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Accurate Survey Why It Matters: A current and accurate survey highlights property boundaries, easements, and encroachmentsall of which can affect a propertys value. For example, a shared driveway easement or an encroachment by a neighboring structure can impact marketability and appraised value. Share this information proactively.
During this time, there are many things that a buyer needs to accomplish such as inspections, appraisals, securing their financing, and title searches. Let’s take a closer look at each one of these processes Inspections Why do real estate agents recommend getting home inspections during the due diligence period?
If you are planning on financing your purchase with a loan, you'll want to be pre-approved. Once you've determined your financing, you can calculate your budget. Conduct Environmental Tests You should view the environmental tests of your future land as important as an inspection of a future home.
Appraisals can affect the financing, the negotiation of the purchase price, and ultimately the closing of the sale or the loan. You should also disclose any special circumstances or contingencies that may affect the value of the property, such as repairs, renovations, easements, or encroachments.
Research Land Buying Financing Options. If you need to finance your land purchase with a loan, have a financing plan ready, before submitting an offer. This type of financing is more flexible than a traditional loan as the seller is typically more relaxed with the terms of the agreement. Zoning Requirements. Title Deed.
Factors that affect sales price were noted in the previous installment: the presence of easements; distance to utility connections; and environmental circumstances, for example. Missing from a land closing are repair escrows, hazard insurance escrows and home inspection reports, among other structure-related necessities.
Home appraisers are trained to inspect and measure your property and perform comparisons that result in an accurate valuation for the current housing market. Mortgage financing and refinancing. There are two main parts to a Home Appraisal: Inspection of the property. Any existing easements or zoning issues.
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