Monday, October 28, 2019 / by Ryan Carlson
Every home sale will include a title search. This is a process that helps to discover who legally owns the house, and thus, who has the right to sell it. While it may seem pretty straightforward, a title search can turn up hidden claims or liens that might make it difficult to purchase title insurance. This could prevent the sale of a house if the sale is contingent on qualifying for this insurance. Here are nine of the most common title problems you might encounter when doing a title search.
Errors in the public records
One of the most common title problems is clerical or filing errors in the public records. Unfortunately, these errors can affect the status of the title and be difficult and costly to repair.
Much like errors in the public records, forgeries can also present problems when completing a title search. Sometimes forged documents are submitted into the public record, which makes it more difficult to ascertain who legally owns a property.
Another common ...
Monday, October 7, 2019 / by Ryan Carlson
When you’re buying or selling a home, getting an appraisal will be part of the closing process. A professional appraiser will inspect the home to determine its fair market value. This will establish how much money a lender is willing to loan for the home. When the appraisal is lower than the offer that was made, the buyer will be responsible for coming up with the difference. Here are some of the most common reasons for a low appraisal and what you can do about it.
If you’re buying or selling in a competitive market, then there may be multiple offers on a home. This can drive up the sales price, especially if there is a bidding war. However, appraisals rely on data from recent sales, which may not reflect current sales prices in your market.
Another common reason for a low appraisal is a slow market, or buyer’s market. Sellers may overprice their homes because they don’t know that the value has recently decreased.
New apprai ...
Monday, March 11, 2019 / by Ryan Carlson
Did you know that more than 13 million homes in America rely on well water? If you’re house hunting in a rural area, you may have come across some homes that source their water from a private well. It’s important to understand as much as possible about well safety and maintenance before buying a new home with a private well. Here’s what you need to know in order to avoid big problems down the line.
Ask for the well log
You should gather as much history as you can about the well. Ask the seller or the company that drilled the well to supply you with the well log. This will let you know when it was drilled, who owned the property at the time, where the well is located, the depth of the well, the type of casing, and the size and depth of the pump.
Know the regulations
Unlike municipal water systems, private wells are not regulated by the EPA. The homeowner is solely responsible for the safety and upkeep of the well. Regulations for wells can vary ...
Friday, December 14, 2018 / by Ryan Carlson
Is buying a home your New Years resolution for 2019? Are you unsure where to start? While buying a home can be a complex process, there are steps you can take now so that you’re more prepared when the time comes. Here’s how to get yourself ready (and excited!) to find your dream home in 2019.
Check your credit report
If you’re planning to finance your new home, then you’re going to need to apply for a mortgage. Mortgage lenders rely on your credit report to establish the terms and interest rates for your loan. For this reason, it is imperative that you request a copy of your credit report well before you apply for a loan. You can find out your credit score and take steps to improve it over the coming months. You’ll also see if there are any errors on your report, which will give you time to have them removed.
Pay down your debt
Taking on a mortgage is a big financial responsibility. As much as possible, you should begin paying dow ...
Monday, December 3, 2018 / by Ryan Carlson
If homeownership is in your future, then you’re no doubt saving for a down payment. While the Internet is full of practical advice about how to save money for a home, how do you cultivate a mindset that makes your financial goals possible? Do you let your own thoughts deter you, thinking that you’ll never save enough? Changing this way of thinking is an integral part of realizing your dreams. Here are four ways to invite prosperity into your life when you’re saving for a home.
Keep track of your money
Online banking and automatic bill pay make it easy to lose track of where your money is coming from and going to. The first step in realizing your financial goals is to rack your income. Instead of seeing personal money management as a chore that must be endured, think of it as a reward for your hard work. Be intentional about how much you’re putting away for a down payment, and let yourself enjoy watching it grow. Instead of thinking that you still don& ...