By John Aretos, CEO of Police Mortgage
The phrase “failing a home inspection” is loosely defined. I think there are degrees of failure.
A failure is basically something found in the inspection that is such a big issue that an appraisal would find it and then the lender, such as Chicago Patrolman Credit Union, wouldn’t take the loan. That is a clear definition of a home inspection failure.
The lender is going to see the failure when they do their appraisal. The lender’s appraisal is always done after the home inspection, generally a week to ten days after.
Deal killers found during home inspections are typically foundation or asbestos issues. The latter is especially true in Chicago where pipes were insulated with asbestos back in the day. Attics could also have asbestos issues. In areas where humidity and moisture traps are common, asbestos can cause very difficult problems. These issues would likely be deal killers.
Major problems like the ones mentioned are almost certainly going to be listed on an appraisal and will be notified as deferred maintenance. Deferred maintenance is not a term you want to see as a loan officer trying to help someone with a police home loan. In this scenario, the property needs work and that has to be repaired prior to closing. The property then has to be reinspected by the appraisal company.
Now there’s another layer of concern there. The general rule of thumb is that if you’re at a point where a home fails inspection, the eye test probably would have already been enough to lead you to believe it.
If as the potential buyer, you were completely caught off guard by something in the inspection report that’s a big deal. In these cases, it’s possible that the seller didn’t allow access to an area of the property. That’s definitely a problem.
That’s a red flag. At Police Mortgage, we advise our first responders to have access to everything on the property they are thinking of purchasing. For instance, if you don’t have access to the utility room that creates a lot of suspicion. A good attorney will point that out to the client as well.
However, there are degrees of failure. If it’s something innocuous like chipped paint, a cracked window, an outdoor lamp fixture that’s busted, or a light that doesn’t work all of that can be taken care of very quickly. Those are far from deal killers.
That’s why a quality home inspection is so important. It’s going to tell you if a loose board is the result of a termite infestation or if it just needs a new nail.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, go to www.policemortgage.com or call 312-499-8878.
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I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the Chicago Patrolmen’s Federal Credit Union locations prior to transitioning to Police Mortgage. I have family members who are police officers with the Chicago Police Department. My work has been very rewarding, and I take pride in having assisted countless members and their families with their financial needs and financial wellness. My hobbies include exploring new restaurants in the city and running for marathons that support pediatric cancer foundations and Chicago Police Memorial Foundation’s Run To Remember. I come from a large family primarily from the south side of Chicago and love to share all the diversity and beauty the city has to offer with my two children.
I am honored to grow up in a multi-generational family of Chicago Police Officers. I joined Police Mortgage in the summer of 2020 and love the opportunity to help both first-time buyers and repeat clients alike achieve their dreams of purchasing a home. Having been born and raised in the south suburbs of Chicago, I happily live in the Lakeview neighborhood today. Along with my two younger sisters, I am a graduate of the University of Illinois at Urbana-Champaign and a lifelong Chicago Bears fan. I have a strong passion for food and love exploring the vast array of restaurants throughout our city. Nothing makes me happier than spending a summer afternoon on a golf course with family and friends!
I joined my brother at Police Mortgage as a loan officer in August of 2021 after a 10-year career in sales and marketing. Most recently, I worked as a Senior Account Executive for Ricoh North America, an office electronics company, where my main responsibilities were building new client relationships and maintaining over 400 existing customer accounts. I believe my work experience has transferred over to the mortgage industry well, because I am able to multi-task effectively while working with multiple customers. The skillset I learned in my previous employment allows me to stay organized and to manage my time well for my customers. My number one goal is always to make the loan process as quick and painless as possible for our borrowers. I am excited to further develop the Police Mortgage brand with my brother. It is a unique situation, and I believe working in an office together allows us to help our borrowers even more due to streamlined communication and our ability to help each other with our respective files. I like to spend my free time relaxing, watching sports, exercising, going out to eat with my wife, and trying to keep up with our three daughters – all under five years old!
After graduating from the University of Missouri in 2015, I moved to Chicago where I began a career in marketing at a firm called Ansira. I sought a career change and contacted Police Mortgage, where I was first introduced to the mortgage industry. I have spent the last 5 years training with our CEO, John Aretos, who has taught me all of the intricacies of the mortgage process. I love finding solutions for our clients to help them purchase the home of their dreams. I feel a huge sense of accomplishment when helping homebuyers, especially first-time homebuyers, all the way through the loan process, from pre-approval to closing day. I recently moved back to my hometown of St. Louis, where we opened a new office. I am excited to help start this new chapter for Police Mortgage. My wife, Megan, and I are happy to be back in our hometown. We are always checking out new outdoor events such as music or food festivals – anywhere we can take our dog, Remy!
As the CEO of an organization associated with serving the Police and their loved ones, I am privileged to play a role in helping our clients achieve their life’s financial goals. Our mission is to make the home buying or refinancing process as comfortable as possible, providing our clients with competitive products and excellent service.
I was born and raised in the Chicago metropolitan area, and I have a deep-rooted love and appreciation for the diverse culture which makes our city so special. My two older siblings and I grew up working in our parent’s restaurant, which instilled a work ethic and sense of family that I carry with me to this day.
I am a graduate of Indiana University and have been involved in the mortgage industry for nearly 25 years, helping thousands of clients save money or finance the home of their dreams. My passions are passing down my love of food, music, art, snow skiing, and red wine to my three children, who motivate me to be a better person each and every day!
