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ASK QUESTIONS PRIOR TO MAKING A BID FOR ANY TYPE OF HOME PURCHASE
There are a series of very important questions you should get answers to before you even consider making an offer on a house. You should ask the homeowner as well as the realtor (if there is one) these questions and then compare the answers that they both give you. There is a chance that one, or the other, or both, are not going to be 100% accurate with you. You will be able to get a good idea though what the actual truth is after the information you are seeking is disclosed to you.

 

Question to ask...

-- How long has the house been on the market?
If the house has been on the market for a long time, the better chance you have of negotiating a lower price.

-- Has there been any price reductions to the asking sale price?
If there has been price reductions, then the seller may be trying more aggressively to sell the house. They also may be recalculating the value of the property.

-- Have there been any previous offers made for the property?
If yes, try and find out why these offers were rejected. Also, keep in mind that time tends to influence change. Meaning, an offer that was refused in the past, may be accepted now, especially if the owner is itching to sell.

-- How long has the sellers owned the house?
If the owners of a house have only owned for a short period of time, say two or three years, then there is less room in negotiating the price. The price that the owners purchased the house will probably be not much different than what they are now selling the house for. That is unless they did work to the house, which would justify a higher selling price.

-- Have the homeowners made any improvements to the residence?
Don't worry about home improvements when trying to figure out what the fair market value is of a house. The amount of money spent on improvements does not return the original cost when selling.

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Understanding the Housing Market
Determining if Your Salary is Enough for the Loan You Want



        

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