These days, it seems that everyone’s got questions. About the world, the meaning of life, and of course, real estate. Some people have questions about rehabbing houses; others have questions about the purchasing process. And some others have questions that they’ve submitted to us for this edition of the Copper Hill Mailbag. In it, we’ll go through some of the questions we’ve received and provide answers as best as we can.
How Long Does It Take to Buy A Home?
If we don’t count the years you’ve spent on Zillow looking for your dream house, most closings on residential properties can be squared away in 30-45 days. Once an offer is made and accepted, and all signed contingencies are satisfied (inspection, property survey, etc.), the title search is run. If there’s no hiccups with the title, then it’s safe to assume you’ll be closing about five to six weeks after the acceptance of your offer.
What’s the best way to make sure I get my security deposit back?
This is a common question. While the returning of the security deposit is technically at the discretion of the landlord, we’ve got a few tips. First- take pictures of everything when you move in. Make note of major dings and dents and any existing damage. That way, if your landlord tries to pin it on you, you’ll have recourse. Second- upon moving in, take a paint chip off of the wall and have a can of paint made up of that exact color, so you can paint over any marks before your landlord can charge you to have someone else do it. Third, leave a forwarding address! The landlord can’t send you your money if they don’t know where you went!
What are purchasing contingencies and how are they used?
Contingencies are conditions included with an offer that must be met, otherwise the buyer may terminate the contract. One very common one is called a mortgage contingency. When a non-cash offer is made, it almost always includes a mortgage contingency. What this means is that the prospective buyer’s offer is contingent upon their obtaining a mortgage in the time specified in the contract. If they are unable to obtain a mortgage, the offer is void. Other types of contingencies include home inspection, radon, wood destroying insects, property boundaries, and flood surveying.
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