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
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