So many times I see home buyers who are paying cash for a house forego doing some of the processes that would be normal in a transaction that is being financed. The truth is, if you neglect certain processes it could cost you big.
Here are my picks of things you should do even when only cash is involved in the purchase of a house.
Do a home inspection
- If you don't do the inspection you might not be aware of some structural issues that could cost you big time in the long run.
- The condition of the septic system is something you want to know about, as it too could be an expensive fix.
- How about buried oil tanks? This also could be a really expensive environmental cleanup if there is a leak and once the title passes you own the problem.
- Check the radon level, if high, you could have the seller mitigate.
Do an Appraisal
In the present market climate why would you want to buy a home without having it appraised? The market is constantly changing so you need the opinion of someone whose hands are on the pulse of the market.
Get a Survey
I once looked at a house and with research discovered that a good portion of the house was on the neighbor's property. Then there was the time when my seller's neighbor had put up a garage on her property. Depending on where you are, encroachment can be an issue.
Do a complete Title Search
Until you do a complete title search you have no idea what issues might be hanging out there.
Make sure to get the right amount of insurance including flood insurance, if needed. Think of your cash purchase as an investment.
By addressing these issues you will avoid many headaches,then you can feel good about the home you purchased.
So, don't take short cuts when buying a house with cash; doing so could certainly empty your pocket in the future.
Copyright © by Jennifer Fivelsdal, all rights reserved-Five things to do even if you are buying a house with cash.