Once you become the title owner of a house, it means that you are responsible for anything that might be needed. You can also end up being held responsible for past debts involving the house that the previous owner accumulated. It is important for you to be wise before agreeing to purchase a house, which is why you should hire a realtor for assistance. In this article, you will learn how a realtor can help you avoid some of the downfalls that sometimes come with buying a house.
1. Verify That You Are Dealing with the Title Owner
The most important aspect of buying a home is making sure you are dealing with the right person. You must understand that it is not uncommon for some people to commit real estate fraud by falsely claiming that they own property to make money. A realtor will do thorough research on the title to find out who actually owns the house that you are interested in buying. If you purchase the home from a fraudulent seller, you will end up wasting money and not having any legal rights. You would have to sue the person that illegally sold you the house in order to get your money back.
2. Get the House Inspected & Appraised for the True Value
If you hire a realtor who has been certified as a broker, he or she can inspect and appraise the house before you make a purchase. However, a regular realtor will likely hire someone else to perform the task. By getting the house appraised, you will find out if the owner is selling it at a fair price or not. You will also know if there is any room for you to negotiate with the owner to get a lower price. The realtor can actually do all of the negotiating on your behalf to make sure you don't spend more money than you have to.
3. Settle Debts Before You Become the Owner
You must make sure there are no debts that you will be obligated to pay after purchasing the house. For example, sometimes owners will get loans and use their homes as collateral. When the money isn't paid back to the lender, it leads to a lien being placed on the house. If you purchase a house that has a lien on it, you will be responsible for paying it off. A realtor will make sure liens are paid off by the owner before you purchase the property.