Featured News 2013 Important Questions to Ask When Buying a House

Important Questions to Ask When Buying a House

If you are considering buying a home, there are a host of ways for which you may want to prepare yourself. This is no simple decision that you make today and get tomorrow, choosing to buy a home is a commitment not only for you and your family as a place to live, but also for your wallet. It is for this reason that you want to have a skilled real estate attorney on your side when you choose to purchase property, to make sure that you are well prepared for what lies ahead. Buyers, especially those first timers, may not be aware of all that foes into owning a home, and therefore the lawyer can guide you along the way and answer any questions that may arise. Here are a few simple questions to consider when in the process of buying a home, that may help you make the best decision for you and the family.

You will want to ask the current owner how much they paid for the home when they purchased it, that way you can see the trends of the property value. Also, knowing how much money the current owner still owes on the home is beneficial for your personal calculations. However, what is most important about this is the fact that if the owner is in debt higher than the asking price, they are likely trying to short sale. If the house is not up for short sale, there is a good chance that when the buyer comes to the official sale, they will need to bring cash in order to close it. When dealing with a short sale home, having a real estate lawyer on our side will be extremely helpful when it comes to dealing with the contracts and agreements, as they will be able to make sure that you are not being taken advantage of by the seller. Another key factor to consider is the length of time that the home has been listed on the market. Has it been for sale over two months? The longer the time it has been for sale, the more likely of a chance the seller will be willing to negotiate pricing with our as a potential buyer so they can move onward.

Another important question to ask yourself and think through carefully is how much should you offer when looking to buy a home? Should you immediately give the asking price or leave from for some hopeful negotiations? First consider how much the home is currently listed for, and then determine a number that you know your family can afford long term. Once you’ve settled on what you will be willing to pay, then ask yourself if this home offers what others do in the area that are similar to the style you desire? For example, maybe this home has the pool you were hoping for, whereas the one across town does, and may even be slightly pricier.

Spend time asking yourself (and your spouse/family) important questions before jumping in to buy a home because the commitment with purchasing a house is big. In most cases, those who are buying a home will be looking at a 30 year mortgage plan in order to pay off the home, and while you can sell it in before that, you want to make sure you choose a home that you can see yourself in decades down the road.

Be certain to contact a local real estate lawyer who can help you answer any questions you may have regarding this exciting and rather difficult purchase. Please use our website to find one near you!

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