KNOW THE MARKET BEFORE MAKING AN OFFER.
What should you offer when you bid on a home? Is the seller's
asking price too high, or does it represent a fair price. If you
fail to research the market in order to understand what comparable
homes are selling for, making your offer would be like bidding
blind. Without this knowledge of market value, you could easily
bid too much, or fail to make a competitive offer at all on an
A GOOD TITLE SEARCH. Be certain to very early on in
the negotiation that you will own your new home free and clear by
having a title search completed. The last thing you want to
discover when you're near the end of a transaction is that there
are encumbrances on the property such as tax liens, undisclosed
owners, easements, leases or the like.
INSPECT, INSPECT, INSPECT. Don't expect every seller
to mention every physical detail that will need to be attended to.
Both you and the seller are out to maximize your investment.
Ensure that you conduct a thorough inspection of the home early in
the process. Consider hiring an independent inspector to
objectively view the home inside and out, and make the final
contract contingent upon this inspector's report. This inspector
should be able to give you a report of any item that needs to be
fixed with associated, approximate cost.
KNOW THE EXACT CLOSING COSTS IN ADVANCE.
Identify and uncover all costs
- large and small - far enough ahead of time. When a transaction
closes, you will sometimes find fees for this or that sneaking
through after the sub-total fees such as loan disbursement
charges, underwriting fees etc. Understand these in advance by
having your lender project total charges for you in writing.
BEFORE LOOKING AT ANY PROPERTY CALL FIRST.
A knowledgeable buyer should
remember the following regarding new home sales: When visiting you
should tell the sales people that you are being represented by a
Buyers Agent when looking at New Construction, Model Homes and
Open Houses. Never give your name, address, phone number or sign a
register. Note: When you give your name verbally or sign a
register you may have given up your rights for buyer
representation. Effectively this may eliminate you from having
your own agent who will represent you and help you buy that
property at your price