Real estate is a big investment. In fact, for many people, purchasing a house is the biggest financial transaction they're ever going to make. Therefore, it pays to be cautious. That's where a mortgage contingency clause can come in handy.
Investing in residential property is popular for a number of reasons. It's often a great way for novice investors to get started when building a real estate portfolio and lease negotiations with renters aren't nearly as complicated as the kind that comes with commercial property.
What happens when the "house of your dreams" suddenly seems like a nightmare proposition, and you just want to back out of the deal you made to buy it?
When you are purchasing a property, it's important to know what you are getting. Even with a property inspection, it is possible to find that there are problems with the house after you purchase it.
If you own property in New York, you may have noticed that your property taxes continue to increase. Property taxes have actually grown at three times the rate of incomes in New York. A Sept. 7 report discusses how homeownership is something that many people aspire to, but it can be a black hole of fees and taxes.
If you buy a home and later find that it has significant issues, you may be in a position to file a claim against the previous owner. Not all situations can result in a claim, though, just because you're unhappy with a property.
The home-buying process is not always an easy one, and there is always a pinch of risk that comes with a purchase. For the most part, sellers are honest and disclose when there are serious issues with a home. However, there are times when sellers don't disclose issues that they know about. For instance, a seller may try to cover up the fact that the basement leaks or that there are other serious defects in the home.
House flipping is popular among investors, but there is a chance that any house flip could be a flop. If you don't do your research, you could end up making mistakes that lead to heavy financial losses.
How would you feel if you could look at an apartment and know it's really all it looks like it's supposed to be? How would you feel if that rating applied to a property you owned?
There are many things that can stop a real-estate transaction in its tracks, but nothing hurts a sale more than finding out a property has awful neighbors. There are various ways neighbors can hurt a sale, like by having unkempt lawns or being nosy or noisy.