Ray Peckham Real Estate

Learn About Buying Surfside Real Estate

Surfside HOME BUYING PITFALLS TO AVOID

Buying your Surfside home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.

Make sure that when you put in an offer on any Surfside home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.

Surfside Real Estate Contract Options

The most common type of listing agreement used between sellers and the real estate broker is known as “The Exclusive Right to Sell” Agreement. In this agreement the agent agrees to include the home in the Multiple Listing Service (MLS). The details of a Surfside real estate listed in the MLS are available to all agents and brokers and with the advent of the Internet, MLS listings are shown on the World Wide Web.

Surfside Disclosure Rule

If you are contemplating the purchase of an existing home or any Surfside, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Surfside is no exception to this rule.

What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Surfside, just give me a call.

Surfside Homebuyers Quandry

Armed with the Comparative Marketing Analysis, it is time to approach your lender to see if you can get financing without selling your current Surfside. In most cases, financing will be contingent upon selling your home but you may be able to obtain interim financing sometimes known as a Bridge Loan.

Surfside Real Estate Title Insurance

Buying a new home is the single largest financial investment for most families but there are risks. What if the seller doesn’t really own the home? What if there are mortgages, judgements or liens against the property? What if the property taxes have not been paid for several years? Surfside real estate Title insurance protects you against these types of risks and against the risks of human error. It is your basic home ownership protection.

Surfside Title insurance protects you against future losses arising out of events that have happened in the past. Unlike other types of insurance, title insurance is paid when the policy is issued and is good for the life of the policy. The premium required is based on the amount of the sale or the mortgage.

Surfside Real Estate Title Insurance

Buyers in the Surfside market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasn’t cleared. Another typical Surfside problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanic’s lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.