I am in process of buying a short sell house. Am I missing anything?
An Anonymous User asked:
I am working with Bank/Seller’s realtor. I do not have a realtor.
House is 7 years old and in excellent condition. No work is needed as far as I can tell.
I am going to have
1. Home Inspection with professional inspector
2. Home owner’s insurence
3. Title insurence
I just want to make sure I am doing everything I should be. I am buying this house with 100% cash payment.
if you do not have your own LEGAL rep u are shooting ur self in ur ******.
the banks people are there to get the max out of u not be ur friend.
get representation.
termite inspection unless in alaska.
invest in a good real estate lawyer…you can’t trust the other side to work in your best interest…they have a liability they are trying to sell. Trust me on this! Been in the Mortgage business for 10 years
As a Realtor, I think short sale purchases are fine as long as you know what you are getting into. The seller’s bank will have the final say on when the property actually will close, which may be the closing date you asked for, or may be as much as 3 months after the original close date. You should also ask a title company to do a pop report on the property to make sure there are no assumable leins you might accidently get stuck with. There is a really good reason you should always work with a second Realtor, and that is for your own protection. Too late now, since you already wrote the offer, but since you are doing a cash transaction you may want to pay for a lawyer to look over any additional paperwork they give you before signing any more documents. You may also want to purchase an additional home warranty, available through the Realtor, which will cover the cost of major mechanicals in case of failure for the first year of ownership (that is roof, furnace, water heater, appliances, etc). Have fun with your new home!
Also a purchase contract. Title insurance was a VERY good idea (I work for title company as an escrow officer, I KNOW). Termite inspection. Also get a home warranty, that’s a must on any home. Make sure the lender accepts the payoff amount. You MUST have this in writing and get a copy of the entire payoff statement. There might be other stipulations. usually, the seller must not receive any cash at all. Look at the title report to make sure there are no other liens. Be very careful. Sure, it’s good to get a lawyer, but it sounds like you’re on the right track.
Appreciate making the sincere try to explain this. I feel very sturdy about it and also be told more. If its OK, while you reach more thorough knowledge, could you mind including more posts like this one with an increase of information? It will be extremely helpful and helpful for me and my colleagues.
Frickin’ tremendous things here. I am very glad to see your post. Thanks a lot and i am looking forward to contact you. Will you kindly drop me a e-mail?
WONDERFUL Post.thanks for share..more wait .. …