Home purchase and closing

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Topic Author
Fisherman1
Posts: 6
Joined: Sun Mar 24, 2019 10:11 pm

Home purchase and closing

Post by Fisherman1 » Thu May 02, 2019 9:47 am

Sold my old house and my offer on a new house accepted. I Can get a 15 year fixed at 3.5%, these question has been asked a few times, sorry for asking again, amount $600K
1. In the current market situation should I buy the house with cash or get mortgage and invest the cash,! I will be working another 10 years
2. Any advice on closing, like title insurance shopping, title check etc if I am paying cash
3. Getting a home inspection done, radon check, anything more I should be checking/ inspecting before I close
Thanks

daheld
Posts: 527
Joined: Wed Sep 13, 2017 8:14 am

Re: Home purchase and closing

Post by daheld » Thu May 02, 2019 10:34 am

As to your questions regarding whether you should pay cash or get a mortgage, you're going to need to supply a LOT more information. Anyone who answers is literally guessing as to your overall financial condition.

Regarding inspections, I'm a believer that this is a time that it makes sense to spend whatever it costs to be as certain as possible you're not buying a money pit. Get a structural inspection, termite inspection, radon test, roof and chimney inspection, and I am a big proponent of getting the sewer lateral inspected. If the lateral (or the pipes beneath the house for that matter) are busted and cracked, it could involve digging them up and replacing, which can be incredibly expensive. Better to get it checked and resolved now if there are issues.

Topic Author
Fisherman1
Posts: 6
Joined: Sun Mar 24, 2019 10:11 pm

Re: Home purchase and closing

Post by Fisherman1 » Thu May 02, 2019 8:51 pm

Thank you, I did not know about sewer line check, will get them done

jeff622859
Posts: 23
Joined: Sun Dec 03, 2017 7:28 pm

Re: Home purchase and closing

Post by jeff622859 » Thu May 02, 2019 10:01 pm

Just closed and had some (LOTS) of after-closing issues:

- Even if inspector says water heater works make sure you turn on a couple faucets to make sure there is hot water

- none of the cable jacks in my house worked. Not sure how to check this

- Check under all sinks to look for wetness/water residue from leaking pipe

- Turn on all faucet/flush all toilets/run all showers

Good luck

pshonore
Posts: 6666
Joined: Sun Jun 28, 2009 2:21 pm

Re: Home purchase and closing

Post by pshonore » Fri May 03, 2019 8:34 am

jeff622859 wrote:
Thu May 02, 2019 10:01 pm
Just closed and had some (LOTS) of after-closing issues:

- Even if inspector says water heater works make sure you turn on a couple faucets to make sure there is hot water

- none of the cable jacks in my house worked. Not sure how to check this


Good luck
If the previous owners "cut the cord" there will be no signal. Of course you could turn on a TV and see what stations they received. Same with phone jacks - if they're only using cell phones and don't have a land line, there will be no dial tone.

JoeRetire
Posts: 2553
Joined: Tue Jan 16, 2018 2:44 pm

Re: Home purchase and closing

Post by JoeRetire » Fri May 03, 2019 12:25 pm

Fisherman1 wrote:
Thu May 02, 2019 9:47 am
In the current market situation should I buy the house with cash or get mortgage and invest the cash,! I will be working another 10 years
Use the extremely cheap loan for leverage and flexibility. Get a mortgage and invest the cash according to your asset allocation.
Getting a home inspection done, radon check, anything more I should be checking/ inspecting before I close
Don't ever spend $600k without spending a few dollars on a thorough professional inspection. If your area is prone to radon, make sure a radon check is included.

Hopefully, your offer letter included at least an inspection contingency?
Last edited by JoeRetire on Fri May 03, 2019 12:27 pm, edited 1 time in total.

JoeRetire
Posts: 2553
Joined: Tue Jan 16, 2018 2:44 pm

Re: Home purchase and closing

Post by JoeRetire » Fri May 03, 2019 12:26 pm

jeff622859 wrote:
Thu May 02, 2019 10:01 pm
Just closed and had some (LOTS) of after-closing issues:

- Even if inspector says water heater works make sure you turn on a couple faucets to make sure there is hot water

- none of the cable jacks in my house worked. Not sure how to check this

- Check under all sinks to look for wetness/water residue from leaking pipe

- Turn on all faucet/flush all toilets/run all showers
A good inspector would have done all of those and lots more.

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