Boise Idaho Home Inspections

Boise Idaho home inspections often cause the “second sale”!

Boise Idaho Home Inspections

(Example of black mold above)

Why?

Because nearly every Boise Idaho home is sold subject to satisfactory results of a home inspection.

You may think your home is in perfect condition, but it’s rare for a home to pass a home inspection without needing some repairs.

When those repairs are identified in the home inspection report, you can expect the buyer to submit an RE-10 Inspection Contingency Notice to you, requesting repairs to be made.

Resolving Home Inspection Issues

Significant repair issues are often handled with the buyer asking the seller to have the repairs completed and provide paid invoices, and/or lien releases, when the work has been completed.

After repairs have been completed, the buyers may elect to have the property re-inspected to confirm that needed repairs have been completed correctly.

Minor repairs are often resolved by having the seller give the buyer a credit toward their closing costs.

In that situation, the buyers often make the needed repairs themselves after closing to ensure that the repairs are completed to their satisfaction.

Major repair issues (like a flooded crawlspace, mold, roof replacement, etc.) can result in a failed transaction.

How Sales Fail

There’s an option in the RE-10 Inspection Contingency Notice that allows the buyer to cancel the transaction if they don’t like the inspection results.

Unfortunately, that provision is sometimes abused by buyers suffering from buyer’s remorse, who then cancel for no inspection issues whatsoever.

If you’re a seller, think twice about refusing to make requested repairs.

If your buyer opts to cancel the transaction, another buyer will likely discover the same issues and request the same repairs.

It’s somewhat rare for a transaction to fail over inspection issues, but it does happen.

That’s why resolving home inspection issues is “the second sale” in most real estate transactions.

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Should You Buy A Boise Idaho Flip?

Buying a Boise Idaho flip may sound enticing, but you need to be careful!

Boise Idaho Flip

Home-flipping has been glamorized and over-simplified by numerous TV shows from HGTV and other networks over the past few years.

HGTV even created its “Boise Boys” show about flipping homes in Boise a couple of years ago!

Buying a “flip” may appeal to you, but it’s a good idea to look beyond the eye candy commonly seen in flipped homes.

There’s more to a quality home than quartz countertops, light gray paint, pendant light fixtures, faux barn wood floors, roller barn doors, subway tile backsplashes, and other current real estate trends.

Questions You Should Ask:

  • Did the seller obtain all required building permits?
  • Will the seller provide a copy of the building department’s final inspection approval?
  • Was the home vacant for an extended period of time?
  • Was the home winterized during the winter months?
  • Was the sprinkler system blown out over the winter months?
  • Was the remodeling work done by licensed contractors?
  • Did the seller pay all of the suppliers and subcontractors? (think about mechanic liens)
  • Will the seller provide paid receipts and lien releases from all of the suppliers and subcontractors?
  • Which major components of the home (HVAC, plumbing, roof, windows, appliances, etc.) were replaced?
  • Were those major components replaced with brand-new items or used items bought from Craigslist?
  • Will the seller provide warranties for all of the major components that were replaced?
  • Were major components replaced with the cheapest items available?
  • Did the seller have all locks re-keyed to prevent subcontractors from accessing the home after closing?
  • Will the seller allow you to have the home inspected by your own home inspector?
  • Will the seller correct issues identified by your home inspector?
  • Will the home qualify for title insurance to assure you of clear title?
  • Is the home eligible for the type of financing you intend to use? (think about FHA/VA)
  • Will you be able to arrange homeowner’s insurance? (check with your insurance agent before buying)

Before You Buy

Ask yourself “is this home a do-it-yourself, lipstick-on-a-pig renovation?”

Take your time and evaluate the quality of the renovation.

Look for obvious clues like:

  • Uneven floors
  • Brushed paint over old oak cabinetry
  • Cheap materials
  • Sloppy paint work
  • Mismatched plumbing and/or light fixtures
  • Mismatched door/window trim
  • Mismatched windows.
  • Mixed brands of appliances
  • Mismatched carpet qualities/colors
  • Mismatched door hardware/keys

Need some professional help figuring out that Boise Idaho flip you’re considering?

Give me a call at (208)938-5533 or e-mail me.

Don’t be surprised if I tell you to NOT buy that home and keep on looking!

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When Sellers Lie On The Seller’s Property Disclosure

Here’s what can happen when a seller lies on the Seller’s Property Disclosure.

Seller's Property Disclosure

The following actually happened in one of my transactions a couple of years ago.

I represented the buyers in the transaction.

The home looked good on the surface.

We prepared an offer that was accepted by the seller.

I had to request a copy of the Seller’s Property Disclosure from the listing agent when it wasn’t posted in MLS.

That was my first indication of the listing agent’s inattention to details.

The listing agent sent the Seller’s Property Disclosure to me, I carefully reviewed it, and found no disclosed issues.

However, I noticed that only one (male) seller had signed the Seller’s Property Disclosure.

I then searched the public records and discovered that title was held by both a husband and wife.

That meant that our accepted offer wasn’t legally-binding because the offer hadn’t been signed by all parties on title.

The preliminary title report also confirmed that title was held by both a husband and wife.

The wife’s signatures were also missing on the MLS listing and the Seller’s Property Disclosure.

Then, things got even more interesting when the home inspection revealed that the 10-year old roof needed to be replaced due to defective, recalled shingles.

When I notified the listing agent about the roof issue, he told me it “wasn’t a problem” because the seller had already applied to have the roof replaced under warranty.

That confirmed that the seller and listing agent knew of the failed roof and both had misrepresented a known adverse material fact.

The listing agent had also failed to obtain the wife’s signatures on the listing, Seller’s Property Disclosure, and Purchase Offer without disclosing it to me.

The home inspection also revealed a flooded crawlspace, which might not have known to the seller.

The bottom line:

My buyers and I finally realized that we were dealing with a dishonest seller and listing agent, neither of whom could be trusted.

We terminated the transaction with a full refund of my buyer’s earnest money.

Later, I noticed that the home had been sold and reported closed in MLS.

I wonder if the buyer ever learned what I discovered during my failed transaction?

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NW Boise Probate Sale Fixer

Just Listed – NW Boise Probate Sale Fixer

NW Boise Probate Sale - 1

6899 N. Casa Real Place, Boise, Idaho

Court-approved probate sale.

Quiet cul-de-sac location.

Easy commute to downtown Boise.

Attached sun room.

Home needs work.

Offered “as is”.

Seller will make no repairs.

Existing refrigerator, washer, dryer included.

Cash or conventional financing only.

Home has been pre-inspected.

Fast closing possible.

Priced To Sell @ $224,900

 

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6 Tips On How To Buy A Home Before Marriage

Is it a good idea to buy a home before marriage?

Buy A Home Before Marriage

I remember a time when couples got married first, then bought a home.

But, I’m older now and times have changed.

It has now become quite common for unmarried couples to buy a home together before marriage.

The 2010 U.S. Census reported that 7.5 million unmarried, opposite-sex couples were (gasp!) co-habiting, compared to 5.5 million in 2000, and 3.2 million in 1990.

A 2013 Coldwell Banker Real Estate survey revealed that 1 in 4 married millennials purchased a home together with their current spouse before marriage.

Unmarried partners considering buying a home should consider the following:

1) Put Everything In Writing

Have your attorney prepare a written agreement that covers all of the details and consequences if your relationship fails.

2) Get Pre-Approved For Your Financing

It’s likely that you and your partner may (probably?) have unequal incomes and credit scores.

Those two factors will affect qualifying and your interest rate.

Poor credit can cause one, or both, partners to not qualify for the loan.

Discuss your situation in detail with your lender.

Be certain that you both understand and agree on how to structure your financing.

3) Who Will Pay For Housing Expenses?

If your percentages of ownership are unequal, discuss and agree on who will pay for specific housing-related expenses.

It’s often a good idea to set up a separate checking account to pay for housing expenses.

4) How Will You Take Title?

How you take title to your home is a big deal!

Get some legal advice on the various ways you can take title to the property.

Learn how best to handle the possibilities of a partner’s death, rights of survivorship, and other important legal issues.

Take time to understand the differences between Joint Tenancy, Tenants In Common, and other options for taking title.

5) What If You Break Up?

Contrary to popular belief, love doesn’t conquer all and couples do break up.

Will you sell the home?

Will one partner buy out the other partner?

What if one partner stops paying their share of the housing expenses?

What are the tax and legal consequences if the property is lost through foreclosure?

Who will pay the mortgage payment until you sell the home?

6) Take Your Time

Slow down and think things through (pro and con) prior to buying a home before marriage.

You don’t need to own a home to solidify your relationship!

Buying a home before you marry will not necessarily strengthen your relationship.

Plan your (mutual) exit strategy in advance, just in case things don’t work out.

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