Buyer's Corner

Please provide the criteria for your Home search
Be pre-approved.  Be ready to negoiogate with the Sellers. JP provide refeences to reputable Lending intutuions in your community.                                                                                                                                                                      

    Your contact information:

First Name
Last Name
Address
City
State
Zip Code
Phone
Cell
E-mail

    Your home  criteria:
    Town/Area:              
    Type of home           

    Price Range: Between     and in 000's

    Number of Beds:    
    Number of Baths:   
  Est.  Square Footage:  
    Garage:                
   Basement:            
    Pool:                    
    When you plan to move: Month (s)
     Are you Pre-Approved?
     Will you need a Mortgage? 
      Are you under contract with an agent?

    Additional information:
   



WHAT A HOME BUYER SHOULD KNOW?

What are the  advantages of being a Home owner?

Tax advantages
Appreciation of Neighborhood
Equity gain in Home
Control of your property
Financial security

How can I get myself ready to purchase?
Steady income (2 or more years)
Pay bills on time
Preserve a good fico score
Decrease the volume of debt
Build up the down payment

Build up the closing cost
Get pre-approved for your loan
First  get your real free Fico score: 
Free Annual Credit Report
Ø
Why Pre-approval is crucial?
To know what you can afford
Shows sellers you are serious about purchasing
Make an offer before the competitor
Be in a position to negotiate with the Sellers
Ø
Can I afford to Buy a Home?
Housing cost must be at least less that 29% of gross income
Housing cost and debt no more than 36% of gross income
Especial loan program i.e.. Hartford housing program

Do I have a good credit score? 
ØA minimum credit score to acquire a standard mortgage is 620.  (However financial institution may use lower standards to be qualified)
The higher your credit score… the better your interest rate
Some loan program can also go below the standard mortgage rate

What about the Down Payment?
Usually between 1% to 10% of the purchase price
If the offer is rejected , your down payment will be returned to you
You may qualify for down payment assistance

What would be my Closing Costs?
Property taxes (pro-rated)
Interest (if applicable
Loan origination fee (if applicable)
Recording fee
Survey fee
Credit Report fee
Appraisal fee
Homeowner insurance
Mortgage insurance (if applicable)
Title insurance for mortgage
Loan discount points (if applicable)
Tax and insurance escrow accounts
Documentation prep fees

Can Seller require specific language on an pre-approval letter?
Yes - Seller such as Bank Owned can require special language.  There will also be an Addendum to the Purchase Contract to this effect.  Also a FICO score can be required on the pre-approval letter.

Below is an example of some information a Seller (Bank) can request on an pre-approval letter:
 - FICO score
 - Statements to be included in the approval letter:
"Lender is aware property was acquired thru foreclosure and will be purchased in as is condition with no lender required repairs and appraisal will be completed as-is"

   
What is A Counteroffer?
A counteroffer is an offer made in response to another’s offer instead of an acceptance and has the effect of rejecting the original offer.

           

 

 

Wet Basement Solutions

Not very many things are more frustrating than a wet basement. Even small amounts of moisture can make a basement smell musty and be conducive to mold and mildew growth.

The amount of moisture may range from a damp feeling to standing water. The solutions for either amount is similar. A fix has to either remove the way that water enters the basement, or remove the water before it can be a problem. Both answers require a lot of work and determination.

If the water problem is a wet weather occurrence only, three fixes are possible. Good guttering can be place to start. The gutters will divert the water away from the foundation of the house. By using elongated downspouts to carry the water an additional ten or more feet from the house, any problem from standing water around the basement will be lessened. For some, this one fix will cure the moisture dilemma.

The second step would be to dig down to the foundation and coat the outer walls with some type of barrier. This can range from simple tar to polyethylene sheeting. Repair any obvious cracks. While the foundation is exposed, trench out from the basement in several areas. Lay in perforated drain pipes and surround them with gravel. If this can be done at two or three levels as the backfilling is being done, it will help keep all moisture from staying around long enough to enter the basement.

When the dirt is back in place around the basement,some sculpting needs to happen. The ground needs to be sloped AWAY from the basement walls. By making this slope rather steep, the water will run away Without penetrating near the house. These three fixes will repair almost all wet weather moisture problems.

© 2009 A & S Home Inspections
Connecticut Home Inspection Expert David Balkun is devoted to empowering home buyers and sellers throughout Connecticut with the information they need to make informed buying or selling decisions about their properties and give them peace of mind. 
Register for his free articles at www.asinspectiongroup.com

 

HOME INSPECTION
A & S Home Inspections David Balkun 

Spring Checklist to Maintain your Home

Home maintenance fits in nicely with spring projects.  Most likely, you are already doing a little spring landscaping.  However, it may be time to give your home a little maintenance, too. 

The many spring showers can actually cause some damage to your house.  Follow this checklist for your spring home maintenance to keep your home in tip-top shape and avoid any possible water damage.

·         Clean the gutters and make sure that they are in good repair.  You can use a ladder, an attachment for your hose, or even a professional.  You want them to work correctly and not be clogged, which can lead to water damage.

·         Check the undersides of the eaves for any rotting.  It can lead to water damage in your attic.

·         Look over the roof for any damaged, missing, or loose shingles.  You can improve your home’s maintenance if you repair any roof damage before there is a lot of rain.

·         Examine inside the attic for any water damage from leaky shingles.  You’ll want to repair that before it gets any worse and costs more.

·         Be sure downspouts carry rainwater at least 5 feet away from the foundation.  This is an important for home maintenance.  If they drain too close to the foundation, it can result in water damage.

·         Check your sprinklers as part of your home maintenance.  None of the lawn sprinklers should hit the house with water, which can lead to moisture problems.

·         Examine the weather stripping on your doors and windows. The cold weather of winter may have caused damage.  If it looks like there is any damage, caulk it.

·         Remove any storm windows and replace with summer screens.

·         Home maintenance also involves checking your heating and air conditioning units.  Spring is a good time to have a service check of your air conditioner to head off any problems before the summer heat waves.

Home ownership includes home maintenance.  Starting off your spring with a maintenance checklist can correct any problems before they get worse and cost even more money to fix.

© 2009 A & S Home Inspections

Connecticut Home Inspection Expert David Balkun is devoted to empowering home buyers and sellers throughout Connecticut with the information they need to make informed buying or selling decisions about their properties and give them peace of mind.  www.asinspectiongroup.com

A & S Home Inspections
38 Summit Farms Road Suite 116
Southington, CT 06489

Toll-Free: 800-362-4325 / 800-DO-CHECK  

 

 

 

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