A title search should turn up any liens attached to the property, from, say, unpaid construction costs, owed taxes or even outstanding parking tickets. There may be unknown missing heirs that suddenly show up to claim the house or there could be disputes over a will.This situation happened very recently…. The cost of title insurance varies, but can be seemingly expensive at Closing; the cost of independently hiring an attorney and dealing with the IRS would be far more expensive.Read more at the New York Times.
Browsing Category Sellers
Pre-approved?
More than half of the participants in a nationally representative statistical sample of realty agents identified unreliable or bogus preapproval letters as a key cause of breakdowns in transactions…. I generally regard “pre-approvals” from internet lenders as less valuable and less credible than those issued by either national or local lenders…. No preapproval letters are worth looking at, Wilson added, if the lending institution has not thoroughly checked credit files, income and cash on hand.As always, knowledge is power.
How to buy or sell a house
Surprisingly, 25% of buyers still don’t undertake this one measure that can save them huge hassles and expenses down the road.4…. If your agent really seems clueless, chances are he or she is clueless — not a good thing when hundreds of thousands of dollars could be on the line.That this many people neglect to get a home inspection is astounding. I kid my clients that “if they really want this house, they won’t get a home inspection;” I have been able to advise each and every one of my clients (so far) to get an inspection.
New listing coming soon
I am working on a new listing in the Stony Point area of Charlottesville …… five year old home on over an acre and a half 15 minutes to the City. If you are looking for close proximity to either Pantops Mountain or 29 North, yet still with a rural feel you will want to email me.
CLUE reports’ impact on real estate
Today I had a conversation with a fellow Realtor who did not know that a house’s (and thereby the Seller’s) claims history can impact whether a buyer can affordable homeowner’s insurance. From VAR’s website – bolding mine – Dating back to the 1980s, insurance claims databases provide subscribing insurance companies with claim history information for properties and individuals…. Waiting until the last days or even weeks before the closing can limit the opportunities of the buyers and sellers to address the affordability and availability issue and, if needed, to find alternatives for difficult to insure properties.
New marketing avenue (for our area at least)
Many, if not most of you may be aware of Craigslist. I have just posted a new entry for one of the properties we are marketing here…. The more exposure, the better!
Bigger Bids Aren’t Always Better Bids
But even now, it’s not all about money, money, money.What both buyers and sellers should understand is that the highest offer is not necessarily the strongest…. Understanding how all these items relate is critical to putting together a successful bid, or choosing the strongest offer.This WP article is very good in many respects and very worth reading…. If a ready, willing and able buyer is willing to spend $15k more than his or her competition to purchase a house for the family, and stay in the house for a number of years, then that buyer is not overpaying.