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Keep Your Real Estate Deal From Falling Through
Rachel Pinder
Real Estate
September 7, 2008 -NASSAU, BAHAMAS- Purchasing Bahamas real estate can be exciting and scary at the same time if buyers aren't completely prepared for the process.
Knowing the five most common errors and omissions made by potential buyers and how to avoid them can go a long way to making the deal a success, said Rachel Pinder, principle broker of Island Living Real Estate in Nassau, Bahamas.
Failure to Qualify
One of the most common reasons a deal falls through is because buyers end up being unable to qualify for a mortgage, Pinder said. This could be avoided by pre-qualifying with a local lending institution.
Pre-qualifying can make the home buying process so much easier, because buyers go into the search for a home knowing their spending limits.
It also speeds up the final mortgage application process, since a great deal of the buyer's information already has been provided, according to www.bankofamerica.com
Contact a mortgage lender for a complete list of items needed to make the pre-qualification process go smoothly.
Closing Costs
Often, buyers fail to realize the upfront costs involved in purchasing a home. The closing costs involved in closing a Bahamas real estate transaction typically include fees for legal services, title search, appraisal, government stamp duty tax and mortgage. Failure to come up with money to cover these costs can cause a transaction to fall through, Pinder said.
Property Title
Sometimes deals fall through because the person trying to sell the property does not have clear title. Having clear title to a property means there are no mortgages, loans or liens on the property.
Information Not Disclosed
Deals can fall through when an inspection is done and the potential buyer learns about property attributes undisclosed by the seller that could cause the buyer to not want to purchase the property.
Realtors can take steps to avoid this by reviewing disclosure statements and asking questions to find out as much information as possible about the property.
Zoning
There are times when a property on the market may be listed as a commercial property, but when it is set to close, the buyer learns that the zoning actually is residential and will not suit the purpose the buyer had in mind.
"It is important to find out from the government ministry the proper zoning of a property," Pinder said.
Learn More
If you are in the market for Bahamas real estate, please visit Island Living's Web site or call them for a consultation: 1-242-322-7979/80.
About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in real estate sales and rentals throughout the Bahamas. Island Living's main office is located in one of Nassau's oldest historic buildings on Bay Street, named "Red Roofs." Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
2008 Sinai Marketing and Island Living Real Estate. Authorization to post is granted, with the stipulation that Sinai Marketing is credited as sole source. Linking to other sites from this article is strictly prohibited, with the exception of herein imbedded links.
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Article submitted Sunday, September 07, 2008
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