Most buyers assume that the home they are purchasing has always been located on its current property. However, some houses have been physically relocated from one location to another. Whether a historic home was preserved by moving it or an existing structure was transported to a new lot, the property's relocation history can create unique questions during the mortgage process. Why Would Someone Move an Entire House?Moving an existing home is more common than many people realize, particularly in … [Read more...]
Why a Mortgage Lender May Question a Property With More Than One Parcel
Imagine finding a beautiful home that comes with an extra piece of land next door. Perhaps the additional lot provides more privacy, a larger backyard, or room for future improvements. While this may sound like an attractive bonus, purchasing a home that includes multiple parcels can introduce mortgage questions that buyers might not expect. What Does It Mean to Have Multiple Parcels?A parcel is a legally identified piece of land, typically assigned its own property identification number by the … [Read more...]
What Happens When the Seller Has Not Paid Off a Home Improvement Loan?
A newly installed roof, upgraded windows, or modern heating system can make a home more attractive to buyers. However, what happens when the seller is still making payments on those improvements? Depending on how the work was financed, an outstanding home improvement loan could affect the sale, the title review, and even the buyer's mortgage closing. Not All Home Improvement Loans Work the Same WayHomeowners finance improvements through several methods, including personal loans, home equity … [Read more...]
Why a Home With a Shared Septic System Can Complicate Mortgage Financing
A home can look perfect during a showing, but certain features of the property may create questions when it comes time to secure a mortgage. One situation buyers may not anticipate is purchasing a home that shares a septic system with another property.While shared systems can function effectively, they may require additional documentation and review before financing can move forward. Understanding How a Shared Septic System WorksMost buyers are familiar with homes that connect to a public sewer … [Read more...]
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