Military families heard some good news from Washington last week as the federal government said borrowers forced to move as a result of military orders do not have to be delinquent to qualify for a short sale.
With a “short sale” a borrower wants to sell a home but the value of the property is less than the remaining mortgage balance. In theory the borrower could sell the home and bring the unpaid mortgage balance to closing in the form of cash to settle the debt. In practice most households do not have such cash; instead they find a buyer for the property and ask the lender settle the debt for the market value of the home and not the outstanding loan amount.
It’s easy to get swept up in the excitement of buying a new home and forget to make the important decision to have a home inspection performed before you sign the contract.
Home inspections are an instrumental part of the home-buying process that can save you a lot of time and money in the long run.
Remember that a home appraisal and a home inspection are not the same thing. Appraisals will not provide you with a detailed look at a property that can help uncover deep-rooted problems and potential pitfalls.
Here are five great reasons to have a home inspection before you buy: