What you need to know while Buying or Selling a Home
Buying or Selling a Home, according to various studies, is the single most stressful and emotionally turbulent time in a person's life and outranks the likes of bereavement, job loss, disability, and divorce. The Italian political scientist and world class cynic, Niccolo Machiavelli made the cynical remark that people are more troubled by loss of property than loved ones.
Part of the problem with Buying or Selling a Home is the sheer volume of money involved, the risks that need to be safeguarded against, and the possibility of the transaction falling through. A badly worded contract of sale can come back to haunt you in a very painful manner, and the truth of the matter is that if you want to either buy or sell a home, you definitely need the services of an attorney.
As mentioned earlier, not only is Buying or Selling a Home a stressful process, it is one that is riddled with potential problems and pitfalls. The following is a list of issues to be aware of so as to ensure that the transaction moves swiftly and safely.
Factors to consider when purchasing a home
- Make sure that you gain access to a structural report concerning the current state of condition and health of the building. The last thing you want to do is spent a lot of money purchasing a new home, only to find that there is a major amount of repair work required. If you do find defects, you can demand that the seller remedy them, or deduct the cost of the repairs from their asking price.
- Carry out a title and encumbrance search. Title search will determine who is the legal owner of the property in question, and it will flag up whether or not the title is "cloudy". If the title is cloudy then this means that there are issues with it, such as unpaid mortgages, outstanding bankruptcy proceedings or debt attachment orders.
Factors to consider when selling a home
- When selling your home or property, ensure that you offer a fair price, and one that is comparable with the market average. Asking an inflated price will merely alienate potential buyers. At the same time, make sure that your price is inclusive of the expenses that you might incur while selling your property such as legal and real estate agent fees.
- Having an up-to-date structural report concerning your property may very well convert an indecisive potential purchaser into a firm one. Purchasers like firm assurances to be able to feel confident in making a deal and a structural report is vital for this.
- Be wary about installing home improvement such as swimming pools and wine cellars. The reason for this is that whilst these maybe attractive to people who share the same sort of interests as you do, the majority of potential purchasers will be deterred by this. If they feel that a property maybe more difficult to resell later on, then they won't bother to invest in it.
At "Appraisal California", we have plenty of experience with both sides of the property transaction market, and can advise you on the best way to proceed in either situation.