A lender sent this to me!

BUYER’S 10 COMMANDMENTS

1.      Thou shalt not change jobs, become self-employed or quit your job.

2.       Thou shalt not buy a car, truck or van (or you may be living in it)!

3.      Thou shalt not use credit cards excessively or let your accounts fall behind.

4.      Thou shalt not spend money you have set aside for closing.

5.      Thou shalt not omit debts or liabilities from your loan application.

6.      Thou shalt not buy furniture.

7.       Thou shalt not originate any inquiries into your credit.

8.      Thou shalt not make large deposits without first checking with your loan officer.

9.      Thou shalt not change bank accounts.

10.  Thou shalt not co-sign a loan for anyone.

If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home. Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage. If you want to buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing.

If you are looking for great schools in Bethesda, this is a handy tool:

Pin It

Time to Schedule

You’ve  got a shiny new ratified contract for a Bethesda home in your hands! Now what??

It’s time to get a home inspector scheduled. In our area, and in our current market, we see a lot of inspection contingencies that typically run between 7 to 10 days. Starting the day after ratification, the countdown begins. And it’s crucial to pay attention to that date because this contingency is one that expires at the deadline, instead of running until someone does something.  Unfortunately, I’ve had 3 agents miss this deadline in the last year on my listings and their buyers ended up with no ability to negotiate for any repairs.  Dates go on calendars right away!

What to Expect

I have met many home inspectors along the way, most of whom were very good and had extensive industry experience. While I’ve never met one I felt was incompetent, there are those who deliver the news about the home in a way that is neutral and professional and helps the buyer at a very nerve wracking time. The worst inspector I’ve met decided that the buyers shouldn’t update the kitchen to modern standards and said he would “convince them to do nothing.” Never mind that the kitchen was circa early century and butt ugly, it simply wasn’t his job to tell the buyers to do anything.

They wanted to know if the major systems functioned and had any life expectancy; they wanted to know if there was water infiltration in the basement; they wanted to know if those long cracks in the wall signaled structural defects; they wanted to know if the AC system could really still have any life in it since the filter looked like it had never been changed.

And that’s what a good home inspector finds out for you.  Your plans may include replacing an aging AC system because it’s the right house, at the right price in exactly the school district you want. So the inspector makes sure it’s safe with no cracked heat exchanger and you add the planned expense to your budget for some time in the next year.  A thorough report telling you the current condition allows you to perhaps place a home warranty on the house for the next year just in case.  What you don’t want is someone who puts his own fears or concerns onto you.

How to Pick an Inspector

A home inspector once nervously flapped his arms towards the crawl space of a renovated home and said he wouldn’t buy it.  Now, it was poorly done and sagging.  A structural engineer came out and said it was solvable and wouldn’t prevent him from buying the house at all.  But the buyers were so spooked by the home inspector that they lost the home they really wanted.

A good home inspector does a very thorough job and gives you the information you need to make a good decision.  Because just like every other piece of the real estate puzzle, the decisions about buying a home fall to you alone as a buyer.  The fine people I surround myself with and I are here to help support your goals and decisions not make them for you.  No one will find every flaw but I expect him to tell you about everything in the house, good and bad, so that you are well informed enough to take the next step.  If that step is not to continue with the purchase, it’s ok.

What you are looking for is the major household issues, the big ticket items which cost thousands to replace and inevitably break at the most inopportune times!  A home inspection is not the time to renegotiate price for minor items and should be used as a means to decide if the home is right for your purchase or not.

List of Great Inspectors

I have a list of great folks that I’m happy to share with you.

Pin It

Colonials are beloved in our area!  Many of our neighborhoods are filled with these beautiful homes and buyers covet them when they are well presented examples.  You can see the homes which are listed in the MLS as colonials below.  If you would like to learn more about housing styles in Bethesda, just ask me!

[Read more...]

Fun place to get coffee and groceries if you live in the Bethesda 20816 zip code!

View Larger Map