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Showing posts from May, 2019
We often get panicked, last minute calls from a potential buyer that has been house hunting on their own.  They "knew" they would be using Bordeaux Smith Realty, but had not made official contact yet.  The panicked call goes something like this, "We just went to an open house and we LOVE the home and want to make an offer right now".  WHOA!!!!  While that is great, the buyer wasn't aware of the steps needed to make a strong and competitive offer.  Currently in the Triangle (NC), it is such a seller's market that the buyer needs to have all their ducks in a row.  If they don't, their dream home may be gone before they can get their ducks moving.
First thing's first, CALL US!!!  We will make sure you have everything you need to go in with a strong offer in a season where many homes fall under a multiple offer situation. 
Things we will ask:
Do you need a loan or will you be paying cash?
If you need a loan, have you spoken to a lender? If not, we can …

What Inspections Are Required

Believe it or not, hardly anything is required by your lender. For some loans, the underwriter will require a well water test and a Wood Destroying Insect Report (WDIR). Most folks refer to this as the termite report.
It is completely up to the buyer to inspect or not. As your Realtor, we always encourage our buyers to get all inspections. A thousand dollars during the due diligence time period could save you tens of thousands later on.

A couple of personal examples:

A home built in the 70s that was immaculate had a cracked septic tank and so much rot under the home that the band, 18 floor joists, and about 600 sq of subflooring had to be repaired/replaced. There was also quite a bit of fungus, so the crawlspace had to be cleaned and treated with Concrobium  to prevent any fungus after the water intrusion was stopped.  This ended up costing about 18k but since we found it during our due diligence period, the seller agreed to take care of these repairs.

Just last week, an inspection no…