Home inspections are one of the most important parts of the closing process, and they can cause both buyers and sellers stress. I often hear first-time buyers worry about whether the home of their dreams is going to pass inspection or not. 

Here’s some good news: homes can’t really pass or fail a home inspection. The inspector doesn’t give the property a score or thumbs up or thumbs down. And home inspections are actually way more useful than a score anyway! 

When you get a home inspection done, you’ll get a detailed report on the property and its condition. The inspector will look at all of the systems and components of the house and report on their condition/quality. But that doesn’t translate into a score or a pass or fail. 

Sometimes, however, the inspector will find big problems with the house. There might be termite damage or black mold or leaky plumbing (the options are endless!). This could be considered a “fail.” Most lenders won’t fund the mortgage of a property with big problems that make it unsafe to live in. So if you want to buy the house with a mortgage, you’ll need to get the problems fixed. 

If this happens to you, don’t stress! You, as the buyer, can usually work with the seller to figure out a solution. You can request that the seller make the repairs before moving forward or you can ask for a discount on the purchase price of the property—this is commonly referred to as repair credits, but it ultimately just knocks down the overall price. 

When getting a home inspection, the worst case scenario is that it uncovers some big problems and then the seller won’t work with you to fix the issue. If this happens, the lender won’t fund the mortgage and then the sale will fall through. 

This is why home inspection contingencies are so common and so important. When you waive the home inspection contingency, you’re stuck with whatever condition the home is in and that can complicate things with your lender. Worst case scenarios like that are few and far between. Generally, sellers will want to work with you and make the sale happen. 

Instead of stressing about passing or failing the home inspection, spend that energy on working with your realtor to make great offers and building good relationships with the sellers. 

If you have any questions about home inspections or buying in this market, just reply to this email! Harpreet@BorderCityRealEstate.com

If you’re thinking about selling your home, pay attention to this! These are the biggest mistakes that I see home sellers make ALL the time. Don’t be like them. Learn from their mistakes and avoid doing these 5 things. 

Mistake 1: Setting too high of a sales price. Most buyers filter homes by price. Pricing your home too high can make it so the best buyers for your property never even see your listing! Your agent will help you set the sales prices, so listen to their reasons for the price. Since they know exactly what’s going on in your local market at the moment, it’s best to listen to their expertise–that’s why you hired them, after all!

Mistake 2: Not leaving enough time to prep your home for sale. If you want to get the most money possible out of your home, this is super important. Doing repairs, making a few upgrades, and decluttering before putting your home on the market can boost your ROI big time. Don’t sell your home in a rush–start a plan to get it ready for sale several months in advance. Your agent will also be able to advise you on the best repairs and upgrades to do!

Mistake 3: Not disclosing all issues. Your seller’s disclosure should list all of the issues. Not disclosing is just asking for a bad time (and potentially, a lawsuit). Chances are that whatever you’re trying to hide will come out during the inspection anyway, so it’s best to be upfront and honest with your buyers. 

Mistake 4: Getting emotional about the sales process. Selling your home can bring up some big emotions. It’s your home after all and you’re bound to be pretty attached to it. But it’s best to think about selling your home as what it is: a sale. Using strategy and logic in times of emotional overwhelm will help you make the best decisions for your financial future. Having a support system is key here as well, and your agent will help guide you through the more challenging times. 

Mistake 5: Not accommodating potential buyers. When possible, making accommodations for your prospects is a good idea and will help you get your home sold faster. Remember that buyers are people too and extend the same courtesy you’d expect if you were in their shoes. It will make the whole process much more enjoyable and easy for everyone involved!

It’s easy to make mistakes as a seller–and those mistakes could cost you a lot of money. Working with an experienced real estate agent is your best bet at avoiding mistakes like these and getting the most money out of your home when you go to sell. I’m currently accepting new seller clients, so if you’d like my help navigating the home selling process, Let’s Connect!

New builds are looking better than ever, especially in a market like ours. But there are a few things you need to watch out for when buying a new build. Here’s what you need to know before you sign on the dotted line. 

– Have pros on your team. Make sure you have a buyer’s agent! When you start walking through model homes, a “buyer representative” will be there to help you out. But they’re there to help the builder–not you. Having your own agent will ensure you get a good deal and don’t get taken advantage of.

– Know the quality of the builder’s past projects. Builders vastly differ in the quality of their builds. Some builders use the best materials and their homes will stand the test of time. But other builders can cut corners and make for major headaches down the road. Unfortunately, “you get what you pay for” applies here. If something feels too good to be true, it probably is. Do your due diligence and research any builder you’re interested in. Pay attention to those reviews too!

– Understand the inspections and warranties. As much as we wish otherwise, fresh builds can still have problems. And a brand new home doesn’t mean a perfect home–so make sure you get that inspection done. Try to find an inspector with experience in new builds because they may be able to spot problems unique to new builds. 

You’ll also want to look closely at the warranties that your new home comes with. Generally there are 2 warranty types: a minimum home warranty that covers workmanship defects that impact the home’s livability, and additional warranty that may cover defects in your home’s mechanical systems or building envelope. 

Have your agent look over the warranties with you and get any questions you have answered. 

– Understand the deposits and contracts. When you go to sign a contract and make a deposit, make sure you really understand exactly what’s going on. Know if you can get your deposit refunded and under which circumstances you could get a refund. Your contract should spell everything out, especially about what happens with delays. If the builder agrees to anything that isn’t in the contract, make sure to get that in writing. Your agent will help you understand the contract, so definitely ask if you have any questions. 

Buying a new build can be a great choice for many buyers, especially in a low-inventory market. Just remember to do your research, have experts on your side, and understand all of the fine print. If you’re looking into a new build, Let’s Chat, I can hook you up.

Right now, our market is considered a low inventory market. That means that there are considerably more buyers (demand) than there are properties for sale (supply). And that means it’s a challenge to buy a home these days.

But don’t worry. With a little patience and flexibility, it’s possible! I also recommend doing the following to get a house right now:

1. Work with a buyer’s agent. A real estate agent will make your life 100% easier and it’s free to you! Sellers pay agent commissions, so you get all the support, experience, and guidance of a real estate agent at no additional cost.
2. Set up new listing alerts. If there’s an area you have your heart set on, set up listing alerts through your agent’s app. You’ll get notified as soon as new properties hit the market so you can be the first to snatch them up.
3. Look for coming soon signs. It’s worth the time to drive around your desired neighborhood and see if any properties are coming on the market soon.
4. Expand your parameters. Flexibility is key in our market right now. By expanding your criteria, you might find the perfect home that you wouldn’t have considered before when you were focused on meeting a few parameters.
5. Think about new construction. People used to think of new construction as a luxury, but now many new builds are running in the same price range as established homes. Look to see if there are any new builds going up in your area–but keep in mind that a newly constructed house will generally take longer to get into because it has to be built.
6. Check back on listings. Always save the properties you’re interested in, even when they go off the market. They might be back up later! Sometimes sales fall through and you can grab a second chance at buying the property.

Buying a home right now is doable! It just takes some perseverance, flexibility, and patience. And of course, a good agent on your side can never hurt!

If you want to jump into our market and find your next home, Let’s Connect!

Getting an inspection on a property is a standard part of the buying process so you know exactly what you’re getting into. An inspection gives you a good idea of the condition of the house and if there are any problems or big repairs needed.

Every buyer and seller hopes that the inspection will come back with a gold star and that everything will be good to go. But sometimes that doesn’t happen. Now what do you do?

If you’re the buyer, you’ll work with your agent to negotiate repairs with the seller. You’ll tell them what’s wrong and make a request for them to fix it.

While you can choose to do all the repairs yourself, sometimes lenders will require that certain repairs are completed before they’ll provide you with the mortgage. Usually, this is just for the big problems like water leaks, structural damage, and things that make the home dangerous to inhabit.

After you talk with the seller, they can agree to fix the problem or offer to reduce the purchase price so you can make the repairs yourself. (This is why you should always negotiate if repairs need to be done!) However, the seller also has the option to decline to make any fixes or offer repair credits and send back terms to the buyer.

Negotiations can go back and forth for a while, but usually the buyer and seller will come to a favourable agreement. However, sometimes the seller won’t want to do any repairs and will stall the negotiation. If there is an inspection condition in the purchase agreement, which is typical, the sale could be canceled.

Buyers, this is why it’s important to be ready to walk at any point in the buying process–you can save yourself from getting stuck in a bad deal if you remember the big picture and work through real estate decisions with logic rather than emotion.

But most of the time inspection problems are handled quickly so the sale can progress. With a great agent on your side, you’ll be able to make the most of the inspection and negotiation process so you know you’re getting a good deal on a good property.

Let’s talk about one of the most critical real estate terms out there: return on investment aka ROI. If you have any investments or you’re looking at real estate, you’ve probably heard ROI thrown around a bunch. But what does it actually mean and why should you pay attention?

ROI is the amount of money you get back on an investment you’ve made–like real estate. For example, if you buy a house for $350,000 and then, after a few years, sell it for $450,000, you’ll have made all of your money back plus $100,000. That’s a pretty good investment.

But ROI isn’t just important when you’re buying or selling a house. You should also make sure you consider ROI when you’re doing home renovations or putting money into your home.

You want to make sure that you’ll get the money you put into renovating your home back when you sell. This is why kitchen remodels are so popular—you can almost always make all of the money back and more.

On the other hand, renovating your home to include a home gym or a rose garden in the backyard might not make buyers want to pay more for your home. As a result, you could lose money by doing those renovations. Recouping costs and making a profit is the name of the game in real estate.

Whether you’re buying, selling, or renovating, ROI is important to keep in mind so you can make smart money decisions that benefit your financial future. Want to talk about finding the best ROI remodels for your home? Let’s Connect!

T or F: Getting a mortgage is impossible when you’re self-employed.

https://youtube.com/shorts/pRleOP1JEnw?feature=share

FALSE!  While being self-employed can make getting a mortgage a little more challenging, it’s doable… if you’re prepared.

Watch today’s video to find out what you should be doing to get approved for a mortgage if you’re self-employed.
Got any questions about buying a home while running your own business?  Just send me a DM or call and let’s Chat.

If you have pets, it’s hard to imagine your life without them. But when you’re selling your home, pets can make getting and keeping your home ready for sale a little challenging. When you’re staging your home for listing photos and making sure it looks perfectly buyable during showings, keep these tips in mind.

1. For listing photos, remove all pet evidence. You don’t want to bias people against your property just because you have a dog crate or cat tree hanging out in the living room.
2. Keep your home clean and fresh. Deodorize before every showing or open house and get some good-smelling candles or sprays going to keep pet odours at bay.
3. If you live in a very pet-friendly area with walkable trails or patio restaurants, showing potential buyers that your home works well for a pet could work in your favour. Show off the fact that you have a pet with cute displays rather than trying to hide it.
4. Always take your pets out of the home for showings. It will be much less stressful for your pet. Additionally, it will let buyers get the full feel for your home rather than being distracted by cute pets. And not all buyers are pet people, so taking your pets away makes your home more accessible to more buyers.

Pets can make getting your home sold a little more difficult, but they’re worth it, of course! And with a bit of preparation and planning, you’ll be able to sell your home quickly and easily. Want to get a head start on getting your home on the market this spring? Let’s Connect!