Recently, we’ve been focusing a bit more on sellers’ interests and advice on our blog. However, today let’s discuss some questions buyers should ask in order to make the buying process more streamlined.
For homeowners, ask if your mortgage is portable, and/or assumable. A portable mortgage will allow you to take your mortgage with you to avoid discharge costs. So, you can continue with your current mortgage, not needing to restart the process again as long as the home you buy is not much more expensive than your current one. An assumable mortgage means that your current mortgage can be taken over by whoever buys your home next. This is also a great detail to have information on, because it can be desirable to buyers looking at your current home, and again, can save you a discharge cost. You can ask your real estate agent to put you in touch with a trusted mortgage expert to help you discern if your mortgage contract will allow you to do this.
Ask your real estate lawyer to clarify any stipulations in the contract that may have caught your eye. Or, better yet, ask them to go through the contract with you and lay out how the wording in the contract could affect legal proceedings. Last week, I covered some legal mistakes that can be common in real estate, and why it is so important to get in touch with a real estate lawyer, you can find that article here. Even if you would prefer to buy without the help of a realtor, legal phrasing in contracts can be nuanced and have hidden implications that are difficult to find for someone who isn’t educated in that particular field.
Ask for an updated property survey. When you present your offer of purchase, you should request an updated property survey in order to clearly mark property boundaries. This also ensures that all structures are on the survey in the contract, this can be a legally protective measure for you as the deal progresses.
Finally, ask your mortgage lender to walk you through what hidden costs the home you are buying could come with. Your lender can present projections showing you possible loan disbursement charges, underwriting fees, homeowners and mortgage insurance, property taxes, etc. Make sure to get these projections in writing so that you can have the information available when making financial plans for your upcoming home purchase.
We know that getting ready to purchase your next (or first!) home is a huge decision. All of us on the Dione Irwin Team are committed to make buying a home as stress-free as possible for you. For more information, you can contact us with any questions you may have about real estate. You can access the full report about common buyer mistakes, as well as many more, here, for FREE!