Home inspection are an invaluable tool when buying a home. Few buyers have the technical expertise to thoroughly review each major component of a home, and experienced home inspectors follow a rigorous, step-by-step inspection to insure they check everything.

When reading an article on ActiveRain, What is the Realtors Job in a Home Inspection, I was impressed by one inspector’s comment. He said when inspecting the exterior of the home, after doing a thorough review walking in one direction, you need to visually inspect the home from the opposite direction to catch things only visible from one angle. That type of experience is why you hire a professional. READ MORE

If you own a home, you probably didn’t pay much attention to the home buyer tax credit for First Time Home Buyers.

Now there’s a new tax credit you may be eligible for. The bill passed in November 2009 creates new tax credits for many home owners, to try and get the cycle of buying and selling real estate moving again. That’s because the construction and real estate industries have a big affect on the economy!

The new bill is called the Worker, Homeownership and Business Assistance Act of 2009. The new tax credit is worth of up to $6,500 for qualified move-up or repeat home buyers … which means existing home owners! If you purchase a principal residence after November 6, 2009 and on/before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010), you may be eligible for this tax credit. READ MORE

The appraisal is key to determining how large a mortgage a home owner can get to finance their home. While you may get your mortgage through a bank, these mortgages are packaged up and ultimately purchased by Fannie Mae and Freddie Mac. The Home Valuation Code of Conduct (HVCC) has established a new set of uniform appraisal guidelines to govern all loans sold to these agencies, i.e. all conventional loans (does not apply to FHA, VA or USDA loans).

The industry is in an uproar because these guidelines will create many new problems while trying to solve existing ones. The bottom line is the bank controls the appraiser assigned to each transaction and there is to be no communication between the appraiser and other parties involved in the transaction. This is scary because you have little insight into what is happening or why. READ MORE