Home Inspections in Bedford

Recently we had Tim Gardner from Inspecx, Inc. do an inspection for one of our listings. Here is a portion of his report and we thought it would be a great way for people to understand inspections.

 

What You Can Expect From This Inspection Report
This inspection report is a reasonable effort to disclose the condition of this property as it existed on the day of
inspection, and is conducted in accordance with the National Association of Certified Home Inspectors (NACHI)
Standards of Practice and Code of Ethics. An inspection report cannot reveal information on concealed items or
items the inspector was unable to access and inspect. Reliance on this report, in whole or in part, for any reason
whatsoever, constitutes acceptance of the terms of the addended inspection agreement.
The following pages are a compilation of the inspector’s findings. Each category contains a brief description of
the type of system or structure, what is included in the inspection of that category and if there were any major or
minor conditions to note. For example, the Exterior category contains items such as: windows, doors and trim.
Check each description prior to reviewing the findings.
When items are rated the categories are as follows:
• A No Visible Defects rating should give satisfactory service within the limits of its age.
• A Monitor rating is generally cosmetic and repair is optional.
• Attention/Maintenance Recommended is considered normal upkeep.
• A Marginal rating is considered less than satisfactory and may soon need repair.
• A Recommended Upgrade will result in improved service or greater safety.
• A Defective-Relevant rating is a major concern generally considered to be significant and / or poses a
safety hazard; and may have relevance to the contingent conditions of the real estate contract. This
condition requires immediate attention. A licensed contractor should be consulted to evaluate the system
and the inspector’s findings; and to provide an estimate for necessary repairs.
The inspector may make recommendations to upgrade specific items or systems. (For Example: Upgrade
bathroom or kitchen receptacles to ground fault interrupter receptacles.) These recommendations are often
intended to improve a system or item with newer products and technologies.
All of the inspector’s findings are approximations and not a definitive answer. It is impossible to predict exactly
how long a system will last. Any estimate of cost to repair is an approximation for budgetary purposes only.
The two most common concerns expressed by buyers in the aftermath of a home inspection are: “Which items
are the sellers required to repair?” and “What if the sellers won’t address these problems?”
The first point every home buyer must understand is that a home inspection report IS NOT a repair list for
the sellers.
The only exception to this rule applies to new construction homes, where the builder or contractor must provide a
finished product free of defects. With used homes, inspection reports provide information for the home buyers,
rather than directives for sellers. This does not mean that buyers cannot submit repair requests to sellers, but such
requests are negotiable; not legally binding upon the sellers. Repair requests can and perhaps, should be made, but
with the understanding that most sellers have rights of refusal.
With this ground rule in place, buyers should divide the inspection findings into three distinct categories:
1. Legally mandated repairs: Some conditions require repairs in accordance with state laws or local
ordinances. Common in many areas are requirements to upgrade smoke detector placement, or to comply
with various building and safety standards. Such items are non-negotiable and must be addressed by the
sellers.
2. Contractually mandated repairs: Some conditions are specified for repair in the real estate purchase
contract. Common are stipulations that:
• All building components are in safe working condition.

• Plumbing leaks are repaired.
• Structural problems are corrected.
• The roof be made free of leaks.
Contractual agreements of this kind are binding upon sellers. However, the seller’s obligation may be
limited to a dollar figure, above which, the seller has the right to refuse to make the repairs. If the Seller
refuses to make repairs the buyer thinks are necessary, the buyer must then decide whether to accept the
dollar figure limit in the contract and accept the property in its present condition, or terminate the contract
and receive a refund of the earnest money (offer deposit). The Roanoke Valley Association of Realtors
Purchase Agreement, Paragraph 14 and Paragraphs F, G, H & I of the Standard Provisions section,
address these conditions and requirements. Remember, all property defects are negotiable; buyers should
carefully evaluate these according to importance. Vital repairs are generally regarded as reasonable repair
requests. Examples of these repairs include a defective furnace or heat pump, a substandard chimney, and
faulty electrical wiring. Although sellers are not obligated for such corrective work, most reasonable
sellers will agree to address conditions of this kind, either by making repairs or by adjusting the sales
price of the property. Even though sellers are not required to make these repairs, buyers should feel
comfortable requesting that such corrections be completed.
3. Conditions of minor concern: Finally, there are common property defects which should be regarded for
disclosure purposes only and which buyers should accept as conditions to be repaired after the sale.
Examples are numerous and include rotted fence posts, peeling paint, rubbing doors, cracked pavement,
worn carpet, unextended downspouts, etc. These “deferred maintenance” items are usually visible and a
diligent buyer would have noticed them before going to the contract stage, and made an offer accordingly.
The key here is Don’t Nit-Pick. You need to know about these items, but you, the buyer, are
responsible for correcting them.
These three standards should be applied, when reviewing this inspection report, as a means of separating repairs
to be requested from conditions to be accepted. Most sellers are honest and are often surprised to learn of defects
uncovered during an inspection. No home is perfect. Keep things in perspective. Don’t ruin your deal over things
that don’t matter. It is inappropriate to demand that a seller address deferred maintenance, conditions already
listed on the seller’s disclosure, or insignificant items.
At this point, you and your agent should formulate a letter of request and submit it to the sellers. A wise approach
for structuring this letter is to state that some defects will be accepted in “as is” condition. Listing the items to be
accepted is a good strategy for negotiation. Itemizing the accepted defects demonstrates a willingness to be
reasonable, rather than demanding. The letter should then list the items for which repairs are requested, beginning
with conditions required by law or by contract, and concluding with the items that are subject to the sellers’
approval.
Thank you for selecting Inspecx Home Inspection Services. We have made every effort to make this report as
comprehensive as possible. If you do not understand any part of this report, please do not hesitate to call our
office at 540-297-7733

Short Sale homes in Bedford

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Purchasing a new home is a exciting experience. You may be unaware of some dramatic changes if you’ve been out of the Bedford real estate market for some time. This hold true if you buying a home in Bedford County or the City of Bedford.

 

There are some unique situations which Bedford home buyers should be aware of as they prepare to consider the purchase of a new home.

GOOD NEWS…

Bedford has many great homes from which you can select the perfect home for you. Bedford inventory of homes for sale in high right now.  And mortgage rates are still near record lows! Homebuyers can still get a lot of bang for their buck!

HOW THINGS HAVE CHANGED…

Bedford REALTORS can search the MLS and find many great homes.  The Witt-Fogleman team can show you any home that is currently for sale and they know which ones are by keeping up to date by working with the Lynchburg MLS and the Roanoke MLS. We are members of both the the Lynchburg and Roanoke MLS which gives us insight into all aspects of the market. Many agents only join the Lynchburg MLS or the Roanoke MLS, therefore many REALTORS who visit Bedford only see half the listings.  There are several homes for sale that are listed as a ‘Short Sale’.

If you’re a brand new home buyer in Bedford or recently re-entering the Bedford market, this  may prove perplexing and you may wonder…What is a Short Sale?

SHORT SALES IN BRIEF…

A Bedford Short Sale can be defined as the sale of a home priced below the mortgage balance owed on the home. (after costs associated with the home sale are paid). Basically, the bank is agreeing to sell the house for less that what is owed and they are taking a loss. As you can imagine, it may take some time for a bank to agree to take a loss on a Bedford Home.

WHAT DOES THIS MEANS FOR YOU…

Well, it depends.

On the most basic level, this means that in order to become the new owner of this home, you will have to complete a successful negotiation with the owner (s) of the mortgage note to purchase the home to allow the ownership to be transferred to you for less than the current owner owes.

FOR STARTERS…

It means that you should be prepared to be very patient and persistent if you truly want this home. Bedford Short Sales are arguably among the most difficult negotiations to complete.  It is not unusual for real estate agents like Wendy Witt or Scott Fogleman to negotiate for months to bring these transactions to closure.

Being prepared for the long haul will save you angst of increased blood pressure, stress and unnecessary temper tantrums. It will also be deeply appreciated by your Bedford real estate agent who will probably accure more stress than a commission will adequately compensate for.

BASIC STEPS…

Buying a Bedford home which requires the negotiation of a Short Sale will also add some additional steps to the home purchasing process.  Be prepared to wait while the bank (s) reviews the home owners paperwork to determine if they will qualify the potential Home Seller and home in question for a Short Sale.  You can also anticipate that a Broker Price Opinion aka Appraisal may be ordered to determine if the bank wants to entertain your offer as one reflective of the current market conditions.

Offer submissions for Bedford Short Sales may languish on someone’s desk while they sift through hundreds of files which have landed there before yours or wait to see if a better competing offer comes through. Be persistent. If you’ve done your homework and received professional consultation from your real estate expert, you should be aware of the Value of your purchase. A Short Sale negotiation done correctly can earn you your dream home with a significant amount of equity attached…no small feat in today’s market.

HIRE A PROFESSIONAL…

Bedford Short Sale negotiations are often complex transactions.  It’s important to understand what is being negotiated and the implications for your credit. Witt-Fogleman your Bedford REALTORS advise you to obtain additional professional counsel which may include your tax advisor and/or attorney to determine what the best route is for your specific situation.

Although it’s not possible to cover the complexities of the Short Sale process here. Contact usinfo@wittfogleman.com to discuss the particular details of your situation. We specialize in advising clients on strategies to buy and sell property in a challenging Bedford market.

 

Bedford Homes for Rent

Are you looking to rent a home in Bedford? Give us a call, we have properties for rent for most price ranges.

What are our Bedford Rental terms?

1. You will need to fill out an application and pay a $25 application fee. As part of this application, we will run a credit check on you.

2. After we review your credit, we share it with the homeowner who has final say in the rental process of Bedford homes.

3. First months rent and security deposit is required prior to move in.

4. For the most part, our homes do not include any utilities. So you will need to get them turned on your self. If unsure please ask.

5. Majority of our Bedford homes for lease are one year followed by a month to month lease. Sometimes homeowners require something else.

6. Majority of our Bedford homes for lease do not include lawn care, therefore the renter is required to maintain the lawn.

7.Rent will be pro-rated based upon the day you are given possession of the Bedford home. If you are given the keys to a home on the 5th of the month, you will pay pro-rated rent from the 5th until the end of the month .

Please feel free to call us with any question.

Witt-Fogleman

203 N Bridge St

Bedford VA 24523

540-587-5577