As we move into summer, there continues to be fantastic real estate content being generated by top bloggers all over the country. This month, bloggers share about different topics to provide education to buyers, sellers, and other Realtors. Knowledge is power, and knowing what to anticipate in a transaction will surely help to make it a smooth transaction.

Questions to Ask a Home Inspector

When you are in escrow, an important part of the due diligence is having a home inspection. Michelle Gibson shares information about 8 Important Questions to Ask a Home Inspector.  It is important to ask how much the inspection costs, and generally speaking a home inspector is paid after the inspection is complete.

Other important questions to ask include whether or not you should be present at the home inspection, the length of time an inspection takes, and how to interpret the findings.

FHA 203K Loan

FHA has a loan called the FHA 203k Loan which allows potential buyers an opportunity to purchase a property and obtain additional funds to potentially remodel a home. Luke Skar has put together an excellent post about an FHA 203K loan.  If a buyer were obtaining other types of financing, the buyer then may have to obtain two loans which can be more costly and complication.

With an FHA loan, a buyer has a very low downpayment which is beneficial for some buyers. The FHA 203K loan is capped, meaning you cannot borrow over a specific amount. The cap will vary by area. This FHA loan is a great opportunity for buyers to purchase a home.

Reasons Why Buyers Do Not Qualify for a Mortgage

There are many reasons why buyers are not able to qualify for a mortgage. As a buyer, it is important to understand these reasons so that you can plan ahead. Reasons that a buyer may include if the buyer has a poor credit score. Maintaining your credit is paramount. Ensuring that you pay your payments before or on the date they are due. Late pays get reported to credit agencies. Additionally, accruing too much credit card debt can negatively impact your credit.

Others reasons a buyer may not qualify include not enough down payment and unreliable employment history.

Simsbury CT Garden Tour 2019

The incredible transformation of the Simsbury gardens is absolutely beautiful. Eileen Anderson has shared these incredible before and after photographs of the gardens.  There will be an upcoming Simsbury garden tour on June 29, 2019. There are photos of invasive roses which were removed and turned into a gorgeous lawn. Other beautiful photos include a stone wall which was built near a pond with a water feature. Check out this post!

Selling Specialty Real Estate

When selling a specialty property, it is important to market the property to highlight the most desirable features. Bill Gassett has written an excellent article about Selling Specialty Real Estate which includes waterfront property, luxury, over 55 and condos.

Buyers searching for waterfront homes may very specific and detailed considerations which are important to them. A Realtor should have knowledge of whether or not it has a boat slip, and what size boat can be put there. Luxury homes should be marketed with very professional photography including twilight photography to showcase all the features of the home.

What to Know About Doctor Loans when Purchasing a Home

Just like there are specialty loans which include VA, FHA, there are specialty loan programs for buyers in the medical profession. Paul Sian has written a detailed post about Doctor Loans when Purchasing a Home.

Doctor loans help newly graduated physicians who may have incurred significant student loan debt during the education process. Doctor loans may not take into account their debt to income ratio and by allowing a smaller down payment.

Tips for Millenial Home Buyers

Currently, millennials are becoming the largest segment of home buyers. Kevin Vitali has put together great information for help Millenial Home Buyers purchase a home!  Planning ahead is key, and paying off student debt will be helpful for a millennial to qualify for a home loan. Also, knowing up front if you are going to be purchasing a starter home or a forever home is helpful information.

When obtaining a loan, try to avoid Private Mortgage Insurance (PMI) as this is just another expense. Determining the must-haves in the home buying process is another factor to consider when purchasing a home.

Preparing for Your Home Inspection

You have your home in escrow, and the buyer wants to schedule the home inspection. There are many items a seller can address before the home inspection. Karen Highland has written a very informative post about how to prepare for a home inspection. Sellers need to look at all the operating systems of the house including light fixtures and ensuring that they are operable and not just a burned out light bulb. Appliances should also be operable as a home inspector will test them, and any maintenance records should be kept.

Other considerations include changing the HVAC filters and make sure there are no leaky faucets. An excellent resource for anyone prepping for a home inspection.

Lead Paint Disclosure

Sellers. Realtors, Landlords and property managers need to make sure they take the appropriate steps to disclose the presence of any lead-based paint. This is for maintaining compliance with the state law, but it also ensures that your tenants and buyers will be safe from any health risks. Joe Boylan has written a great post about lead paint disclosure. Lead-based paint is generally found in older homes which were built prior to 1978. Lead was previously added to paint to accelerate the drying times, however, it was determined later that there are side effects with lead. Lead can get into the bloodstream and cause disabilities. This is a serious topic, and buyers and tenants will want to know if there was lead-based paint utilized in the house.

Can FHA Costs be Rolled into the Loan?

FHA closing costs may be from 2%-4% of the original loan amount. There are fees associated with obtaining an FHA mortgage.  The closing costs include the credit report, home inspection, appraisal, and title insurance. Eric Jeanette has put together great information about the expenses which can be anticipated and if the FHA costs can be included in the loan. There are some costs which can be included in the loan and some that cannot which include prepaid taxes, home owner's insurance, and escrow fees. This is an excellent resource for what items can be included in the loan.

Final Thoughts

Hope you enjoyed this month's Top Real Estate Articles, and there is some fantastic content here. Great information about loans, home inspections, garden transformations, and important topics to disclose to your buyers including lead-based paint. Check out these articles and let us know which you liked the best!

About the Author

Top Real Estate Articles June 2019 was written by Sharon Paxson Realtor of Newport Beach Real Estate. We have experience representing sellers, buyers, landlords, and tenants since 2005.  We welcome the opportunity to share our experience and guide you through your real estate transaction.

We work in the Orange County CA area including Corona del Mar, Huntington Beach, Laguna Beach, Newport Beach, Newport Coast, Tustin and more! If you are considering selling your home, considering working with a top Newport Beach CA Realtor.