Steps To Protect Yourself When Buying In Today’s Market
Recent actions (or maybe inactions) may help solve the current “mortgage meltdown” crisis. But as we enter into a new year, there are other real estate issues confronting consumers. Here are some New Year’s resolutions recommended for legislators, lenders, appraisers, title companies, and consumers.
If you are in the market to buy a house (whether it is a single-family, condominium or cooperative), it’s imperative that you shop around for your mortgage. Many new-home builders will offer you a cash discount if you use the lender’s “preferred lender” and its “preferred title company.” Sometimes these discounts are worthwhile, but sometimes the extra charges imposed by that lender and the title company exceed the amount of the discount.
Make sure that you carefully inspect the house. If the current owner is reluctant to give you this opportunity, move on to another property.
You also have to have a complete title search done before you go to closing — even if you plan to pay all cash. Distressed properties can carry a lot of problems — such as tax liens, unpaid assessments, or judgments against the current owners.
search for : preferred lender, title company, title search, Distressed properties
