70 West Afton Avenue

Yardley PA 19067

NEWS RELEASE

CONTACT INFORMATION:

Andy Raffle

215.917.3937(Direct)

215.493.9080 x130 (Office)

THE ART OF THE DEAL: TIPS FROM ANDY RAFFLE

DO YOUR DUE DILIGENCE: ANDY RAFFLE ADVISES USE
OF HOME INSPECTOR PRIOR TO TAKING OWNERSHIP OF A HOME

Yardley, PA – May 15, 2008 — The purchase of a home is considered to be one of the most significant investments a person can make. As with any sizable purchase, due diligence ensures the quality of the product. In the case of buying a home, having the property inspected before closing serves as a final, critical step in the process. Home inspection ensures the worthiness of the investment and can help avoid the possibility of purchasing a property with major structural or other serious problems that may lead to significant unforeseen costs for the new owner.

Andy Raffle of Coldwell Banker Hearthside, Realtors advises homebuyers to do their homework before finalizing the deal on their new home. The following tips are a good starting point:

Hire a Certified Home Inspector: Rely on the objective expertise of a qualified home inspector. A certified home inspector is knowledgeable about construction practices in the area, will spot problems not apparent to an untrained eye and will provide a report on the condition of the property. An inspection normally takes place after the parties have agreed on a selling price. Typically, real estate contracts contain a provision giving homebuyers a set number of days in which to have a home inspection completed. Homebuyers should get referrals from their real estate sales associate, family, friends or neighbors of a reputable inspector before they go to contract. The American Society of Home Inspectors (www.ashi.org) is also a good source.

Areas That Need to be Reviewed: It is important to examine all areas of the home, including the exterior, interior, kitchen and bathrooms, attic, basement, electric, plumbing and HVAC. Faulty construction, improper electrical wiring, inefficient insulation, old heating, building permit violations and other unseen pitfalls can lead to very expensive home repairs.

Search for Hidden Defects: Examples of hidden defects include missing roof shingles, chimney deterioration or leaks. It is also important to check behind walls. Mold, growing fungus or faulty wiring are often discovered in older homes. Make certain the home inspector looks in crawl spaces. Even small plumbing leaks can cause major problems and costs if not identified and corrected.

Review Visible Defects: Homebuyers should be aware of possible water damage, such as noticeable water stains on the ceiling, damp basement walls or musty odors. They should look for cracks in the walls, particularly around fireplaces or in foundation walls. Uneven floors and tilted stairways could indicate there has been movement in the foundation. Also, notice doors that are not perfectly vertical. If there is more space between a door and its frame at one end than at the other, the door is likely installed incorrectly.

Look for Minor Problems: Items such as doors or windows that are difficult to open or bad paint jobs may not be serious defects but could be signs of bad maintenance. Kitchen appliances should also be in good working order. Minor problems make for good negotiating points and can lead to the possibility of some concessions or a slightly reduced price from the seller.

Steps to Take After a Negative Inspection: If the purchase contract is contingent on inspection of the home, negotiate a price adjustment or ask the sellers to make repairs. If the problems are so significant that the home is no longer a worthwhile investment, get out of the deal and have all deposits refunded. Always have a lawyer review any agreements to make sure that there is adequate legal protection prior to the inspection process.