12
Apr
By First Rate Financial Group
Home Buyer Tips

Find Something Wrong During a Home Inspection? How to Discuss Repairs or Defects with a Seller

Find Something Wrong During a Home Inspection? How to Discuss Repairs or Defects with a SellerWhen it comes to selling a home, it is a common belief that once the offer is accepted, there is nothing else to be negotiated. However, issues and obstacles that can arise during the home inspection can be a cause for discussion with the seller. Whether you’re currently searching for houses or your offer has already been accepted and you’re preparing for the next step, here are some tips in the event that the home inspection isn’t up to par.

Be Cautious About What You Say

Without a doubt, anything that you discuss with the real estate agent regarding the property you’re looking at is going to be addressed with the seller. Instead of telling the agent everything is fine and dandy, maintain a poker face with any deficiencies in the home so you can assess them after the inspection. While a seller may think they have you on the line if all seems fine during the inspection, maintaining your peace and negotiating after the fact may end up providing a better post-inspection deal for you.

Decide What Deficiencies Are Most Important

Before negotiating any repairs or defects with the seller and how this can benefit you, ensure you prioritize what deficiencies must be fixed and what you can live without. There may be leaks and small dings in cupboards that may not be much of an issue, whereas damage in a hardwood floor that you don’t want to renovate may serve as a deal breaker. Deciding what is most important will ensure that the seller knows you’re really interested, and it will likely convince them that the fixes will make for a successful sale.

Request A Credit For Repairs

If a seller knows you’re interested in a home, you may be able to get a little bit of leeway in terms of what you can negotiate following the inspection. Instead of expecting them to deal with the hurdles of home repair, ask the seller to consider a credit so that you can ensure the repairs are completed on your own. This will not only enable you to have the repairs completed the way you would like them done, but it may also make the moving process a smoother transition for all of you.

Certain deficiencies can show up during the home inspection, so it’s important to consider how re-negotiation can benefit both the buyer and the seller. If you’re curious about home inspections and other aspects of purchasing a home, you may want to contact your local real estate agent for more information.

20
Mar
By First Rate Financial Group
Home Buyer Tips

Protecting Your Home and Finances: How to Spot Mortgage Scams

Buying a home is one of the most significant financial investments many of us will ever make. It is crucial to be vigilant against mortgage scams that can threaten your financial security and homeownership dreams. Mortgage scams come in various forms, but with awareness and caution, you can protect yourself from falling victim to fraudsters.

Understanding Mortgage Scams

Mortgage scams can take many shapes and forms, but they often share common traits aimed at exploiting unsuspecting homeowners or potential buyers. Some of the most prevalent mortgage scams include:

Foreclosure Rescue Scams: Fraudsters target homeowners facing foreclosure by offering to help them save their homes in exchange for upfront fees or signing over the deed. These scammers often promise to negotiate with lenders or provide refinancing options but ultimately fail to deliver on their promises.

Loan Modification Scams: Similar to foreclosure rescue scams, loan modification scammers claim they can modify the terms of your mortgage to make payments more affordable. They may request upfront fees and personal financial information, only to disappear without providing any assistance.

Equity Skimming: In equity skimming scams, fraudsters target homeowners with substantial equity in their homes. They convince homeowners to transfer the property title or take out a second mortgage, promising to handle payments while allowing the homeowner to stay in the home. However, they typically fail to make payments, leading to foreclosure and loss of equity.

Predatory Lending Practices: Predatory lenders target vulnerable borrowers with high interest rates, hidden fees, and unfavorable terms. They often use aggressive tactics to push loans that borrowers cannot afford, putting them at risk of default and foreclosure.

Tips for Spotting Mortgage Scams

Protecting yourself from mortgage scams requires diligence and awareness. Here are some essential tips to help you spot potential scams and safeguard your finances:

Do Your Research: Before engaging with any mortgage assistance or refinancing service, research the company or individual thoroughly. Check for reviews, complaints, and any regulatory actions against them.

Beware of Upfront Fees: Be cautious of any company or individual that requests upfront fees before providing services. Legitimate mortgage assistance programs typically do not require payment until services are rendered. If a company insists on upfront fees, it’s a red flag indicating a potential scam.

Read Contracts Carefully: Never sign any documents or contracts without fully understanding the terms and conditions. Take the time to read through all paperwork, including the fine print. If anything seems unclear or suspicious, seek clarification from a trusted financial advisor or legal professional.

Trust Your Instincts: If something sounds too good to be true or feels uncomfortable, trust your instincts. Scammers often use pressure tactics or make unrealistic promises to lure victims.

Seek Guidance from Trusted Sources: If you’re unsure about the legitimacy of a mortgage offer or assistance program, seek guidance from reputable sources such as housing counselors, financial advisors, or government agencies. These professionals can provide valuable insights and help you navigate complex mortgage transactions.

Protecting yourself from mortgage scams requires vigilance, skepticism, and informed decision-making. By understanding common scams, recognizing warning signs, and following the tips outlined in this blog, you can safeguard your home and finances against fraudulent schemes.

31
Jan
By First Rate Financial Group
Home Buyer Tips

First Things First, What To Do Upon Moving Into Your New Home

If you have purchased a new home and are going to move in soon, what are the first few things that you will need to do upon moving into your new home?

Moving can be very stressful, but having a checklist can make your move to a new home effortless.

Here are 6 easy steps that can eliminate any frustration and help you feel safe and secure: 

Change Your Address
You will need to change your address for all magazine subscriptions, bills, and other services. You can update your mailing address online or visit your local post office to find out what needs to be done.

Set Up The Utilities
When you move into a new home, you may get all of the contact information from the previous homeowner or real estate agent for the utility companies. Be sure to change the services into your name before you move in, such as gas, cable, electricity, internet, telephone, sewer, and water.

Change The Locks
You have no way of knowing who the old homeowners gave a copy of the key to, so having the locks changed is something that you should do right away when you move into your new property.

Have The Carpets Cleaned
Get your life in the new house off to a fresh start by having the carpets steam-cleaned before you move your furniture in. You could either rent a steam cleaner or pay for a carpet cleaning service, but either way, this will make the house feel really clean and new.

Figure Out Your Breaker Box
Another important first step to owning your new home is to figure out which breakers control each part of your home.

Knowing how the breaker box works will ensure that you can flip the right switch when you need to. You might need to ask someone to help you by standing in another part of the house and letting you know which lights come on or off when you flick the switches.

Check Your Smoke Alarms
The smoke alarms and CO monitors in your home might not have been checked recently, so make sure that they are functioning properly. Depending on how old they are, you might need to change the batteries. This is an important maintenance task for your own safety.

These are just a few of the important first steps that you should take when you first move into your brand-new home.

For more information about buying a new home, feel free to contact your trusted real estate professional today.