7 Questions to ask before making an offer on a home.
With the prices of homes continuing to change, it is important for a Buyer's agent to do a CMA on the property prior to making an offer.
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Personal Finance
Seven Questions to Ask Before Making an Offer On a Home
By Dana Dratch
Published August 17, 2011
Before you make an offer on a house, it pays to ask a handful of questions. While the answers might scare you off or make you rethink your bid, they could make you feel more confident that you're making the right move on the right house.
What is This Property Worth in Today's Market?
An agent should arm you with plenty of comparables -- prices of similar, nearby homes that have been sold recently -- along with high and low ranges for a particular property, Boring says.
ow long homes are staying on the market
how long the property has been on the market
How Flexible is The Seller on The Asking Price?
A question that often goes hand-in-hand: Is the seller willing to help with the closing costs?
What's Wrong With This House?
Is This Home In a Flood Plain?
Living in a flood plain can require flood insurance, which can affect the cost of living in the house, Foltz says. Be sure to ask if the home is in a flood plain.
The Federal Emergency Management Agency, or FEMA, posts free online maps that show if your home-to-be is in a flood plain. It doesn't hurt to double-check with the county, and talk with your property agent, too.
Will the Lender Allow a Short Sale?
That's why, when a home is advertised as a short sale, the buyer should ask whether the lender has agreed to allow the home to be sold for less than the outstanding mortgage amount. "Find out if there has been communication with the lender," Gaylord says.
Are Any Foreclosures for Sale in The Area?
"It always makes sense to ask if there are other houses for sale in the neighborhood," says William Poorvu, professor emeritus of entrepreneurship at Harvard Business School and co-author of "The Real Estate Game." "In today's world, you should also ask if any of these sales are as a result of foreclosures."
Do You Have the Paperwork for The Mechanical Systems?
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