What is a HECM Loan?

A HECM loan—or Home Equity Conversion Mortgage—is a reverse mortgage that leverages the home’s equity as supplemental income, which can then be used at the borrower’s discretion to take care of living expenses, medical bills, and more. A HECM loan is unique from other types of reverse mortgages because it is the only one insured by the Federal Housing Administration (FHA) —meaning it offers the most protection to borrowers. Additionally, this type of loan is nonrecourse; therefore, you’ll never owe more than what your home is worth even if your home’s equity drops after receiving the loan.

HECM loan amounts are based upon:

• Age of the youngest borrower or eligible non-borrowing spouse
• Current interest rates
• The home’s appraised value
• The HECM FHA mortgage limit, which is currently set at $1,089,300

Eligibility

Offering the most protection to borrowers and the most spending autonomy, it’s no wonder that the HECM loan is one of the most popular choices for borrowers. Furthermore, HECM loans are not dependent upon credit score, offering financial requirements that are much more slack than other loans. That being said, there are a few requirements that must be met to receive the benefits of this loan.

To be eligible for a HECM loan, the borrower must:

• Be 62 years old or older
• Use the appraised property as their primary residence
• Have their property approved by the U.S. Department of Housing and Urban Development as a 2–4-unit single-family home, manufactured home, or condominium.
• Fully own the property or have a small mortgage balance
• Keep up with all federal debt payments
• Be able to pay all upfront and ongoing costs, including the required HECM counseling

For retirees 62 years or older, HECM loans provide many financial benefits.

How to Apply

The application process for a HECM loan begins by going through an FHA-sponsored bank. To find a bank that meets FHA standards, the U.S. Department of Housing and Urban Development provides an easy-to-use lender list. Follow these simple steps to locate an approved lender near you:

1. Go to the HUD Lender List Search
2. Select your state, county, and zip code (you can also choose the radius it will search within)
3. Scroll down
4. Uncheck “Title 1 Property Improvement”
5. Check “HECM”
6. Click “Search

Millennial Title is Your Partner for HECM Loan Closings

Highly protected, accessible, and flexible, a HECM loan is an excellent source for supplemental income. At Perpetual Title, our experienced staff works closely with FHA-approved lenders to ensure your loan closing is completed as smoothly as possible. Contact Perpetual Title today to take your first steps towards acquiring a HECM loan.

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We should first note that these are backed by various points of data. Each location on this list is chosen due to the following variables:  

Housing affordability: How do home prices compare to similar cities. Are they higher or lower? 

Housing inventory: Is there a significantly higher inventory of houses compared to comparable markets? 

Job market performance: Is the job market growing to attract buyers? 

Renter’s financial capability: Are renters able to buy a median-priced home? Is that percentage of renters higher than 15.1%, the national average? 

Migration gains and population growth: Which locations have the most movement and growth? 

5 of the Hottest Real Estate Markets of 2023 

1. Dallas, Texas 

Median Home Price: $342,900 

Dallas is a jewel for many aspiring homeowners for a number of reasons. With one of the strongest local economies nationwide, no state income tax, and it being fairly within the national average for cost of living, residents are stretching their paychecks further. On top of this, Dallas has thriving food and art scenes to explore via a wide network of public transportation, bike trails, and walkable neighborhoods, making it possible to live in the city without a car.  

2. Jacksonville, Florida 

Median Home Price: $282,260 

With gorgeous waterfront views and warm weather, Jacksonville is 874 square miles of land just waiting to be called home. Home to major national brands such as Fidelity Investments, Johnson & Johnson, and the Mayo Clinic as well as having a growing tech sector, a large military base, and the Jacksonville Port Authority, Jacksonville is teeming with a well-paying job market. This city is also a great choice for growing families with plenty of museums, art walks, and markets to visit along with the Jacksonville Jazz Festival, the Jacksonville Zoo, and the Arboretum and Botanical Gardens. 

3. Knoxville, Tennessee 

Median Home Price: $280,000 

Located in the foothills of the Appalachian Mountains is Knoxville, Tennessee. With a 10.4% lower cost of living than the national average, it’s considered an extremely affordable place to call home. Additionally, the University of Tennessee is located in Knoxville, giving the mid-sized city a college town feel. Not far from the Great Smokey Mountain National Park and just off the beautiful Tennessee River, Knoxville is a gem for those who enjoy outdoor recreational activities.  

4. Chattanooga, Tennessee 

Median Home Price: $300,000 

Nicknamed the Scenic City, Chattanooga offers picturesque views with plenty of hiking and biking trails to take in nature. With a growing economy and the cost of living being 13.5% lower compared to that of the national average, Chattanooga was rated the 3^rd best place to live in Tennessee by U.S News. Intersecting a rich history and a focus on all things local, this city has a little something for everyone: be it museums, shopping boutiques, or a vibrant nightlife. 

5. Miami, Florida 

Median Home Price: $510,000 

Famous for its sunny weather, sandy beaches, and exciting leisure activities, Miami is a hub of art, music, and culture. Home to the headquarters of American Airlines, Precision Response Corporation, Royal Caribbean, Office Depot, and more, Miami has a healthy job market. After work, residents can enjoy time on the beach or water, Everglades National Park, the Wynwood and Design District, or one of Miami’s many sports teams.  

Wherever You Are, Perpetual Title is Here to Help 

With direct licensing in 23 states and able to help with closings in all 50, Perpetual Title is your closing solution wherever you are in the United States. Need help in Florida? Reach out to our office in Tampa. From sea to shining sea, Perpetual Title is here for you. So, whether you’re looking at real estate in one of the hottest markets of 2023 or somewhere else entirely, let an experienced member of Perpetual Title help you at your next closing.  

The post 2023’s Projected Hottest Real Estate Markets first appeared on Perpetual Title.

Real Estate Technology Trends to Watch

Videos

One of the more popular of real estate technology trends appears to be video property tours. From YouTube and Facebook to Instagram and TikTok, realtors are finding a majority of clients by displaying home interiors in digital walkthroughs. In this manner, remote buyers can view all features of the property before committing and moving out, thus providing a more comfortable and secure experience. In addition to live viewing, potential buyers can also find real estate videos featuring timelapse on construction, wherein they can see previous renovations and length of the remodel online. With this feature, buyers can better appreciate the property’s value before they buy, ensuring the quality of their home is worth investing in. Immersive, engaging and fun, videos will enhance the real estate industry by visually enticing buyers to homes wherever you list.

Video tours allow buyers to tour remotely which is convenient for those who cannot visit in person.

Virtual Reality (VR)

People often associate virtual reality with video games; however, as real estate technology trends adapt, so too has the real estate industry grown to include virtual reality tours of homes for buyers. Yet, this isn’t limited to just inside the home. Thanks to VR imaging and sophisticated videography, potential buyers can now explore outside the home for a full inspection of the acreage. Google 360 services already offer such views to major businesses, and now realtors can invite homeowners to view properties from anywhere at any time with augmented virtual reality from their websites. If that wasn’t amazing enough, real estate websites also feature virtual staging options! Before real estate agents would stock a home with rented furniture to display the home; today, virtual reality technology can simulate custom furniture, wall colors, and flooring renovations to buyers according to their preferences. Rather than having to imagine their home design, buyers can visually lay out remodeling ideas on screen. Current real estate technology trends predict 50% of home sales in 2023 will occur via VR tours and staging, so its important agencies start implementing such features now.

Drones

Real estate technology trends of 2023 are using drones to feature home properties and surrounding highlights to buyers. Using the drone’s built-in camera lenses, real estate agencies can take 360° photos and videos to show properties from above, highlighting the full beauty of the home as well as the surrounding landscape. Since drones aren’t indoor friendly, most exterior images highlight the property exterior and amenities within the area to buyers, giving them an idea of what schools, shops, businesses, and natural landscapes to look forward to upon moving. After years of utility on the market, drones have become a much cheaper and more convenient tool to display real estate properties to buyers, saving realtors time and money from using a photographer.

Drone photography captures the entire property for the potential buyer to see.

Social Media

Realtors can count on social media to be a constant, reliable type of real estate technology trend to reach homebuyers. Facebook, Twitter, Pinterest, and even LinkedIn ads are a popular means to advertise real estate properties to homeowners and businesses. Each channel not only raises awareness across various buyers, but helps to list home prices, layout features, amenities, and other characteristics. Some platforms even allow buyers to bid on properties like a market auction, guaranteeing closings in no time.

Blockchain and NFTs

Of the lesser-known real estate technology trends for 2023, few know the growing reliance on blockchain and NFT technology to secure real estate transactions. Mostly used in cryptocurrency, blockchain serves as a digital ledger to track transactions and activity across a network, stored in coded “blocks” that connect and store information. As real estate companies move into 2023, many lean on blockchain technology to store vast amounts of data on properties from titles, payments, client information, and much more. Due to its complex design, real estate blockchain transactions are quite secure, nearly eliminating title insurance or transaction fraud risks while also limiting disputes from its contractual transparency. Fast, efficient, and secure, blockchain presents an easier means to close transactions between parties; in that same vein, though, real estate technology moves towards blockchain’s NFT utility, too. While blockchain eases the transaction process between parties, NFTs—non-fungible tokens—create a means for clients to track, manage, and exchange their title property deeds through unique digital tokens too complicated to clone. Blockchain NFTs allow realtors to complete real estate remote closings entirely online.

Data Analytics

Data analytics continue into 2023’s top real estate technology trends for helping to keep real estate agencies and properties relevant within the fluctuating housing marketing. A strong source for buyer activity and property data, data analytics help realtors to identify sale opportunities, create personalized marketing campaigns for their audience, and determine price ranges within their covered area. Moving into 2023, real estate technology hopes to include AI predictive software into data analytics, which will allow agencies to market and adapt their business strategies according to market trends and buyer behaviors online.

Analytics provide insight into data that can be used to forecast future opportunities.

eSignatures

Most agencies have moved to the real estate technology trend of eSignatures, going into exclusively digital contracts. Incorporated with other digital contract trends, eSignatures automate legal closings with simple digital markers for clients. In turn, real estate companies will save a great deal by cutting down on paper documents, and thus streamlining the sale transaction and official title exchange within seconds.

ID Authentication

One of the newer real estate technology trends coming of 2023 are identification tools. Individuals who have a smart phone or computer may have unlocked their devices via fingerprint or facial recognition scanning; well, the same technology seems to be growing in popularity with realtors and buyers. For customers remotely closing on a property on their phone, computer or tablet, identity authentication technology goes a step further to ensure security from title record and payment fraud between parties. In short, scanning technology enables buyers to access important digital data from realtors without the frustration of security codes and questions impeding the process.

Revolutionize Your Real Estate Experience with Millennial Title

Perpetual Title offers a variety of new, innovative tools that will carry real estate technology trends into 2023 and beyond. From blockchain smart contracts to crypto closings, rely on Perpetual Title’s team of real estate professionals to securely close the property.

The post A Look Into the Future: 8 Real Estate Technology Trends to Watch in 2023 first appeared on Perpetual Title.

What is Inflation?

Inflation is the rise in prices, meaning a consumer cannot purchase the same product(s) for the same price. The rate of inflation is often measured by the consumer price index. This calculates the average change over time in the prices consumers pay for products and services. Inflation has greatly impacted numerous industries, but the real estate market has been permanently altered due to this economic stress. The real estate industry has experienced rising prices throughout the years, with every decade being more expensive than the previous. Due to inflation and other economic factors, home prices have grown a dramatic 326.1 % since the 1950s.

Real Estate vs. Inflation

Inflation is a time-sensitive situation and long-term investments are exceptionally important during these times. Commercial real estate is among the few investments that remain protected from the uneasy market and starts on the path of recovery much sooner. These quicker recovery times are a significant factor why investors make a beeline for commercial real estate assets.

A way to fight inflation is through an inflation hedge. This investment protects the decreased purchasing power of a currency that follows from the loss of its value due to rising costs. This process involves investing in an asset that is predicted to maintain or increase its value over a designated period. On the other hand, the hedge could involve taking a higher position in assets, this may decrease in value less rapidly than the currency’s value.

Hedging can help protect the investment’s value. Certain investments might seem to provide a decent return, but with inflation, they can be sold at a loss. Assets that are considered to be part of an inflation hedge can be self-fulfilling; which keeps their values high even though the intrinsic value may be lower.

Real Estate Investment Options

Fractional Ownership

This option allows diversification of the portfolio, and the individual can choose without limitation the assets they would like to invest in.

Unimproved Property

Unimproved property is land with nothing on it including buildings, paths, and crops. Investing in unimproved property is a unique opportunity for investors to diversify their portfolios and tends to be cheaper than purchasing developed land or other types of property.

Commercial Real Estate (CRE)

This option allows the individual to own or co-own commercial property. This is a great option if you have knowledge of the market you are investing in and can handle the formalities involved in the ownership process. Individuals can also choose to purchase wholesale commercial properties. This is a great way to enter begin investing in commercial real estate with little capital or experience, to get started check out these tips.

Real Estate Investment Trusts (REITs)

REITs are companies that work with the purchase, management, or financing of real estate. They allow diversification and remove the unnecessary stress of excessive formalities present when purchasing real estate. Similar to a mutual fund, an individual can choose the REITs, but not the assets it is invested in.

Investors can use a REIT to generate income without having direct ownership responsibilities. | Photo: Reits Market

How Can Commercial Real Estate Protect Investors?

Commercial real estate as an inflation hedge has proven time and time again to be a successful strategy. It’s an asset class that generates predictable returns among other benefits, here are three:

Increasing Rental Income

Property rental prices can be attributed to rising inflation. This can cause an increase in net operating income, which will appreciate the property’s value further. If the property’s value is more than the inflation rate, the investment will not be hampered if they are holding commercial real estate.

The Lease Factor

Lease agreements for commercial real estate are structured in a way that increases the rent at regular intervals throughout the leasing period. Based on the property and demand of the market, the clause for different assets will be different. If these regular increases outpace the rate, the relative return will stay positive.

Property Scarcity

Space will always keep decreasing. Houses, apartments, and other buildings are created to increase the market’s supply. However, this increase in supply causes scarcity of space. In dense real estate markets, high demand and limited supply contribute to the appreciation of prices for real estate, which is positive for investors.

Ready to Fight Inflation? Invest in Property Today!

Using commercial real estate as an inflation hedge is a great strategy to preserve your finances and prevent current and future losses. There are a few money-making options you can pursue, but it is always best to examine all your options and choose the best fit for you, including choosing the right partners. Perpetual Title provides commercial real estate title services across the United States. With in-house attorneys and a team of knowledgeable real estate professionals, we have the experience and expertise to manage your next commercial real estate transaction. To learn more about our commercial title insurance and escrow services or to schedule your closing, contact us today.

The post Using Commercial Real Estate as an Inflation Hedge first appeared on Perpetual Title.

What is a 1031 Exchange?

Section 1031 of the Internal Revenue Code allows investors to avoid paying capital gains taxes when they sell and reinvest the earnings of the sale into a property or multiple properties of like kind and equal or greater value. By reinvesting, investors will defer the capital gains tax from the sale.

For example, an investor purchases a property in 2015 for $200,000, then by 2020, the property appreciated to $500,000 and the investor decides to sell. The sale will have a capital gain tax of $300,000 and the tax will need to be paid on that gain. However, if the investor decides instead to utilize a 1031 exchange, they can invest the $300,000 they earned into another property and defer the capital gains tax on that sale.

Benefits of 1031 Exchange: Why Should Investors Use it?

While a 1031 exchange may look like a tax loophole, it is a perfectly legal process that allows investors the opportunity to reinvest, build their portfolios, and more. Here are 5 benefits of 1031 exchange transactions:

Reset Depreciation

When declaring taxes from rental income, investors can claim depreciation as an expense toward their deductions. Typically, when selling your rental property, you would have to calculate its depreciation and pay the taxes associated. With a 1031 exchange, the depreciation is carried over into the replacement property and is deferred until the new property is sold.

Increase Cash Flow and Free up Capital

Between tax savings and building wealth through capital appreciation, owning property that produces positive cash flow will grow your assets quickly. You can leverage your assets to get a more expensive replacement property by using your proceeds of the exchange toward a down payment or even consider exchanging for a commercial or rental property to earn a monthly income.

Utilizing a 1031 exchange allows investors to avoid capital gains tax by reinvesting the money earned from the sale.

Diversify Portfolio

By purchasing properties through a 1031 exchange, you can diversify your portfolio by branching out into different markets or types of properties. Owning a single asset or several of the same type exposes you to more risk in the event that the market crashes.

Consolidate Properties

On the other hand, for some investors, owning multiple properties can be costly and time-consuming, especially if the ROI isn’t high enough. Investors can utilize the 1031 exchange to swap these properties for something that is less maintenance and easier to manage.

Transfer Assets and Profits to Beneficiaries Tax-Free

In the event of death, the property and profits associated will be transferred to the designated beneficiaries tax-free.

Perpetual Title Protects Your Investment

As your partner, Perpetual Title recognizes the importance of profitable investment strategies. At Perpetual Title, we understand every aspect of real estate investing as well as its potential risks and rewards. From completing your title work and issuing policies, the team at Perpetual Title is here to ensure your investments remain protected now and in the future. To learn more about title and escrow services, contact us today.

The post Investing in Real Estate? 5 Benefits of 1031 Exchange first appeared on Perpetual Title.

Before the Inspection

As the homebuyer, you have the opportunity to pick the home inspector that will be evaluating your property. You may receive recommendations from your realtor or sellers, but it is important to do your own research before hiring. So before hiring just anyone, be sure to ask the following questions:

What will be checked and what will not?

From the roof to the basement, home inspectors will check many aspects of the home with some restrictions. A home inspector will likely be limited to a visual inspection which means they cannot cut into floorboards or walls to investigate further. If there is a problem, they will highlight it in the report so that you can contact an expert in that area, such as a roofer, electrician, or plumber to investigate further.

How much do you charge for an inspection?

On average an inspection costs between $300 to $600 depending on the market, size of the house, and the inspection company. We recommend reaching out to a few qualified inspectors for quotes. Be wary of the extremely low-cost inspectors as they may be not as qualified or are having trouble getting customers, which can be a red flag. Spending good money on an inspector will provide much more value to you in the long run.

What is your background?

When getting quotes, be sure ask the inspector how long they have been in business, their background and experience, especially if you are considering an older home or something with unique features.

Will I be able to come along?

Most home inspectors will allow the prospective buyer to come along to ask questions and learn more about the home’s features. If they immediately say no, this is a major red flag and you should consider someone else.

Do you have a sample report that I can view?

Before hiring the inspector, it may be helpful to view a sample report of their work. This report will also give you the chance to see how they communicate and the features that will be addressed in your home inspection.

Questions to Ask a Home Inspector During the Inspection

Most home inspectors will allow you to accompany them throughout the inspection, which allows you to ask them anything that comes up right then and there.

Is this a major or minor issue?

Inspectors will point out any items that should be addressed in their report. However, this does not mean that every issue will cost hundreds of dollars. From sticky windows to cracks in the foundation, the varying levels of severity will determine the cost and timing of the repairs. To get the most value out of your inspection, be sure to ask for details on any problems as well as recommendations for how to repair.

What is that and does it need repaired?

While the home inspector will perform an extensive examination of the property, if you see something, say something. From the home’s age to any potential issues, speaking up as the buyer will allow the home inspector to be more transparent throughout the process.

Are there any fire, safety, health, and water hazards?

Cosmetic repairs can be fixed but gas leaks, electrical wiring issues, and mold will lead to potential health and safety concerns. If any of these issues come up during the inspection or on the final report, be sure to have these fixed prior to purchasing.

After an Inspection

Following the inspection, you will receive a lengthy report detailing the findings for every aspect of the house. From the roof to the plumbing, it may be difficult to decipher, so here are some questions to ask a home inspector afterward:

Can you clarify this?

If you see anything on the report that you do not understand, ask the inspector directly for more information. While they may have told you during the inspection, the report should include more details and even photos of the issue.

Are there any serious problems?

While most problems in the home are normal wear and tear, there may be more serious issues to be addressed. Ask your home inspector if there are any problems serious enough to keep you from purchasing the home. The inspector will not tell you directly if the seller should address this before selling, but they will tell you if it is serious enough to be repaired immediately.

Can you recommend an expert for a follow-up inspection?

In the event that there are major concerns, be prepared to contact other industry professionals. From electricians and HVAC repair people to roofers and engineers, the home inspector will recommend an expert to come in and look at the issue if needed. In addition to requesting additional inspections, your realtor can take this information to the sellers to ask for concessions for the repairs.

Purchasing a home is a monumental and expensive undertaking. By choosing a professional and qualified home inspector, it can save you time, money, and effort to do it right the first time. We hope that these questions to ask a home inspector will come in handy and alleviate any headaches during the home buying process. To learn more about the home buying process or for recommendations on home inspectors, please contact the team at Perpetual Title today. We are here to help!

The post Key Questions to Ask a Home Inspector Before Buying a House first appeared on Perpetual Title.

So What is Earnest Money?

When putting an offer on a home, providing earnest money in conjunction with your offer shows the seller that you’re serious about the purchase. After receiving an earnest money deposit, the seller will take the home off of the market so that the appraisal, inspection and other steps in the closing process can take place. The deposit is paid into an escrow account and is held by a title company or by the real estate agent’s company until closing day. At closing, the earnest money will be credited to the buyer’s closing costs.

How Much is Required for an Earnest Money Deposit?

Earnest money deposits are typically a percentage of the purchase price of the home or a fixed amount. The amount required for an earnest money deposit is dependent on the market, location, and current competition.

A fixed amount will be a standard price that you pay regardless of what the price of the home is. This fixed amount will be what you submitted once the Seller accepts your purchase agreement. Whereas with percentage deposits, you will submit earnest money as a certain percentage of the home price. For example, if the common practice in your area is to submit a 5% earnest money deposit on a $400,000 home, your deposit would be $20,000. When the market is competitive, buyers may provide above-market earnest money to get the edge on the competition.

In a competitive housing market, earnest money could make you stand out.

Is Earnest Money Refundable?

Depending on the situation. Earnest money is considered liquidated damages to compensate the Seller for the time the property is off the market if the Buyer breaches the contract.

Following inspections, appraisals, and other deadlines in the closing process, the earnest money credited to the buyer’s closing costs and down payment. While this would be the desired scenario, there are times where a purchase may fall through. In order to keep your earnest money you must:

Understand your contingencies

A contingency is written into your purchase agreement and used to safeguard your deposit. There are four types of contingencies:

• Home Inspection Contingency: Allows for the buyer to receive their deposit back if major issues are revealed during the inspection.
• Appraisal Contingency: Buyers can ask for their deposit back if the home does not appraise for the purchase price as lenders will not give more money to the buyer than the home is worth.
• Financing Contingency: Buyers can receive their deposit back if financing falls through.
• Existing Home Sale Contingency: When selling your current home, buyers can include this in the purchase agreement to have the purchase dependent on when the current home is sold.

Be proactive with timelines

When it comes to real estate contracts, timelines are essential to ensure that the sale is completed in a timely manner. In most contracts, the seller will include a clause that includes a binding closing date. This means that the buyer must complete all necessary inspections, financing, and appraisals before the date. As long as you meet the deadline, your earnest money will be applied at closing.

Deposit money with a title company

When depositing a large sum of money, it is important that you take extra precautions to protect yourself. This means that you should never give money directly to the seller. In order to protect yourself, deposit your earnest money deposit into an escrow account that can be accessed at the time of closing.

While buying a home is a monumental and costly expense, it is a valuable asset that will be cherished for years to come. When serious about the purchase, earnest money is a great way to differentiate yourself in a competitive housing market.

The post What is Earnest Money, Exactly? first appeared on Perpetual Title.

Be Prepared Financially Before Making an Offer

Many buyers will take a cash offer, even if it is lower than a similar offer from someone with uncertain finances. If you can do a cash offer, this may be the best way to encourage a seller to pick you, but if you can’t, a strong pre-approval letter is the next best option.

Another option to strengthen the deal is to offer above asking. Many would-be cash buyers will offer at or below asking. By offering above asking, your offer will also stand out above the rest.

Be prepared by having your mortgage company get as much of the underwriting done as possible, and make sure you have all the necessary paperwork together yourself. This will include things like your previous tax returns, pay stubs back at least two years, and any alimony or child support you may owe. By having yourself together financially, you’ll be able to react quickly when putting in an offer on a home.

Send a Personal Letter to the Seller

A personal letter explaining why you love the home and hope to buy it can also help sway a buyer in your favor. It doesn’t have to be long, in fact short and from the heart is the best way to go about it. If the seller is considering similar offers, a warm letter letting them know how much joy their house would bring to you might help them choose you over others.

A letter to the home seller can potentially set you apart from others.

Choose a Local Lender

While a national lender may be your first thought when looking for a mortgage company, they don’t have a vested interest in keeping it local. Local companies are more likely to know others in the area you will need for your team, and will be more interested in your application compared to a company with thousands of applications floating in.

Don’t Skip on Inspections

It’s very tempting to waive your right to an inspection of the home in order to make things go more smoothly. This is a very dangerous idea, however, as you have a lot to lose should there be something wrong with the house.

An inspector’s job is to check for problems that could make owning your new home disastrous. If construction was done without permits, or if the house has a cracked foundation, buying the home could set you up for a serious loss.

Likewise, you should always check the title before committing to homeownership. Most mortgages demand it, and even if you are doing a cash offer, it’s common sense. If you purchase the house and it turns out the people selling don’t actually have the title, you’ll be the one with the financial loss.

You also have the right as the buyer to choose the title company unless there is a specific clause in the paperwork stating otherwise. You’ll want to select one with professional experience and plenty of years in the industry so that you know their work will be something you can trust.

For title insurance advice or assistance, reach out to the experts at Perpetual Title today. You’ll quickly discover why we’ve been named the fastest-growing local title insurance company in the industry.

The post How to Compete in a Tight Housing Market first appeared on Perpetual Title.