Protect Yourself When Buying A Vacation Home in Calvert County for Cash!
Many people purchase their vacation home in Calvert County for cash so I put together a checklist on how to protect yourself when purchasing a vacation home with cash.
When you finance a house the lender has several guidelines to follow which protect you. The house must appraise, some loans they look closely at the roof, plumbing and HVAC. Most lenders require a termite, well and septic test. Any mention of mold and most lenders will not finance the property. All of these lender guidelines give you a way out of the contract if there is a problem found.
When purchasing a vacation home with cash you need to be sure you are protected, so be sure you include contingencies in your contract for the following:
Appraisal – Make sure your house appraises for the sales price. When purchasing a vacation home it is necessary to hire an appraiser that is experienced with vacation home sales in the area.
Home inspection – Be sure to hire a tough home inspector. My home inspector I use is very detailed and takes about 4 hours to complete the home inspection.
Termite Inspection – Be sure to hire a reputable Termite company.
Septic and Water Inspections – Make sure you order the tests that you want. For both water and septic tests you can order a detailed test or just a general one. The more detailed ones are expensive but may be worth it for piece of mind.
Mold Inspection -If the home inspector finds mold it would be wise to get it tested. You will also need to put 15 days in the contract for this inspection because it takes time to get the results back.
Radon - In some parts of Calvert County there are high radon levels.
Survey
Be sure to select a good title company especially when purchasing a foreclosure.
