Tips for Finding a Home Inspector

Tips for Hiring a Professional Home Inspector.

The home inspection is one of the most crucial components when it comes to buying a home. It is important to make sure your home inspector is well trained and insured. Your realtor can often recommend trusted home inspectors who they have worked with on other transactions. But if you feel more comfortable finding a qualified home inspector yourself, here are a few tips-

*Make sure the inspector is certified- certification by a reputable training instate such as the National Institute of Building Inspectors

*Make sure they have insurance coverage including general liability, worker's compensation, and Errors and Omissions insurance

*Make sure the inspector has proper training and technical support

*Get a guarantee from the inspector, they should be willing to provide a written guarantee to back up his inspection findings

*Avoid conflict of interest by confirming that the inspector is full time. Avoid part-time inspectors who also work as contractors, this will give them every opportunity to offer their services for the repairs. 

Insurance for your home

The idea behind home insurance is to protect owners in the event that something goes wrong. These are major types of insurance associated with home ownership. 

Homeowners' Insurance: This insurance provides fire, theft, and liability coverage. Homeowners' policies are required by lenders and often cover a number of items, including property such as wedding rings, furniture, and home office equipment. 

Title Insurance: Purchased with a one-time fee at closing, title insurance protects owners in the event that title to property is found to be invalid.  Coverage includes lenders policies, which protect buyers up to the mortgage value of the property, and owners coverage, which protects owners up to the purchase price. Owners coverage protects both the mortgage amount and the value of the down payment. 

Home Warranties: With new homes, buyers what assurance that if something goes wrong after completion the builder will be there to make repairs. But what if the builder refuses to do the work or goes out of business? Home warranties bought from third parties by home builders are generally designed to provide several forms of protection. Insurance policies and warranties have limitation and individual programs have different levels of coverage, deductibles, and costs. 

Realtors can often provide home insurance and other policies are also available from insurance brokers. The time to obtain insurance and warranty coverage is at closing. Speak with your realtor or insurance broker prior to closing. 

What a Realtor Can do For You

What can a Realtor do for you? 

A realtor can be one of your most valuable resources when selling or buying a home. Here is what a realtor can do for you-

*A Realtor can suggest ways to accrue the down payment, explain alternative financing methods, and help you determine how much you can afford to buy. 

*A Realtor is familiar with current real estate values, utility costs, taxes, municipal services and facilities, and local zoning charges. 

*A Realtor can tell you what personal and financial data to bring with you when applying for a loan. We also know the local money market. 

*We are sensitive to the importance you place on this major commitment. 

* We can help facilitate negotiation of a winning agreement to satisfy both you and the seller. 

* A Realtor can research your housing needs in advance even if you're relocating to a another city. 

*A Realtor can suggest simple, imaginative changes that make a home more suitable for you. Also improving its utility and value. 

* A Realtor can show narrow down the list and only show you homes that are best suited to the needs you discussed. 

Looking to buy or sell in the Palos Verdes and surrounding area? Let us help you find the perfect home! 

Important Questions to ask when searching for a lender

Important questions to ask you lender to help you find the best mortgage loan. Once you've asked each lender these questions compare the results, this should help you in choosing your lender and mortgage loan that works for you. 

1. What is the interest rate on this mortgage?

2. How many discount and origination points will I pay?

3. When can I lock the interest rate and what will it cost me?

4. Is there a prepayment penalty on this loan?

5. What are the closing costs?

6. What are the qualifying guidelines for this loan?

7. What is the minimum down payment required for this loan?

8. What documents will I have to provide?

9. What might delay the approval of my loan?

10. How long will it take to process my loan application? 

House Hunting Tips

House Hunting Tips; tips to make your house-hunting experience easier. 

* Make a list of the features you must have in your new home.  Narrow down your list to the features you must have, would like to have, don't want, and would prefer not to have. Start by brainstorming what you like and dislike about your current home. 

* Get educated about the housing market. Find out about recent home sale prices, homes on the market, neighborhood statistics, market trends, and the home-buying process. 

*Location is vital. Ask yourself this- how far are you willing to commute to work? How good are the schools, shopping centers, public transportation, etc.? WIll your new home be next to a commercial property, school, or vacant lot? Poor location hurts the resale value when you go to sell the home in the future. 

*Use a checklist when touring multiple homes. It can get confusing and hard to remember what home had what features. Relying on your notes will not only help you remember what each house had to offer but also what priorities you set for your future home. 

*Get pre-approved for your mortgage before you start. This will help you determine what you can afford before you start looking at homes that are under or over budget. 

*Don't forget to relax. This is supposed to be a pleasant experience, it's not worth making yourself crazy! 

Mistakes not to make when house hunting

Are you buying a home and concerned about the finance aspect?  There are many mistakes to be made when it comes to getting your loan approved. Save money and time with these rules. 

*Don't confuse "pre-approved" and "pre-qualified" with a loan commitment. When a person is "pre-qualified," the lender is making an educated guess about how much you can borrow based on information you provided. But, when someone is "pre-approved," the lender has verified everything you provided and is offering to lend you up to a given amount. Being "pre-approved" is a better situation to be in when house hunting. This will help you, your realtor, and the seller know what your can afford. 

*Be careful with the mortgage you choose. Home loans may no longer be a lifetime commitment but even for a short period of time you don't want to be stuck. Investigate all of your options, compare each worst case scenario and do the math. Look at the initial interest rates, future interest rates and payments, and any possible prepayment penalties. 

*Never lie on your loan application. Exaggerating your income or putting down untruths is a federal offense. Lender rarely prosecute but if they find out you lied, they may require you to pay the loan due. Don't ever sign your name to a loan application that is not completely filled out either. 

*Don't have too much credit; excessive credit can be just as paralyzing as bad credit. Even if you pay your bills on time, lenders tend to focus just as much on timeliness. So having loads of car  loans and credit cards makes you vulnerable to be turned down for a mortgage. And postpone any big-ticket purchases until after you buy your home. 

*Don't just hire any agent to sell your home. You want to look for a realtor(s) who specializes in your neighborhood and are top producers. Ask you prospective realtors how they will market your home and how much you should ask for. 

You've moved into your new home, now what?

You've moved into your new home, now what?

You're finally in your new home but there is still one thing to do- unpack! This can be an overwhelming process so where do you start?

-Start unpacking with one room at a time. Begin in the kitchen so you'll know where everything is in case you get hungry while unpacking the other rooms. Next move to the bathroom. Get out your toiletries and make sure the toilet and faucets are working. Make sure to unpack toilet paper and soap. On to the bedrooms. Have the maker pieces placed by the movers before unpacking. The person whose room it will be can then unpack their things and settle in. To unpack the living room, everyone should pitch in. There will be many things to unpack as well as electronics to set up. As daunting as organizing the closet is, you'll be thankful you did it. Start by setting up shelves and hooks for your tools, yard supplies, etc. 

-Don't forget to collapse boxes for storage or recycling.

-Take an inventory of everything you have to confirm nothing was lost. If you have any broken or damaged items keep them as evidence. You must file all insurance claims within a limited number of days after you move. 

-Start a log of home repairs and maintenance that need to be done.

-Create a shopping list to make sure you have everything you need. 

-Time for the fun part- making it YOUR home. If you plan to rearrange furniture make a sketch of the room with squares representing where you like certain items to be placed. This will save you time and a few sore backs. 

-Some ideas to add style to your new home include painting rooms, brightening up a room with self-adhesive wallpaper borders, refinishing old cabinets, adding potted plants to fill empty corners and add color, or hanging family pictures. 

Moving Terminology

Terminology to know before you get your moving quote. 

ASMA-Members of the American Storage and Moving Association who offer relocation services. The association proves certification to companies that meet its requirement.

Accessorial Services- Services that you request to be performed- packing, appliance servicing, unpacking. These charges are in addition to the transportation charges. 

Advanced Charges- charges for services not performed by the mover but rather by a professional, craftsman or other third party at your request. The charges are paid for by the mover and added to your bill of lading charges. 

ASAM ProMover- a program created by ASMA that identifies ASMA members who have passed additional levels of screening and completed Signatory Agreement which state they will uphold the Code of Ethics.

Appliance Service- preparing maker electrical appliance to ensure they are safe for shipment or transport. 

Bill of Landing- the receipt for your goods and the contract for their transportation. It is your responsibility to understand this bill before you sign it. If you do not agree with something on it, do not sign it. The bill of lading is an important document. 

BInding-a binding estimate is an agreement with the mover made in advance of the move. It guarantees the total cost of the move based on the quantities and services shown on the estimate. 

Non Binding Estimate- a nonbonding estimate is the carrier's approximation of the cost based on the estimated weight of the shipment and the accessorial service requested. The final charges will be based on the actual weight and tariff provisions in effect. 

C.O.D.- Cash on delivery. Transportation for a private shipper may require C.O.D. at the time of delivery at the destination residence. 

Expedited Service-an agreement with the mover to perform transportation by a set date in exchange for charges based on a higher minimum weight. 

Flight Charge-an additional charge for carrying items up or down stairs. 

Guaranteed Pickup and delivery service-an additional level of service whereby dates of service are guaranteed with the mover providing reimbursement for delays. 

High Value Article- Items included in a shipment that are valued at more than $100 per pound. These items should be disclosed to the mover to ensure they are protected. 

Inventory- detailed list of your household goods showing the number and condition of each item

Line Haul Charges- charges for the vehicle transportation portion of your move. 

Long Carry-an added charge for carrying articles excessive distances between the mover's vehicle and your residence.

Order for service- the document authorizing the mover to transport your household goods. 

Order Number- number that identifies and tracks your shipment. 

Peak Season Rates-higher line haul charges that are applicable during the summer months. 

Pickup and delivery charges- separate transportation charges applicable for transporting your shipment between the SIT warehouse and your residence

Shuttle service- use of a smaller vehicle to provide service to residences that are not accessible to the mover's normal line haul equipment

Storage-in-transit-temporary warehouse storage of your shipment pending further transportation.

Valuation- the degree of "worth" of the shipment. The valuation charge compensates the mover for assuming a greater degree of liability than that provided for in the base transportation charges. 

Warehouse Handling- an additional charge applicable each time SIT service is provided. This charge compensates the mover for the physical placement and removal of items within the warehouse.