Just bought a new house, questions on finance and home inspection

[4plexowner]

I remember my loan broker making a comment about waiting one year before doing a new loan on a property – she felt that getting an underwriter to approve a new loan within one year of a purchase could be an ‘iffy’ thing – and that was in a much more accommodative mortgage market than we have today – bottom line: ensure that you can afford the property based on the parameters of the purchase loan because you may be stuck with it

Get you own inspector – less than $500 bucks could save you thousands of dollars and many headaches – DO NOT CLOSE ESCROW until the builder has resolved any issues found by the inspector

Your only strength in negotiating a real estate deal is your willingness to walk away – are you willing to walk away from this property?

[(former)FormerSanDiegan]

4plexowner nailed it on both points.

1) Get your own inspector and
and
2)don’t expect to refinance a loan with zero seasoning.

At various times in the past mortgage brokers have told me that lenders like to see seasoning of a year before refinancing. I think during the heyday you may have been able to get away with shorter times.

[(former)FormerSanDiegan]

4plexowner nailed it on both points.

1) Get your own inspector and
and
2)don’t expect to refinance a loan with zero seasoning.

At various times in the past mortgage brokers have told me that lenders like to see seasoning of a year before refinancing. I think during the heyday you may have been able to get away with shorter times.

[(former)FormerSanDiegan]

4plexowner nailed it on both points.

1) Get your own inspector and
and
2)don’t expect to refinance a loan with zero seasoning.

At various times in the past mortgage brokers have told me that lenders like to see seasoning of a year before refinancing. I think during the heyday you may have been able to get away with shorter times.

[(former)FormerSanDiegan]

4plexowner nailed it on both points.

1) Get your own inspector and
and
2)don’t expect to refinance a loan with zero seasoning.

At various times in the past mortgage brokers have told me that lenders like to see seasoning of a year before refinancing. I think during the heyday you may have been able to get away with shorter times.

[(former)FormerSanDiegan]

4plexowner nailed it on both points.

1) Get your own inspector and
and
2)don’t expect to refinance a loan with zero seasoning.

At various times in the past mortgage brokers have told me that lenders like to see seasoning of a year before refinancing. I think during the heyday you may have been able to get away with shorter times.

[pk92108]

Wrangler….Congrads on your new purchase…Don’t let all the negativity on this board get you down…Many don’t realize that you need to put down roots and stop bouncing around, changing kid’s school’s just to try to time the market…

Anyway, I was just curious as to what development you are buying into and did the developers require you to pay more upfront for your upgrades if you went with an outside lender…

[pk92108]

Wrangler….Congrads on your new purchase…Don’t let all the negativity on this board get you down…Many don’t realize that you need to put down roots and stop bouncing around, changing kid’s school’s just to try to time the market…

Anyway, I was just curious as to what development you are buying into and did the developers require you to pay more upfront for your upgrades if you went with an outside lender…

[pk92108]

Wrangler….Congrads on your new purchase…Don’t let all the negativity on this board get you down…Many don’t realize that you need to put down roots and stop bouncing around, changing kid’s school’s just to try to time the market…

Anyway, I was just curious as to what development you are buying into and did the developers require you to pay more upfront for your upgrades if you went with an outside lender…

[pk92108]

Wrangler….Congrads on your new purchase…Don’t let all the negativity on this board get you down…Many don’t realize that you need to put down roots and stop bouncing around, changing kid’s school’s just to try to time the market…

Anyway, I was just curious as to what development you are buying into and did the developers require you to pay more upfront for your upgrades if you went with an outside lender…

[pk92108]

Wrangler….Congrads on your new purchase…Don’t let all the negativity on this board get you down…Many don’t realize that you need to put down roots and stop bouncing around, changing kid’s school’s just to try to time the market…

Anyway, I was just curious as to what development you are buying into and did the developers require you to pay more upfront for your upgrades if you went with an outside lender…

[dejams]

Wrangler, I recommend you get a home inspector since this is a big investment. I purchased 3 new homes in the past 5 years and had inspection done on all of them. The inspector can see lots of issues or building code problems we can’t see. The cost is about $300-$500 depending on the size of the house. Almost all builders say you don’t need a home inspector, I mean who would like a 3rd party to inspect their work and might have to fix the issues or problem that can add extra cost to the bottom line. You should get an inspector to inspect the house from the beginning during the framing stage until the walk through for thorough inspection. Builders have been using non-quality workmanship contractor (day laborer) in the past couple years due to cost and lack of skill labor. Another good reason to have your home inspected.

[dejams]

Wrangler, I recommend you get a home inspector since this is a big investment. I purchased 3 new homes in the past 5 years and had inspection done on all of them. The inspector can see lots of issues or building code problems we can’t see. The cost is about $300-$500 depending on the size of the house. Almost all builders say you don’t need a home inspector, I mean who would like a 3rd party to inspect their work and might have to fix the issues or problem that can add extra cost to the bottom line. You should get an inspector to inspect the house from the beginning during the framing stage until the walk through for thorough inspection. Builders have been using non-quality workmanship contractor (day laborer) in the past couple years due to cost and lack of skill labor. Another good reason to have your home inspected.

[dejams]

Wrangler, I recommend you get a home inspector since this is a big investment. I purchased 3 new homes in the past 5 years and had inspection done on all of them. The inspector can see lots of issues or building code problems we can’t see. The cost is about $300-$500 depending on the size of the house. Almost all builders say you don’t need a home inspector, I mean who would like a 3rd party to inspect their work and might have to fix the issues or problem that can add extra cost to the bottom line. You should get an inspector to inspect the house from the beginning during the framing stage until the walk through for thorough inspection. Builders have been using non-quality workmanship contractor (day laborer) in the past couple years due to cost and lack of skill labor. Another good reason to have your home inspected.

[dejams]

Wrangler, I recommend you get a home inspector since this is a big investment. I purchased 3 new homes in the past 5 years and had inspection done on all of them. The inspector can see lots of issues or building code problems we can’t see. The cost is about $300-$500 depending on the size of the house. Almost all builders say you don’t need a home inspector, I mean who would like a 3rd party to inspect their work and might have to fix the issues or problem that can add extra cost to the bottom line. You should get an inspector to inspect the house from the beginning during the framing stage until the walk through for thorough inspection. Builders have been using non-quality workmanship contractor (day laborer) in the past couple years due to cost and lack of skill labor. Another good reason to have your home inspected.

[Author]

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