Never buy a home without these 3 things

When people buy homes without these three things it can lead to problems.  Sometimes people buy homes with cash and aren’t required by the bank to get this important items done.

Never buy a home with out getting:

1. Appraisal/comparables
2. Inspection
3. Title work

I believe that even if you love the house and have to have it you need to all three of these things done.

1. Appraisal or recent sold comparables – How do you know what the house is worth if you don’t have an appraisal done?  Are you overpaying for the home?  Have your real estate agent pull all the recent sold homes for the neighborhood and the area.  Banks require an appraisal to make sure the house is worth what the bank is loaning on it.  You should too.
2. Inspection – a home inspection is very important.  You don’t want to buy a money pit.  Even if you are a contractor you should have another “expert” opinion on the homes strengths and weaknesses.  My latest story is about a carpenter who bought a house with a wood basement.  You need somebody with experience to explain potential problems.  PS listen to your realtor we have been around and sometimes can spot potential problems yourself.  Like buying that wood basement will have major resale problems because of the lack of “true” long term results or long term issues that result from a wood basement.  Michigan basements are usually concrete or cement block.  They even leak.  What will a wood basement do after 30 years.
3. Title Work – never buy a home from a family member or friend without getting the title checked.  How do you know if there are liens against the property? How do you know whether the person has the right to sell the property?  How do you know if somebody else is on title and has rights to the property.  One of the title issues we had with Detroit properties when they were sold for cash was sometimes the seller didn’t have true legal right to sell the property.  Sometimes it was an estate and the person selling it did not have the “full legal right” to sell it.  A judge could over turn the sale or give another person rights in the property.  A title insurance companies job is to research who owns the property, who has liens against the property.

Oakland and Wayne County home buyer tips

Metro Detroit home buyer advice

Michigan Trivia

On a average day in Michigan

• 67 people marry (couples)
• 68 people die from heart disease
• 347 babies are born
• 95 existing marriages end in divorce

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