Real Estate Tips
THIS WEEK'S TIP
SELLER WARRANTY HOUSE?
QUESTION: I am trying to sell my own house. I have
a good prospect, but he wants me to give him a written
warranty guaranteeing the condition of the major systems,
such as electrical, plumbing, heating, etc. What should I do?
ANSWER: Even though the doctrine of "let the buyer beware"
prevails in real estate, there are examples of sellers who have
unwittingly given buyers written warranties regarding the condition
of their properties. Some have had inevitable and costly legal
repercussions.
There are many firms across the nation willing to provide this service
at a fee. Don't try to do it yourself.
LAST WEEK'S TIP
WHERE TO GET THE MONEY
QUESTION: I am a first time buyer and have trouble
coming up with the down payment. Any suggestions?
ANSWER: Many first time buyers who lack sufficient funds for
the down payment take out a short term second mortgage to help
with the down payment.
Suppose you need an additional $6,000 to make the down
payment. You may be able to get the money in a second mortgage
arrangement, payable in two to four years. The interest charged for a
second mortgage may be higher, but probably no more than you would
pay for a loan on a car or furniture. A Realtor can suggest several other
options including seller-financing. |
Call Tim at 250-785-0932
