Top 5 things that can go wrong with closing?

Here we will count down the top 5 things than can go wrong with closing.

5. Walkthrough – you go to do your walkthrough before closing to make sure that everything is as it was when you signed the purchase agreement and any items that you asked to be repaired have been repaired. You get there and find out the stove doesn’t work, the seller took the refrigerator that they agreed to sell and none of the repairs we done. This will definitely hold up closing trying to get all of this sorted out. Money will need to be placed in escrow to cover any issues that still need to be fixed and deadlines will have to be extended.

4. Title Search – make sure that the title search has been completed with plenty of time to fix any issues that may arise. This is where your closing attorney has someone go through and make sure there are no defects on the title that would hold up the property from being sold.  If the title search was done at the last minute and there are issues, these sometimes take a while to fix and will hold up closing.

3. Wire – the wire needs to arrive within a certain window of time for closing. If for some reason your lender has an issue with the wire, this can hold up closing or cause both parties to re-close. Double check with your lender and closing attorney to make sure all parties have the correct wire information and timelines.

2. Fees – make sure you get a copy of your HUD in advance so you can look over all fees and ask questions before closing. Your lender and  closing attorney will have fees that will be charged on the HUD. Also, there will be charges from the city, insurance, surveys, and transaction fees, among other things that are charged on the HUD.  You don’t want to go to the closing table and have a surprise fee on there that may hold up closing.

1. Lender Package not ready – one of the most common things that can bump a closing is the lender package not being ready. When the loan process comes to an end, there are a lot of loose ends that have to be met and this can sometimes cause delay. You may be scheduled to close at 11am, but your package isn’t ready until 3pm from the lender and the closing attorney already has closings booked for the rest of the day. This may bump you to the next day.

Our agents can help point you in the right direction to make sure that you have a lender and closing attorney that are working for you!

What are the downsides to buying a rehabbed home?

You’ve been looking for homes and all need repairs, when all of the sudden, you find one that has been rehabbed! You are so excited – it looks move in ready! Hold on just one second – there may be a few things to consider. Often rehabbed homes are being sold by investors that buy the house at a low price, fix it up, and then sell it at a higher price. There are a few downsides to this to consider.

You don’t know who the contractor is that rehabbed the house. Did they do a good job on the repairs or did they just do the bare minimum to make the place “look” new using cheap materials and labor. Was only cosmetic work done or were the major systems repaired too? The other disadvantage is that you don’t have any control over the repairs. They have already been done for you. If you buy a fixer upper, then you can make sure the work is done properly and to your liking.

There are a lot of great contractors out there that rehab properties – so don’t be turned away by one. Just make sure you do your due diligence to make sure it was done to the standards that you would expect. Our buyer’s agents will help you through the process and make sure that your interests are being protected.

What are the problems with New Construction?

New Construction can be a huge blessing. You get to create the home of your dreams. You can pick out what floors you want, move rooms around to become more functional for your family and select countertops to match your taste – just to name a few of the advantages and perks. But new construction can also be a huge headache. We will touch on a few of the problems that you can try and recognize ahead of time and try to avoid.

One of the main problems with new construction is not knowing what you are getting. You drive up to a new homes site and you see a sign that says homes in the low $200,000. You think, great! Just the price I was looking for. You walk in and the house knocks you off your feet. You LOVE the hardwood floors and granite countertops, and those stainless steel appliances are just AMAZING!!! You think, I can get all of this for $200,000, where do I sign?!?! You sign your contract and get to start picking out floors, countertops, and appliances. Now you find out that those floors are an upgrade as are those counters you just had to have. And the appliances, will that will be additional as well. The next thing you know, you have added $30,000 in upgrades.

Make sure, before you sign the contract and fall in love with the house, you understand what are standard features and what are upgrades. Many of the models have been upgraded for buyer’s appeal. What you see is awesome and truly beautiful, but often it is an upgrade that will cost you more.  Make sure you take an agent with you on your first visit to the home site so they can help you understand this process. We have to remember, every home started as a new construction home and existing homes suffer from many of these same issues as well. This can lead to expensive maintenance and/or repair issues. Even though new construction homes do have some of these issues, they are often more efficient than resale homes. Homes are only as good as the builder, and there are a lot of great custom home builders out there!

 Our buyer’s agents will be able to walk you through the process and help you get a great deal!

What neighborhood has the lowest crime?

A question we are often asked is which city of neighborhood has the lowest crime rates? These are stats that vary based on many conditions. These stats should be checked to see if the city you are looking in meets your criteria. Below, we have posted links to each city in Hampton Roads where you can view the crime rates for yourself.

Virginia Beach
Chesapeake
Suffolk
Norfolk
Portsmouth
Hampton
Newport News