BuyingAHome-JenniferChristenot

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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 40
diligence and don’t take all the steps necessary to make sure that the homes they’re looking at are actually what they’re advertised to be. 39.) Should I buy a home in foreclosure? Like short sales, foreclosures can be very enticing to buyers because they often come at an incredibly low price. But too often buyers simply look at the benefits and don’t take into consideration the amount of work, stress, time, and possible heartache is involved with buying a foreclosure. That’s why before you embark on the adventure of purchasing a foreclosed property, you must ensure that doing so is the right decision for you. Firstly, you have to make sure that your finances are in order. Of course this is a step that you have to make sure when buying any home, but it can be especially important with foreclosures. This is because in addition to just having to purchase the home, pay closing costs and earnest money deposits, foreclosures have costs that other homes simply don’t. These can include upfront fees to research foreclosure properties, construction and repair expenses, and the cost of any inherited liens tied to the property. You have to make sure that you’re ready to take on all these costs, plus have additional funds for unexpected expenses. And while an experienced real estate agent that’s knowledgeable in the area might be enough when looking 41 FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
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