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Saturday, July 2, 2011

Top 10 Common Homeowner Complaints

Here are the most common problems I encounter with people who already bought houses in other real estate developers. These are the top ten troubles every homeowner and home buyer should be aware of... and really avoid.

Home ownership is plenty of people's dream come true. Don't let it become a burden and nightmare. Choose the right and honest real estate developer that will help you find your true home.

1. Real Estate Fraud
Client's problem: “Someone forged my signature on the Grant Deed. The document says my property now belongs to someone I don’t even know.”

My advice: Contact your city's real estate commission or department. This should be immediately reported

2. Unlicensed Contractors
Client's problem: “I hired a man who said he was licensed to make repairs to my kitchen. He started the work but never finished. I found out he isn’t licensed and that he just manufactured a mechanic’s lien against my house.”

My advice: Never, Never, Never hire an unlicensed contractor!

3. Foreclosure Consultants
Client's problem: “When I got behind on my house payments, I started getting mail from people saying they could save my home. I signed a contract with a guy who promised to make up the back payments and help me obtain a new loan. He didn’t do any of that. Instead, he sold my house to somebody else and now I’m being evicted.”

My advice: When you’re behind on payments, call your mortgage company and determine a payment plan. Thoroughly review and do not immediately sign contracts.

4. High Interest Loans
Client's problem: “I assumed I was getting a good deal on a refinance. Seems, the rate of interest is way too high and they charged me a myriad of junk fees.”

My advice: Check around for the best rates and costs before getting a new loan and ensure your read the fine print.

5. Adjustable and Fixed-Rate Loans
Client's problem: “The loan representative said I was getting a fixed-rate, 30-year loan. Six months later, my rate of interest jumped over 3%.”

My advice: Review your loan documents before you sign. Interest rates should be disclosed by the lender.

6. Account and Billing Errors
Client's problem: “My mortgage company did not credit my account for the mortgage payments I’ve made.”

My advice: Send a letter to your mortgage company requesting a payment history. Be sure to include your account number inside the letter.

7. Illegal Rooms
Client's problem: “I just moved into the home I purchased and the town tells me that a few of the rooms were added without building permits.”

My advice: You might be required to make changes. Be sure to check for building permits till you buy a home.

8. Repairs and Escrow
Client's problem: “Before I purchased my house, the vendor promised to make repairs. My agent said it was OK to sign and close escrow, even though the repairs were not done. It’s been 3 months and the seller still hasn’t made any repairs.”

My advice: Make sure repairs are completed before you close escrow.

9. Property Taxes Not Paid
Client's problem: “My mortgage company was supposed to pay my property taxes but didn’t. Now I owe past taxes and penalties.”

My advice: Call your mortgage company for an explanation. Whenever they don’t look after the problem, contact your state real estate commission.

10. Vacant Land Purchase
Client's problem: “I bought some vacant land inside the desert to build a house on. the vendor said there was water, sewers, electricity and phone service. Turns out, none of those are available.”

My advice: Discuss with the area Building and Safety Department before you buy vacant land.

Take your time and do your homework. Property purchases tend to be the most important investment you can make. Take time to read all of the documentation and in case your don't understand something, ask questions. If necessary, hire a real estate attorney to guard your interests.
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AboutStephen De La Rosa

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