What you should do before buying a home on a lease option?

• Get a title report. That should tell the buyer whether the seller can deliver the title when the time comes and what the outstanding liens are. If there are extensive tax or mechanic’s liens on the house, that could be a red flag.
• Get an appraisal. This will ensure that the house is worth the agreed-to price.
• Get an inspection. If the foundation is cracked or the furnace needs replacement, you’ll want to know that before you sign a contract.
• Seek legal help. You should approach it like you are buying a home; a real estate attorney can help you avoid any contract missteps.

From CNN Reports

New York, Texas, Florida. For the second straight year, those are the most expensive states in which to get a mortgage. Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate’s annual survey of closing costs. The fees in the survey don’t include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.

Fees in New York City were highest, averaging $4,016 in Bankrate’s survey. Houston came in second, with fees that averaged $3,975. After that came Buffalo, N.Y., with fees averaging $3,845, and then Miami, at $3,683. North Carolina had the least expensive closing costs in the survey, at an average of $2,650. The previous year, Indiana took the last spot.

The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state’s most populous city.
Source: Bankrate.com

Bill Sahadi, CRS
Fore Properties
910-638-0888
910-692-4211
Fax 910-692-4219
www.foreproperties.com