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33 Home Buying Tips To Save You From
Costly Mistakes In Buying A Home... continues
Home Buying Information By Noel Peebles
Costly Mistakes In Buying A Home... continues
Home Buying Information By Noel Peebles
Home Buying Tip # 26
Another good tip is to take indoor and outdoor photographs of each house you inspect. A
checklist is a good tool too. Gather as much home buying information as you can. Take photos
and make notes because it can get confusing when looking at several properties. And don't
hesitate to return for a second look.
Home Buying Tip # 27
Consider how long the property has been on the market, especially when compared to similar
properties that are on the market (or have recently sold). The home buying information you need
will include the original listing date of the homes you inspect. This may give you an idea of how
motivated (or desperate) the owner is to sell. Sellers tend to be more flexible in the price the
longer the home is on the market.
Home Buying Tip # 28
Here is a really important piece of home buying information. Be careful what you say to the seller,
or the sellers broker. Never tell a sellers broker how much you'll raise your offer for a particular
property.
Home Buying Tip # 29
Check on the property tax liability. The listing information will usually include the total amount of
the previous year's property taxes. Alternatively, you could ask the seller for a tax receipt or
contact the local assessor's office. Tax rates can change from year to year, so these figures may
be approximate. The more home buying information you can gather the better informed you'll be.
Mortgage interest and real estate taxes are usually deductible. A qualified real estate
professional can give you more details on other tax benefits and liabilities that may alter
depending on the Country (or State) where you reside.
Another good tip is to take indoor and outdoor photographs of each house you inspect. A
checklist is a good tool too. Gather as much home buying information as you can. Take photos
and make notes because it can get confusing when looking at several properties. And don't
hesitate to return for a second look.
Home Buying Tip # 27
Consider how long the property has been on the market, especially when compared to similar
properties that are on the market (or have recently sold). The home buying information you need
will include the original listing date of the homes you inspect. This may give you an idea of how
motivated (or desperate) the owner is to sell. Sellers tend to be more flexible in the price the
longer the home is on the market.
Home Buying Tip # 28
Here is a really important piece of home buying information. Be careful what you say to the seller,
or the sellers broker. Never tell a sellers broker how much you'll raise your offer for a particular
property.
Home Buying Tip # 29
Check on the property tax liability. The listing information will usually include the total amount of
the previous year's property taxes. Alternatively, you could ask the seller for a tax receipt or
contact the local assessor's office. Tax rates can change from year to year, so these figures may
be approximate. The more home buying information you can gather the better informed you'll be.
Mortgage interest and real estate taxes are usually deductible. A qualified real estate
professional can give you more details on other tax benefits and liabilities that may alter
depending on the Country (or State) where you reside.
Home Buying Tip # 30
A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so
arrangements will have to be made prior to that day. Involving the insurance agent early in the
home buying process can be helpful and save you money.
If the present owner has a title insurance policy less than 3 years old, you could have
substantial savings by buying a reissue of that policy rather than a completely new one. Find
out if you qualify.
Home Buying Tip # 31
By the time you're ready to make an offer, you should have a good feel of what the property is
worth and what you can afford. You will have carefully considered all the home buying
information you can lay your hands on.
How much you offer and the terms of your offer will take into consideration: the price that similar
home in the area have sold for, the condition of the property, how long it's been on the market,
financing terms, and the seller's situation.
What you offer is not necessarily what you'll pay. It is usual for an offer to go back and forth
between the buyer and the seller during negotiations on price and terms.
Home Buying Tip # 32
Your real estate agent will assist you in making an offer, which will include the following home
buying information:
Home Buying Tip # 33
Clearly understand the roles and duties of various parties involved in the real estate
transaction. Especially understand who represents whom. Unless you have a buyer's agent,
remember that the real estate agent works for the seller. Make a point of asking him or her to
keep your discussions and information confidential.
These are some of the things you need to check. Remember to arrange a home inspection
before you sign a written offer, or include an inspection clause in the offer. A correctly worded
inspection clause can provide an 'out" on buying the house if serious problems are found. It can
also specify that the seller must fix the problem(s) before you purchase the property. It may also
give you the ability to renegotiate the purchase price if repairs are needed.
The last piece of home buying information... I strongly suggest you talk with your legal advisor
before you buy or sign anything. It is important that you are aware of legal aspects, documents
required and regulations etc for buying a property in your Country (or State).
Back to previous home buying information
A paid homeowner's insurance policy (or a paid receipt for one) is required at closing, so
arrangements will have to be made prior to that day. Involving the insurance agent early in the
home buying process can be helpful and save you money.
If the present owner has a title insurance policy less than 3 years old, you could have
substantial savings by buying a reissue of that policy rather than a completely new one. Find
out if you qualify.
Home Buying Tip # 31
By the time you're ready to make an offer, you should have a good feel of what the property is
worth and what you can afford. You will have carefully considered all the home buying
information you can lay your hands on.
How much you offer and the terms of your offer will take into consideration: the price that similar
home in the area have sold for, the condition of the property, how long it's been on the market,
financing terms, and the seller's situation.
What you offer is not necessarily what you'll pay. It is usual for an offer to go back and forth
between the buyer and the seller during negotiations on price and terms.
Home Buying Tip # 32
Your real estate agent will assist you in making an offer, which will include the following home
buying information:
- Complete legal description of the property
- Amount of earnest money
- Down payment and financing details
- Proposed move-in date
- Price you are offering
- Proposed closing date
- Length of time the offer is valid
- Details of the deal
Home Buying Tip # 33
Clearly understand the roles and duties of various parties involved in the real estate
transaction. Especially understand who represents whom. Unless you have a buyer's agent,
remember that the real estate agent works for the seller. Make a point of asking him or her to
keep your discussions and information confidential.
These are some of the things you need to check. Remember to arrange a home inspection
before you sign a written offer, or include an inspection clause in the offer. A correctly worded
inspection clause can provide an 'out" on buying the house if serious problems are found. It can
also specify that the seller must fix the problem(s) before you purchase the property. It may also
give you the ability to renegotiate the purchase price if repairs are needed.
The last piece of home buying information... I strongly suggest you talk with your legal advisor
before you buy or sign anything. It is important that you are aware of legal aspects, documents
required and regulations etc for buying a property in your Country (or State).
Back to previous home buying information
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