These are some key factors to be aware of when buying real estate. Your professional agent will make sure these are taken care of, but as a diligent buyer you want to be sure you are considering all things when buying Beverly Hills real estate, even if you’re excited about the possibilities of owning your dream home.
Disclosures
Although you have toured the property, looked at the walls and ceiling, turned on the faucets and played with the light switches, you have not lived in it. The seller has years of knowledge about his or her home and there may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer.
Basically, you want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase dream homes in Beverly Hills. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area.
If you have an agent representing you, this is almost automatic, but many states do not require individuals selling their own home to provide you with this information. Often they do not require banks selling foreclosed property to provide these disclosures, either. Obtaining these types of disclosures about your dream home should always be a part of your offer, and time is of the essence.
Condition of the Property
The last thing you want when you assume possession of your new home is to find it in a total mess. Therefore, you should make it clear in your offer that certain minimum standards are required. If you do not, you might find out the seller or neighbors have begun using the back yard as a trash dump, or something worse – and you would not be able to do anything about it. Many homes for sale in Beverly Hills have been properly prepared for sale and are in their best condition, but there is always an exception to the rule. So be diligent.
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Home Inspections
Besides appraisal and the termite inspection, you should also have a professional go through the house and seek out potential problems. Of course, you will have inspected the home, but you are not used to looking at some things that a professional will find. Even if they are not things the seller is expected to repair, at least you will have foreknowledge of any potential problems.
The seller will want this inspection performed quickly, so that you can approve the results and move forward with the purchase. Once you receive the inspection, you will want to allow yourself sufficient time to review and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs. Otherwise, you can cancel the purchase without penalty, provided you have included timetables in your offer and act within them.
Final Walk-Through Inspection
Before closing, you will want to revisit the property to ensure it is in the condition you have required in your offer, and to inspect that any required repairs have been performed. You should do this no sooner than five days before you intend to close. If all goes well, you are well on your way to moving in to your new dream home in the beautiful Beverly Hills real estate market.
Buying a home is probably the most important investments you’ll ever make. Don’t leave it to chance. Contact a real estate expert now for a better understanding of the local market and dream homes for sale in Beverly Hills. Contact LeMark Realty for ALL your real estate needs. Call 877-773-7331 today!
Courtesy of Real Estate ABC
