Things you must do when buying a home with cash
Some homebuyers will forgo certain process when buying a home with cash, processes such as a home inspection, appraisal, survey, tilte search and insurance. I was speaking with a home seller recently who did just that, who is now in the process of selling and the inspection revealed a host of problems, so did the title search. If you are buying a home with cash make sure to do these steps:
- 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.
The market is constantly changing so how do know you are not over paying? This is especially important if you are doing the purchase all on your own.
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.
A complete Title Search
Until you do a complete title search you have no idea what issues might be hanging out there. There could be many code violation which will be an issue when you go to sell.
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.
Don't short change yourself when buying a house with cash; doing so could certainly empty your pocket in the future.
Copyright © by Jennifer Fivelsdal, all rights reserved-Paying cash for yor home I hope you won't take a shortcut