Home Inspections - Not Evil, Just Necessary

I once heard a buyer describe home inspections as "a unnecessary evil," and I thought, "Really?"

I can't imagine buying a home without one.

In my years as a REALTOR®, I've seen good inspections and not-so-good inspections, but never have I regretted advising a client to get one. It's always a surprise to me that anyone would really make one of the biggest purchases of their life without have a professional come in and inspect the home, all for the sake of saving about $400.

In a recent article on MSNMoney.com entitled "10 times you can't afford to skimp" by Liz Pulliam Weston, home inspections appear on her list. She writes:

"Talk to any group of smart real-estate investors and you'll hear hair-curling stories of properties they fell in love with, only to have inspectors discover the house was about to fall down or needed tens of thousands of dollars in repairs. Having this knowledge helped them pass on bad deals or at least negotiate lower prices."

A home inspector helps you to notice the things you can't see with the naked eye, or with the untrained eye. Termite damage. Toxic mold. An unsupported floor joist. An ungrounded electrical outlet. I know I don't have the knowledge or the training to see these things for myself...do you?

Pulliam Weston goes on to say:

"During the real-estate boom, there were some buyers who made the (weak) argument that insisting on an inspection would cause the sellers to choose another bidder, but in today's slower markets, there's really no excuse not to hire an expert to inspect a home before you buy. Check the American Society of Home Inspectors for details."

Do yourself a favor -- ask your REALTOR® to give you a list of home inspectors they know and trust and then get on the phone, get quotes and choose one. It could be the best $400 you've ever spent!

Understanding Your Credit Report - What Does It Mean?

Your credit report is like a financial fingerprint - its positive (and negative) elements can stay with you indefinitely and serve as a form of identification for your credit trustworthiness.

You should be aware of what your credit reports say about you. The three major credit reporting agencies -- Equifax, Experian and TransUnion -- can provide you with copies of your credit report so that you can check its accuracy.

If you are a resident of the state of Georgia, you are entitled, under state law, to receive two (2) free copies of your credit report from each of the three major reporting credit agencies (Equifax, Experian and TransUnion) per year. Click here for a form you can use to request your credit report, found on the website of Atlanta's real estate guru, John Adams.

But credit reports can be confusing, at best, if you are not sure what you are looking for. There are many websites that can provide you information on how to read your credit report, but I think you should go straight to the source.

Founded in 1956, Fair Isaac is the company that invented the modern credit score system and works with the credit reporting agencies to provide your credit score. Their website -- http://www.myfico.com/ -- provides free downloads on understanding your credit score and report, bankruptcy, identity theft, and more. You can also purchase detailed credit reports through their site and get discounts by joining as a member. (I do not have any experience with using their paid services.)

Here are some downloads you can access from myFICO.com that may help you to better understand your credit report and scores:

• Understanding Your FICO Score
• Your Credit Scores

Understanding your credit score and regularly monitoring your credit report for fraud and accuracy is vital to your credit health.

GEORGIA RESIDENTS: Order your free credit reports today!

How Healthy is Your Credit Rating?

Your Credit Rating Can Have a Serious Affect on Your Ability to Purchase a Home...Especially Now


When is the last time you checked your credit report?

Identity theft is a serious problem these days, what with the accessbility of personal information over the Internet and how lax we have become with giving out our personal information over the web and the phone.

The information that appears on your credit report can seriously affect your ability to make major purchases, such as a home, a car, even a new computer. It's crucial to your credit reputation that you give your credit report a check-up, at least once a year, to be sure that the information on the report is correct -- that your recorded debt is accurate, that your payoffs show up on time, and that there are no unauthorized purchases falling under your name.

If you are a resident of the state of Georgia, you are entitled, under state law, to receive two (2) free copies of your credit report from each of the three major reporting credit agencies (Equifax, Experian and TransUnion) per year. Click here for a form you can use to request your credit report, found on the website of Atlanta's real estate guru, John Adams.

Think about it twice a year when you change your clocks - once in the spring and once in the fall - simply fill out the above form, make three copies and mail it to the addresses included on the form.


If You Have Credit Problems, You Can Fix Them!

If you have made unwise decisions in the past that have affected your credit, such as letting a credit card or cell phone account fall into default or consistently making late payments, those things will show up on your credit report. But do not despair - you can fix your credit problems!

Request a copy of your credit report from each of the three major credit agencies. Use your credit reports to first verify that the debt listed is correct and not the result of identity theft or unauthorized use of your credit cards. Then make a plan to pay off your debt and free your name of bad credit.

It may take some time to revive your credit, depending on how many bad debts you have on your reports, but make an effort to start now.

For more information about your credit report and what it includes, please visit our post on Understanding Your Credit Report - What Does it Mean?