eBook Chap 4. Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price

Buying Your

Katy Cinco Ranch Richmond Area Home

For the BEST Price!

Fred, Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. www.RichmondKatyHomes.com

Chapter 4

I would like to hire a professional to evaluate the home before I buy it. What does an inspector do?

For your own safety, and to make sure you will not have any ugly surprises. You should use a professional home inspector. A home inspector will check a home's plumbing, heating, cooling and electrical systems. He will look at structural problems and check the roof for leaks. He will check out appliances and the water heater. You may need additional inspectors for swimming pools and hot tub inspections, termite inspections, followup air conditioning and heating inspection.

Usually we call the inspector after you have made the offer and while you are in the Option Period of the contract. This allows you to find out the worst and decide whether you want to go through with the purchase while you have very little invested. Also he may find some things that you will want to ask the seller to repair or make an allowance for repair.

The inspector's job is to make you aware of repairs that are needed or necessary. He does not comment on cosmetic problems such as worn carpet or old interior paint. He will not tell you whether he thinks the home is worth the money you are offering. An inspection adds to your information to help you to make a clear headed decision.

We know several inspectors that we feel are competent and will do a good job for you.

Should I be present during the home inspection?

It is not required, but it is very much to your advantage. Many inspectors like for you to be there so they can show any problems directly to you, as well as, in a written report. If you are present you will be able to clearly understand the inspection report and to know exactly which areas of the home need attention.

Plus you get the answers to many questions, tips for maintenance and a lot of general information that will help you when you move into your new home. Most important you will see the home through the eyes of an objective third party.

Inspection Checklist

Your professional home inspector will visually examine all parts of the house, both interior and exterior. The following are areas of the home that will be inspected and included in your written report:

• Foundation and structure. Houston has lots of heavy clay soils that shrink when dry and expand when wet. This produces a lot of stress on foundations that may cause them to crack and separate. Proper drainage away from walls, proper ventilation and evidence of water seepage are important.
• Exterior Siding, Windows and Doors. Also balconies and decks
• Roof. Condition of roof and gutters and downspouts
• Interior Plumbing, including hot water heater
• Electrical service
• Central air and heat
• Interior walls, ceilings, floors, windows, doors, cabinets
• Attic. Insulation and ventilation
• Fireplace. Fireplaces can be a fire hazard structurally
• Garage.

Are there any other inspections that should be made?

We suggest that you get a general home inspection first unless we see a specific problem. If there are problems noted by the inspector you may wish to follow up with an additional inspection such as air conditioner and heater and foundation. The seller may also wish to have an inspector of their own look at a problem that has been uncovered.

You should have a termite inspection done. We live in termite country. Insecticides that are currently used do not last a long time so every home is subject to infestation on a regular basis.

Pools and spas may require a specialized inspector.

When do I need to see about insurance?

Immediately upon submitting an offer, for two reasons. Insurance companies have been tracking claims on houses for years. The house in question may have had several claims and might be rated up because of this. Also if you have poor credit you may be rated up. Home insurance used to be taken for granted, but not any more. Policies and coverage and premiums vary widely from company to company. Get at least one bid during the "Option Period" and several before you buy. (Find out from the insurance agent if the house is "rated up" because of its history. You need to know how much money to add to your mortgage payment and "set aside" for property taxes. If you do not know any agents we have several that we can recommend.

Is there any way that I can protect myself against emergency repair bills?

Yes! Regular household insurance protects you from most major disasters. Flood insurance can protect you against damage from flooding the property from natural causes. Home Warranties offer protection to you against many potentially costs problems not covered by your homeowner's insurance. They cover many of the items that do not last as long as the bone structure of the house. They have become increasingly popular in recent years. You can frequently get the seller to pay for the premium for the first year. The reason--he would like to have a "done deal" and not have you come back to him because something broke. If we can get him to pay the premium for the first year this will give you an idea of whether you want to keep it or not.

Home Warranties

Home warranties cover lots of items in a house that must be replaced periodically. The warranty covers listed items only. You pay a service fee when you have a claim, frequently $50 to $60 for a Home Warranty designated service representative to look at the problem. If it is covered the Home Warranty pays for the item. Frequently covered items are:

Heating

Central Air Conditioning

Plumbing

Dishwasher

Garbage Disposal

Water Heater

Stoppages

Duct work

Electrical System

Range/oven/cooktop

Toilet Tanks & Bowls

Whirlpool Bath motor & pump assemblies

The cost is usually around $400 to $450 per year. Additional coverage may be added. You must read each Warranty to see the differences in what is covered by that particular company.

Frequently you can get the seller of the home to furnish the first year's warranty, so the seller does not have the liability.

Home Warranties should not be confused with Builder Home Warranties. Home warranties should not be looked at as the answer to all problems. (There aint no free lunch)

There is so much to remember..what do I have to do?

We will help you with most of these things and will keep in close contact with you during the process. We feel that is one good reason to hire an agent to help you. We have a team of specialists that work with us to provide you with all of the help you need. We can not know which house that you want, or if you will like it after you move in--only you know that. We can help you with all of the rest--we want to give you a limousine ride instead of a ride in an old taxi.

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A "quiet revolution" took place a few years ago in Texas real estate and it can save home buyers thousands of dollars and a lot of worry.
Savvy home buyers are now hiring Buyer's Agents, Realtors who work exclusively on their behalf during a home purchase. Nothing new?
Think again. By law, unless your agent declares himself as a Buyer's Agent, all Realtors work on behalf of the Seller of the home. All Realtors--even the one showing you homes, listening to your housing dreams and financial fears--work for the best interests of the Seller.
The Texas Real Estate Commission has ordered Realtors to make this agency relationship perfectly clear to all home buyers and sellers, and they must sign a declaration that they are aware of these agency relationships. As a result of this forthright disclosure process, buyers now have two choices: they can retain a Realtor whose responsibility is to the Seller of the home, or they can hire a Buyer's Agent to work exclusively on their behalf.
How can a Realtor work well on your behalf if they don't know your full financial picture? If they don't know what you are willing to give up on your wish list? In short, how can a Realtor find your dream home if they don't know your dreams?
You can sign an agreement form with a Realtor that allows the Realtor to work on your behalf and to negotiate the best price for you. The Buyer becomes the client of the Realtor and the Realtor is compelled to disclose anything that he finds out about the Seller's situation to the Client. The best part is that most Buyer's Agents--including us--don't charge a special fee to their clients. Instead we get paid as a commission from the seller's realtor who gets his funds from the proceeds of the sale.
How do you hire a Buyer's Agent? It is easy, you sign a Buyer Agency Agreement with us for a given time period. We offer an "Easy Exit Clause". You can fire us at any time--no questions asked! If you would like to look at a copy of our agreement form, just give us a call or drop an e-mail.
Why not hire a knowledgeable realtor to protect your interests at no extra cost?

The information contained in this site is the opinion of Fred Miller and does express any policy or opinion of Re/Max International, Rd/Max of Texas or Remax Plantation.

Fred Miller, Re/Max Plantation, fredmiller9@gmail.com , www.RichmondKatyHomes.com Office receptionist: 281-342-2288 Cell 281/924-2531