
02-02-2007, 06:14 PM
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~getting by~
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Join Date: Jan 2004
Location: South of the Mason Dixon
Posts: 3,937
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Ah! I've been through this in Texas, even. If you are in the DFW area, I can recommend an inspector that I used a few years ago and was extremely pleased with. Attend your inspection and take a camera. You have the right to go through every nook and cranny at that point - open every cabinet, run every faucet (the shower too), open and close every window and door. My inspection in Texas lasted 2-3 hours and I walked out with about 100 digital pics of my own plus those of the inspector.
You'll also need a termite inspection. Not a big deal but it's required. Ask the inspector to show you things like where the main water shut off is for the house as well as the power supply.
Make sure you know how old the roof is and how many layers of shingles there are. Roofs only last about 5 years in TX because of the hail storms. Also because of this, your homeowners insurance will be high. Be prepared for a deductible that is 1% of the home value in order to keep the homeowners insurance reasonable. Also understand how water damage works with homeowners insurance in TX. There are two different coverages and the cost will vary dramatically.
Title insurance is also costly, but necessary. More than likely your closing will be at the Title company, this seems to be unique to Texas as far as I can tell. The bulk of the cost should be on the seller, but you will have a portion to pay as well.
Depending on the location you are in, be aware of how real estate assessments are handled. In the DFW area the assessed value becomes the purchase price after you close. Therefore if the purchase price is considerably higher than the assessed value, your taxes could increase considerably as well. You can ask your realtor, but I suggest getting in touch with the assessors office to verify it too.
Home warranties seemed common in Texas too. They are okay deal, just realize what you are getting into. The seller typically pays the cost for this as well. An example: My hot water heater died about 30 days after moving in. I knew the hot water heater wouldn't last long, but didn't request it to be replaced becuase i had a home warranty. What i didn't know is the home warranty does NOT cover the cost to bring it up to code. And the home warranty company doesn't often send out the cheapest of tradesman. The replacement of the hot water heater cost me over $500 when I expected it to be about $50. Your hot water heater is likely to be in the garage or attic, make sure the inspector lets you know if its to code or not. Mine needed to be raised off the garage floor by 18 inches, plus an expansion tank needed to be added (looked like a smaller version of a propane tank).
Make sure you do a final walk through before the closing to make sure nothing has changed about the property since your inspection. Or to validate that any repairs you requested as a result of the inspection are corrected. When you go to the closing make sure the garage door openers (the controls you keep in the car) are present. People often forget and keep them in their cars.
Be prepared to pay for a full year of homeowners insurance before you close. This one caught me by surprise, I don't know how I missed it - I guess because it wasn't a closing cost perse.
If there's a sprinkler system make sure that is also tested at the inspection and ask for the manual to be left. If there's a fence (what do I mean if? everyone in TX has a fence) make sure it meets all the necessary requirements to be away from property lines and also make sure it's going to last awhile - they aren't the cheapest things to replace. Particularly if they are board on board, 8' with a cap and nice sturdy gates.
I'm sure I'll think of more. I know it's a lot of information, but I'm trying to tell you all that I learned when I purchased two homes in 3 years and one of them in Texas.
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When you get to the end of your rope, tie a knot and swing.
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