by Thomas Hodge Buying a home is an exciting time for many people. You can finally find that perfect place to make your own and start a new chapter in your life. But what happens when you start the process of buying a home, only to discover it has been through significant damage due to a natural disaster or another catastrophe? It’s important to understand what steps you should take when this occurs and if continuing with the buying process is the right choice. GetinTouchWithYourRealEstateAgent Thefirststepyoushouldtakeistocontactyourrealestateagent.Theywillbeabletogiveyoumoreinformationaboutthestateofthepropertyandhelpyoumakeaninformeddecisionaboutwhetherornottocontinuewiththepurchase.Yourrealestateagentcanalsoadviseonanyadditionalstepsthatmayneedtobetakenforthepurchasetoproceed. FindaReputableRealEstateAttorney It'salsoimportanttoconsiderhiringarealestateattorneywhospecializesincatastrophe-relatedpurchasesandsales, astheycanprovideinvaluableadvice and assistancethroughouttheprocess.Arealestateattorneycanreviewalldocumentsrelatedtothesaleofthepropertyandhelpensurethatalllegalrequirementsaremetbeforeproceedingwiththepurchase.Theycanalsoprovideadviceaboutanypotentialrisksassociatedwithpurchasingahomethathassufferedsignificantdamagefromnaturaldisastersorothercatastrophes. HavetheHomeInspected Hiringaninspectormayalsobeadvisabletoascertainanyfurtherdamageorrepairsrequiredbeforeclosingontheproperty.Aninspectorwillbeabletoidentifyanypotentialsafetyissuesorstructuralfaultsthatneedattentionbeforemakinganofferonthehome.Thiswillgiveyoupeaceofmindasyoumoveforward. GoOvertheContractCarefully Beforesigninganycontractsforthesaleofadamagedhome,it'simportantthatyoucarefully reviewthemindetailanddiscussanyquestionsorconcernsyoumayhavewithyourrealestateagentorattorneybeforehand.Thiswillhelpensurethateverythingincludedinyourcontractisfullyunderstoodbybothpartiesbeforemovingforwardwithclosingonthesaleofthehouse.Keepingcommunicationopenwithyourlegalcounselwillensurethatnothinggetsoverlooked. NegotiateRepairs,IfNecessary Anyrepairsneededduetodamagecausedbynaturaldisastersorothercatastrophesshouldbenegotiatedbetweenbothpartiesbeforesigningcontractsforclosingonthepropertysale.Dependingonhowextensivetheserepairsare,itmaybepossibleforthem(orpartofthem)tobecoveredbyinsurancepoliciesheldbyeitherpartyinvolvedinthetransaction.Itneverhurtstoask. ResearchLocalHomePrices It'salsoagoodideatoresearchlocalrealestatesaleprices.Thisisanimportantstepshouldyoudecidetoaskforapricereductionorforrepairs,asyou'llbeabletocomeupwithafair\number.Takealookatonlinelistingsintheneighborhood,takingnoteofhowlongthosehomessatonthemarket. ReviewtheLegalities Ifyouplanonoperatingabusinessinthisnewhome,youmustcheckstateregulations regardingforminganLLC(limitedliabilitycompany).Thistypeofentityallowsbusinessownersprotectionfrompersonalliability,whichishelpfulinensuringthatyouwon'tsufferlegalissuesduetoinjuriesorotherhazardsonsite.AnLLCFloridawillalsoprovidetaxbenefits,aswellasfinancialflexibilitywhendealingwithcreditorsorcustomers. Buyingadamagedhomeafterithassufferedsig
