- Cape Cod Real Estate FAQs
Cape Cod Real Estate FAQs
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Is Buying a Bank Owned Home worth the effort?
Depending on the house, the Bank that owns it and your situation.
Generally a Bank Owned House can be a great deal, but you may have to wait for a Bank to Approve your offer, a word of Caution here - as you may miss out on other property Deals while waiting to get an answer from the Bank! So if there is a quick time for the approval process - then you may very well pick up a great deal. As always get a home inspection as Banks add non negotiable addendums to their Sales Contracts - so make sure you know all the faults of the property prior to signing the contract!
What is a Home Warranty?
A home warranty is a guarantee for certain features of a newly purchased home - for instance, the materials and workmanship, the main components of the house etc... Many New Buyers purchase a Warranty from a Warranty Company when they buy a new house. Usually costs between $400-$500 depending on the house and the Warranty Company.
What is a Lien?
A lien is a claim against a property. The claim is generally an unpaid bill either taxes or a mechanics lien which is placed by a contractor etc... If a Lien is placed on the property it will be recorded at the Deeds Office - when the property sells - this Lien must be paid or dismissed - either way an agreement needs to be made between the Property owner and the person placing the Lien on the Property. Liens can be paid by the seller at the closing table.
What is a seller disclosure form?
A Seller Disclosure form is filled out by the Seller to disclose any known defects of the home.
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