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Steven Ard's Advice
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0 Best Answers
Steven Ard wrote:
Do I need an Inspection on my New Construction?
I am a realtor, as well as a licensed general contractor. I have built many homes, but when I buy a home, I still hire a certified home inspector even though I am qualified to inspect it myself. I always recommend a home inspection even on new homes. The town's inspector only looks for certain criteria that meets building code. Many times, their inspections are politically motivated to benefit a local company. I have had city inspectors ride by the home and call me on the phone to say it passed without ever actually inspecting a home. A home inspector will give you a very thorough report that can help you decide what action to take. In the state of Georgia, a builder is required to carry a 1 year warranty on their new constructions. I would check New Jersey Law to see if they have similar laws.You may also have the option of legal action if your inspector finds issues that is a result of dishonest or poor craftsmanship.
What are the steps to purchasing a foreclosed home?
To begin with, you should take the same steps that you would to buy a home from an individual. First get pre-approved for a mortgage loan. Second, contact a Realtor and find a foreclosed home. Making an offer is where it can get more difficult. Different sellers have different procedures. Most sellers require a completed sales contract as well as their own addendums. Some require a real estate agent to submit a bid online and will require their own contract to be completed if the offer is accepted.Most, if not all, sellers require an earnest money binder. This amount can vary depending on the price. I highly recommend finding a buyers agent that has experience with foreclosures.
how can i go about renting a house if i have bad renter's history and credit but alot of cash
I would suggest offering the first six months rent up front if you plan on staying there.
What exactly does it mean when an offerring is listed as "PENDING"?
My firm also uses the term "pending" in the same way that Chris described. However, if you have submitted an offer and they are telling you that your offer is pending, that usually means the offer is pending approval by the seller. They may be delaying in hopes of a better offer, but in most cases, it just takes a while to get approval. With foreclosures, delays are very likely because there are so many people that have to approve the acceptance of the offer.
I have questions regarding, shortsale, foreclosure, and counter offers.
In my opinion, I would recommend just walking away from the property rather than deal with the hassle of the short sale. With a short sale, it will still destroy your credit and you are a lot more likely to be required to pay the difference between the sale price and the amount owed. With a foreclosure, many lenders have a cash for keys program that will give you a considerable amount of cash if you promise to hand over the keys and leave the home without any further damage. If there is a short sale specialist on here that can enlighten me as to the benefits of a short sale, please do so, because I am not aware of any benefits over just walking away other than being able to occupy the property for a longer period of time.
Zillow now displays pre-foreclosure homes
I understand the purpose of listing pre-foreclosures and I am sure there are people who will utilize that service. However, most buyers search a zip code or a city name without realizing that you can turn off that feature. although, I do have to say that Zillow has done a much better job with the listings than when they first started listing pre-foreclosures. At first, they would come up first in the search and you would have to scroll through a couple of pages to reach a regular listing. Zillow is a great service and continues to improve the site. I guess every service they add takes a little time to perfect.
Can I fire my agent on the purchase of a foreclosed property in Georgia?
I hope this has closed by now but here is my 2 cents. First of all, The Georgia Real Estate Commission can take the agents license for giving you the code to get in and you can negotiate with the bank.Second, If the agent is the listing agent then she is representing the seller and should have had you sign a GAR customer acknowledgment form stating that fact. Depending on which bank owned it, she may have the right to represent you also. That is dual agency and must be disclosed. However, she can write a contract and submit the bid for you without representing you as a buyer's agent. You are entitled to be represented by an agent that is not representing the seller. However, at this point, with the bid already accepted, the agent is entitled to her commission if the deal goes through.Third, The VA forbids a buyer from paying for termite inspections and with it being a foreclosure and sold "as is", the seller will most likely not pay for it. The only way around that issue is that it can be paid for out of the seller's contributions toward the closing cost if seller contributions were negotiated into the accepted offer.
Zillow now displays pre-foreclosure homes
As a premier agent, I do not care much for Zillow listing pre-foreclosures. They crowd the listings that are actually available. The number of "dead-end" contacts also increased significantly.
Found a buyer through Zillow's Make Me Move feature - should buyer's agent get a commission?
The buyer may have a buyer/ brokerage agreement that guarantees that the agent gets a commission if the buyer purchases a home within a certain time frame.
Do I need a broker to view homes listed on Zillow?
Actually, you must have an agent to let you in properties listed by a real estate company. You do not have to be represented by an agent. However, any agent that gives you access to a home without a licensed agent being present is subject to discipline by the state real estate commission.
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