American Mortgage Resource, Inc.

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Tag: dream home

Open House Red Flags to Watch Out For

Touring open houses can be exciting as you consider the prospect of finally becoming a homeowner. However, you should be prepared to look into many different properties and spend some time inspecting the fine details. While homes on the market will look great presentation-wise, lazy sellers may be hiding disastrous and costly flaws. Here are some red flags you should always look out for when inspecting a home for sale.

Cracks in the Floors and Walls

Any cracks in the floors or walls indicates that there might be structural problems at hand. Additional things to look for are sticking doors or windows, cracks along window frames, and uneven floors or tiling. Any major gaps will lead to costly and extensive repairs.

Any Unusual Paint Cover-ups

It’s expected that when it comes to preparing a house to sell, applying a fresh layer of paint to the interior and exterior walls is a common practice. As a potential buyer, you definitely want a home that has been properly refreshed. However, some sellers may use paint to cover up problems rather fix it. This can include hiding any mold and mildew spots, water damage from leaking pipes, termite damage, etc.

If you notice unusual fresh paint spots, it may mean they’re trying to hide something – especially if it looks like it’s an older home that hasn’t been renovated. You should ask the seller why the job was done.

Electrical and Plumbing Issues

When doing your walkthrough of the open house, always remember to check the condition of the electrical panel, any exposed wires, the number of outlets in each room, and any other potential hazards. You’ll also want to eyeball the plumbing such as the pipes under the sink. This is a common place for leaks and water damage.

Hire a Professional Home Inspector

You may think you have a good eye, but home inspectors are trained to have an even keener perception. Appearances can be very deceiving, and an expert will be able to identify any major flaws that the seller or landlord is trying to cover up. This will save you a lot of money down the line and give more leverage in potentially renegotiating the offer on the house. If the home inspector identifies any drastic problems that will be more than you can handle, it’s better to just walk away and consider a different house.

Conclusion

We hope these tips will assist you in finding your dream home within your budget. If you’ve finally settled on that perfect property and are now looking for financing and loan options, our professionals can help. American Mortgage Resource, Inc. is the number one source for reasonable home loans and expert support. Get in touch with our team today!

Tips for Winning a Bidding War

It’s no secret that the current real estate market in the U.S. is a sellers’ market. Properties in most cities and towns across the country are selling at record breaking highs with no clear or definite end in sight.

Those hoping to purchase a home this year have a high chance of engaging in a bidding war, which happen when a property has multiple offers, but not all bidding wars are won by the person with the most money. Follow along for some top tips for winning a bidding war and ensuring you and your family get your dream home.

Find Homes Before They Hit the Market

The competition homes are facing the day they’re listed sometimes leaves purchasing a home up to chance as much as anything else. You can guarantee that the odds will weigh heavily in your favor by finding homes to buy before they officially go on sale. Network with friends, coworkers, and virtually anyone in your local community to ask if they know anyone who may be selling in the near future. Knock on the door of your dream home and ask if they’re willing to sell, you never know what they may say.

Offer Cash

Even when you can’t outbid the highest bidder, many of those selling their homes will accept a lower cash offer instead over a higher financed offer. Not only does offering cash help expedite the entire process, it shows how serious you are about making a final deal.

Write a Personalized Letter

Countless happy homeowners have a heartfelt and personalized letter to thank for their home buying success. Buyers struggling to win their bidding war oftentimes write letters directly to the sellers explaining what they love most about the home, why it is perfect for their family, and other moving details that can help set them apart from the competition.

Agree to Waive Contingencies

Buyers who have been preapproved for a mortgage have the advantage of being able to waive contingencies. Contingencies are clauses that give the parties the right to back out of their contract under specified circumstances that are negotiated between the buyer and seller. These can include home inspections, appraisals, time constraints, financing and other random conditions.

Final Thoughts

Those hoping to buy a home soon should equip themselves with the best real estate agents and loan officers around. There’s nothing like having the support of a highly knowledgeable, reputable, and experienced team on your side when it comes to purchasing the home of your dreams. Head to our website to get the process started today or contact our team for help directly at (617) 972-8588.