Thursday, October 27, 2022

 

Question: I'm trying to buy a home for the first time, did the usual contract, had the inspection done and found out the roof had four layers of shingles. The inspection report came out and stated the roof was not leaking, but structurally it was dangerous.

The sellers came back and said they will fix the roof, but increase the price of the house. That was a verbal, and we stated no because we did not expect to pay more for the house. 

To make a long story short, the sellers are two attorneys and they are now threatening us with legal action because they said nothing is wrong with the roof and they agreed to fix it anyway.

Answer: You need to get your own attorney and have him or her look at the purchase agreement and all disclosure statements. Most likely the building code requires that no more than two layers of roofing material can be used. The reason for this is to limit weight on the roof.  Too much weight could cause structural problems.

As to the seller's offer, it's a counter offer to fix the roof at your cost in the form of a higher price to which you have not agreed. What, exactly, is attractive about that?

 


Saturday, October 22, 2022

Friday, October 21, 2022

From the World of Statistics

 The United States has the world's most extreme weather.


No other region of the world suffers from a combination of hurricanes, tornadoes, droughts, floods, blizzards, heat waves, and cold snaps.

Monday, October 17, 2022

Real Estate Market Update from Cathy and Jim. What you need to Know.

 What's Happening?                                    

It is still a sellers Market, meaning advantage sellers. Inventory is low and demand is still good. Interest rate movement will be the deciding factor in buyer demand.

Homes are still selling. It has slowed down due to interest rates and inflation. The most noticeable change was less multiple offers on homes and fewer over asking price offers. Sellers are still receiving excellent offers.

A borrower in January who took out a $300,000, 30 year mortgage at 3.2% pays $1,297 per month in Principal and Interest. 

Today, that $300,00 borrower would be paying $1,976 per month Principal and Interest at 6.9% Interest. That's $679 per month higher and $8,148 for the year!

But don't Panic. These Interest rates ups and downs have been cyclical.    (Please Click Read More)