Chattanooga Home Inspection Traps You Should Know Before Listing Your Home

Chattanooga Home Inspection Traps You Should Know Before Listing Your Home

Chattanooga Home Inspection Traps

Homebuyers Want to Know Your Home Inside And Out

It is important to know about the Chattanooga home inspection traps well before listing your home on the market. The sales process can happen fast and an inspection can be here before you know it. Getting prepared will help you make your sale a smooth one.

While homebuyers are as individual as the homes they plan on purchasing, one thing they share is a desire to ensure that the home they will call their own is as good beneath the surface as it appears to be.

Will the roof end up leaking? Is the wiring safe? What about the plumbing?

These, and others, are the questions that the buyers looking at your home will seek professional help to answer.

According to industry experts, there are at least 33 physical problems that will come under scrutiny during a home inspection. We’ve identified the 11 most common of these and, if not identified and dealt with, any of these 11 items could cost you dearly in terms of repair. In most cases, you can make a reasonable pre-inspection yourself if you know what you’re looking for. And knowing what you’re looking for can help you prevent little problems from growing into costly and unmanageable ones. 11 Things You Need to Know to Pass Your Home Inspection. When you put your home on the market, you don’t want any unpleasant surprises that could cost you the sale of your home. By having an understanding of these 11 problem areas as you walk through your home, you’ll be arming yourself against future disappointment.

1. Defective Plumbing

Defective plumbing can manifest itself in two different ways: leaking, and clogging. A visual inspection can detect leaking, and an inspector will gauge water pressure by turning on all faucets in the highest bathroom and then flushing the toilet. If you hear the sound of running water, it indicates that the pipes are undersized. If the water appears dirty when first turned on at the faucet, this is a good  indication that the pipes are rusting, which can result in severe water quality problems.

2. Damp or Wet Basement

An inspector will check your walls for a powdery white mineral deposit a few inches off the floor, and will look to see if you feel secure enough to store things right on your basement floor. A mildew odor is almost impossible to eliminate, and an inspector will certainly be conscious of it. It could cost you $200-$1,000 to seal a crack in or around your basement foundation depending on severity and location. Adding a sump pump and pit could run you around $750 – $1,000, and complete waterproofing (of an average 3 bedroom home) could amount to $5,000-$15,000. You will have to weigh these figures into the calculation of what price you want to net on your home.

3. Inadequate Wiring & Electrical

Your home should have a minimum of 100 amps service, and this should be clearly marked. Wire should be copper or aluminum. Home inspectors will look at octopus plugs as indicative of inadequate circuits and a potential fire hazard.

4. Poor Heating & Cooling Systems

Insufficient insulation, and an inadequate or a poorly functioning heating system, are the most common causes of poor heating. While an adequately clean furnace, without rust on the heat exchanger, usually has life left in it, an inspector will be asking and checking to see if your furnace is over its typical life span of 15-25 yrs. For a forced air gas system, a heat exchanger will come under particular scrutiny since one that is cracked can emit deadly carbon monoxide into the home. These heat exchangers must be replaced if damaged – they cannot be repaired.

5. Roofing Problems

Water leakage through the roof can occur for a variety of reasons such as physical deterioration of the asphalt shingles (e.g. curling or splitting), or mechanical damage from a wind storm. When gutters leak and downspouts allow water to run down and through the exterior walls, this external problem becomes a major internal one.

6. Damp Attic Spaces

Aside from basement dampness, problems with ventilation, insulation and vapor barriers can cause water, moisture, mold and mildew to form in the attic. This can lead to premature wear of the roof, structure and building materials. The cost to fix this damage could easily run over $2,500.

7. Rotting Wood

This can occur in many places (door or window frames, trim, siding, decks and fences). The building inspector will sometimes probe the wood to see if this is present – especially when wood has been freshly painted.

8. Masonry Work

Rebricking can be costly, but, left unattended, these repairs can cause problems with water and moisture penetration into the home which in turn could lead to a chimney being clogged by fallen bricks or even a chimney which falls onto the roof. It can be costly to rebuild a chimney or to have it repointed.

9. Unsafe or Overfused Electrical Circuit

A fire hazard is created when more amperage is drawn on the circuit than was intended. 15 amp circuits are the most common in a typical home, with larger service for large appliances such as stoves and dryers. It can cost several hundred dollars to replace your fuse panel with a circuit panel.

10. Adequate Security Features

More than a purchased security system, an inspector will look for the basic safety features that will protect your home such as proper locks on windows and patio doors. Dead bolts on the doors, smoke and even carbon monoxide detectors in every bedroom and on every level. Even though pricing will vary, these components will add to your costs. Before purchasing or installing, you should check with your local experts.

11. Structural/Foundation Problems

An inspector will certainly investigate the underlying footing and foundation of your home as structural integrity is fundamental to your home.

These are some of the top Chattanooga home inspection traps. For the complete sellers kit to help you prepare for the sale of your home click here or call us at (844) NOOGA-HOME and we will send it right out to you!

9 Step System To Get Your Chattanooga Home Sold Fast

9 Step System To Get Your Chattanooga Home Sold Fast

9 Step System To Get Your Chattanooga Home Sold Fast

Selling your  home is one of the most important steps in your life. Getting your Chattanooga home sold fast will ensure that you get the most money possible. This 9 step system will give you the tools you need to maximize your profits, maintain control, and reduce the stress that comes with the home-selling process:

1. Know why you’re selling, and keep it to yourself.

The reasons behind your decision to sell affect everything from setting a price to deciding how much time and money to invest in getting your home ready for sale. What’s more important to you: the money you walk away with, the length of time your property is on the market or both? Different goals will dictate different strategies. However, don’t reveal your motivation to anyone else or they may use it against you at the negotiating table. When asked, simply say that your housing needs have changed.

2. Do your homework before setting a price.

Settling on an offering price shouldn’t be done lightly. Once you’ve set your price, you’ve told buyers the absolute maximum they have to pay for your home, but pricing too high is as dangerous as pricing too low. Remember that the average buyer is looking at 15-20 homes at the same time they are considering yours. This means that they have a basis of comparison, and if your home doesn’t compare favorably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. As a result, your home will sit on the market for a long time and, knowing this, new buyers on the market will think there must be something wrong with your home.

3. More homework. (In fact, your agent should do this for you).

Find out what homes in your own and similar neighborhoods have sold for in the past 6-12 months, and research what current homes are listed for. That’s certainly how prospective buyers will assess the worth of your home.

4. Find a good real estate agent to represent your needs.

Nearly three-quarters of homeowners claim that they wouldn’t use the same realtor who sold their last home. Dissatisfaction boils down to poor communication which results in not enough feedback, lower pricing and strained relations.

5. Maximize your home’s sales potential.

Each year, corporate North America spends billions on product and packaging design. Appearance is critical, and it would be foolish to ignore this when selling your home. You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Before showings clean like you’ve never cleaned before. Pick up, straighten, unclutter, scrub, scour and dust. Fix everything, no matter how insignificant it may appear. Present your home to get a “WOW” response from prospective buyers. Allow the buyers to imagine themselves living in your home The decision to buy a home is based on emotion, not logic. Prospective buyers want to try on your home just like they would a new suit of clothes. If you follow them around pointing out improvements or if your decor is so different that it’s difficult for a buyer to strip it away in his or her mind, you make it difficult for them to feel comfortable enough to imagine themselves an owner.

6. Make it easy for prospects to get information on your home.

You may be surprised to know that some marketing tools that most agents use to sell homes (eg. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house. Furthermore, the prospects calling for information on your home value their time as much as you do. The last thing they want to be subjected to is either a game of telephone tag with an agent, or an unwanted sales pitch. Make sure the ads your agent places for your home are attached to a 24 hour prerecorded hotline with a specific ID# for your home which gives buyers access to detailed information about your property day or night, 7 days a week, without having to talk to anyone. It’s been proven that 3 times as many buyers call for information on your home under this system. And remember, the more buyers you have competing for your home the better, because it sets up an auction-like atmosphere that puts you in the driver’s seat.

7. Know your buyer.

In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does s/he need to move quickly? Does s/he have enough money to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.

8. Make sure the contract is complete.

For your part as a seller, make sure you disclose everything. Smart sellers proactively go above and beyond legal requirements to disclose all known defects to their buyers in writing. If the buyer knows about a problem, s/he can’t come back with a lawsuit later on. Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.

9. Don’t move out before you sell.

Studies have shown that it is more difficult to sell a home that is vacant because it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably highly motivated to sell fast. This, of course, will give them the advantage at the negotiating table.

FOR MORE INFORMATION ON SELLING YOUR CHATTANOOGA AREA HOME CLICK HERE

6 Little Known First Time Buyer Facts That Can Help You Buy A Home

6 Little Known First Time Buyer Facts That Can Help You Buy A Home

The problem that a first time buyer faces isn’t their ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already while renting. The problem is accumulating enough capital to make a down payment on something more permanent. But saving for this lump sum doesn’t have to be as difficult as you might think. Consider the following 6 important points:

1. A first time buyer can buy a home with much less down than you think.

There are some government programs (such as the first time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before as long as your name was not registered. Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

2. You may be able to get your lender to help you with your down-payment and closing costs.

Even if you do not have enough cash for a down payment, if you are debt-free, and own an asset free and clear (such as a car), your lending institution may be able to lend you the down payment for your home by securing it against this asset.

3. You may be able to find a seller to help you buy and finance your home.

Some sellers may be willing to hold a second mortgage for you as a “seller take-back”. In this case, the seller becomes your lending institution. Instead of paying this seller a lump-sum full amount for his or her home, you would pay monthly mortgage installments.

4. You may be able to create a cash down payment without actually going into debt.

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down payment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

5. You can buy a home even if you have problems with your credit rating.

If you can come up with more than the minimum down-payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage. Alternatively, a seller take-back mortgage could also help you in this situation.

6. You can, and should, get pre-approved for a home loan before you go looking for a home.

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over the phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application and a certificate which guarantees you a mortgage to the specified level when you find the home you’re looking for.

Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage and being stuck in the renter’s rut forever. Typically, there is no cost or obligation to inquire.

TO GET A FULL CHATTANOOGA BUYER INFORMATION KIT CLICK HERE

Chattanooga Real Estate Newsletter – October 2018 Homeward Bound

Chattanooga Real Estate Newsletter – October 2018 Homeward Bound

Chattanooga Real Estate Newsletter
Homeward Bound
October 2018

Moms and Halloween!

It’s creepy and it’s kooky — and it’s Mom’s favorite low-stress holiday! According to mom after mom, those infamous “big name” holidays—

Chattanooga Real Estate Newsletter

Mike Burge with The Children’s Hospital Train. What A Welcome The Children Will Have!

you know which ones we mean—are sometimes more headache than highlight. The pressure! The presents! The out-of-town guests or out-of-town travel, the cooking and cleaning, the expense! But Halloween—that’s a different story. More than two-thirds of Mom’s are involved in celebrating with their families.

What I love best about Halloween is all the little things that I see families doing every year, stuff that’s unique to their family, not part of some big commercial idea about what the holiday should be like.  Whether it’s just the basics—costume, trick-or-treating, candy eating— now we’ve got a whole series of activities and special events that many kids totally look forward to—from roasting pumpkin seeds to making a scary straw man for the front porch.  Things don’t have to be fancy, elaborate, or expensive, but it’s all uniquely about family traditions and memories that kids will treasure their whole lives. Go on, string fake webs all over your porch, hang ghosts from the trees, cut out scary silhouettes and tape them in the windows, or create a cemetery in your front yard! Halloween’s one time you can really go over the top with your kids.  Halloween is one time even the most health-conscious moms can give in to their sweet fangs without any guilt at all.

AND Remember… YOUR Referrals Help the Kids.

Chattanooga Real Estate Newsletter

Mike Burge with The Children’s Hospital Train. What A Welcome The Children Will Have!

My heart breaks for many young people and families who will not be able to enjoy this fun time of the year out trick or treating or going to Halloween parties.

As you know, tragedy falls on many in this life. Tragedies like sickness, cancers and other nasty diseases. We aim to do what we can to help kids who are unable to get out and have fun right now, due to these evil health problems, so our Go Serve Big mission to raise $25,000 for Erlanger Children’s Hospital is on! As you probably know Erlanger Children’s Hospital does great work in helping kids fight through and survive nasty diseases and cancers, as well as early diagnosis of autism and spinal cord injury. And since Erlanger Children’s Hospital is a nonprofit, they depend on

and Donations to continue their leading-edge care and keep costs down for the families of these amazing kids. We remain committed to donating a portion of our in-come from selling homes to the great work that they do.

So, Your Referrals Help The Kids!

Anyone you know considering buying or selling a home please refer them on over to my real estate sales team. Not only will they benefit from our award-winning service, but a very worthy cause will benefit as well. You can always call me direct at 844-666-4846 or forward my number on.

Thank you so much for check supporting our Go Serve Big mission. I hope you and your family are well and this month of tricks and treats is full of, well, treats.
With all my appreciation.

Chattanooga Real Estate Newsletter

 

 

 

Chattanooga Real Estate Newsletter

 

Things You Shouldn’t Do When Buying a Home

Things You Shouldn’t Do When Buying a Home

The last thing in the world you would ever want is to spend a bunch of time searching for a home, finding that perfect place and then not being approved for your mortgage. There are also many common mistakes homebuyers make that could make the process much more painful than it has to be.

We’re writing this article because we know how stressful it can be to buy a house. In order to make your process easier, we are going to cover the 9 things you shouldn’t do when buying a home.

1) Don’t overestimate your budget.

budgetEver heard the expression “House poor“? Many homebuyers overestimate what they can actually afford and end up with very little wiggle room financially. Before jumping into buying, make sure you have a realistic idea of the yearly costs involved with owning a home.

Remember, there is your mortgage, property taxes, utilities, insurance and repairs. All of this before you even think about making upgrades. Factor in all the costs and leave yourself some room.

 

2) Don’t let your emotions run wild.

decisionBuying a home is one of the biggest decisions of your life. It’s normal to be excited and fall in love with a home. However, try to keep a level head. Falling in love with a home can cloud your judgement or end in disappointment. This can happen if unforeseen issues are exposed in the inspection or if someone puts in an offer before you.

If you don’t find a home… don’t get discouraged. Home searching can be a lengthy process. It will be worth it when you find the winner.

 

3) Don’t talk to sellers about plans for the house.

buyingAs much as you are excited to get in and put your personal touch on the home, it’s best to keep this to yourself. Sometimes home buyers meet and get to know the home owners. This is fine, but remember that the current owner will have an emotional attachment to the property.

It’s best not to make them feel like you’re going to come in and completely change the place. If you make conversation with the owners, just keep the conversation light.

 

4) Don’t make any large purchases.

mortageWhen applying for a mortgage, every financial transaction plays a part. It is recommended that you do not make any large purchases like furniture or a car prior to applying. This is because banks want to see that you have a smooth financial history.

 

 

 

5) Don’t withdraw or deposit a lot of cash.

moneyGoing further with your financial history, cash withdraws and deposits also play a part in your mortgage approval rate. Large quantities of cash going in or out of your accounts signals a warning sign that you do not have stability. Avoid any sporadic withdraws or deposits of large sums of cash.

 

 

 

6) Don’t apply for more credit.

creditcardThe amount you are approved for on your mortgage comes down to your capital. How much money do you have at your disposal? Applying for extra credit increases your debt. This extra debt decreases the amount you will be approved for on a mortgage.

 

 

 

7) Don’t co-sign a loan.

loanWhile a loan may not technically be yours – it will still equally count towards your overall debt. Co-signing a loan can have an impact on not only the amount of your mortgage, but approval rate in general. Avoid co-signing any loans until you have purchased your home.

 

 

 

8) Don’t finance a car or furniture.

carloanAs financing is again a loan, it is therefore debt. Stay away from financing a car or furniture for the above mortgage approval reasons.

 

 

 

 

 

9) Don’t switch or leave your job.

jobFinancial stability is one of the most important factors considered when a bank is approving your mortgage. The key to financial stability is having a dependable income. If you switch or leave your job, often or before applying for a mortgage, this may signal red flags.

If you are thinking about a move, hang tight with your job until after your mortgage is approved.

 

 

In Conclusion

There are many important things to consider when purchasing a home. It is one of the biggest decisions of your life.

In order to ensure that you get the house you want, when you want it, you need to understand and follow those above tips. Doing so will increase your chances of finding that perfect home and getting it. Remember that financials are very important when it comes time to apply for a mortgage. Make that your priority.

Also keep in mind the emotional aspects of purchasing a home and try to stay cool. It can be a draining process, but it will be worth it when you get the keys to the castle!

Are you looking for a home in the (INSERT COMMUNITY) area? Give me a call. I’d love to help you find a home (and make sure you make none of the above mistakes in the process!)