Typical Buyer, Haha!

 

Home Inspection, Now an FHA Inspection?

 Question:  I knew I would have to go through the buyer’s inspection when I accepted this contract, but now I am told that FHA has to inspect my Home and that the repairs they require must be completed in order for the buyer to get their loan. I am not happy about this. Is this correct?

Answer: First of all, congratulations on getting an accepted offer on your home. In many markets, that is not easy to do. But that does not mean that the deal will close. Contracts have contingencies that must be satisfied in order for a closing to take place. Example: Contingent on your buyer getting a loan, Contingent on a satisfactory home inspection, Contingent on your home appraising to at least the purchase price, etc.                                                                                                                                       

If you have a buyer who is obtaining FHA financing, your deal is also contingent on you completing the repairs required by the FHA inspector/appraiser. The FHA inspector is an appraiser sent to determine the value of the home and look for significant deficiencies according to FHA criteria such as obvious mold growth, chipped paint on windows older than 1978, broken glass, lack of GFCI’s by sinks, etc. If they find defects then they will require repairs which they will reinspect, to ensure the repairs were made correctly. 

These required repairs are usually minor if the homeowner has kept their home in good shape.

You are not required to do these repairs. You may say no and look for another buyer that is obtaining conventional financing or paying cash. The problem is that in many markets, the vast majority of all qualified buyers are using FHA financing.  

The smart move would be for you to do the repairs and enjoy your check at closing.

Will Checking My Credit Score Online Hurt my Credit My Score?

Another credit score myth that derives partially from the truth is the notion that checking your score will hurt it. Yes, it’s entirely true that if you apply for new credit your potential borrower will run a credit check that may take a few points off your score. 

However, if you check your score yourself, there will be no effect whatsoever. When you actually apply for credit, it triggers what’s known as a “hard inquiry,” which can damage your score. 

However, if you’re just checking your own score, or if a lender is performing a routine review of your account, that’s known as a “soft inquiry,” and it has no effect on your credit

I laugh Every time I see this

 

The Hot Sellers Market

We keep telling sellers this...... We have never seen a sellers market this strong in Indiana or Illinois.

The demand for homes is incredible with Low Inventory.

We are not saying you should sell. We are saying if you've been planning a move in the near future, make that near future as soon as possible.

Homes are selling in less than a week with multiple offers.

Even our real estate fees are much lower because of the fast sales time.

It's a win-win situation.

Who knows what this new Presidential administration brings.  It could get better; it could get worse.

That's up to you to decide!

Here is a list of the seven best investments to make in 2021:

From Investment Strategy:

1. Build Your Cash Reserves. 
2. Stocks – Still the Way to Go in 2021. 
3. Real Estate. 
4. Pay down or Pay Off Debt. 
5. Launch or Accelerate Your Retirement Savings Plan. 
6. Make 2021 the Year You Begin Investing in Yourself. 
7. Invest in a Side Business.

Side Note:  

We work for McColly Real Estate. Our owner, Ron McColly, is very high on Warren Buffet's Berkshire-Hathaway Stock. He encourages his staff to invest in this highly rated stock. Symbol:  BRK.A

Safety Notice

 Carbon Monoxide Issue With Gas Dryers.

The area just received as much as 13 inches of snow.

Check your dryer vent.

A snow-covered vent can also lead to a build up of carbon monoxide (CO) within gas dryers and the area the appliance is in. CO is an odorless and dangerous gas that escapes from appliances containing motors that burn fuel. Exposure to the gas can lead to health problems including headaches and dizziness and constant exposure can lead to death.

Note -- Carbon monoxide buildup and exposure is not an issue with electric dryers and appliances.