Albuquerque Home inspections and Lenders: What is their purpose?

Albuquerque Home inspections and Lenders: What is their purpose?

(Transcript Snippet):

“Tego:

Corey, can I ask you about home inspections? Because that one seems to be a misconception for people. So, so what’s the purpose of a home inspection?

Corey:

Well, it’s so you can actually get a good feel of the home and how well it’s been loved and taken care of or neglected. And so it’s good to have it on paper, black and white, that you can really see exactly what’s going on with the house.

Tego:

Got it. And, and what is, you know, there’s this process once the inspection reports done and there’s all different types of inspections, I’m going to ask you about that, Melissa, but the different types of inspection, but, but core, you get this report back from a home inspector in you sit down or, you know, miss these days on a phone call, go through it with your buyer, your client. I mean, what are you looking for?

Corey:

Well, before we even go into the house, I locked to talk to my clients about the home inspections, because now it’s a sellers market. We don’t get to ask for a whole bunch of stuff. If something is shown on the inspection. So I, once we get the report, then we can look at it and say, okay, this is for a safety issue. And we can ask, it’s kind of like a honeydew list and we can ask it doesn’t mean it’s going to be taken, but we can always ask.

Tego:

Yeah, you can ask for the repair. Anyway. Okay. Okay, Melissa, we in, in generally we always get what we call a full home right inspection, but what other kind of inspections are there out there that, that people should be thinking

Melissa:

At the absolute minimum? It’s a sewer and duct scope or a sewer scope of full home and a termite and dry ride. If the home has in floor ducting, you want to definitely do a duct scope as well, just to make sure the ducts don’t have rust, or there’s rust on the tube or everything’s functioning properly. The there’s

Tego:

Cause I’m thinking back to that experience, right? Cause we’ve had collapsed ducts. We’ve had, we’d had, we’ve had offset sewer lines, right? It’s like, you know, those are the big things that if you don’t know it, when you purchase, it’s going to really be a headache for you later.

Melissa:

Absolutely. And at least just, you know, $500, $700 for inspections is a lot cheaper than if you didn’t know about that sewer line. That was an issue down the road, the backup and the problems that comes up.

Tego:

Yeah, yeah. Yeah. Sewer lines, sewer lines are interesting because you can have one that’s working fine and it’s flowing fine. And they, they put the camera down there and find out that it’s offset, meaning that the pipes don’t line up, even though it’s a draining half of the water may be draining into the ground and not actually into the pipes stuff like that’s right. You’re aggressive. So green. Right. What was the old book from the seventies at all? I’m going to date myself. It was, it was called the grass is always greener over the septic tank. Right? There is a, it was a book anyway. Sorry. I’m really dating myself there. So the, the Oh, local lender core. I just wanted to hit on that before we run out of time here. So you w we’ve you both have said multiple times, local lender, local lender. Tell me why.

Corey:

Well, mainly, they can get you to the closing table when somebody is possibly online and possibly just asking through the internet, they don’t know Albuquerque market. They don’t know you’re saying the Northeast hikes or the Northwest and our lenders. They know, they know exactly where you’re talking about. They know the neighbors over there. It’s just so much

Tego:

Yeah. And you know, when you, when you nickel and dime on mortgages, you probably will not always. And I shouldn’t say that because I’ve had people that have bought using the quote online lenders and had had fine experiences. One of the things I say, Melissa, is that the local lenders have a reputation to protect amongst obviously their clients, as well as the realtor community. Right.

Melissa:

Right. Well, and then I’d also like to say, like on Sunday, when I’m going over six different offers that I might be getting, I’m probably going to call those lenders just to make sure that they’d have talked to their clients and they are truly solid buyers. But if it isn’t someone who’s local, they might not work weekends. Whereas a local lender does work weekends and they are willing to answer the phone and answer those questions, giving that buyer a leg up.

Tego:

So there you go. So there’s another tip. As a, as a buyer, the local lender, that’s going to answer their phone. That’s going to talk to the listing agent again, not give up private information, but at least reassure that the listing agent and the seller know that that yep. I’ve talked to this person, I’ve done some work on their, their file. You know, they’re solid, whatever it is, again, without giving out any personal information. I mean, we know that these pre-approval letters versus pre-qualified I mean, prequalified versus pre-approved, you know, pre-qualified, if you’re an a, on the seller side and you start looking at some of these letters, they basically mean that they say that I’ve talked to the person on the phone and based on what they told me, they should be able to qualify for a loan. Right. And that’s what some of these pre-qualification letters are. And, you know, in this market as a seller that doesn’t really serve you at all.