The Home Inspection Process
Whether you are a buyer or seller the home inspection process remains the same…
A buyer puts an offer in on a home. Once the offer is accepted, you typically have anywhere from 10-15 days to complete inspections. Your time frame depends on what is put into your agreement of sale. Typical inspections include: a home inspection, radon and wood infestation where they typically look for termites.
Next, is time to hire an inspector. Do not hire an inspector based on pricing. This is a large investment you are making, you want an experienced inspector who knows what they are doing. We have a few home inspectors we recommend known for their experience, knowledge and integrity.
Buyers want to be present for the inspection. Sellers - it is best to leave the home during the inspections. Once the inspection is complete, the buyer will receive a report. Your agent will review the report with you and advise you on what repairs to ask for, or whether a credit is a better possibility. The buyer’s agent will then submit your request (what we call the reply to inspections) to the Seller’s agent. And the seller’s agent will address the reply to inspections with the seller and the negotiation process begins again.
If you are a home seller, we review the inspection process in more detail at our home selling seminars. Be on the lookout for upcoming dates.
The Home Inspection Process
Know What's On Your Credit Report
Anyone who has ever had a bank account, mortgage, credit card, car loan, or account with a retail store will invariably have a credit rating. Most information in your credit rating comes from companies you have credit with, as well as from certain public records such as tax liens, bankruptcies, judgments and lawsuits. It is important to know and understand your credit rating, how the information is compiled, and how it affects your ability to acquire a loan for your new home.
A good rule of thumb for those looking to establish credit is 3 credit cards for 3 years. Put little on them and pay them off each month.
Credit reports are usually divided into five sections:
1. Your credit history.
2. Who has reviewed your credit history.
3. Information you have provided for the credit company.
4. Specific identification information about you.
5. Explanatory notes and comments.
There are three major credit-reporting agencies, Trans Union, Experian and Equifax.
As a consumer it is important to know your credit score and what is on your credit report. Often, we hear about a person with a similar name’s account being linked to the wrong credit report. This will also help you identify any collections accounts, and verify that your identity is safe.
Create a free account at https://www.creditkarma.com. Here you can review your credit report and keep track of your score.
If you are thinking about buying in the future it is a great idea to educate yourself in advance. Sit down with a mortgage lender and review your credit. They can offer tips to increase your credit score if needed.
The Swain Team can recommend a reputable mortgage lender who has the reputation of providing excellent service and good rates.
If you have any questions or if you are ready to start thinking about buying a home - Just call us at (215) 757-7257 or email us at TheSwainTeam@gmail.com. We are always happy to help!