Saturday, June 30, 2012

Buying A Fixer-upper in Odessa TX

12:48 PM

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Ask the Agent:

Buying a Fixer Upper in Odessa TX

Since my rent just went up again at my apartment and it is impossible to find a house to rent in Odessa, do you think it is a good idea to buy now?

Buying a Fixer Upper in Odessa TX

You are not alone. Many people find it difficult to find a house to rent in Odessa.

If you can buy a home, now is the time. Interest rates are low and home prices are stable.

Here are some things to consider…

Do You Qualify for a Home Loan?

The first key thing is do you qualify for a home loan. Unless you have enough savings to pay cash (most people do not) than you will first want to know if you can qualify for a loan and how much they will lend you based on your credit score, current debt and income.

Start with a Low Down Payment

Second, buying a fixer upper in Odessa TX is a great way to get into a home with the lowest amount of upfront investment. It is called “sweat equity” because you can build equity in your home by buying low, put your own “sweat” into it and later selling a much more valuable property.

The Condition of the Home

The third consideration is whether the the house qualify for a loan. I already described that you must qualify for a loan but the house must also qualify. Lenders have condition standards that the home must meet. They want to be assured that the property is in reasonable condition before they will be willing to loan the money for a purchase. The reason is that if you default on the loan, they want to know they will be able to recoup their investment when they have to re-sale it.

Hire a Buyer’s Agent

There are many scenerios to consider so unless you are experienced in real estate, you will want to hire a buyer’s agent to assist you through the process of a home purchase. (see Why Hire a Buyer’s Agent? ) As a buyer’s agent, I have helped keep many first time home buyers avoid the pitfalls that can occur when buying a home. Give me a call; I would love to help.

Make It Your Own,

Donna Edwards

Author Bio: Donna Edwards is a broker associate of DeRiso & Haynes Realty in Odessa Texas, a highly regarded boutique firm of Odessa Realtors – selling more homes annually than any other firm in Odessa! For more information on how we can best serve your real estate needs, give her a call at 432.934.4439 or by email at donna@OdessaMidlandHomes.com . Also, check out what fabulous clients have to say on her testimonials page!

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12:23 PM

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What to expect when you get a home inspection in Odessa Texas

Odessa City Code & The Inspection Report

The home inspector bases his report on the current building code that the city of Odessa has adopted . It is common to find a large number of items on the inspection report simply because of the home’s age.

In Odessa & Midland TX the majority of homes were built in the 1950′s and 1960′s. Regardless if you are buying a home that is 60 yrs old or built last year, it is likely the home is going to have some building code deficiencies. The reason is that building code requirements changes regularly. Homes are only required to meet the requirements set in place at the time it it’s construction* and don’t have to keep up with the ever changing standards (aka grandfathered). *If changes are made to the house, professional tradesmen are required to abide with current code.

Expect Imperfections

The purpose of the home inspection is so you can be an informed buyer. The last thing I want is for you to buy a house with your eyes closed. Just keep in mind because a home has out-of-date features doesn’t necessarily mean it is a bad home. Despite it’s imperfections, I am sure for the most part that the seller has lived in the home in it’s current state and felt like it was a perfectly fine home.

You Have Your Inspection Report, Now What?

Your primary concern should be with the major function of the home. Does the roof leak? Does the plumbing work? Is the foundation & electrical sound? Does the air conditioning & heating function correctly? Does the water heater work? No matter what house you buy whether it is $90,000 or $990,000 the above should hold true. Period. If not, we will negotiate a repair by the seller or discuss your options. We will also weight other items of concern to see what is the best course of action for you.

When you decide to buy a home for sale in Odessa TX, it will be important to have a Odessa Realtor as your buyer agent represent you in your home purchase. Don’t go at it alone – hire an expert. Ask about our “no fee” option.

Make It Your Own,

: Donna Edwards

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12:17 PM

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What to Expect from Your Odessa Home Inspection

When buying a home in Odessa TX, regardless if you are a first time home buyer or buying your 2nd home (or+), I highly recommend a professional home inspection. The expense is around $300 – 350 (and worth every penny).
Home inspectors are trained and licensed professionals who specialize with a general knowledge of all aspects of the home and it’s operating systems. If the inspector sees an issue that needs a more expertise, they will refer you a specialist.

Here Is a List of Common Items Found On a Home Inspection

Interior and exterior
- missing brick morter
- rotted facia/soffit boards
- cracked & peeling paint
Plumbing
- loose or unsecure toilets
- slow drains
Service HVAC
- heater or a/c not meeting minimum temperature change
- gas leaks
Dishwasher
- not secure to countertop
- missing air vent
Electrical
- double Lug breakers
- no ARC fault or GFCI protection
- missing plates on plugs or switches
Termite Damage
- by of past investation
- by active termites
Roof
- missing shingles
- tree limbs rubbing roof
Windows
- non operable or hard to open
- cracked or broken panes
- broken seals
Fireplace
- no chimney cap
- dirty chimney
Hot Water Heater
- no safety pressure relief valve
- no drain pan
Ceiling
- staining from past (or present) roof leaks

Make It Your Own,

: Donna Edwards

Hiring A Home Inspector In Odessa TX

4:09 PM

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Who To Hire?

In Texas, all home inspectors are required to be licenced by the Texas Real Estate Commission. Don’t worry if you don’t know of any. As a buyer client, you will be provided with several as part of the Donna Edwards Team Concierge Package.

What To Expect?

The home inspectors job is to find things wrong with the house you are buying. Believe me he will find plenty of the common home inspection items. Every house has issues. If you want a new house, you should buy one; otherwise expect some imperfections. It is important to remember during this process that the purpose of the inspection is for your own personal knowledge of the current condition of the home you are buying. It is not a pass or fail test nor a laundry list of items you should expect the owner to repair.

Should I Attend the Home Inspection?

I always recommend you attend the last 15 minutes of the home inspection so you can get immediate feedback by having the home inspector go over with you a general opinion of the condition of the home. It is also a great opportunity to ask questions and for him to point out items best explained in person. They have a list of areas they will inspect and will provide you with a written home inspection report a day or two after the home inspection is completed.

Make It Your Own,

: Donna Edwards

View all AR Post By Donna Edwards

Search Odessa & Midland TX Homes

Odessa Homes & Lifestyle Magazine

Google+

3:10 PM

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What to Expect from Your Odessa Home Inspection

Here Is a List of Common Items Found On a Home Inspection

Interior and exterior
- missing brick morter
- rotted facia/soffit boards
- cracked & peeling paint
Plumbing
- loose or unsecure toilets
- slow drains
Service HVAC
- heater or a/c not meeting minimum temperature change
- gas leaks
Dishwasher
- not secure to countertop
- missing air vent
Electrical
- double Lug breakers
- no ARC fault or GFCI protection
- missing plates on plugs or switches
Termite Damage
- by of past investation
- by active termites
Roof
- missing shingles
- tree limbs rubbing roof
Windows
- non operable or hard to open
- cracked or broken panes
- broken seals
Fireplace
- no chimney cap
- dirty chimney
Hot Water Heater
- no safety pressure relief valve
- no drain pan
Ceiling
- staining from past (or present) roof leaks

Make It Your Own,

: Donna Edwards

West Texas Astronomers in Odessa & Midland TX

6:21 AM

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The West Texas Astronomers is a local club / organization for Odessa, Midland and area West Texas.

I tended a monthly meeting of the West Texas Astronomers. As usual they provided many interesting Space Update presentations. Topics this month included short videos:

Ray Bradbury
NASA International Space Station
Space Exploration
Trip to the Surface of Mars
Giant Astroids
Brown Dwarfs and more

The public is always welcome to visit ... monthly meetings are held the 2nd Monday of the month

Museum of the Southwest - Marian Blakemore Planetarium
1705 W Missouri Avenue
Midland, Texas

OdessaMidlandHomes.com
Donna Edwards
call/txt 432-934-4439

Odessa TX Realtor Broker

Buying a Fixer Upper in Odessa TX

12:21 PM

Unknown

Ask the Agent:

Buying a Fixer Upper in Odessa TX

Since my rent just went up again at my apartment and it is impossible to find a house to rent in Odessa, do you think it is a good idea to buy now?

Buying a Fixer Upper in Odessa TX

You are not alone. Many people find it difficult to find a house to rent in Odessa.
If you can buy a home, now is the time. Interest rates are low and home prices are stable.
Here are some things to consider…