|
|
|
|
|
|
|
Home Loans ? Would You Buy a Home Without an Inspection?
The housing market has exploded, with home prices rising beyond all reason in some markets. Home prices have doubled or tripled during the last five years, and in some cities, the asking prices for homes are considered only to be suggested opening bids. Homes often sell in a few days or even hours, and would-be buyers are tiring of losing out to higher bidders. In order to achieve an advantage over other bidders, some people are offering to buy homes without a professional inspection. What do they gain from such an offer? Is declining an inspection an OK thing for a buyer to do?
Traditionally, a professional home inspection is a valued component of the home buying process. While inspections are rarely required by law, most buyers would prefer to have any home they might purchase inspected before committing to purchase. The inspectors look for problems with foundations, plumbing, wiring, and termite infestation. In addition, they often check to make sure the home meets building, zoning, and easement codes. The fee of several hundred dollars, paid by the buyer, can turn out to be a bargain if the inspection determines that the home needs thousands of dollars in repairs. At that point, the buyer can walk away from the home or negotiate a financial compromise with the seller in hopes of having the problem repaired prior to sale.
The current housing market has brought about a lot of changes in traditional real estate rules. Buyers who want an "edge" over other bidders in markets where sales are brisk might offer to buy the home without an inspection. This might motivate the owner to sell to them, rather than another buyer who might insist upon the inspection. In short, these buyers are offering to take the home on an as-is basis. Is there any benefit to this?
Most real estate experts agree that it is foolish to purchase a home without a prior inspection. While some problems can easily be seen by even the most casual of browsers, others, such as termite infestation or a cracked foundation, might only be noticed by a professional inspector. These problems can cost tens of thousands of dollars to repair, and in some cases, might even render the home legally uninhabitable. Anyone who offers to buy a home without an inspection is taking a serious risk, as they could find themselves the owner of a home that he or she cannot afford to repair. There may not even be any benefit to buying without an inspection, as most homes in hot markets sell for more than the asking price whether the home is inspected or not. If you cannot inspect a home prior to purchase, it would probably be wise to pass and wait for another suitable property to come along.
�Copyright 2005 by Retro Marketing.
Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation and credit counseling information and HomeEquityHelp.net, a site devoted to information on mortgages and home equity loans.
Washington Times
IndiaPost.com, CA - 1 hour ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
Lenders Backlogged By Refinancing Rush Washington Post
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
MSNBC - Forbesall 26 news articles
Money High Street
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
Scripps News - AHNall 104 news articles
Washington Times
Bloomberg - 21 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 600 news articles
Stockton Record, CA - 5 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles
Boston Globe
Bloomberg - 7 hours ago
... to purchase or refinance homes,” Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 54 news articles
Los Angeles Times
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 551 news articles
TopNews
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,” said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
Waco banks seeing a boom in mortgage refinance applications Waco Tribune Herald
Borrowers seeking to refinance may face challenges WTOP
As mortgage rates slide, refinancing applications take off Dallas Morning News
all 15 news articles
Homebuyers Loan Guide
If you are a homebuyer, there are a few points on a homebuyer's loan that you should keep in mind. These pointers simply ensure that you don't... Read More
Homeowners? insurance: The mortgage connection
A home owners' insurance is the cover for the house against natural calamities as well as liability. This covers the house and its contents but also other... Read More
How To Save Money On Your Mortgage
Obtaining a home loan is arguably the most expensive transaction you'll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor... Read More
Mortgage Reduction Solutions
USA ECONOMIC CONDITIONSToday's sluggish economy has left millions of people struggling to financially make ends meet. Lou Dobb's coined phrase "Assault on the Middle Class" continues. Virtually... Read More
Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home
If you are currently looking for a new home, chances are that in all the excitement you won't really give any thought to the type of home... Read More
Home Equity Loans: A Useful Financial Tool
The investment need of an individual varies with time. Thus the need to buy a car or invest in a new house, which may have seemed "beyond... Read More
Best Buy to Let Mortgages
Are you looking for the best buy to let mortgages with the lowest rates payable? Need to calculate repayments on-line? Not sure how much you can borrow?... Read More
When is the Right Time to Refinance Your Mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so... Read More
Choosing a Mortgage Lender
Just as there are many types of mortgages and mortgage deals to choose from, there are also many sources where you can go to get a mortgage.... Read More
PayDay Loan Online - Quick Cash Advance Loans Online Are Very Convenient
Getting a quick cash loan, cash advance or payday loan has never been easier than it is today, thanks to the internet. Today you can apply and... Read More
How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.Let's start on a positive note, you... Read More
Avoiding Foreclosure Scams
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should... Read More
A Mortgage Loan For Homes
Everybody wants to own a house because it is something that portrays your success in life. Some people make some ways on how to own one by... Read More
Reverse Mortgages ? a Reversal of the Mortgage Process
Mortgages have assumed a number of characters from the time of their inception. The traditional mortgages used to be of the repayment type. Every month the mortgagor... Read More
Money Smart Homeowners Use this Mortgage Strategy Every Time
There are currently more than 50 million home mortgages in the United States today. So why aren't more homeowners taking advantage of the highest yielding lowest risk,... Read More
A Guide to Finding the Cheapest Home Improvement Loan
To find the cheapest home improvement loan that you can, you need to realize that there are a lot of factors that can affect the amount that... Read More
Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about... Read More
Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?
Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a... Read More
Is the Inverse Mortgage a Scam? New Program Promises Mortgage Payoff inside of 5 Years
If a mortgage could be paid off in five years or less, without it costing homeowners an extra cent, why wouldn't every homeowner in America be doing... Read More
Advantages Of Mortgage Pre-Approval
There are several advantages to getting mortgage pre-approval before looking for a home.Being pre-approved for a loan lets you know how much you can borrow towards a... Read More
Using a Mortgage Refinance Company Online
Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates.Before You... Read More
How to Find the Best Home Improvement Loan
If you're looking for the best home improvement loan for your money it can sometimes seem like an uphill climb. You may not know whether the offer... Read More
Buying a Home After a Foreclosure
Buying a home after a foreclosure is not an impossible task. With some careful planning and some savvy shopping, you can secure a mortgage loan even with... Read More
Poor Credit Home Equity Loan Tips
A home equity loan can help repair your poor credit history. Begin by finding a competitive financing lender with affordable rates and terms. Next, work toward establishing... Read More
Securing the Best International Mortgage for Your Home in Spain
Are you one of a growing number of people planning on buying a holiday home in Spain?Or have you decided to expatriate, buy a Spanish home and... Read More
Mortgage Information
A mortgage is borrowing money using property as a security, a type of secured loan in other words. Primarily, the purpose in borrowing the money is to... Read More
Home Loans For People With Poor Credit - Understanding The Requirements For a Subprime Mortgage
Home loans for people with poor credit demand that you understand the requirements for a subprime mortgage loan to get the best rates and terms. By satisfying... Read More
5 Tips for Savvy Use of Your Home Equity Line of Credit
Tapping your home's equity to pay college expenses, consolidate credit card debt or even to buy a new car or boat is common place. Many economists attribute... Read More
Home Equity Loan Considerations
In other words, the benefit of the loan must outlast the loan period. Taking a loan for financing that elusive vacation is a strict no-no. Moreover, home... Read More
Choosing a Mortgage Lender
Just as there are many types of mortgages and mortgage deals to choose from, there are also many sources where you can go to get a mortgage.... Read More
Mortgage Loans For People With Adverse Credit - How Much Should You Borrow
"How much should you borrow?" is a question people with adverse credit wrestle with. The answer is simply as much as you can afford. This is probably... Read More
A Guide to Getting Bad Credit Home Improvement Loans
You might be wanting to look into bad credit home improvement loans but are unsure of where to start. After all, how do you get a good... Read More
A Home Loan Can Help You Own Your Dream Home
Owning your dream home need not just be a dream. You can own it with a home loan offered by any number of financial institutions to help... Read More
How to Use a Home Equity Line of Credit Calculator
Most home owners know that the lower the interest rate, the lower the monthly payments. But then the process may get a bit fuzzy. While your monthly... Read More
A Mortgage Loan For Homes
Everybody wants to own a house because it is something that portrays your success in life. Some people make some ways on how to own one by... Read More
Consolidate Your Debt With a Home Equity Loan and Improve Your Credit Score
A home equity loan is a loan based on the difference between what your current home value is and what you currently owe on your house. There... Read More
No Money Down Home Loan
Are you in the market to purchase a home but are concerned about not having enough money for the down payment? No down payment home loans or... Read More
Home Equity Loans Online
If you are in the market for a home equity loan, consider an online lender. Home equity loans online are fast and easy. You could be approved... Read More
What Are Home Equity Loans?
A home equity loan is simply borrowing on the difference of the value of your home and the outstanding mortgage on the house. Lets say, you have... Read More
A Guide to Getting a Home Improvement Loan
If you've got a few things around the house that you'd like to spruce up but don't have the money for, you might want to consider getting... Read More
Home Equity Loan ? Good Choice for Luxury Purchases?
Home equity loans or lines of credit have increased dramatically in popularity in recent years. One of the reasons is that interest rates are at or near... Read More
Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved
Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders... Read More
Real Estate Finance Strategy that Few People Consider
If you are considering a new home loan anytime soon, and you do not want to get an adjustable rate mortgage (remember, ARMs are very strong loans),... Read More
Non-conforming Home Loans vs Conforming Loans
The simple definition of a "non-conforming home loan" is: You have a job and can make the payments. Your credit is used only to determine your interest... Read More
Guide to Home Equity Loans
Here is a useful guide to home equity loans. A home equity loan is quite simply a loan against your house. Another term for a home equity... Read More
Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will... Read More
Private Mortgage Insurance (PMI)
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance, known as... Read More
Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees... Read More
What You Dont Know About The Real Estate Process, Some Inside Secrets
Some people in the real estate industry have a terrible reputation. Why, because they deserve it. A lot of hard earned money trades hands and if things... Read More
Home Mortgage Interest Rates: How to Compare
Whether you are looking to purchase your first home, sell your current home and purchase a new one, or you are wondering whether or not you should... Read More
Council Right To Buy Mortgage ? Transform Your Accommodation Into Home
Homeowner - does this term catch your attention every time you hear it? It is a powerful term. It is hard being a tenant for long. Eventually... Read More
Buying a New Home ? Home Buying Tips
If you in the process of looking for your first home, there are some essential steps that you should be aware of. Many times, people fall in... Read More