3 MOST COMMON MISTAKES
WHEN BUYING a HOME!
Hiring licensed professionals in their respective field
to perform the following will help reveal any potential challenges
that may be hidden from the untrained eye.*
1. READ & UNDERSTAND ALL CONTRACTS
& AGREEMENTS BEFORE SIGNING:
Regardless what you think you agreed to, Make sure it's in writing.
If it's not in writing DO NOT SIGN until you &
the seller clarify in writing what you both expect or
Seek legal assistance if necessary.
Remember, verbal agreements are as good
as the paper they're written on!
2. INSPECTIONS:
Have the foundation, roof, plumbing, home,
& termite inspections all performed before purchase.
3. FINANCING:
Regardless if a bank, some other lending institution or the seller
is allowing you to purchase the home over time try to avoid...
...an "adjustable" interest rate (Get a "fixed" interest rate);
...a "Balloon" payment (Get a 15yr or 30yr "maturity" date);
...a "Pre-payment Penalty" (Be able to "refinance" as soon as you wish).
4. RENT-to-BUY:
Understand that this term is exactly what it means,
You are only renting the house until you can buy it
within a specific period of time and are NOT PROMISED OWNERSHIP
just for living there for a certain length of time.
So DO NOT confuse it with "Rent-to-OWN", "Seller Finance", "Owner Finance", "Agreement for Deed", "Contract for Deed", or any other loan or mortgage.
You DO NOT OWN the house! You are just a TENANT until you buy it!
The only way you can ever own the house is by BUYING it according
to the terms of your written Residential Purchase Contract!
CONCLUSION:
Because the potential for mistakes & risk are always present in any financial transaction we recommend consulting with a experienced real estate attorney and continue educating yourself in an effort to decrease future challenges.*
FEEL FREE to CALL US for MORE ASSISTANCE!
(361) 688-7326