what should i watch out for when purchasing a home and attached property?
February 12th, 2010 | by admin |The owner claims that he must pay investors, yet he is the sole owner and is currently collecting rent. The home and attached property will not appraise for the asking price, so it has been difficult for the owner to sell. What should I be looking out for when purchasing?
the nearest exit…
if the house won’t appraise for the asking price, and the owner can’t sell, what does that tell you? Right, the owner is asking too much money. Is the ”attached property" a garage, or what? Does the owner have a realtor or are they trying to sell the property themselves? Do you have a realtor? you need a full property inspection that will show you the condition of the property–the roof, plumbing, wiring, heating, etc. NEVER take the owners word for ANYTHING. there should be full disclosure laws in your state, where the owner must tell you of ALL defects, even if they are hidden. Finally, ask (secretly, if possible) the present tenants about the property and note their reaction to your questions. They may be able to help you learn more about the seller and the property. good luck.
One Response to “what should i watch out for when purchasing a home and attached property?”
By good guy on Feb 13, 2010 | Reply
the nearest exit…
if the house won’t appraise for the asking price, and the owner can’t sell, what does that tell you? Right, the owner is asking too much money. Is the ”attached property" a garage, or what? Does the owner have a realtor or are they trying to sell the property themselves? Do you have a realtor? you need a full property inspection that will show you the condition of the property–the roof, plumbing, wiring, heating, etc. NEVER take the owners word for ANYTHING. there should be full disclosure laws in your state, where the owner must tell you of ALL defects, even if they are hidden. Finally, ask (secretly, if possible) the present tenants about the property and note their reaction to your questions. They may be able to help you learn more about the seller and the property. good luck.
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