If you have been paying attention to the housing market recently you might be a little confused. Is it a buyers market, or is it a sellers market? For sure, the past couple of years have been a sellers market. We have seen houses flying off the books and prices steadily rising. So much so that some people have begun to speculate that we were once again approaching bubble territory.
South West Florida is one of most beautiful places one can own a home. Many people visit this area and immediately fall in love with it. With time they race out to purchase a piece of their dream home in South West Florida. They get excited with the brochures that show the various scenic view and beautiful home. Then they sit down with the broker to write a purchase contract. However, it is essential to understand what one is getting into to avoid costly consequences during the closing. Therefore, the following tips will enable you to understand what is expected of you when closing your South West Florida Home.
Foreclosure is a legal process in which debtors try to recover their loan balance from creditors after they have stopped making payments as stated in the agreement. Debtors make this recovery by forcing the sales of the assets that the creditor has used as collateral for the loan. This is usually done by auctioneers who are given the go-ahead to sell the creditors’ assets. The following tips will help you secure the best-foreclosed homes in Southwest Florida at a great deal.
The answer is yes. If you are reading this you may have been involved in construction at a specific time—either as a contractor or as a property owner. You may have come across the legal document known as the mechanical lien, but what does it mean? We discuss:
A mechanical lien is generally a legal claim against a property by a subcontractor or a supplier, in case your house has been improved or remodeled and they have not received the necessary compensation from the general contractor. For example, if a part of your house is remodeled and the supplier of the materials is not paid by the general contractor a mechanical lien can be placed on your house to recover the money.
Do I Need Title Insurance, Even If I Am Paying Cash?
Title insurance is an insurance policy that is required by the lender when taking a mortgage. The insurance policy is meant to benefit the lender in several ways. The lender requires the insurance policy to gain knowledge and understanding about the property in question. Information gathered include the ownership of the property and whether any charge has been placed before by any other lender. The information is meant to protect the lender in the event that there may be any issues with the property. Therefore, it is imperative to take a title insurance policy when taking a mortgage using a loan rather than cash. However, when paying for the mortgage using cash, you can decide to leave out the policy or take it since it is optional and the beneficiary is yourself rather than a third party.