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Refuse any home where the seller has liens other than a mortgage attached.
Learned that one the hard way.
That makes good sense, particularly if the seller is under water, but may be a little broad.
Smart repair guys may slap a lien on their work to make sure they get paid at closing.
Recording can get hung up on a $300 HVAC repair, until the seller signs off to have payment made from proceeds. I had that happen. $250. .1% of the sale price. Seller was at work and inaccessible, so we closed the next business day after scheduled.
PSNC once had a $1500 lien on a home for installation of a gas pack. We got it signed off and closed on time.
When I relocated here in the latter part of the 1990s (on a corporate relo), we had one weekend to find a home. We bought a house that was under construction. With our offer accepted by the builder, I stayed in Raleigh an extra couple of days (while the wife flew back home) to meet with the builder and make final selections on things that had not yet been set (e.g., carpet, appliances and light fixtures). We closed and moved in a little over a month later.
Research, plan, read, do all you can prior to going out. Know your needs, line up properties to view. We gave our realtor a list and he put a plan together, and we went house to house. We did all this from NJ, then came down looked at about 12 homes, and made a decision, offer.
Did all we could remotely, toured homes April 2,3, signed a contract on April 4th, closed on April 27th, moved 80% of our stuff (including my wife) down May 7th (2 years yesterday I went back to NJ, and got a job offer, gave 2 weeks notice, grabbed the rest of our stuff and left May 19th. Started my job May 23rd. Whew! It all paid off.
Also pre-approval helped us too, even though our own bank Wells Fargo put us through the grinder, even though we have excellent credit. Incompetence, that's all I'll say.
If you have not done so already, get your financial affairs in order and go as for as possible towards having a mortgage commitment in place. A "prequalification letter" is worth no more than the paper it is printed on.
With inventory the way it is right now you need to be able to pounce without hesitation. Eliminate any obstacles to that before you look at anything. A casual looker will get shut out in this market or end up with the wrong property.
That makes good sense, particularly if the seller is under water, but may be a little broad.
Smart repair guys may slap a lien on their work to make sure they get paid at closing.
Recording can get hung up on a $300 HVAC repair, until the seller signs off to have payment made from proceeds. I had that happen. $250. .1% of the sale price. Seller was at work and inaccessible, so we closed the next business day after scheduled.
PSNC once had a $1500 lien on a home for installation of a gas pack. We got it signed off and closed on time.
But, bigger stuff happens, for sure.
Like a couple of tax liens that were more than the 350k in equity the sellers had, for example.
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We went under contract before Thanksgiving and didn't close until the end of February. Our bank was ready before Christmas, however.
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I went back to NJ, and got a job offer, gave 2 weeks notice, grabbed the rest of our stuff and left May 19th. Started my job May 23rd. Whew! It all paid off.
