When buying a home no home is perfect and no one knows this more than your real estate agent, so before you purchase a house you might regret to sit down with your agent and ask him or her these 5 questions provided by the professionals at Property Records Inc.
#1 – What is the Sales History of the House
You might not know this but a lot of the homes in the real estate market struggle to sell for a reason or another. If the home you are trying to purchase is struggling to sell you could snap it up at a bargain price.
A home that is not selling isn’t always a bad thing, some people might want things other people don’t, and sometimes homes need small repairs that some families don’t want to be bothered with.
#2 – Which Contingencies do You Think Could be Worth Getting and Which Could Be Skipped?
In a hot real estate market, having too many contingencies in your contract can turn off sellers, but you don’t want to expose yourself to too much risk. Make sure to rely on your agent’s guidance.
A contingency clause in a real estate deal gives the parties the right to back out of their contract under specified circumstances that are negotiated between the buyer and seller.
#3 – Are There Any Upcoming Homeowners Association (HOA) Assessments?
Believe it or not, Homeowners Association assessments affect your monthly housing expenses. You diffidently want to know whether they can go up any time soon. Your mortgage may be affected if it goes up.
Before you buy a house that’s part of a homeowners association, know the basics and what to look out for.
#4 – How is the Activity in the Neighborhood?
The way you know you have a good real estate agent is by him or her know what’s going on in the neighborhood, like crime reports, dropping home prices or new amenities are being built.
#5 – Who Would buy This House?
Who would buy this house? This is a serious question you need to ask yourself. Are you buying the home because of the price? Or is what you need?
Some buyers will buy homes because they think it will be a quick ‘fixer-upper’ but what they don’t realize after fixing everything it will cost more than a home that’s in good condition.
A problem like a bad roof or rotting foundation will cost almost as much as a small home. These are the things you need to be aware of when buying a home, a pretty house is not always what it seems like in the inside.
#6 – BONUS: Any Foreclosures in the Area
Foreclosures have a big impact in a home’s value; a house that’s been in foreclosure will take its toll in the community around it. Homes in foreclosure are usually an eyesore since they are not owned by an individual but by a bank. Foreclose homes are easy to spot because the grass is usually overgrown and the front of the house is not up-to-date.