With inventory remaining high, there are, of course, deals everywhere. In many cases, purchasers are opting to purchase distressed homes, or homes being sold by very “motivated sellers.” Having your agent and attorney do their homework is very important for these transactions. In many cases, there are additional liens on the property, not just the unpaid mortgage(s).
For condos and some town homes, there could be due amounts of assessments which could be passed unto you. Third party liens could also be attached to the property as well, so researching if liens have been filed, and if they have been released are important, especially if work was performed on the property.
On some occasions, utilities to the property have been cut, complicating potentials inspections on the property. Most purchasers would assume the cost of reactivating utilities in order to perform the appropriate inspection.
There could also be city / town violations on the property, and fines could be attached to the property itself and be inherited through purchase.
Your broker and attorney should be able to help research liens and advise on your situation. If the purchase is a distressed sale, the sale could be an “as-is” sale, limiting your ability to renegotiate purchase price or terms of contract.
Sherwin is a REALTOR® in the Chicago & Suburban area with @properties. Questions can be forwarded to Sherwin Sucaldito
”Prevent Headaches With Your Home Purchase” by Sherwin Sucaldito is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License.
Based on a work at Realty Evolved
