Wednesday, June 20, 2012

How Things You Should Know About Purchasing Real Estate?

If you are getting ready to put your purchase a home that is up for sale in the real estate market, there are some things you should do to help prevent you from being a victim of shady sales tactics. In order to educate and protect yourself, you need to do some substantial research on any property you are interested in before you consider buying it.
Everyone loves a fresh new coat of paint. In fact, statistics show that properties that have recently been painted tend to fare much better in the real estate market than those that don't. Instead of assuming that the house you are looking at was painted because it was in need of a paint job, make sure that you take some extra time to read all of the disclosures regarding that particular piece of property. You never know when the previous owner is just trying to get rid of a money trap. That new paint job could be hiding a whole host of problems for the next owner to deal with. If you purchase a piece of real estate without knowing what all the problems are, you are still responsible for them if they were listed in the disclosure agreements. Always look before you leap.
If you decide to purchase property and there are some structural problems like leaking windows or flooding basement and there wasn't anything in the disclosure agreements about any work being done or any problem with leaking and flooding but there was some kind of work done in the past that was related to the situation, you may have some legal recourse available. You need to talk to your agent and do some more homework to make sure that nothing was disclosed about those problems at any time except upon the repairs. It is up to all parties involved to have arbitration and come to an agreement as to how things should be handled. In most cases these types of situations can be settled out of court with the previous owner taking responsibility for any repairs to rectify the situation. If the previous owner does not take responsibility and action, you have the right to file a lawsuit.
Even if you read all of the disclosure agreements and don't come up with any problems, it is still in your best interest to hire an independent inspector to come out and make sure that everything is in order and up to code. You don't want to purchase a piece of real estate now only to find out years from now when you go to sell it that you are responsible for a problem that was never reported and existed from the previous owner.

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