It’s a great time to buy! If you’re in the market for a home without the hassle of a mortgage and have wisely saved your money to pay cash for your next home or investment property, you’ve definitely got a powerful advantage in today’s market. However, just because you’re not subject to the same rules and regulations that are required from mortgage lenders – doesn’t mean you should just sign on any dotted line.
To protect your rights and best financial interests – be sure to consult with a real estate professional and attorney and follow this important checklist:
Title Search: This will show any liens on the property or title problems you might face
Title Insurance: A must-have for the cash buyer – especially when considering distressed or foreclosed properties
Home Inspection: Never buy a property without one – it’s the only way to ensure you know what you are purchasing
Termite Inspection: Tiny bugs=big problems with big repair bills – don’t risk not knowing
Property Tax Estimate: Know in advance what your estimated annual tax will be
Appraisal: This will help you ensure that your purchase price is at fair market value
Survey: Another important way to ensure you have accurate documentation of your property
Flood Zone: If you are in a flood zone, your insurance company may require additional coverage.
Property Disclosure Form: This form should reflect any known property damage, lead based paint, Chinese drywall, etc. Ask your Realtor for what’s appropriate for your area.
HOA Dues/Fees: You’ll want to know what you’re getting into cost wise in terms of community dues.
