The title company needs a survey to protect you and your mortgage company.
Boundary issues are common and include easements, encroachments, and boundary disputes.
Sometimes you won’t even know about the problem until the surveyor precisely sets your boundary and building locations.
A residential real estate survey helps buyers uncover hidden boundary issues with the property they want to buy.
In many cases mortgage companies won’t underwrite a loan without a current survey.
Sometimes, extending the due diligence period is necessary if there is a major problem.
Don’t, however, let the other side procrastinate by agreeing to an extension without a good reason.
Many states and mortgage companies require a survey for real estate transactions.
Even if they don’t, though, you should consider getting one.
Easements, encroachments, zoning, and boundary problems are all issues a survey can expose.
Is an option binding? It is for the seller, but not the buyer in most cases.
In a rent-to-own situation the tenant must pay rent according to the contract, but they have the option to actually buy the home.
The buyer may assign a straight options but not rent-to-own or lease purchase agreements.
An option in real estate may be good for investors and renters. They do have disadvantages, though.
There are three basic types: straight, lease, and rent-to-own.
Carefully read your contract and make sure you understand the agreement before you sign.
DOM in real estate measures how long a house has been marketed. It reflects whether the house is priced correctly.
Market conditions and the upkeep of the house also affect this number.
Buyers and sellers both should look at this number with other objective and subjective criteria to determine the true market value of a property.
EMD are good faith funds held in escrow that shows the buyer is serious about the contract for a house.
These funds should be held by a third party, so neither party has access.
The seller has a claim if the buyer walks away without cause, but contingencies in the contract also protect purchasers.
At closing, the money is put toward the closing costs and/or down payment.
An automated valuation tool is not an appraisal, but it can be a valuable tool to help you understand what your home is worth.
It predicts what the price of your house should be based on a mathematical algorithm, which usually includes a hedonic statistical model and a repeat sales index.
Due diligence deposits are different than fees you pay to professionals to ensure the integrity of the property.
It is similar to earnest money because it protects the seller from the buyer canceling the contract without cause.
Few areas have this deposit, so it is a good example why you must do your homework before you buy a house.