BuyingAHome-JenniferChristenot

indicate a higher risk of flood than others. Of course, the higher
the risk, the higher the insurance payments will be so it’s not
only important to know if the home is in fact in a flood plain,
but what type of flood plain it’s in.
Your real estate agent might be able to tell you how much
you’ll have to pay for flood insurance but if they don’t, you can
always ask the seller directly what they’ve paid for it in the
past. In some instances it’s even possible to simply assume the
seller’s insurance policy upon sale of the house, which could
mean less time and paperwork for you!
38.) How do I know if a property is a short sale?
With a short sale, the lender agrees to allow the buyer to sell
the home for less than what is still left on the mortgage. This
can be very advantageous to the buyer because it means that
they can often purchase the property for a much lower price
than if the property wasn’t listed as a short sale. Because of
this allure of short sale properties, some sellers advertise their
property as a short sale even when it’s not, simply to get buyers
in the door. What happens then is that just before the deal
closes, the lender denies approval of the short sale and the
buyer often ends up losing out on the deal, and the home.
In order to avoid this happening to you, you must first find
out if the lender is agreeing to the short sale, preferably
even before you look at the property. This step can often be
overlooked by buyers who are so eager to purchase a home,
especially if it’s a home they love, that they neglect their due
FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
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