Home Buying in 02360>Question Details

Patty, Home Buyer in Massachusetts

Why are there so many homes in the Plymouth area listed without Title 5 done before selling.?

Asked by Patty, Massachusetts Fri Aug 17, 2012

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Often times a seller may decide to list the home but wait until they have an offer before spending the money to get the Title V certificate. A buyer's agent who assists you in writing an offer should include an addendum that requires the seller provide a passing Title V certificate by a certain date prior to settlement.
0 votes Thank Flag Link Thu Dec 27, 2012
You are able to purchase a home with a failed Title 5 with a renovation loan which enables you to replace or repair the system after you close. Properties with failed systems can be a great opportunity for buyers. FHA Renovation loans aka FHA 203k loans will allow you to putchase a home a fix it up with one low cost fixed rate loan. I have closed 36 of these type loans this year. Its a great way to build instant equity.
0 votes Thank Flag Link Tue Dec 4, 2012
This is a high foreclosure area and the banks that own the property typically attempt to sell " as is", therefore passing on any and all inspection responsibility to the buyer.
0 votes Thank Flag Link Fri Aug 17, 2012
Many home sellers in Plymouth are either banks, who have just acquired the property through foreclosure, or short sale sellers who may lack the availability of funds to have the systems inspected. Plymouth is a very large town geographically and very diverse with respect to property values and home owner incomes. Last year there were areas in Plymouth where as much as 65% of the properties sold were either short sales or foreclosures. Other areas were substantially less.
0 votes Thank Flag Link Fri Aug 17, 2012
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