2007 August 23 | DROdio Real Estate: Ask The Agent Q&A Blog

Archive for August 23rd, 2007

Should I get a termite inspection if my lender is not requiring one?

Thursday, August 23rd, 2007

Yes you probably should. They only cost about $30 to $50. The inspector will check the grounds of the property near the house, and may do some limited checking inside the house as well. He is looking for any signs of termites, like tunnels, etc.Most properties in VA don't have termite issues, although there can sometimes be termites in the mulch outside the home. Since homes in this area have concrete foundations, they're not as susceptible to termites as homes in other parts of the US, where they can be a big issue.

What is a home warranty? How does it work?

Thursday, August 23rd, 2007

Home warranties offered by 3rd party providers cover certain items in the home for a period of 1 year after the date of sale.Typical items covered include appliances & HVAC systems. You can also get extended coverage for items like pools & spas and other parts of the house.A policy typically costs around $400 and has a $50 to $100 deductible.Our view on home warranties is mixed. If the seller is paying for one, then definitely get it. But if you're considering buying one on your own, you should Google the provider names below and do some research on them. We've found that they often try to deny claims if there's any question as to whether or not the item qualifies. For example, one client had "pool & spa" coverage but when the inside control panel failed, the warranty company said it wasn't a covered item because it wasn't a "necessary item" to run the pool (i.e., it was a "convenience item").Here are several providers in our area:

HMS Home Warranty
2-10 Home Warranty
AHS Home Warranty (this is the firm the customer had the pool problem with, so we're not too keen on them)

Note: the warranties discussed in this section are different from builder home warranties, so don't get confused! We are discussing third-party warranties for resale properties.

YouTube Video: How to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it)

Thursday, August 23rd, 2007

Learn how to leverage a loan type we really like called the "30 year fixed with 10 years interest only" to get a bigger house while paying the same monthly mortgage amount (and not feel bad about it) .

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