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- jonilo
- Contributions:63
We bought pur first home FHA some years ago and I think the process is similar. I just remember them being very particular about things like smoke detector, lead paint, and those kinds of safety hazzards. thats about all I can offer you. I think if your property is in good repair, you shouldn't have too much to worry about.
- tampabaydoug
- Contributions:54
jonilo:
Reading some of the posts here, we're not sure what to expect. It ranges between just looking for structural/safety issues like you describe, all the way to a 4-6 hour inspection to verify there's been no missile testing at your home. Thanks for your reply.
- Oklahomamom
- Contributions:661
Don't be afraid. It won't be that bad if you have kept up the maintenance. Your house is still pretty new.
Yes, be grateful you have a newer home. Things like fences, etc. all have to be in good order.
grateful?
grateful?
Sorry, this zillow glitch is annoying. So are my mispellings. :)
- tampabaydoug
- Contributions:54
oklahomamom/marci:
From what you say, the inspection will probably go OK.
What about the appraisal? Do they consult tarot cards, throw darts at a board, roll the dice? We've heard appraisals are variable depending on who does it.
I haven't seen a VA appraisal in a while. I would imagine they are going to be conservative like all of them are now. Do you have comps in your area to back up the purchase price?
- tampabaydoug
- Contributions:54
Marci:
Recent comps on our street were ALL higher than our contract price.
You should be golden then. I wouldn't worry.
- tampabaydoug
- Contributions:54
Like anyone (and I think our buyer would agree) we don't want anything to derail this train. We're trying to contain our excitement until closing!
- another_dustbunny
- Contributions:807
I don't know anything about anything, so I'll just say congratulations, tampabaydoug! Hope everything goes smoothly for you.
- tampabaydoug
- Contributions:54
bunny: thanks for the kudos. We ARE grateful to be where we are today.
- pub123
- Contributions:660
congrats Tampa you can send some down here in cutler bay.........I wanna get outta here!!!
- Team Bonisolli, "teambonisolli"
- Contributions:88
Appraisal should be done quickly... appraisors don't seem to be real busy these days. On theinspection it just depends on how anal the inspector is. The inspector I like works in a team of 2 - one on the computer w/headphones and the other on doing the actual inspection. The one with the computer does check the kitchen appliances, gives the dishwasher time to run, etc.
With two people the inspection goes rather quickly (2 hrs for 2500 SF) and they give a color-printed report to the buyer and the seller right there on the spot.
On the other side, I've had an inspection for a 1100SF townhome last 5 hrs because it was just one guy - anal - and not very organized.
I recommend that you NOT be there for the inspection or show up near the end so you can hear the report- at least that's what I advise my clients. It's rather intimidating to see the inspectors check every nook, cranny and otherwise. I also don't like my sellers' to answer questions or be put on the spot. But, if it doesn't bother you then go for it.
Wishin you luck and a quick close.
- tampabaydoug
- Contributions:54
pub123: I hear ya! RE news lately is like the doc trying to revive a flatline patient...it just keeps getting worse.
- pub123
- Contributions:660
alot of the RE agents say that now that the vote was yes and the rates are down that it will help the market here, I hope that they are right
- tampabaydoug
- Contributions:54
I know just a few Tampa area realtors, and they indicate business seems to be picking up. But as I was reminded, RE is "local".
- dinydeek1
- Contributions:363
We have purchased via VA(sold VA once) before... Both times they do tend to be a hair more conservative on the appraisal but neither inspection were particularly fussy. I think it depends on the area you are in- we have had friends who cringe when they remember their VA inspections and others who felt lucky to get a drive by LOL
Our Realtor at the time recommended having everything as clean as for an open house. I remember the inspector commenting the sink was new(not really, just was shiny because I used lemon oil on it)- I just nodded. My realtor told me not to offer information- let them do their own thing...
If I remember right they were very focused on dry rot, termites, roof condition and foundation- not as worried as other inspectors about the other details... Our first home he even noted we had a fire ant pile beside the foundation-yet he totally missed that the folks selling had a major leak under the kitchen sink- the cabinet base had apparently rotted out so they stretched a piece of shelf liner across the giant hole! Imagine my surprise as my bottle of cleaner feel straight through!! LOL... Another favorite was the previous owners had apparently broken parts of the shower door, their solution was double sided tape- took about 2 months of use before the shower door fell a part and we found their "fix"
Gotta give them credit- they were creative... that house turned out to be a total nightmare- we were much more picky the next time around :-)
Just breath and and let them do their thing...
- tampabaydoug
- Contributions:54
teambonisolli/dinydeek1:
As you can tell, we're just trying to get a grip on the unknown. Considering how new our home is, and that recent comps on our street were higher than our contract price, we should be good to go. We'll keep you posted as we near the finish line. And thanks to you both for the detailed feedback!
And what's up with the sequencing of these boards? I've seen other posts complaining about this, too. I'm sure Zillow is working on it...
- Mike_oxafloppin
- Contributions:2851
good for you Doug ... maybe I'll have hope IF I decide to sell and move. Glad to hear somethings happening ... as a matter of fact I had a conversation with a broker of one of the major offices here in Orlando. When i asked him how the markets treating him.. he replied "it's kicking my a$$.
- tampabaydoug
- Contributions:54
scott: my earlier post was similar. RE news appears to be just...gloom, doom, and well, more doom. Trust me; we are THRILLED to be 30 days from closing. Thanks for the kudos!
- greg1231
- Contributions:853
Tampa Bay Doug,
Good luck with your sale. We love the Tampa area, but we decided not to buy three years ago when every time you blinked the prices increased.
- Durenda FachtmannCEC CRS GRI, "Durenda"
- Contributions:512
doug, the appraisal will be the same as a conventional loan appraisal
the buyers had to sign the new paperwork that if they want an independent inspection that they must get one. The appraisal is not an inspection.
The non allowable fees are much less than they have been in history.
Just closed on one and the non allowable fees were less thand $50
Contract has seller paying buyers closing costs and they came in less than 4% of the contract price (not the 6% asked for in the contract.)
Do not know anything about your contract or the lender your buyer has chosen(that is a biggie on the costs you may need to pay if you agreed to pay buyer's closing costs) but your realtor should have looked into that and got confirmation before you signed contract.
- tampabaydoug
- Contributions:54
stgreg11: we've been in the area since 1994, so, yep, we like it. We plan on staying in Hillsborough County. Thankfully, we bought the house we have the contract on just before the market took off. Even given the recent freefall, we should get a check at closing. Better than a sharp stick in the eye ;)
durenda: "The appraisal is not an inspection". Understand your point (I think). Our understanding is the buyer paid for an inspection, and that's part 1. And since he's using VA, VA will do the appraisal, part 2. Right?
- Mike_oxafloppin
- Contributions:2851
We'll just keep our fingers crossed ... you'll be fine.
Yes tampabay, VA selects the appraiser.
- tampabaydoug
- Contributions:54
marci: that was our thought. VA hires an appraiser to do the job and determine if the home is worthy(?) of the loan? Or that the asking price is not out of whack with the market?
Right.
VA Inspection and Appraisal
Fellow sellers:
We have a contract to sell our home here in Tampa, FL. WOO HOO!
Our closing is set for the end of February, with a VA inspection and appraisal yet to be completed (our buyer is getting a VA loan). Our home is 5+ years old, and as we told our realtor, we can't imagine what could be found wrong with it. I'd like to hear from those who know; what can we expect as we go through these next 2 important steps? Is there anything we need to do to prepare?
Thanks.
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