Home Seller: Your “To Do” List Prior to a Home Inspection.

February 22, 2011

by christiborden

Home Inspection Approaches

So you finally have a contract on your home. Congratulations! Now, your buyer has ordered an independent inspection. Believe me, this is a good thing. When so many real estate transactions end in court due to disclosure items, inspections are a wonderful way for both parties to be aware of the condition of the property and hopefully resolve any such issues up front. You should applaud a buyer that thinks enough of his investment to hire an inspector. I am always worried about buyers who don’t. In fact, I would rather not represent a buyer that declines to inspect, even new construction.

Even though it is probably too late to make major repairs prior to the inspection, there are some things a seller can do to help the inspection go well for both parties and most of these items are simply the little nagging, honey-do type of things that we, as homeowners, tend to get used to and ignore.

  • Let there be light: Check all light bulbs and replace those not working. An inspector is not going to test the fixture itself but may call it as a deficiency and recommend that it be examined by a licensed electrician. Quite a costly repair for a blown bulb.
  • Water, water everywhere: Repair any leaking faucets, water fixtures, irrigation systems, etc. If you do not know how to do it, hire a plumber. If you are aware of rotten wood on the exterior of your home, this is usually flagged for repair.
  • Heating, Cooling and More: How long has it been since your systems have been serviced? How long has it been since you changed your filters and cleaned your vents? A well-maintained home will shine at an inspection, helping you and your buyer keep the transaction together.
  • Access to your home: Make sure there is access to your breaker box, the heater/air conditioner, water heater, etc. If your personal belongings block these important items, the inspector will not inspect it causing the buyer to either accept an incomplete inspection, having to pay an additional fee for a further inspection or he may just pull out of the deal completely.
  • Disclose, Disclose, Disclose: Please click here to read my past blog about your responsibility as a Seller to disclose. This is not something to take lightly or to ignore. If you know about it something that you, as a buyer, would want to know about a property, disclose. Even if you have made a repair, it is required to let them know the issue existed.

That should get you started on your way to having your property ready for the inspection. If you have questions about this or other items, contact your Realtor or your real estate attorney for advice regarding the inspection report and repairs. Also, in the State of Texas, you are required to disclose this and any other property inspection performed within the last four years and must note same on the Seller’s Disclosure Notice.

I hope this has helped you and wish you a safe and stress-free journey toward your closing.

Disclaimer: My name is Christi Borden. I am a licensed real estate agent in the State of Texas and a member of the National Association of REALTORS. As such, I adhere to a strict code of ethics and all laws with regard to equal housing, which is reflected in the content of this blog. My broker is Prudential GARY GREENE, REALTORS, 23922 Cinco Village Center, Suite 123, Katy TX 77494. My TX Real Estate License number is 0517398. All of the opinions in this blog are mine, unless otherwise noted.

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Most Popular Online Pages on Texas Real Estate Center Site

February 9, 2010

Click here to view the RECON – Texas Real Estate Center’s report on the most popular online publications. This site is an incredible resource for anyone interested in what is happening with regard to real estate in the Great State of Texas.

As of January, here were the Center’s most popular online publications as determined by total visits:

  1. Obtaining a Texas Real Estate License by Judon Fambrough — 1,887 visits.
  2. Ag-use Exemption: Fact or Fiction” (revised Jan. 2010) by Judon Fambrough — 1,294.
  3. Austin–Round Rock Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 1,012.
  4. Monthly Review of the Texas Economy by Ali Anari and Mark Dotzour — 965.
  5. Dallas–Fort Worth–Arlington Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 742.
  6. Hints on Negotiating an Oil and Gas Lease by Judon Fambrough — 653.
  7. Texas Rural Land Value Trends 2008 by ASFMRA — 649.
  8. San Antonio Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 599.
  9. Easements in Texas by Judon Fambrough — 557.
  10. Priority of Mortgage and Tax Liens” by Judon Fambrough — 534.

Posted from the RECON from TAMU Real Estate Center.


HOUSING RESCUE PROGRAM DETAILS RELEASED

March 6, 2009

– President Obama earlier this week unveiled details of his home loan aid plan designed to help millions of Americans who are at risk of losing their homes.

Administration officials say the Homeowner Affordability and Stability Plan could help nearly nine million households restructure or refinance their mortgages to avoid foreclosure.

The plan includes a $75 billion homeowner stability initiative that targets at-risk homeowners, many of whom have adjustable-rate mortgages that have increased house payments to as much as 50 percent of their monthly incomes.

This initiative offers cash incentives to lenders and borrowers for working out loan modification agreements that result in lower monthly mortgage payments and allow homeowners to keep their homes. Any bank that receives federal money under the Treasury Department’s $700 billion financial rescue program will be required to take part.

Another component of the plan is intended to help as many as five million responsible homeowners who took out conforming loans owned or guaranteed by Fannie Mae or Freddie Mac to refinance through those institutions.

To finance that effort, the Treasury is providing the two companies with up to $200 billion in capital on top of $200 billion that it had already pledged to them.

“This is not going to save every person’s home,” said White House spokesman Robert Gibbs. “The plan is not intended to . . . augment somebody’s loan for a house that they couldn’t afford under any economic situation, good or bad.”

According to the latest data from the Mortgage Bankers Association, nearly 12 percent of homeowners — a record 5.4 million — were at least one month late or in foreclosure at the end of last year.

New York Times/Associated Press