Buyer Beware: Caveats of REAL ESTATE AUCTIONS

You hear about a great home being offered at a real estate auction for a fraction of what it should sale for.  This must be a great opportunity, right? Not necessarily.  You may remember seeing sitcoms where someone at an auction accidentally coughs, scratches his head, etc. and then ends up purchasing the auction item at a price they did not want.  Then the rest of the TV show we see them scrabbling to get out of the purchase.  Similarly, with real estate auctions, a Buyer can unknowingly sign-up for a purchase they are not prepared to make.  Thus, it is extremely important for Buyers to understand all the terms of that particular auction house before bidding as the process can be significantly different than a typical purchase from a homeowner.

How To Get Money For Your Mortgage If You Lose Your Job

There is something that has been around for years that is seeing more popularity in these times that can help you pay your mortgage if you were to loss your job or possibly even become disabled.   Job-loss mortgage insurance (or unemployment mortgage insurance) is an option that homebuyers can request when purchasing real estate and really sellers should offer.  There are different terms and costs associated with this insurance depending on the company offering it but in general the fee is small but can give Buyers added peace of mind in their real estate transactions.  Job-loss mortgage insurance is great especially when Buyers deplete their savings making the downpayment on a home purchase.

Has This Home Been Damaged? Website to Check

Now, more than ever, before buying a home, you may wonder, “Has this home been flooded or incurred some other form of damage?”.   Caveat emptor or “buyer beware” is paramount in this real estate market.  You can ask the Seller but what if they don’t know the full history or have “selective memory”, this is especially true if you are buying a home that has been foreclosed on from a bank.  There is another option - before you buy real estate, you should also check the Comprehensive Loss Underwriting Exchange (CLUE) report.