What to Do When Home Inspections Turn Bad
Posted by Shawn Clayton on
A home inspection is a near-standard part of the home-buying process, from fixer-uppers to upgraded oceanfront homes this offers buyers peace of mind knowing that the investment they plan to make is a good one. But what happens if, as a seller, one of the prospective buyers orders a home inspection and the report comes back poorly? Take a deep breath, and read on. Here are some tips and guidelines to navigate this difficult predicament even in hot markets such as Manasquan, NJ.
Take Time to Plan
Both buyers and sellers want the home buying process to go along as quickly as possible. This means that sellers are provided with a little time to get a home inspection and deal with the results, but sometimes this is not enough. There are a handful…
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Real estate is selling quickly these days, especially in hot housing markets such as Point Pleasant Beach, NJ. In some markets, homeowners barely have time to catch their breath between listing and signing a contract. Closings in some areas are equally swift and, no matter how prepared you might be for that upcoming move into your new oceanfront home, there are a lot of details to handle. Here's a preliminary checklist to help smooth the way for you, and to assure that the buyers actually get the house they expect:
Sometimes life takes unexpected twists and turns, and these changes can result in not having the ability to stay current with your bills. Over time, this situation could lead to a lower credit score, and while that might not affect a renter, it’s a big deal for someone who wants to purchase a luxury or waterfront home.
Buying a home in a some areas, even luxury and waterfront homes, can often mean owning a home with an on-site septic system. With no available municipal sewer service in most rural areas, on-site septic systems provide an efficient, low-maintenance way to handle and process home waste in a sanitary manner. Although designs can vary, depending on the soil, location, and other specific details regarding the home, most on-site septic systems consist of a waste pipe, a septic tank or tanks, and a drain field to filter the resulting effluent safely into the soil. When these systems are functioning properly and have been correctly designed and installed, there is little evidence of their existence visible above the level of the soil.
Almost every home can benefit from a few improvements, and one of the places potential buyers really scrutinize is the kitchen. This may leave sellers thinking they need a full remodel. Not only is such a gesture expensive, but it also does not have a great return on investment.
Prospective buyers preparing to purchase a home in Bay Head or surrounding areas sometimes focus solely on whether they can fit the payment into their monthly budget and scrape up enough cash to cover a small down payment and closing costs. But even when there seems to be enough available cash in the budget to meet a monthly mortgage payment of that oceanfront dream home, there can also be a serious debt-to-income issue capable of killing the joy of owning a home.
For those who have ever closed on a mortgage before, you know that on top of all the complicated ins and outs of selecting a mortgage, there is a ton of paperwork to bring in, look at, and sign. This guide can help buyers with what kinds of documents are needed and which disclosures will be received during the process.
When thinking of buying a home in Bay Head or surrounding areas, most people probably have a long list of wants for that house. The reality, however, is that it can be unrealistic to look for a home with literally everything on the wish list.
Most people know they have a credit score and that lenders, including mortgage lenders, review it during a loan process. But it is less common to fully understand how a credit score is determined, what it predicts, and how this can affect your waterfront home buying process.