The best time time to conduct a final walk through on your new home

There can be a lot of time between the moment that  you make your offer on a home unitl the time that you close. The time frame can be anywhere from 45 - 60 days on average in Fairfield County, but closings can happen at whatever time frame  is agreed upon  between seller and buyer.

The reason for a final walk through is to make sure that the home is in the same condition as it was when you initially put the offer in,  ensure that it's  clean and free from personal  effects, and to make sure that the inclusions that were agreed upon  are present. If there  are any concerns, you MUST tell your attorney immediately following the walk through, and they should be handled prior to closing. Once you close on the property, its a whole different ball game, so to speak.

There are varying opinions as to exactly when to do the inspection. Some agents like to  do it a few days before, the night before, or the morning of the closing. Forget about whether its convenient or not, my advice is to do the walk through  (or final inspection) JUST PRIOR to the closing. By just prior, I mean do your  final walk though on the way to the attorneys office to sign all the papers and close. Oh, yes- there's a reason, and it's a very good one.

I have represented hundreds of buyers, and it 's pretty commonplace to do the walk through the night before. It wasn't until about 15 years ago when  we conducted a final walk through as usual the night before. Seemed reasonable, and everything was fine at the house- except for one thing- the 80 gallon hot water heater blew up that night, AFTER WE LEFT.  My buyers went to their new house the next day  immediately following the closing to find a flooded basement. Luckily, the attorneys had not completed doing the transaction and accommodations were made. But guess what? It could have been a big legal mess. Whew!!!

So after that I figured that things can happen at anytime,  and it's best  to double check the house  just prior to the closing. I actually advise two walk throughs- what I call a preliminary the day before, (in case there are any major problems that need time to rectify) and the final walk through just prior to the actual closing. There are a number of  horror stories  for the buyer that were averted by  doing the walk throughs this way, and for that I am proud.  And maybe it takes just a little more time- thats okay with me. I want it done right. Don't you?

Your real estate transaction in CT and... the bank appraisal

When a buyer applies for a mortgage, the lender requires a bank appraisal.  This is an independent third party licensed appraiser who values your home as a "disinterested party", so to speak. Really , what the bank is doing is protecting their own investment for when they grant   the loan.

The underwriters want to make sure they are giving a loan based upon current market value, and not lending too much money on a property that is not worth it.  The bank appraisal is ona standard form, costs anywhere from$300- $500 and  is paid for by the buyer,  for the benefit  of the bank to ensure that the  property value is in line with what the purchase price for the property and the loan to value ratio.
So  even if a buyer was going ready and willing to overpay for a property, and wanted to obtain a loan from the bank to do so, the appraisal and the loan to value ratio would be deciding  factors in whether the buyer would obtain the loan. So the appraisal is a good thing. It's an unbiased check and opinion of value.

TIP: Buyers, remember,you must ASK the bank for a copy of the appraisal that YOU paid for, or you will most likely never see it. Expect a nominal charge of $5 to $10 for your copy.

You just found out that the house you just bought has termites. DON'T PANIC!

You found the house of your dreams, you negotiated a great price, conducted a building inspection, and the building inspector says that the house has termites.

Don't panic just yet. You really need more information before you make any decisions on what to do.

A building inspector once told me that roughly 65% of the houses that he had inspected over the years have had  some sort of infestation, so it's really not uncommon in our area of Connecticut. New homes can have termite issues, and older homes can have termite issues, too - so infestation is not having to do with age, necessarily.  I remember one newer home that I had listed where the homeowner was very concerned about ever getting termites, so she put a pebble garden around the perimeter of her house, and it looked beautiful. She had a part of a split rail fence adorning her front yard, and it was about 5' away from the home itself, and guess what? The house didn't have termites, but the split rail fence did, and she had to treat her whole house anyway.  There's at least one good reason to keep wood away from the house. So remember, keep that firewood away from the house, too- so you don't run into unnecessary problems (and expenses).

When active termites have been found, or evidence of termites have been found in a home, it needs to be treated.  It does not necessarily mean there has been structural damage to the home- your inspector will be able to ascertain whether the home needs repair, just a treatment, or both. Almost always, the seller of the property treats for termites if they are found, and if there are repairs that need to be done as per the inspection, you can do one of a few things- ask the seller to repair the damage, ask the seller for a credit so you can repair the damage, or walk away if it seems like too much. Some banks insist on a Wood Destroying Insect report as part of the paperwork needed to complete the mortgage process,
and will  insist on treatment to  the property in order to grant a loan.  It's your decision.  And remember, always speak with your attorney for legal advice.

 It's always best to speak with a licensed inspector to get as much information as you can, if this is something of concern to you. No realtor knows what a licensed inspector does. When it comes time to hire an inspector, make sureyour professional is a member of ASHI. (The American Society of Home Inspectors) . Members of ASHI subscribe to a strict code of ethics.  You deserve  the best.