Buyer Tips

Credit Report

Broken into five categories of your FICO score

  • Payment history (35%)
  • Amounts Owed (30 %)
  • Length of Credit History (15%)
  • Types of Credit in Use (10%)
  • New Credit (10%)

Kept by 3 bureaus Experian, Equifax, Transunion

Inspections

  • Review carefully
  • Get repair quotes
  • Negotiate repair expenditures or credits
  • Keep records of completed work
  • Find out what can be financed

Furnace Safe

  • Carbon Monoxide tested
  • Efficiency tested- Green Sticker

Structural red flags

  • Foundation Cracks- ridges or lateral movements
  • Load-bearing Walls Removed- ceiling or walls cracked, floors springy
  • Faulty or Insufficient Wiring- have inspector check
  • Water Everywhere- stains may indicate prior problems
  • Leaky Roof- check shingles and flashings
  • Ineffective Windows- won't open or close and fog up because of leakage
  • Damp Facades- stains on wood siding indicate moisture beneath, bricks cracked
  • Pesky Pests- termites and carpenter ants are very destructive, ask prior owners
  • Rot- wood appears brown and crumbly, breaks into cubes, is soft

Potential dangers in a home

  • Hazardous Products- Paint solvents, pesticides, fertilizers, motor oils all require removal
  • Ground Water Contamination- Underground oil tank, faulty septic tank. Light industrial areas now residential, Pillar to Post offers neighborhood environmental reports
  • Radon- Colorless and odorless seeps in from ground. Environmental Protection agency publishes a map of high prevalence areas for radon
  • Lead- Toxic metal used in home products for years. Homes built prior to 1978 may have lead present. Look for peeling paint and check old pipes. HUD requires a lead safe certificate
  • Asbestos- Fibrous material. Good for insulation and fire resistance. Banned in 1985 and often found in insulation, floor tiles, roof coverings, and siding. Asbestos can become air borne.

Common Hazards

  • Faulty wiring- Overloaded circuits, loose wires, missing covers, distribution boxes, abandoned appliances, aluminum wiring
  • Loose Guard Rails- Stairway guard rails, especially exterior stairwells, decks
  • Shower Doors- Shower doors that lack safety glass and are not properly secured
  • Drainage Problems- Down spouts discharging next to and exterior wall, look for cracks in foundation, wall stains, musty or damp smells. All water should run away from the house

Questions to ask an Agent

  • Are you full-time or part-time? (You want someone who eats, sleeps and breathes real estate)
  • How long have you been practicing?
  • What percentage of the homes you listed in the past year sold?
  • How will you find me buyers?
  • How accessible are you?
  • What awards have you won?
  • What geographic areas do you cover?
  • What's your average market time? Compared to other agents?
  • Do you have a website?
  • Do you have a team? How do they coordinate the responsibilities?
  • May I contact some of your recent clients?