Buying a house in a foreing country can be a tricky business. When you
want to buy abroad, you better seek good advice.
In many different
European country you find estate agents that speak more languages and
can be of good help to find the right property and to help you with the
contracts. It can also be very important to ask a builder for a report
of the building condition of the property you want to buy before you
sign any contract at all. the Inspection is designed to disclose
defects in the property that could materially affect its safety,
livability, or resale value. It is not designed to disclose cosmetic
deficiencies (for example, an interior wall that needs paint touch
up). You will need to determine on your own those type of items that
will need attention: do not expect a whole house inspection to reveal
them to you. If you start trying to find an inspector at that point,
and cannot find an acceptable one to schedule it in that time frame,
you will only have two choices: go with an inspector that is not your
first choice, or run the risk of running past the deadline for the
inspection (which could void any chance having the seller take care of
repairs). Neither is an acceptable alternative!
Do not wait until you have placed an offer on a house before you begin
the search for a home inspector.
Do not hesitate to ask anything you need to know before signing and
only transfer money to the special account of a notary office. The
rules for buying and selling properties are in any country of Europe
very differing. One of the most important things you can do is to make
a checklist as you search for, find and buy a home. By keeping on top
of your game-plan at all times you will greatly increase your chances
of success. Begin the application process by getting qualified and
approved from a Mortgage Lender. Do this first. Your Agent will
need your mortgage qualification. Get your financial picture in focus
as soon as possible. Since it is an important component, be aware of
your credit situation. Having your credit report in hand makes it much
easier to decide which way to proceed. Homebuyers can also choose
between existing and new housing. Existing housing usually requires
some redecorating or repairs. If you buy a new home, you can choose
the style of architecture and interior decor.
Compare and secure homeowners insurance. Since homeowners insurance is
a long term expense, getting the best deal here brings savings that
continue. Arrange for closing agent or attorney. Do your homework
before bidding.Your opening bid should be based on the sales trend of
similar homes in the neighborhood. So before making it, consider sales
of similar homes in the last three months. Once your offer on the
purchase has been accepted you need to finalise your mortgage
arrangements.
CAUTION: Borrowing from a friend or relative does not mean you can
escape the serious consequences of defaulting on the loan or falling
behind on payments. You could you lose what you put up for collateral.
You could be haunted by a collection agency. You could be taken to
small claims court. You could be sued. You could have your wages
tapped. Family and friends can be tough when it comes to their money.
Both of you should date and sign the document. Make two copies for
yourself. Put one in your safe deposit box and the other in your
financial file at home.
Then, note in your calendar when payments are due. Mail your checks
well in advance so they arrive on time. Treat your Uncle or your
lending friend with the same business respect you would treat your
bank.
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