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Cash Buyer Checklist

By
Real Estate Broker/Owner with SharkeyRE LLC CQ1040719

It's a great time to buy!  If you are in the market for a home without the hassle of a mortgage and have wisely saved your money to pay cash for your next home or investment property, you've definitely got a powerful advantage in today's market.  However, just because you're not subject to the same rules and regulations that are required from mortgage lenders - doesn't mean you should just sign on any dotted line.  To protect your rights and best financial interests - be sure to consult with a real estate professional and follow this important checklist:

  • Title Search:  This will show any liens on the property or title problems you might face
  • Title Insurance:  A must-have for the cash buyer - especially when considering distressed or foreclosed properties
  • Home Inspection:  Never buy a property without one - it's the only way to ensure you know what you are purchasing
  • Termite Inspection:  Tiny bugs = BIG problems with BIG repair bills - don't risk not knowing
  • Property Tax Estimate:  Know in advance what your estimated annual taxes will be
  • Appraisal:  This will help you ensure that your purchase price is at fair market value
  • Survey:  Another important way to ensure you have accurate documentation of your property
  • Flood Zone:  If you are in a flood zone, your insurance company may require additional coverage
  • Hazard Insurance:  Have the property bound with insurance from the closing date
  • Property Disclosure Form:  This form should reflect any know property damage, lead based paint, Chinese drywall, etc.  Ask your Realtor for what's appropriate for your area
  • HOA Dues/Fees:  You'll want to know what you're getting into cost wise in terms of community dues

 

Comments (2)

Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Brian, good list that offers a lot of peace of mind in the process.  Limiting risk is a key factor.

Jun 28, 2013 12:43 AM
Brian Sharkey
SharkeyRE LLC - Singer Island, FL
SharkeyRE

Yes Sir!  Failing to plan, is planning to fail. Thanx for reading my post!

Jun 28, 2013 07:43 AM