BuyingAHome-JenniferChristenot

More documents

Recommendations

Info

Any and all repairs or maintenance that is required to the home is the responsibility of the buyer and although that can be used as a bargaining chip when it comes to the offer, it can also mean a lot of headache and stress for the new buyer. Also, because homes in foreclosure are often required to be purchased sight-unseen, home buyers might not know exactly what they’re getting into when they buy the property. It’s also important to understand that even though the property has been foreclosed, the previous owners might not be so eager to leave. Not only might they refuse to go until legal eviction proceedings have started, but they could also take out their anger on the home before they leave and cause further damage. If the last owners are no longer there when you plan to move in, it doesn’t mean that they’re completely gone. If there are debts associated with the property such as property taxes, construction loans, or home equity lines of credit, it’s very possible that you could assume responsibility for that debt when you take ownership of the property. Be sure that you ask about the financial obligations tied to the property so that you’re fully aware of what you’re getting into. With foreclosures also comes a lot of red tape, and absolutely no guarantees that you’ll eventually be the owner of the home. Foreclosures can take an awfully long time and there’s a lot FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT 14
more paperwork required for these purchases. In some cases several people will need to approve your offer including the current owners, the primary lender, and any lienholders. This can take months and a lot of homebuyers can lose patience within that time. While lenders are trying to sell the property and start making a profit from it once again, they also don’t want to lose too much money and want to make as much as possible from the sale. Because of this, they can typically back out of the deal at any point, up to and including closing. This can happen if they start to have doubts about the buyer, they work out a payment system with the current owners, they receive a better offer, or a number of other reasons. Whatever the reasoning is, it can be incredibly frustrating and upsetting to buyers that have already gone very far in the process of buying a home they really want, only to have it taken away. Getting a mortgage can also be very difficult for distressed or foreclosed properties because many lenders simply don’t offer them. Before you even make an offer on a foreclosed property, you need to make sure the lender you want to deal with will finance the property. Lastly, foreclosures can come at a great deal for the buyer, and that means that any foreclosed property you’re looking at is likely gaining a lot of attention and interest. Because of this, you’ll face much steeper competition and will have to make 15 FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
Page 1 and 2: FAQ’S ABOUT BUYING A HOME | JENNI
Page 3 and 4: the agent becoming a member of the
Page 5 and 6: 3.) What other benefits are there t
Page 7 and 8: 4.) How do I find an agent? Choosin
Page 9 and 10: with and utilizing the Internet; an
Page 11 and 12: owed on the mortgage, it’s called
Page 13: That money saved also gives the buy
Page 17 and 18: another. The downside in this scena
Page 19 and 20: free using it as another means of p
Page 21 and 22: 15.) How much money do I need upfro
Page 23 and 24: including escrow, pre-paid items, a
Page 25 and 26: 19.) What should I take with me whe
Page 27 and 28: In addition to these two most commo
Page 29 and 30: want to make sure that there’s no
Page 31 and 32: will your life be in the next five
Page 33 and 34: home that are just as relevant and
Page 35 and 36: too low. But ethically, real estate
Page 37 and 38: 33.) Is there anything wrong with t
Page 39 and 40: they’ll need any repairs any time
Page 41 and 42: diligence and don’t take all the
Page 43: and will need to have alternate acc

BuyingAHome-JenniferChristenot

Create successful ePaper yourself

Delete template?

Save as template?