If this is your first time dabbling in real estate or you are currently in the process of purchase property in the Carnegie area, there are some reasons why your lender may require you to purchase title insurance. You cannot look at a house and know its complete history. Also, you should not assume that the seller is going to disclose all issues that may exist with the title.
Optimism is the word for real estate investors these days. As sales of existing homes continue to rise, and interest rates for home loans stay relatively low, some investors are poised to enjoy their best year in quite some time. But if there is one thing that can derail an investor’s success, it is tax liability.
There are a range of real estate transaction types in Pennsylvania. Whether you are buying or selling, it helps to become familiar with the different options. One that is becoming more popular is a short sale. As explained by bigger Pockets, a short sale is when the home is sold for less than the amount that is owed to the bank. If you are the seller, you may make an agreement with the bank to settle your account for the full sales price, meaning you would not have to pay the remaining balance on your mortgage. This does not always happen, though. You may be liable for the remaining balance depending on what the agreement you make with the bank says.
You have finally saved up enough money for a decent down payment, cleaned up your credit and gotten pre-approved to purchase a home in Pennsylvania. As excited as you may be feeling about the process, it is important for you to avoid rushing through it. Before you start house shopping or make an offer on a home, you need to be aware of some common issues that may come up.