When many people start looking for a new home, they wonder what they should choose and how much of an investment it will be. Although many people aren't quite sure about what their new home will look like, the fact of the matter is that there are many aspects to be mindful of when it comes to real estate. From paying attention to how much things cost to looking carefully at your options, it really pays to understand and apply a little wisdom before you break ground on a project. Check out these posts to find out great tips about real estate.
Buying a house is one of the most exciting things you might ever do. Once you have found the house that you want to buy, and you've put an offer in on it, there are a few other things that may need to clear up with the seller before you buy the home.
A Problem With the Title
Before you close on your house, your loan officer will use a real estate title search service to check the title on the home you're interested in purchasing. These title searches will pull up the homes' title that you are planning on buying to see if there is anything like a lien, an easement, a lawsuit, or anything else against the title. If there is anything on the title of the home, it all needs to be taken care of by the seller before your loan will be approved and you take it on. The tricky thing about finding something like a lien on a home is that it could take a little while for the seller to resolve it which may hold up your buying process.
A Problem With the County Assessor
Your county assessor is in charge of a variety of things including how much money you will be responsible to pay for in taxes. Before you get approved for a home loan, your loan officer will pull up information on the county assessors website to see how much money you will have to pay in taxes each year. This amount is then added to your debt to income ratio to make sure that you can still afford your new home loan.
Another thing a county assessor can do is come out to your house asses your property lines. If there is a disagreement about where the property lines are between the current owner and their neighbor, you will want to have that all resolved before you purchase the property.
Concerning Seller Disclosures
Sellers are legally obligated to disclose things to potential buyers that they know are wrong with the home including any leaks, cracks, damages, or anything else. For instance, if the buyer knows that the home needs a new roof, they are obligated to disclose that to you so that you know that you will have to replace it sometime soon. By understanding exactly what it is that you are buying, you can protect yourself against making a poor financial investment in the long run.Share
25 February 2020