Updated over 6 years ago on . Most recent reply
How to protect myself in buy/hold cash purchase before closing??
This is Cora. I am using equity from my home to pay cash for a property that is below who most loan minimums. Using a title company to close with the seller will insure clear title; having an inspection before handing over the cash will identify any structural issues or problems. Is there anything else I should do to avoid buying a big problem, or a "lemon"?? THANK YOU!!!!!!
Most Popular Reply
Even an inspection does not guarantee you that the property is "free of issues". You could hire different professional trades and pay them for their time to inspect the property. No one can guarantee what's behind a wall unless you gut it to the studs.
Talk to the neighbors, and see what the neighborhood is like.
Check with the local municipality for any code violations or complains.
Ask 1 or more seasoned investors to walk through the property with you, if they can identify potential issues that you may have missed.