When you’re house hunting, it’s exciting. Then you find “the one,” write an offer and have it accepted. That’s wonderful! That’s also when the real work starts. Of course you know that you need to get started on your loan and finalize the financing, but as importantly, it’s your time to do your investigations on the property and confirm whether or not it’s really the “right” home for you and your family.
Most of the time things continue to go smoothly to the close, but at times issues arise which need careful consideration and could result in a cancellation. Make certain you h
ave a real estate agent like the ones at The Murray Morris Group, to help guide you in watching for some of these red flags and how to address them.
HOME INSPECTIONS
Our local CVRMLS (Central Virginia Regional Multiple Listing Service) purchase agreement includes your right to fully investigate the condition of your new home. Take advantage of this time and opportunity! You might be surprised to learn that many buyers simply ignore this option, or perform a brief visual inspection to save time or money. The beautiful sink could be hiding mold in the wall behind it. A good agent will make certain you get a thorough inspection done by a professional home inspector who will investigate every aspect of your potential new home. Conditions which could be red flags:
Mold
Water leaks, slab leaks, roof leaks
Structural problems with the building, severe cracks
Geological issues, such as sinking or sliding
Electrical problems
Extensive damage of any kind
Unless you are willing to take on a true “fixer upper” you might find conditions which are just too much for you to tackle. If so, it might be time to walk away and start over.
DISCLOSURES AND COMMUNITY
Your contingency period allows for other investigations, other than just the condition of the home itself. During this time you should visit the property at different times and days of the week. Find out if the neighbors like to hold all night parties on weekends or if the community pool closes in the evenings.
Read the disclosures you are provided. These will be from the sellers and should disclose any issues which might affect your quality of life in the home. You will also be provided home owner’s association documents which outline the rules of living in the community. Pay attention to these disclosures. Make sure your 200 lb. Mountain Dog and 12 cats will be welcome.
TITLE
Title issues are less common, but could provide a red flag that you are involved in a fraudulent transaction. Title will make sure that the seller has the right to sell. If this is not a clear trail, or if something seems wrong, find out and possible speak with an attorney before concluding the transaction. Title insurance is important to protect you in the event that title is questioned after the close.
Buying a home is exciting! However, understanding the issues that could derail the outcome of you soon becoming owners of your new home is important too. Of course you want to close on the “perfect” home you have found, but knowing when to walk away is just as important and can save you thousands of dollars and years of grief. So choosing
the Best Realtor to make sure that your home buying experience will proceed smoothly is important, even if that means we need to find you a better home after a not so good home inspection.
Hiring an agent like those of us at The Murray Morris Group will help you through each and every step of this process. We’ve been there before and know exactly what to do for any situation that arises.
Because we take pride in the local businesses we recommend to our clients, we require each vendor to provide professional services every time. It goes without saying that not all home inspectors are created equal. A House on a Rock Home Inspections is the local company we trust with the goal of providing thorough and quality inspections for our home buyers throughout Central Virginia. Call 804-269-4321 or visit www.ahouseonarock.com.
The Murray Morris Group specializes in catering to the needs of each and every one of our clients. You can read their testimonials here. Put your trust and valuable time in the hands of industry experts! Your results will always be the best they can be! Give us a call today! We’ll work diligently on your behalf by putting your needs at the forefront of every transaction.
Shannon Murray & Scidney Morris
Contact us at 804-874-5030 or email mmg@themurraymorrisgroup.com
Legendary Service | Exceptional Results | Clients for Life!
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