In 2007 Alone, close to 1.4 million homes were sold without an inspection, according to an article I read in Popular Mechanics. Many people are now finding out that allowing the removal of such things as inspection and termite clauses from bid contracts have turned out to not be a good idea after all. Many people’s new homes are fine, but there are also many that have issues that the new owners knew nothing about when they agreed to purchase the home. These issues can be costly, and in today’s market, it is not always better to buy a fixer-upper.
For REOs, banks will usually allow you to inspect the home yourself or get professional Inspection Dallas. In the case of foreclosures, you get the property in ‘as-is’ condition at the auction without having seen it. The bank will even do small repairs to REO properties and might also accept agree to requests for additional repairs from the potential buyers.
Fix. When you are finished making all the checks, do what needs to be done. Repair any damage as soon as possible. If you have no carpentry skills, find others that you know you have skill wood. Consult your carpenter hired on materials thought to have the best quality that will enhance your home.
Your financial responsibility doesn’t end at the sale and the mortgage. You’re also going to want to insure your new home. Make sure, before you buy, that you find out how much it is going to cost you to insure your new property. This is a cost that you will want to have budgeted into your plans ahead of time.
This might seem like a never ending job but you can get the things done that will make your house easier to sell. Things that need to be dealt with are the ones that you see but have ignored in the past.
You should always weigh in your needs before your wants. Are you looking for a busy downtown city location with streets, businesses and sidewalks or country with trees, large yards, and not a neighbor in site? Do you want a colonial with living areas on the main level and bedrooms on the second level or a main level rambler because climbing steps are difficult? What’s your lifestyle? You may want an open floor plan or a more traditional layout if you have a large family.
In the case of the FSBO, there needs to be protection for both the buyer and the seller in the sales contract. If a tenant misses a payment, there needs to be clear delineated financial repercussions such as a large late fee and even eviction after 90 days. For the buyer, there needs to be a clear disposal of the selling agreement if the seller dies before the loan is paid off. Of course, if the tenant or buyer dies, there can be an insurance policy to cover this event. Both the seller and the buyer need to know the responsibilities in the case of unforeseen events.