When you're selling, a presale inspection avoids problems by making buyers aware of any defects before closing the deal. The seller's inspection may also uncover a problem you didn't know about. In that case, you can decide to fix it or offer buyers an allowance for the repair.
You should make a list of everything to be done, get estimates, and then decide what to do before putting your home up for sale. Your real estate agent can help set priorities and advise you which fixes will give you the best payback.
If you already know about defects, you can correct them before the inspection. Or you can wait and get the inspector's professional opinion of what to do. You can then show the inspection report to the buyers along with copies of the invoices for the repairs.
It's vital to use a good inspector. Ask your real estate agent and others for recommendations. Check references and be sure to get a written report to show to buyers.
WATCH OUT FOR MORTGAGE MODIFICATION SCAMMERS!
In the last few years, outfits have popped up offering home owners "forensic loan audits." They say they'll review the homeowner's mortgage loan documents, establish whether the lender complied with federal and state laws and speed up the process of requesting a loan modification.
The truth is that even if the audit reveals errors in the loan documents, the process very rarely results in a loan modification or rescind.
Even worse, scammers often make false promises that they will secure a loan mod, principal reduction or have the loan rescinded. Then they just string homeowners along or simply disappear. Here's how to protect yourself:
- Don't trust anyone who guarantees results.
- Don't work with anyone who asks for an upfront fee.
- Don't sign any contracts under time pressure and don't sign any you don't understand.
- Don't stop paying your mortgage, even if they tell you to.
- Don't give anyone your personal financial information, except an appropriate loan help organization.
And of course, we're always here to answer any questions.... Have a great day!
PS Thinking of taking advantage of today's affordable home prices and historic low mortgage rates to upsize, downsize or refinance? Please call or email us now to discuss your situation.
This was sent to you because of your relationship with Dan Davidson. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of PrimeLending; A Plains Capital Company and cannot be reproduced for any use without prior written consent. PrimeLending; A Plains Capital Company is an Equal Housing Lender. © 2011 PrimeLending, A PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, A PlainsCapital Company (NMLS no: 13649) is a wholly-owned subsidiary of a state-chartered bank and is an exempt lender in the following states: AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NE, NV, NY, NC, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WV, WI, WY. Licensed by: AL State Banking Dept.- consumer credit lic no. MC21004; AZ Dept. of Financial Institutions- mortgage banker lic no. BK 0907334; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act- lender lic no. 4130996; CT Dept. of Banking- lender lic no. ML-13649; D.C. Dept. of Insurance, Securities and Banking- dual authority lic no. MLO13649; Illinois Residential Mortgage Licensee, IL Dept of Financial and Professional Regulation, - lender lic no. MB.6760635; IN Dept. of Financial Institutions- sub lien lender lic no. 11169; ME Dept. of Professional & Financial Regulation- supervised lender lic no. SLM8285; MD Dept. of Labor, Licensing & Regulation- lender lic no. 11058; Massachusetts Division of Banking– lender & broker license nos. MC5404, MC5406, MC5414, MC5450, MC5405; MI Dept. of Labor & Economic Growth- broker/lender lic nos. FR 0010163 and SR 0012527; Licensed by the New Hampshire Banking Department- lender lic no. 14553-MB; NJ Dept. of Banking and Insurance-lender lic no. 0803658; NM Regulation and Licensing Dept. Financial Institutions Division- lender license no. 01890; ND Dept. of Financial Institutions- money broker lic no. MB101786; RI Division of Banking- lender lic no. 20102678LL and broker lic no. 20102677LB; TX OCCC Reg. Loan License- lic no. 7293; VT Dept. of Banking, Insurance, Securities and Health Care Administration- lender lic no. 6127 and broker lic no. 0964MB; WA Dept. of Financial Institutions-consumer lender lic no. 520-CL-49075. PrimeLending, A PlainsCapital Company is an Equal Housing Opportunity Lender. NMLS#
