Question by 40something: How do you know if you have a good realty as a 1st time home buyer?
How do the realty suppose to help me and not pulling a scam?When going to open house,what do I look for? How will I know I have a good deal on a home and the home is in excellent condition to buy?What kind of questions I need to ask?How do you know if you have a good location?
Answer by bigtony615
If you are new to the area, go with an established national firm. They are franchises, but you will have someone to register grievances with if you have a problem. Also, ask friends and co-workers who they used when purchasing their homes.
As for the condition of the home, the US Department of Housing and Urban Development recommends getting a home inspection performed by a liscensed inspector. This will uncover most issues with a home.
With location, you will have to talk to people and drive neighborhoods. A good neighborhood is a very subjective assessment and will vary from person to person.
Questions to ask:
Anything important to you. Age of property and appliaces? Age of roof? Have there been any leaks (roof or basement)? Will the seller clean/replace the carpet if neccessary? Will they paint? When can the seller move? If you see anything odd, ask about it, preferably in writing. Most states will allow for some redress if the seller knowingly lies about the condition of the property.
Price is up to you. You can look at comparable recent sales to see if the price is nominal. If you are getting a mortage, your lender will typically not lend you greater than the appraised value.
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