Most of the people who take out loans to buy a house or property actually know very little about what they are getting into. The purchase of as property seems to be just as easy as buying groceries at the nearby grocery store. The idea that most people have is to pay the money to the property owner, and the property becomes theirs for good. This would have been perfectly all right if the deal can be completed within a day and the property owner goes away satisfied. In real life, it never happens like this most of the times.
The reason for all your troubles may be the mortgage loan that you might have taken when purchasing the house. Before committing yourself to the deal, you should visit local records office physically or visit their online site to know about the property you wish to purchase. You can get all the information about the property including the actual value of the property, whether the property has ever been involved in some criminal activity, the history of the property, whether it is going to be foreclosed, what the neighbors say about it and many such details.
It will be easy for you to deal with the owner and the real estate agencies when you have all the information with you. The information collected from the lands records can help you in deciding whether to buy the property at all or not. You will know what the property is actually worth, and none of the agents can dupe you. You can negotiate with the owner about the price as you already have an idea what it should be. If there is any notice of foreclosure on the property then can even get the property at a very low price as the owner may be ready to sell it at a highly discounted price.
You open yourself to a large number of adverse possibilities that may happen when you take a mortgage loan to buy the property. The biggest problem is that you need a lot of time to repay the loan. During this time, anything can happen, and you may be left in a situation where the value of your property has come down. Yet, you are forced to pay back the loan at the earlier rate of interest. If you are not aware of any foreclosure notice issued before you have bought the property, then you might find yourself paying money for a property that is worth less than the loan that you have taken.
It is always advisable to exercise caution when buying a property. Haste may put you in a bad spot from where you may have difficulties in extricating yourself. Becoming aware of everything about the property by visiting the Local Records Office about the property should always be the first step. You can talk to people who live near the property and get their feedback to help you take any decisions. When you think everything about the property is in the clear, then and then only should you apply for any mortgage loan.