Very simple...you need to consult with an attorney. Any agent who gives you advice is trying to help, but violating license law unless they are also an attorney.Read your contract and consult an attorney. Good luck.
Agree with Jonathan...the underwriters of your loan will give a list of requirements. We typically see them for rural properties where the well and septic are non-conforming. I have a strong feeling that the Dodd Frank rules will impact water tests and many other aspects of the lending process in the near future.
Zestimates can range from very close to not in the same stratosphere. The data collection from past sales, appraisals, tax assessments, etc. has not provided an accurate "AVM" Automated Valuation Model for Zillow with any consistency as it is still growing and will get better with time.The question that needs to be asked is..."What are you going to do with the information?" If the answer is to sell your home, then in fact, a Realtor with knowledge of the area and sales data would be the logical choice.If the answer is to refinance your home, then the first decision would be to choose a Lender. Once that has been decided, you should discuss with your Lender the process and ultimately an "Appraisal" will be required. I would caution you not to hire an appraiser without first consulting with your Lender. They have a specific protocol which needs to be followed and it may save you the cost of two appraisals.
If you love the home, make an offer contingent on an inspection by a qualified third party inspector and any additional testing or inspections by a specific vendor such as HVAC, RADON, FOUNDATION, MOLD, ETC.My concern would be the moisture and where it is coming from...likely from landscaping, lack of proper vapor barriers, cracks in the foundation, lack of proper rain gutters and downspouts, broken or leaky pipes (exterior/interior) or some combination. You need to isolate the problem and correct it.Second concern would be what damage the existing moisture has caused. Mold is the "big issue", but high levels of humidity will take years of life off furnaces and water heaters. I have sold many homes with partial dirt floors (older homes in most cases). Rain gutters, downspouts and proper landscaping will take care of a bulk of the problem, but I would ask for a recommendation of the home inspector for a foundation expert to look at the home to determine where the problem originates and then to see if you have a mold issue. Most problems have solutions....I wish you luck!
Approximately 80% of home buyers will use a buyers agent. A buyers agent will explain the process, evaluate conditions which are important to you and educate you to allow you to make an informed decision on preparing an offer. Look for an Accredited Buyers Representative designation (ABR) next to their name.
With the high inventory and slumping prices, it has never been a better time to buy than right now. The determining factors should be how long will you stay, the cost of renting vs. buying, and what will my cost be if I have to move. In some cases, it may be better to rent, but in most cases the upside of home ownership, mortgage interest deductions, and pride in ownership... buying is a better option.
There are programs available which provide 100% financing, but are specific to the buyers credit history, military status (may apply), and income. Check with your lender to find out which program would best suit you.
The value of any home is determined by what the buying public is willing to pay for it. The most definitive way is to find out what similar homes are selling for in the same area with similar features. This can be accomplished through a Realtor or Appraiser
Posted something I shouldn't have, but can't get anyone to tell me how to remove the thread...please help!
When you buy a foreclosure property, you have to realize that the people on the other end have no real emotional attachment to the property. To them, this is a file that needs to get resolved. Most Asset Managers work off a protocol. The price is set based on several BPO's and appraisals. The house is listed and systematically reduced until it is sold. The longer the house sits, the lower the price goes. If you are the only person making an offer, you have the luxury of starting lower. I personally wouldn't try anything less than 80% of list price. If you are one of many...then make the best possible offer you can...where you won't be disappointed if you don't get it. Best of Luck!!!