a naturally occurring gas underground that if present must be measured, because high levels are potential hazards to your health. Certain levels are safe.
Open Permits – Open permits are a future problem when you have to apply for one in the future. There could be open permits on the property that the home inspector will uncover and or the title company. The previous owner will be contacted to contact the contractor who left the permit open. Open permits ae usually open because when the contractor completed the work he or the owner didn’t schedule an inspection by the city to complete inspection, pass and close it. Another reason may be that the property is now in foreclosure, so we at Trascojac Properties will work hard to fix that problem for you.
Survey – Be sure to order a survey to be absolutely sure of the land and the property that will be yours. This is a requirement of the lender. Not required for cash buyers, however we highly recommend cash buyers get a survey too.
Appraisal – Be sure to have an appraisal done to make sure you are not paying more for the home than it’s worth. Appraisals are required and ordered by the lender. If you are a cash buyer, you should still order an appraisal. If the lender won’t lend more than the home is worth then why should you pay more than it’s worth?
Homeowner’s Insurance – Be sure to have the correct type of insurance and discounts on your home.
Discounts include but is not limited to:
Distance to fire hydrant
Distance to fire station
Age of roof
Age of HVAC
Age of plumbing
Electrical wiring and panels
Title Insurance – Title insurance is very important. Title insurance ensures that title to the property is being conveyed to you free and clear of liens and encumbrances. Should any liens and encumbrances pop up after closing you are covered.
Closing Costs – There are sellers closing costs and buyers closing costs. Closing costs include but is not limited to the fees charged by the title company, title insurance, lenders fees. When you locate a home that you like we can let you know on a closing cost sheet what you will bring to closing.
Becoming a Proud Home Owner – CONGRATULATIONS you are now a proud home owner.