Home ownership is the majority’s dream come authentic. Don’t allow it become a nightmare.
1. Real Estate Fraud
“Someone forged my signature on a Grant Deed. The report says my assets now belongs to a person I don’t even recognise.”
Contact your nation’s actual estate commission.
2. Unlicensed Contractors
“I hired a man who stated he turned into licensed to make maintenance to my kitchen. He began the work but never completed. I observed out he isn’t licensed and that he recorded a mechanic’s lien against my house.”
Never hire an unlicensed contractor.
3. Foreclosure Consultants
“When I got at the back of on my residence bills, I commenced getting mail from human beings pronouncing they may shop my domestic. I signed a agreement with a man who promised to make up the returned bills and help me get a brand new mortgage. He didn’t do any of that. Instead, he sold my residence to someone else and now I’m being evicted.”
If you’re behind on payments, name your mortgage corporation and workout a fee plan.
4. High Interest Loans
“I idea I become getting a good deal on a refinance. Turns out, the interest rate is manner too excessive and they charged me all kinds of junk fees.”
Shop around for the excellent fees and expenses earlier than getting a brand new loan and ensure your read the fine print.
Five. Adjustable and Fixed-Rate Loans
“The loan consultant said I turned into getting a set-rate, 30-yr loan. Six months later, my hobby price jumped greater than three%.”
Review your loan documents before you sign. Interest costs should be disclosed via the lender.
6. Account and Billing Errors
“My loan employer did not credit my account for the mortgage payments I’ve made.”
Send a letter in your loan corporation soliciting for a fee records. Be certain to encompass your account quantity inside the letter.
7. Illegal Rooms
“I simply moved into the house I sold and the town tells me that some of the rooms have been delivered with out building permits.”
You can be required to make adjustments. Be sure to check for constructing allows before you purchase a domestic.
8. Repairs and Escrow
“Before I bought my residence, the seller promised to make maintenance. My agent stated it was OK to signal and close escrow, despite the fact that the repairs have been now not performed. It’s been three months and the vendor still hasn’t made any repairs.”
Make sure repairs are finished earlier than you close up escrow.
Nine. Property Taxes Not Paid
“My mortgage business enterprise changed into imagined to pay my assets taxes but didn’t. Now I owe beyond taxes and consequences.”
Call your loan agency for a proof. If they don’t cope with the problem, touch your kingdom actual estate commission.
10. Vacant Land Purchase
“I sold some vacant land inside the desolate tract to construct a house on. The seller said there was water, sewers, energy and get in touch with carrier. Turns out, none of these are available.”
Check with the local Building and Safety Department before you purchase vacant land.
Take it slow and do your homework. Property purchases are generally the largest investment you could make. Take time to study all the documentation and in case your don’t apprehend some thing, ask questions. If important, hire a real property attorney to protect your interests.