Buyers Tips and Pitfalls of Real Estate
Buying a Mis-Matched Home
What do you need and want in a home? Sounds simple. Yet, clearly
identifying your needs and bringing an objective view to home shopping,
leaves you in a better position. Sometimes, home buyers buy a home
that is too large or too small. Perhaps they didn’t consider
the drive to work, the distance to school, or the many repair jobs
waiting for completion. Plan ahead. Use your needs list as a guideline
for every home you view.
Unclear Title
Before you sign any document, be sure the property you are considering
is free of all encumbrances. As part of their services, a realtor
can supply you with a copy of the title to ensure there are no liens,
debts, undisclosed owners, leases or easements.
Outdated Survey
Before the purchase is completed, an updated survey is essential. This report
will indicate boundaries and structural changes (additions to the house,
a new swimming pool, neighbor’s new fence which is extending a boundary
line, etc.).
Unexpected Repairs
For $300 - $500 a professional inspector will conduct a thorough
inspection of the home. This way, you’ll have an idea of the
cost of future repairs. Make the final contract subject to a favorable
report.
Shopping Without Pre-Approval
It only takes a few days to get financing pre-approval. When you are shopping
for a home, this gives you more power. A seller is more likely to consider
an offer from a serious buyer.
Remember Additional Costs
Besides the funds for the purchase of a home, you’ll need
funds for items such as loan fees, insurance, legal fees, surveys,
inspections, etc.
Rushing the Closing
Before you sign, ensure that all documentation clearly reflects
your understanding and conditions of the transaction. Has anything
been forgotten? Don’t rush. You could lose money, financing
or even the sale.
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