By The A-Team | Dec 04, 2017 | Buyers
Before making an offer, the first thing you should ask yourself (or your agent) is how long the home has been on the market. The amount of time a house has been listed is an indicator of how popular the house has been with other home shoppers. A recent post from the James Anderson blog recommends asking around to make sure:
There are many factors (price, marketing, etc) that go into a home sale, but a house that's been listed for a while might be worth investigating.
How long has the property been on the market?Ultimately, you should tailor the questions you ask to the property in question. If there is anything in particular which strikes you as strange or unclear, there’s never any harm in just asking someone about it. So in this post, we outline some of the essential questions that you should ask sellers when buying a property before you seriously consider putting in an offer.
Generally speaking, a house that has been on the market for four weeks is a safer bet compared to one that has been on the market for four months. While there are always going to be exceptions, this question is often asked by prospective buyers to gauge the overall quality of a house. For some, a property being on sale for longer than average acts as an indication of potential faults and problems, although there are no hard-and-fast rules when it comes to deciding whether or not this is really the case. If this is the case, simply ask the agent or seller why they think the property has not yet sold, and you might receive a very reasonable answer! Via jamesanderson.co.uk
The next question: are there issues with the house? No one likes the idea of buying a home only to find they're stuck with a leaky ceiling, for example. It's always a good idea to talk to the seller, or their agent, about possible issues with the home:
Granted, it's not guaranteed that a homeowner will answer honestly, but it's worth a try. In any case, hiring a home inspector is recommended.
What's wrong with the house?Of course we want a home that is as turn-key as possible. But if you love DIY projects to make a house your own, take into consideration the magnitude of those home improvement projects. Will they take all of your time, money and effort to repair, leaving you unable to develop a garden, maintain livestock, work on preparedness skills and plans.
Roof Replacement? Basement moisture? Foundation issues? Water damage?
How much normal monthly maintenance and upkeep will the house/land require? In some states, a disclosure form is required when selling a home, but in states that don’t require it, you need to ask the pointed questions about any home repair/issues that come along with the home. And never skip a home inspection! h/t momwithaprep.com
Lastly, it's a good idea to ask yourself if a home is something you can afford. It's common for home buyers to overestimate their finances, and with recent interest rate changes, it's not enough to assume. A good way to tell what you can and can't afford to get pre-approved for a mortgage early on:
A home purchase is possibly the biggest one you'll ever make, and the consequences of over-reaching can't be overstated. Treading carefully will ensure you don't break the bank.
Is your financial house in order?Even if you think you’ve found the right house at a price that suits your budget, you’ll still need to show that you can close.
“Before you make a purchase offer on a home, it’s important to get preapproved for a mortgage. Not only will a preapproval tell you how much home you can afford, but it shows a seller that you have the means to buy their property and can close the sale quickly,” says Laura Adams, senior insurance analyst at insuranceQuotes.com. Read more at bankrate.com