There are a lot of questions out there about buying Real Estate; “Am I going to pay too much?” “What’s wrong with the house?” “Will lenders allow a short sale?” and “Do you have paperwork for the mechanical systems?” This should be answered by Real Estate Agents. But is it worth going through all that trouble with an agent? Constantly looking at homes and never finding what you’re looking for. Some agents will make you offers just for their own good. But here are some of the most asked questions about Real Estate buyers that I’ll answer for you today.
Let’s start of with the question “Am I going to pay too much?” The first thing you’re going to want to ask your agent is comparable sales. This should defiantly be your first question. When buying a home you’re going to want the price that fits you best. Your agent should give you plenty of choices like prices of similar, nearby homes that have been sold recently, and also high and low ranges for properties. Knowing this is the first step of buying new home.
Next thing you’re going to want to know is what’s wrong with the house. Most sellers will tell you that the house is as ‘brand new.’ Some could be telling the truth, while others are just trying to get top dollar. The best way to avoid this problem is for inspection and disclosures of the house. Your agent will most likely recommend this as well. In fact the state of Texas, US, has mandate disclosure forms which make sellers show problems to the house if any.
A question you might never hear any Real Estate Buyer ask is “Will lenders allow a short sale?” A short sale is when the bank sells you a high mortgage home being sold for less. But this can only happen with the sellers consent. If the seller would like to sell the house for lower to the buyer they would need the banks permission for the deal to be done. If you ever see a “short sale” home ask the seller whether the lender has agreed to sell the house for a lower price.
This last question is almost a must; Asking the seller if he has paperwork for the mechanical systems. This could make a house deal breaker for most. If the seller has recently replaced appliances and it comes with the house you won’t have the warranty for that. This means money coming out of your pocket if they malfunction. Sellers will do this to make extra money of the buyer.
Make sure you get yourself a Real Estate Agent before looking for homes. They have all the questions answered for you. It takes time to find your ideal house so don’t rush it. Also contact your bank or any lenders if you’re deciding to buy a high mortgage house or a ‘Short Sale.’
Thank you for reading.
P.S. If you like this article please give us a tweet!