TOP 10 DEFECTS IN HOME INSPECTIONS

One of my favorite inspectors put a list together of the 10 most common problems discovered found during home inspections.  If you are thinking of selling your home a pre-inspection is smart!  You can deal with the problems you have before a future buyer beats you up on the list price.  Here they are:

Top 10 Defects Per AAA Building & Home Inspection

• Roofing leaks, vent pipe's and skylights damaged
• Exterior walls, foundation cracks and defective hardboard siding this is a moisture and installation related defect. Common brands of siding are Florida Pacific, Louisiana Pacific, and Masonite
• Water damage in attic and uneven insulation
• Defective ground fault circuit breaker interrupter outlets in bathrooms, kitchen, garage, and outside
• Visible open wire connections in the crawl space and attic
• Leaking or loosely mounted toilets, tubs not draining, hot and cold reversed at tub and shower controls
• Heating system not function as intended, Mold on coils and filter dirty or missing
• Air condition system not cooling proper, missing insulation on freon line and thermostat broken
• Fireplace damper not working or fire bricks damaged
• Smoke alarms not working or need batteries

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

 

Check out our website at www.WatsonRealtyCorp.com

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to which it is addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.

3 IMPORTANT THINGS A HOMEOWNER SHOULD KNOW ABOUT SHORT SALES

Market Value Matters

Short sales sell for market value.  That’s right.  A bank will typically agree to a short sale if the numbers make sense.  Banks understand that homes need to appraise.  Banks also need to mitigate their loss.

Listing a home for well below market value is not the best strategy for getting a short sale accepted.  Sure, you may get plenty of offers, but if the bank won’t accept any of them you end up having wasted a ton of  energy, not to mention paper, and facing quite a few angry potential buyers.

Banks are no longer in the business of giving away houses.  If you send the bank numbers that make sense, you increase your likelihood of a successful short sale closing by 90%.

Only Real Hardships Get the Help

I’ve lost count of the number of times potential sellers have told me the only reason they are pursuing a short sale is because everyone else is doing it. Purchasing a house during the housing boom is not a legitimate hardship.  Purchasing a house during the housing boom and being unable to pay your mortgage is a hardship.

Strategic default is never a good idea! Banks actually analyze short sale sellers’ hardships, and most center on the economy, so the bank is going to make sure that a short sale is in their own best interest.  Acceptable hardships include medical issues, divorce, and disability, significant loss of income, death, unemployment, and relocation.

Laws are local

It’s important to know your state’s foreclosure laws because there are currently no national short sale laws on the books.  There are federal guidelines, but they can be applied when and how a bank wants.

States, however, can either have recourse loans or non-recourse loans.  A recourse loan allows the bank to demand a borrower pay the difference between what the properties are sold for and what is owed on the lien.  Many recourse states allow lien holders (banks) to pursue judgment liens against the borrower for the deficiency amount.  This process allows the bank to garnish a borrower’s wages until the debt is paid off.  Garnishments can be as much as 25% of non-exempt disposable earnings, and bankruptcy doesn’t always save a defaulted borrower from judgment liens.

Real estate agents are not allowed to practice law, unless they are actually licensed to do so. However, agents do need to be aware of possible penalties for short selling a home and also be able to direct their clients to the right resources to discuss the possible consequences and solutions.

I have been involved in Short Sales since March of 2007.  Call me if you need assistance in marketing your home as a short sale.

 

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

 

Check out our website at www.WatsonRealtyCorp.com

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to which it is addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.

Longwood Homes for Sale!

If you have a loved one who owns a home in Longwood, Altamonte Springs or any close by city in the Central Florida area that needs help with getting the home sold, call me.  I have been in the Central Florida area since July of 1991.  I have experience with getting homes sold even in today’s tough market.  It makes sense to list your home with an experienced realtor as well as one that lives close by to be able to properly service your loved one.

 

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

 

Check out our website at www.WatsonRealtyCorp.com

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to which it is addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.

Fall 2011 Market

Believe it or not, we are still selling houses in this slow market.  If you have great credit you could find and interest rate at 3% or below!  The combination of that and low purchase prices have truly made this market more affordable than paying rent!  What are you waiting for!  There are some nice houses out there today!  Call me if you are in the Central Florida area or looking to move to the area!

 

Anne-Marie Ferraro, REALTOR®
SHORT SALE SPECIALIST

Watson Realty Corp.
1445 West State Road 434, Suite 100
Longwood, FL 32750
407-622-8531 Direct Line
407-493-0719 Cell *** I TEXT***

407-767-5989 Fax
800-943-6444 Ext. 8531
amferraro@watsonrealtycorp.com
www.anne-marieferraro.com
"You're Home Free With Anne-Marie!"

 

Check out our website at www.WatsonRealtyCorp.com

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to which it is addressed. If you have received this email in error please delete it and notify the originator of the message. This footer also confirms that this email message has been scanned for the presence of viruses and offensive material, but Watson Realty Corp. does not guarantee or accept any liability that may be caused by any viruses.