I made the decision to start investing in Real Estate. So far I have been outbid for 5 properties and it seems that people are willing to waive inspections. I'm not comfortable doing that. Is there any way to have the edge on properties without waiving the inspections?
There are a couple of ideas that come to mind but when an offer is made on a property and inspections are waived that is a huge plus to the seller and it is difficult to counteract that situation.
You could try putting a clause in the agreement stating you are willing to accept up ot a certain amount in repairs that show on the home inspection report or that you are strictly looking at a structural inspection. However as a buyer you have the right to walk away from the agreement if you don't like something in the inspection report, and the seller will know this.
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Perhaps it would help to bring along an inspector or contractor when you initially visit the house. They may be helpful in pointing out any issues. This may put you in a much more comfortable position in regards to waiving inspections. Be prepared to pay a fee to the inspector and/or contractor for this type of service.
The market is becomming increasingly difficult for buyers. Homes are selling very quickly and bidding wars are back. There is a lack of inventory, especially in the price ranges of $250,000 and above, therefore creating a demand. All indications are it may remain that way for the rest of the year.
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I am preparing to put my home on the market. I currently have carpeting throughout but there are hardwood floors underneath. Would it help to sell my house more quickly if I remove the carpet and refinished the floors?
Absolutely. Hardwood floors are in demand. In fact the number one question I receive when showing homes with carpeting is...Are there hardwood floors underneath? This is a cosmetic upgrade that you can do that will have a good ROI (return on investment) for a seller. Other good ROI's include tile flooring in the bathrooms/kitchens/foyer/sunrooms, corian or granite countertops in the kitchen/bathrooms, fresh paint, outside living space and very good curb appeal. These items can increase the value of your home.
I have great credit, a good job however minimum cash available. Is it still possible to purchase a home with 100% financing?
There are two mortgages that I know of that will allow 100% financing, USDA and VA. USDA provides 100% financing with no monthly PMI (Private Mortgage Insurance) however you are limited to the areas in which you can use this type of financing.
Most direct lenders offer both types of financing.
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