 Im looking at a house for 230,000 i will put 20% down but want to finance closing costs is that possible.? |
i have another 10,000 but i want to use that for painting and buying furniture... do you think if i put 20 down will they finance closing fees
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Holly | Is it worth it to have a home inspection done if the house isn't even 5 years old? |
The house isn't even 5 years old... Is there even that many problems it could have? Also, the home comes with a 1 year warranty.. Is it worth the money to have one done? What's the typical cost of a home inspection in the Memphis Area?
Also, the contract is getting finalized today and it is contingent of a home inspection. Do we even have to follow through with the home inspection at this point if we decide there is no need? |
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Jen S.
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Yes...definetly get a home inspection. Make the sellers pay for anything wrong with the house before they leave...warranties do not cover everything!! Also, the home inspection may uncover some things that have not been kept up well & need to be fixed. I am in the process of buying in Northern VA & our home inspection cost $275. Ask your realtor or mortgage person for referrals of inspectors.
As far as the home inspection contingency..no, you do not HAVE to get the home inspection, usually contracts put a time limit on when it must be done by so if u don't get it done in time the contingency expires. The contingency is there to PROTECT your huge investment so I highly recommend that you get it done. If there are problems, then make the seller fix them & if there are not then you will have peace of mind going into your new house :o) Good luck with closing..we close April 30th!!! |
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Myron
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Absolutely as it can be the best 350.00 investment in a home you can ever make, even a new home. My inspector has been in the business close to 17 years and does from 4 to 9 inspections per week. He is very thorough and guarantees his work. He often locates more issues in most new homes than in 15 year old houses. Why ? because the newer homes are often considered as in top shape and less scrutinized. Also poorly trained inspectors or just plain shady inspectors are often referred by greedy real estate agents because they dont kill deals as often. I always watch the inspection whether as a listing agent or as the buyers agent. That way I know first hand what the problem is, what was told to the buyer, what to expect from the other agent, and what the best remedy will be. ANY decent agent should be doing this for their client. From the hundreds and hundreds of inspections I have learned how to pre inspect a home before even writing up the offer. My pre-inspections have found more issues on homes I have advised clients against buying, than what the eventual buyers inspector found. The seller's and listing agent's do not have to disclose my findings as I am not a licensed inspector. But I have saved a lot of client's from making an offer on a house that would never pass an inspection. Regarding wood boring insects, they can come in already in the lumber the builder used. |
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drumnbasshead82
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It is definitely important. I just moved into a house that is 4 years old and I really wish I woul've had on done. You can really find out little thinkgs that you would think to look for. I have a dead outlet on my back patio, my fridge is in definite need of replacement, and ALL of my blinds are FUBAR.Whereas these are all minor things, they could've been something that was brought to the negotiating table. On top of that, lots of time, if the person is motivated enough to sell the house, they will pay for the home inspection out of their closing costs. It will hardly run you more than $200-$300. Unfortunately, if you are closing on the house today, you probably won't have time. Alas, you say the contract is pending a home inspection, who is saying that? Is it the underwriter for your mortgage? In that case, it isn't up to you about whether you need it done or not. I hope this helps. |
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Nowpower
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Absolutely. Why would you choose not knowing? They don't cost that much. A million things could go wrong in five years. At least know. |
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jackson
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Usually the biggest problems begin to surface at around five years or so. Shortcuts in constuction, plumbing, heating and cooling and jst the fact that a house settles. If you move in without an inspection (saving a couple of bucks) and find you need a $5000 dollar cooling unit even if you have a warranty you will have little recourse.
In fact some sellers will be gleefull if you refuse an inspection as they know you will never be able to sue them for anything. Others won't sell because you could come up with anything and make it a long process.
But most importantly most mortgage companies won't deal with you if you don't have it. This is because of insurance reasons. The insurance company has nobody to go after if you have a claim so you may default on your mortgage to have it fixed.
All in all, skimp on this and you are open to all sorts of things going wrong on every level. Just starting with higher insurance rates. Saving $500 is not worth it on a say $200,000 investment. |
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blahblah
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Oh please get one!!! my house is only 16 months old & we had an inspection then 5 months after living there we found termites. if we had not had the inspection, we'd be screwed!! |
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seanferrellmba
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Every real estate agent representing you should recomend an inspection. I would go one step further, get a home warranty as well. For another $375 and a small deductable, any mojor repair will be covered for you.
Call 1-800-775-4736 |
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Brit L
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Yes. You never know what is going on behind the walls, so to speak. There could be a terrible foundation, bugs, water leak, etc. Always have a home inspection, always. |
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Brian D
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Yes ! .... if it has serious problems that cannot be detected....powder post beatles....mold....radon...drainage issues....plumbing issues.
Some of these things you may not notice right away....but can be very costly in the end. I would find a reputable one, not the "chain" inspectors. |
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Georgia Fella
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Please listen to the folks who have posted above. A lot can happen in five years, and there may indeed be issues that simply aren't apparent unless someone takes a close look.
An inspection reassures you that you're getting what you are paying for. Think of it as an additional insurance policy. |
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Gertie
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Yes get the home inspection done. it might end up to be a waist of money but what are you going to do when after that year warranty is up you find out your roof that was put on isn't working and it has rotted all your rafters, not to mention the termites.... That's what happened to my home and I had to pay $27000 to have it replaced. |
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iceman
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Listen, a home inpesection is only a few hundred $. It is always worth it. They may uncover something that would save you thousands of dollars. You should ALWAYS get one. |
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