Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Mark Waterman from Great Western Bank. Listen in, as Mark gives a brief explanation of bridge loans and how they can be beneficial to a homeowner who's looking to move. You can reach him at 605.627.0602 or Mark.Waterman@GreatWesternBank.com  His office is located at 1302 6th St., Brookings SD 57006 or on the web at www.GreatWesternBank.com


 The Purpose of Home Inspections



- Good morning! It's Monday morning, 8:15, and we are a little bit cozier today. I got a new camera, new phone, and apparently it makes that want to get a little more snugglier here, so-- It's a good thing we both took a shower today but it is Monday morning at 8:15. And Monday Morning Mortgage Tip with Mark Waterman here from Great Western and we're just gonna jump into it here, Mark.

- Yeah!

- Thank you for joining me. And what do you have for our group today?

- Yeah, I appreciate it. So the tip that I have is not necessarily so much about maybe affecting the actual mortgage and the payment and stuff but just part of the home buying process. When you find a home that you want to buy and you sign a purchase agreement with Shane, at some point there's a conversation when drawing up that purchase agreement as to whether or not you want an inspection on that property. And you can make that contingent or not contingent based on the findings as to how you're gonna move forward. Okay, so. There's like 15 different individual inspections if you actually want to get down and dirty with a lot of the items. But the most common is a general home inspection. And then also maybe a radon inspection. I know there's some parts of town that seem to have higher levels of radon. And if you have like a full basement or things like that I know it can affect that. But there's different home inspectors. I'm sure Shane could advise you to some that maybe he's used. But that home inspector's gonna go out there and they're gonna look for a lot of the obvious things with the home. It's kind of like another professional third party set of eyes on the house. So whether it's shingles, the electrical, the plumbing, possible drainage issues. Anything maybe not working quite right with the house you might make a note of. Some of it could be a major issue. And a lot of times I think it's just minor stuff but it's also kind of just peace of mind just to make sure that there is nothing, no major issues that you guys need to go back to the person selling the house and work something out with. So relatively inexpensive, you can either pay for it out of pocket or you can tie it into the closing costs. You just need to work with your lender to make sure you're relaying that information and getting them either the bill or the paid receipt so that we know how to handle it when it comes time to closing and how to disclose it on the closing disclosure. But, I guess, that's my advice. I'm sure that Shane has the conversation as well at home buying time and he can advise you further specifically per house.

- One of the things that we wanted to mention with any, technically home inspection doesn't, some people think it doesn't go with the mortgage or affect your mortgage. But it depends on the loan program that you have. And it's a good idea to have that inspection. And if that inspector knows that you're doing a first time home buyer, a VA loan, or something like that, he has an idea of what could get caught in the next phase where the appraisal will come in. And that's where, if you have a broken window, torn screens, or something like that, he can let you know and we can maybe--

- That's a good point as well. Yeah, like what, hand railings or some simple things that maybe you don't think are necessary for the property. But he might flag that, like hey, this could be an issue down the road, and so.

- You bet, you bet. Then we just, we know ahead of time and if we need to take care of it and then we can do it at that point, so. So good stuff. All right.

- Yeah.

- Well, this is Mark and I getting really cozy today on Monday Morning Mortgage Tip. I'm not gonna put my arm around you or anything, so. That ain't gonna happen. But hope all the mothers had a great day yesterday. Thanks for all the comments and everything on my social media for that. And we will be back next Monday. Don't forget to tag or share this with anybody else you think would be interested in viewing it as well. And if you do have any questions for Mark or myself, his information will be on the top, on the bottom, or I'm gonna jump right in here in the middle, on the sides here for you to reach out to Mark. Let us know if you have questions for our next episode, too, guys we'd be happy to hear those. Have a great week! Enjoy it! We'll see you next week.

- Yeah, enjoy the nice day!


Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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