- Personal Finance
Buying a Home - Look For Potential Problems Before you Buy
Buying a Home - Avoid some Problems if you can
Buying a home is the largest purchase many people will make in their life, and it is such an exciting time as well. For all the effort and money you are putting into it, you want to make sure there that you avoid all the problems you can. I know this is kind of a downside way of looking at things perhaps, but it can potentially save you a lot of money and problems down the road as well. Consider the things below before you buy and just be alert and aware.
1. First of all, trust your own instincts. Many people wish they had done just that. If something doesn't seem quite right to you, there is a chance something indeed isn't right.
2. During the whole process, remember that your Realtor is ethically bound to be thinking of your needs over theirs. They are to place your best interests over theirs throughout the process. If your Realtor is doing something that you don't like or if you are not happy with something they are doing , make sure to let him or her know.
3. If a seller doesn't want or doesn't allow you to get an inspection done on the property, they are likely hiding something. You want to get far away from that transaction.
4. If your agent does something illegal or unethical, make sure to find new one and fast. Be done with an agent that acts in such ways.
5. The agent should be working for you. They should not be trying to get referral fees from lenders.
Look for problems in the home itself.
6. Even if everything goes very well with your lender, and hopefully it does, the home itself can have problems. There is always a chance that you will uncover a problem after you move into the house.
7. If you do come across any problems in the house, do something about it quickly. The sooner the better in these cases.
8. If you find the seller didn't disclose something they should have, or if they outright lied about something in the house, consider getting professional legal advice. Hopefully it won't come to anything, and you are not looking just for smaller nitpicking kinds of things anyway. It would be for bigger things that you should have great concern.
9. Sometimes the key to fixing a problem in the home is to know or find out whether or not the seller knew of the problem in the first place.
10. Statutes of limitation vary from state to state. Find out what they are for yours for specific details. There are sites online that can help in this regard. They sometimes give detailed information on the states statute information.
Site to look at for more details on statutes of limitations, etc.
- statute of limitations: West\'s Encyclopedia of American Law (Full Article) from Answers.com
statute of limitations n. , pl. , statutes of limitations . A statute setting a time limit on legal action in certain