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Asked by SellsStrong Team, Canton, GA Tue May 22, 2012

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10
David Herren, Agent, Atlanta, GA
Tue May 22, 2012
I'm seeing aggressively priced Fannie and Freddie homes go under contract just days into the first look period; and these are supposed to by owner occupants. You don't need $400 worth of analysis to tell you that you are getting a good deal when $25,000-$50,000 worth of repairs will add $75,000-$125,000 in value.

I am all for home inspections, but I have never heard of a home analysis. If you want to know what repairs a home might need get an inspection. If you want to know how much the repairs will cost, most inspectors can help with that too. If you really want to know what they will cost, get 3 or more qualified contractors to give you an estimate. If you want to know what the return on the repairs will be ask your Realtor. Want another opinion, get an appraisal. I am leary of anyone who can says they can do all these things, if that is what a home analyzer does.

After you do all inspecting, estimating, and analyzing, the most important thing is to use a little common sense - nothing can replace that.
0 votes
Hank Miller, Agent, Alpharetta, GA
Tue May 22, 2012
So Sherry, since you appear to be one of very few agents that have ever heard of this "improvement" tool, why would you ask this question? Clearly you see value in it so just go with works.

If you're using this to ascertain the level or repairs required, an estimate of repair cost and a market value once repaired AND you can get all of this in one "report" then you are well ahead of all of us antiquated agents.

I don't touch anything that involves help from our friends in DC, especially 203 loans as FHA is enough of a pain. If this Swiss Army knife report hits all the buttons, then work it. I'm guessing at some point the rest of us will hear about it. Sounds like a hell of a licensing requirement....

Well well - just opened a fortune cookie...says "Don't be a jack of all trades and master of none"
0 votes
Thomas Bohlm…, Agent, Rolesville, NC
Tue May 22, 2012
So Home Inspection vs Home Analysis isn't that a mater of semantics ?
0 votes
, ,
Tue May 22, 2012
I probably closed over a thousand deals BEFORE there were home inspections or whatever the new tool is. Never had a deal fall apart or a law suit after the closing, how on earth did we ever get by without either of them. I was in a house last week with a realtor, flushed the toilet and it worked!
I have lots of deals fall apart now because of a home inspectors’ report showing every mark on the property. They are used homes, they are supposed to have some wear and tear.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
SellsStrong…, Agent, Canton, GA
Tue May 22, 2012
Darn Lee, you shut it down quickly:) Stay with your reliable sources and work like usual. I am happy with reliable, but always interested in improving with better tools to help my clients.

Anyone use a Home Analysis yet?
0 votes
Lee Taylor, Agent, Decatur, GA
Tue May 22, 2012
I'm with Hank, and he has 10 more years of experience than me.

You need to stop thinking so much and just get the job done with the current set of reliable tools available.
Web Reference:  http://Intowninsider.com
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SellsStrong…, Agent, Canton, GA
Tue May 22, 2012
After learning the capabilities of renovation financing (203(k)); the increase in flexibility for Buyers to successfully rehabilitate distressed homes lead me to a whole different world in real estate! I ran across the option of a professional Home Analysis. When a property requires renovation before it is inhabitable for FHA financing, I call in a certified Home Analysis Inspector.

Whether there is a need for REO, Foreclosure, 203(k) or construction drawing inspections, the analysis document includes a line item breakdown of cost to renovate, rebuild, or repair with images. Have used it a lot recently, and the detail is quite extensive and even saved a Buyer thousands on a potential home purchase where the repair estimate far exceeded the list of patent defects.

Don't get me wrong, I truly see great value in the home inspection, but if you have a client who is interested in the "Best Deal" of a neighborhood, or rehabbing a HUD home, it might be worth the $350-420 for a Home Analysis!
0 votes
Jen and Mark…, Agent, Holmes Beach, FL
Tue May 22, 2012
I'm not sure what you mean by a home analysis. A home inspection checks out the physical condition of the house. A market analysis will give you a snapshot of the market value of the house. Both are critical parts of the home buying process.
Web Reference:  http://www.JenBowman.com
0 votes
, ,
Tue May 22, 2012
Excuse my ignorance as a loan officer, but what do you mean by home analysis? My thinking is that a good home inspector will find those things that you want or don't want them to find (crack in foundation etc). An analysis sounds like something that looks over a product and gives a definition of what was found. I would think that you need an inspection to offer an analysis.
0 votes
Hank Miller, Agent, Alpharetta, GA
Tue May 22, 2012
What exactly is a home analysis? I've been doing this since '89 and know of an appraisal, inspection and market analysis. In that sense, an inspection and analysis are two different - and similarly important - birds.
0 votes
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