Houses can be complex structures, with many systems that are susceptible to defects that are not readily apparent to a prospective buyer. For example, a basement that leaks after a heavy rain may not appear to be wet in August or after a period of no rainfall. Similarly, a buyer who inspects a house in the summer may not notice that the furnace does not work properly. In order to assist persons buying a home and prevent sellers from hiding known defects in a house, Pennsylvania has enacted the Real Estate Seller Disclosure Law.
Though the Pennsylvania economy is seemingly showing signs of recovery, residential real estate foreclosures are still disturbingly common, with record numbers of home foreclosures throughout the United States and Pennsylvania. Besides being emotionally problematic, as losing one's home is definitely difficult, foreclosure can negatively affect your credit score. You may even end up owing the bank more money, called a deficiency judgment, if your home is worth less than the amount you owe on your mortgage.
Buying a new home is always a thrilling event, but it may also be stressful at times. Residential real estate sales were on the decline for quite some time, but it seems as if things are starting to look up in the area of property transactions.
Some states across the country are seeing signs of a reversal of the economic downturn. This would mean many things, including the possibility that there would be a turn for the better in residential real estate, and that foreclosures would be of a decreasing occurrence. Unfortunately, according to a report recently released by Wells Fargo, this may not be the case in Pennsylvania.
Whether a resident of Pennsylvania is buying or selling a home, it is often a very exciting experience. There are numerous steps that must be taken for both buyers and sellers, but the completion of all these steps often ultimately leads to an exciting life change. In all of the excitement involving in buying a home, the last thing the buyer is thinking about is the possibility of eventual foreclosure. Unfortunately, foreclosure does lie in the future of some Pennsylvania homeowners.
If you're like most people, purchasing a home is one of the biggest decisions you'll make in your life -- right up there with getting married or having children. The risks are significant, and potential homebuyers in Philadelphia would be wise to do their research and cover their legal bases before purchasing a house or a condominium.