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WHAT YOUR REAL ESTATE PROFESSIONAL
MAY NOT TELL YOU CAN BE
DANGEROUS TO YOUR HOME BUYING EXPERIENCE.
Sound serious?? Well, we hope so.
The important thing is for us to get your attention before you
hit the road with a real estate agent that may not be working
in your best interest. Consider the following:
Secret: Dark roofs do not last
as long as light color roofs. Further, light roofs reduce air
conditioning costs by reflecting sunlight.
Secret: Interest on your mortgage
loan and real estate taxes are deducted from your gross income
before computing your income tax. Wow.
Secret: The agent's whose name
is on the FOR SALE sign in the yard has promised the seller
that he/she will get the best price for the seller.
Secret: You can avoid Private
Mortgage Insurance with down payments of less than 80% by using
the 80/20 loan or 80/15/5 loan. Ask us how.
Secret: Earnest money deposits
can be forfeited if a buyer falsely represents his/her financial
ability to obtain financing.
Secret: Real estate agents who
work for companies that own lenders, title companies, termite
companies, etc. receive benefits for referrals to those affiliates.
Secret: The advertisement for
homes for sale in the newspaper are placed there by the agent
that works for the seller.
Secret: Sellers cannot hide material
defects by not providing a Property Condition Disclosure Statement.
A material defect is a condition that would or may affect the
value of the real estate.
Secret: Oral statements are not
binding.
Secret: There is no cooling off
period or rescission period unless it is written into the contract.
Once the contract is signed and accepted by both parties, it
is a legally binding document.
Secret: Personal property does
not convey with the real estate. Washer/dryer, etc.must be written
in the contract to convey.
Secret: Agents must disclose
in writing which party they represent.
Secret: Real estate conveys "as
is", meaning - What you see is what you get. However, at
the final pre-settlement walk through, appliances, heating/cooling
electrical and plumbing must operate as the manufacturer intended.
Secret: If the furnace filter
is very dirty, that is a good indication of poor maintenance.
Secret: Carpet replacement does
not always eliminate pet odor.
Secret: Home owner additions
may not have been code/safety inspected by the county. Who inspected
the homeowner installed electrical wiring behind that finished
basement wall.
Secret: Foreclosures do not always
(or even often) sell for less than market. They often sell for
more than similar homes in the area.
Secret: Most new home contracts
do not have financing contingencies for buyers.
Secret: Conventional loans with
less than a 20% down payment usually will require that buyers
pay for Private Mortgage Insurance; FHA loans are insured by
HUD; VA loans are guaranteed by the Veterans Administration.
Secret: Only a buyer's agent
can help you negotiate the best possible price, terms and conditions
for a home you want to buy. Seller's agent (listing agent) is
obligated to obtain the best price, terms and conditions for
the seller.
Secret: Homes constructed prior
to 1978 may contain lead based paint. You can have a home inspected
for lead ased paint before or after settlement.
Secret: Termites gain access
to many homes through mulch used in landscaping beds.
Secret: Most homeowners in Northern
Virginia own their home less than 5 years. Still want to pay
the high interest for that 30 year fixed mortgage?
Secret: Most co-workers fib about
their commute time.
Secret: Offers to purchase real
estate in Northern Virginia are in writing.
Wonderful Planned Community in Fairfax County
A part of the Homefinders.com Network
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