Missouri residents may not have forgotten the sting of the Great Recession which makes it understandable that they keep a close eye on the current and future economic outlook, especially when it comes to buying and selling homes. Mortgage News Daily recently announced that the government hiked the interest rate to its highest level in a month. Some people might be concerned that this could negatively impact their ability to sell or buy a home.
There are many HOA horror stories in Missouri and elsewhere, and you have likely heard at least a few. They typically cover fights over landscaping, paint color, fencing, lighting and a myriad other issues. If you are home-shopping in an HOA community, you should know about the by-laws and codes that govern such things so you can decide whether you want to live within those confines. But what you really need to look at is the HOA’s financial picture.
While buying a new home in St. Louis is always an exciting proposition, it is also an expensive one. There is the matter of coming up with the down payment on the home, and then also having to put up earnest money to put the home you want under contract (your earnest money is typically applied towards your deposit when the deal closes). According to Realtor.com, in some cases, a seller can require that you offer as much as 10 percent of the purchase price in earnest money. That money is your financial commitment to doing what's needed to buy the home and offers reassurance to justify the buyer taking it off the market. So when do you get it back?
You may be dreading the disclosure required of all property owners in Missouri, wondering if you have to make an all-inclusive list of every chip in the paint, scratch in the molding or crack in the sidewalk. While it is illegal in many states to try and cover up issues such as major structural problems, real estate disclosure is not meant to be a laundry list of minor issues either.
Like every prospective home buyer in St. Louis, you dream of finding that perfect home that is listed for an absolute song. Believe it or not, such listings are actually not all that difficult to find. Yet if you see a listing that seems to be too good to be true, think for one moment before calling your agent and immediately making an offer. The listing that you are looking at could likely be a short sale. After all, Realtor.com reports that 5.1 percent of all single-family home and condo transactions in 2016 were short sales.
Purchasing a home in St. Louis is one of the biggest financial moves that many people will ever undertake in their lives. Therefore, it is important to know as much as possible about a property before committing to its purchase. No one wants to fall in love with what they think is their dream home only to later find out that a bunch of costly problems exist.
You are likley floating somewhere above Cloud 9 after having found your dream home in St. Louis. Yet suddenly, you have come crashing back down to earth after discovering that the seller put an artbitration clause in the closing contract. Countless clients have come to us here at TDD Attorneys at Law LLC wondering what such clauses mean and whether or not they should sign them. While reading the term "dispute resolution" might give you pause, remember that an arbitration clause is not necessarily an indicator that problems will arise with your home; it simply provides a method of resolving them if they do come up.
Purchasing real estate can provide a home for your family, an area for recreation, a storefront for your business or an investment for the future. Along with the excitement comes the stress and worry about taking care of all details and ensuring that everything is completed on time. Even if you have previously made a real estate purchase in Missouri, there are several things that can go wrong with the transaction. We at TDD Attorneys at Law can provide knowledgeable guidance and experience to make the process as simple and smooth as possible.
Selling your home in Missouri may seem like a challenging task. After all, buying a home is a huge investment, and many people enter into sales cautiously to ensure they’re making the right decision. Fortunately, there are a few things you can do to present your home in the best possible light and attract an array of interested buyers.