It has everything you want – the right number of bedrooms, an updated kitchen and a backyard to die for…but before you jump in with both feet, step back. You want to make sure you’ve asked all the right questions so that you are fully educated on the market and the home. Once you’ve done that, you’ll be ready to make an offer. Here are a few questions to consider:
Is it priced right?
Your real estate agent can provide you with a plethora of information about similar properties on the market, as well as those recently sold. Together you can review how much other places were listed at, and ultimately sold for. Your Realtor can also research how long the comparables were on the market and if there have been price reductions. With all this information in hand you can determine what the property is worth and what exactly you want to offer.
What are the closing costs?
In addition having the down payment ready, you also need to have some cash set aside for closing costs. Your mortgage broker can help you determine an estimate. Also, during negotiations, you could ask the seller if they would be willing to pay for the closing costs as part of the final agreement.
Have there been other issues?
Nobody is perfect. And, no home is perfect either. Sellers must disclose any real problems or issues they’ve encountered while living in the property. You should also ask them directly. Being able to discuss issues openly will save both you and the seller time and anxiety. In addition, you should always have a home inspection required as part of the offer.
What is the neighborhood like?
Be sure to look beyond just the home. You are moving into a new community and you want to be sure it has the amenities you want and need. If you have children, check out the local schools. If you like to go out often, are there a variety of entertainment and restaurant options available? Make sure to do your research on the entire area to make sure that is as good as a fit as the home itself.