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Having checkpoints when buying a foreclosed home is essential to assess the property you are looking for. For a fact, you’ll never know whether a foreclosed home is in good shape or not unless you inspect it. Same goes with newly built houses that are up for sale, potential clients would want to inspect them before they make a decision.

You need to think ahead before you make a bid or close a deal with someone who has a good offer. Ask the agent to allow you to inspect and assess the house that you are aiming for. Try to have as many options as possible so you’ll see the differences and you’ll be able to make a better choice in the end.

Make checkpoints when buying a foreclosed home. And if you can take an inspector with you, do it. Although it is not always advisable to hire an inspector, since it is quite expensive most of the time, having someone who knows the lingo in home inspection will always help.

Your goal here is to check if the foreclosed home is up for auction or sale is still in good shape. You will never know unless you’ll inspect the property for any damages and flaws that can be too problematic in the long run.

Points To Ponder

Taking your checkpoints when buying foreclosed home will help. But make sure to include all important assessment factors to ensure your success even without an inspector.

Thoroughly inspect the house’s structure at a vantage point and check the for following:

o Check if the walls are flat on all sides.

o Go inside and check all the corners of the house if they are all squared and not bowed.

o Check the living room floor if it is solid and not flexed.

Check the house’s water facility for the following:

o Check if the ground is sloping away from the house’s base.

o Check if the downspouts, gutters and drainage systems will carry the excess water into the basement or away from the house.

o Check if there are any water damages.

Check the finer details of the house’s interior such as tile works, moldings, wall panels, hardware and paint.

Check the roofing if it is properly laid and still in good shape.
Check the electrical system. See if the sockets are sufficient and if the main circuit breaker is at least 100 amperes.

Check the bath and kitchen fixtures such as sinks, tubs and toilets if they have good quality.

o Check which fixture works properly and which does not.

o Flush the toilets and turn on faucets to check if there is adequate water pressure.

Check the plumbing and water heater systems for the following:

o Check if the pipes from the water heater if they are made of copper.

o Check if the water heater is electric or gas.

Check the heating systems of the house.

o Check where and what type of heater is installed.

o Check if other rooms are not heated.

o Check if the house is air conditioned.

Check the insulation by going to the attic and checking the perimeter of the wall. For moderate climates the minimum requirement is R-19; for colder climates R-38.

Check the quality of the fireplace.

o See if it has glass doors or screens, log lighters and dampers.

o Check if there is a combustion vent to draw air from the interiors of the house.

o Check if there is a spark arrestor atop the chimney.

You can still check for the finer details of the house as these are just the basics for assessment. Remember to bring these checkpoints when scouting and buying a foreclosed home. You will always find a good deal if you do.

CD (Certificate of Deposit) Rates :: May.01.2008 :: Money Market Rates :: 2 Comments »

If you are planning on saving some cash, you need to consider a few important factors before going the bank or applying online for a savings account. Saving some money for future use or as additional fund for your retirement is a good way of safekeeping your money and gain some over time.

For those people who are new to the art of saving, there are many benefits that you can get at the onset of your account. You will not only be able to save some cash for future needs, but you can also earn some interest once your savings account has matured.

There are many factors that can help motivate a person to secure a savings account. But here are the top 5 factors that you might find useful courtesy of wealth management blog.

1. When you are planning to open a savings account, the first thing that can come into mind is the interest rate. If you only want to keep money and not spend any dime from your savings, you can opt for high interest savings account from either a land-based bank or online bank.

Most of these online savings accounts require clients to deposit a minimum maintaining balance. This is to ensure that there will be money in your account to keep a moving interest rate in place. If you keep up on your deposits, say for a year, you will gain higher interests as time goes by.

You may look for high interest rates via online search. Look for banks that offer high interests and compare with your other searches to have options.

2. Banking convenience is yet another important factor. For most people, banks are the least place to go since there are too many people waiting in line to talk to the manager or deposit/withdraw over the counter.

There is also the hassle of traveling or commuting just to get to your local bank. The time it takes to get to your bank is precious and most of the time, particularly during weekdays; we are all busy at work and at home. One of the simplest and easiest solutions to this concern is getting an online savings account.

3. You should also consider accessibility when looking for savings accounts. If you wish to make bank transactions even on wee hours or holidays, you may opt for an online bank. But if you only wish to maintain and deposit cash, you can opt for a land-based bank, secure a passbook savings account and refrain from obtaining an ATM for it.

4. Know the minimum maintaining balance of specific savings accounts offered in different banks. ATM savings accounts without passbooks offer lower minimum maintaining balances compared to accounts with passbooks. So, choose whatever is best for you.

5. Lastly, you should take time in making comparisons. Compare banks, interest rate offers, client benefits, terms and conditions, and possible penalty rates. You should know and understand all these factors before opening a savings account.

Getting a savings account shouldn’t be too complicated. But taking your time in learning the factors is vital to better understand and maintain of your account.

CD (Certificate of Deposit) Rates :: Apr.01.2008 :: Money Market Rates :: 1 Comment »

The Washington Mutual 4.25% Online Checking & Savings Account is one of the hottest products of the year. This is a high yield interest online savings account that offers features unmatched by other Internet banks.

For instance, you can withdraw your money at any WaMu ATM for free. Another perk is that there is only a $1 minimum balance to open an account. In addition, the debit card that comes with the account pays cash back.

Also, since this is a checking account, it comes with the usual FREE checks for life. In many ways, the WaMu online savings account is way better than what they offer in the brick & mortar bank, because if you open the account at your local branch, you definitely don’t get the *Internet Only* interest rate.

CD (Certificate of Deposit) Rates :: Jan.01.2008 :: Money Market Rates :: 11 Comments »