Homebuying secrets to steal from flippers
Inspectors will alert you to expensive problems such as mold and water damage, faulty wiring, cracked or blocked chimneys, termites or furnaces on their last legs. And they will go places most buyers won't, such as crawl spaces and attics, where these problems lurk.
Often these hidden problems can pose a real threat, Goldstein says.
In one home he inspected, after the cover was off the furnace, he found a cracked heat exchanger that was shooting flames away from the unit. The real-estate agent said it wasn't a problem, at least according to her husband, who was a contractor.
Goldstein told the agent they could call the local gas company to get a second opinion. The gas company representative insisted the owner replace it immediately or not run it — during one of the coldest days of winter. The buyer who wound up with the home got a new furnace, saving thousands of dollars and gaining peace of mind for years to come.
A home inspection can also help you cut your energy bills. An inspector might recommend new insulation if yours is inadequate. That might cost $1,000, but could be paid off more quickly than new windows that cost $10,000. Inspectors can also help you find state, federal and local energy rebates and incentives at sites such as Savebigbread.com.
Of course, Goldstein says, a home inspection is only as good as the inspector, so try to find someone who has already done hundreds of inspections. Find ASHI-certified inspectors in your area.
Don't pass up the chance to accompany the inspector, Goldstein says. You will learn a lot about the intricacies and upkeep of the house — such as opening and operating the circuit-breaker box — and be alerted to things that aren't in need of immediate repair but might pose a problem in the future.
Limited housing inventory contributed to a 1.5% drop in existing-home sales, which fell to 4.55 million in May from 4.62 million in April, according to the National Association of Realtors. However, the national median home price continued to climb, rising to $182,600 in May, a 7.9% increase from the same time a year ago.
Looking a little bit further forward, the NAR's Pending Home Sales Index, which measures contract signings rather than closings, rose 5.9% to 101.1 in May from 95.5 in April. It is 13.3% above May 2011 and tied with March of this year, which was the highest level since April 2010, when buyers were rushing to beat the expiration of the homebuyer tax credit.
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"The housing market is clearly superior this year compared with the past four years," NAR chief economist Lawrence Yun said in a statement.
"Actual closings for existing-home sales have been notably higher since the beginning of the year, and we're on track to see a 9 to 10 percent improvement in total sales for 2012," Yun said.
The NAR expects the national median existing-home price to rise 3% this year and 5.7% in 2013.
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The last time that I looked, we were still in a "buyer's market." This article is written from the perspective of a "seller's market" and is quite misleading because of it.
What is true, is that if you are competing for a home, the guy with the money always wins.
What is also true, is that unless you are a builder, electrician, and plumber yourself, you need to have a home inspector look at the home.
You do not need a real estate agent to buy a home from an owner or their agent. You need a lender, a real estate attorney - to set up all of the contingencies in your offer, and a title search by a solid title company.
Be very wary of house flippers...not matter how they pump themselves into sainthood. Anyone who doesn't believe this should check out the bunch of swindlers who went to jail in New Jersey for "flipping houses". If it sounds too good to be true, it is. House flipping is yet another gimmicky rip off trick. And in just the past week, 4 major banks were being investigated for fraud.
The government needs to throw these bums in jail. When the government settles for huge sums of money, taxpayers and consumers end up paying for the settlements in higher predatory prices while taxpayers get zapped for subsidies that help these frauds pay settlements from everything but business revenues. You pay your bills first before you dare call it profit. This is what has gone so wrong in business today. Big Businesses taking in billions before they pay their bills and calling it "profit". Then, to make up for settlement losses, they jack prices and we virtually pay their fines for them. We need a law that forces their prices to flatline until these settlements are paid. By them....Not US!
If it is such a "home-buyer secret"-why is this article on MSN?
As the old computer saying goes....garbage in garbage out...same applies to this article......
I really like all of the ads t.v., radio, internet, that some huckster promotes that their top secret system
will bring you untold wealth. Reason me this Batman, if you had a secret system that generates
wealth, I would not tell anyone about it!
If my memory serves me right, isn't this kind of activity one of the reasons the housing market went down.
So, here we are again another bunch of experts that give bad advice to the ill informed.
As soon as your "brother-in-law" thinks he can become a millionaire in real-estate it is time to head for the
This Flip your House Guy is diffently GAY, how long till he comes out?
This was a stupid article, more than half of it was about home inspections..wonder how much
money the author got as a kickback from the home inspection association....
Journalist = advertising whore.