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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.
Evaluating the Costs of Homeownership
Understanding the Housing Market
Determining if Your Salary is Enough for the Loan You Want
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