Things To Look Out For When Buying Part One
Filed under Featured, Home Value
Even though you’ve looked at the home from top to bottom, you’ve made sure all the light work, flushed all the toilets, and turned on all the faucets. But one thing you haven’t done in your dream home is live in it. Although the seller of the home has lived there for many years, and knows everything that is wrong with the home, they might not disclose it all, although it is required by law for a seller to disclose all relevant information. In some states this is true, in some other areas this might not be the case. Because you don’t want to be surprised with a major repair bill after a few months of moving in, you want to make it clear to the seller that you want all relevant information disclosed on the contract. It is important to ask the sellers if the are aware of foundation problems, sewer problems, whether the property is included in a flood zone, noise zone, near a landfill, or any other type of dangerous area for your family. This is truly a buyers beware notice, you don’t want any surprises down the road, and I’m sure you want to have complete piece of mind for your newly purchased home.
Condition of the property:
You probably haven’t thought about what you want your house to look like when the seller moves out, but it’s important to consider that it might be left in a complete disaster if you don’t specify how you want it in the contract. Make sure you outline specific requirements for the buyer to comply with. You also want to outline how the appliances included in the sale should be working, that the sewer is working properly, that all the electrical and plumbing is up to standards, that no broken or cracked windows are in the house, and that the house is clean. This includes any trash that the previous owner might have left behind. You also want to mention the condition of the landscaping, if any.
Tips For Saving Closing Costs
In a real estate transaction, closing costs can be a massive expense that will have to come out of your pocket. Below you’ll find some advice on how to save serious money when it comes to closing costs:
Figure out exactly what the home will cost you and what amount of that cost will be financed by a loan, in case you are refinancing, you’ll need to know how much of that loan you will be refinancing. I advice you request a “good faith estimate” from your lending company, which will help you shop around with other companies for the best rates.
Begin shopping around for estimates. You will use the Good Faith Estimate when you are researching companies. Do searches in Google and other search engines for title insurance and closing costs. Get as many quotes as you can. Prices can vary incredibly so make sure you shop around alot. Beware of companies who provide your with a “limited” quote which doesnt include all their fees and charges. Always ask if the quote provided is the final price you’ll pay in the invoice. You have to be extremely careful with online companies.
Always keep track of the quotes provided, be organized and keep them on a file. That way you can go back and compare them to new companies who will most likely approach you or be referred to you. I like using a spreadsheet to keep them organized on the computer. I suggest you keep a minimum of five quotes or more to make sure you have enough information to make an educated decision.
Stay educated, learn as many details from each of the fees and charges as you can. It never hurts knowing too much about their services. Also learn about what the closing and tittle company’s charges are from the state, that way you know how much they are making from your deal.
Always shop around some more, tittle companies are everywhere. This is the only way of really saving a good amount of money.
Stay away from “no closing costs” schemes: If it sounds too good to be true, it probably isn’t true. This technique might seem like it saves you a little bit more money, but in reality, they are charging you more interest on your loan and will cost you more in the long run. I suggest you stay away from these types of schemes at all times.