Do Cash Buyers Still Need a Survey?
Do Cash Buyers Still Need a Survey, or is it just a good idea for them to skip the survey altogether? It all depends on the type of property you’re buying and how much cash you have to spend on it. Cash buyers often buy ‘project’ properties and don’t have a mortgage lender to arrange one for them. Even if you don’t have any mortgage lenders, you might want to get a survey for your property before deciding to sell.
Why you should get a property survey before you buy a house
While you may not need a property survey before you purchase a home, it is always a good idea to get one, as you never know what may come up. You never know when an issue could arise that will cause the deal to fall apart. Property surveys are often inexpensive, but you might want to get one anyway to be sure. They can also protect you from any problems down the road.
A property survey is also beneficial for real estate transactions because it reveals hidden issues about the land and house. Many buyers rely on old plats, which may not reflect current property conditions and local laws. Furthermore, perceived boundaries may be different from the recorded ones. Getting a new survey will reveal discrepancies before you close the deal. A house survey is essential for legal reasons.
Disadvantages of selling to a cash buyer
While selling to a cash buyer is advantageous for many reasons, there are a few disadvantages to consider before making the move. First, selling to a cash buyer usually means less paperwork. Unlike traditional real estate agents and buyers, cash buyers will not ask for an appraisal or home inspection. Unlike traditional buyers, however, cash buyers are not as picky about features and layout. Because they’re simply flipping houses, odd features won’t deter them.
Selling to a cash buyer also means a faster closing. Unlike a traditional home sale, where a buyer must wait months for financing to become available, selling to a cash buyer can be complete in as little as seven to ten days. This speedy process is a big plus for many sellers. They can avoid the hassle of dealing with a real estate agent, waiting for offers, or letting the sale expire due to a mortgage.
Cost of a survey
Often, mortgage lenders will require a survey or a check on a house before lending money on it. For this reason, a cash buyer should budget for a survey. Even if the house is unmortgageable, a survey can help you avoid making a costly mistake. Purchasing a property outright will also allow you to limit your risk and save money by avoiding mortgage debt.
A detailed land survey will show the exact location of buildings and other structures. You’ll know exactly what the boundaries are so you can avoid future animosity. You can also use the information to determine who is responsible for tree removal and other maintenance. A detailed land survey costs around $800 to $1200. Some sellers also hire surveyors to redraw the plat maps. The cost of a survey varies, but it’s usually less than $1500 for a standard one.
Options on an ALTA survey
When purchasing commercial real estate, many lenders and title insurers require an ALTA survey. Some, however, allow for less detailed boundary surveys. An ALTA survey provides information about the current municipal zoning and compliance. This is important to buyers as they want to avoid buying a property that is in violation of local zoning laws. In addition, an ALTA survey can help sellers protect their investments by disclosing any issues that may arise with their property.
ALTA surveys are more expensive than average land surveys, but they are worth the money in certain situations. For example, ALTA surveys are necessary when buying commercial property because commercial real estate typically involves encroachments and boundary line disputes. An ALTA survey can also be useful for determining whether a property is landlocked. If so, the owner would need to secure an easement to access the property and get a title to the property.
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