Tampa Bay's #1 Realtor talks about Home Inspection issues that can disqualify a home and Waterstone Mortgage’s Escrow Hold Back program

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.

Andrew Duncan, Tampa Bay's #1 Realtor  has Randy Noon from Buyer Inspection Group, David and Arnie Diaz from Waterstone Mortgage Corporation as guests on The Duncan Duo Real Estate Show on 970 WFLA to talk about home Inspection issues that can disqualify a home from getting financed and touches on Waterstone Mortgage’s Escrow Hold Back program

What are some maintenance tips people need to pay attention to so it doesn't turn into a home inspection issue and doesn't cause the home to not qualify for a mortgage?

Randy from Buyer Inspection Group says that one of the main things to look at is the roof. Sellers need to pay attention to cleaning the gutters especially in the fall. Poor maintenance could lead to back ups, leaks, etc.

The Roof is one of the biggest structures that mortgage lenders look at. Waterstone Mortgage has a new program which "cures" the challenge. David Diaz explains that they will see what types of health and safety issues are there and those need to be corrected before closing. One of the common scenarios is when the bank (REO properties) doesn't want to do the repairs, or the seller doesn't want to do the repairs because they're not sure you're going to close, and you don't want to do the repairs because you don't own the property yet. Randy agrees and adds that for homes more than 30 years old, the lender would require a 4-point inspection which usually covers the roof, AC, electrical and plumbing. This of course will cause everything to come out. And if you don't qualify, you can't close without Home Owner's insurance.

Other issues that could lead to disqualification for a mortgage would be broken windows, green or unfilled pools, chipping paint (lead based paint issues for older homes constructed before 1978) according to Arnie.

David touches on one of their great programs at Waterstone Mortgage, the Escrow Holdback program. He explains that there would be times that buyers don't want to buy the home in the condition it's in. What they can do is take up 10% of the value of the sales price or if they can work with the seller, bump up the price a bit.

For more Tampa Bay Real Estate news and advice, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

*The Duncan Duo and RE/MAX Dynamic has moved. As of 10/11/2014, our new address is 6320 S Dale Mabry Hwy, Tampa, FL 33611

No comments :

Post a Comment

Note: Only a member of this blog may post a comment.