Making a wise home purchase depends on finding out as much as you can about the property before making an offer. This is not always as easy as it might seem. For one thing, you may have to make an offer quickly on a particularly desirable property. For another, you may not know what questions to ask, especially if you have never bought a home before. Here are some things that are particularly useful to know.
Sellers are required by law to disclose any major problems with the property that they are aware of. However, there may be details about the property that are helpful to know but are not problems, so the seller did not find it necessary to mention them. For example, you should find out what sort of foundation the house has and whether it is propped up by house piers Tulsa OK. The seller will often tell you the age of the roof, but if not, you should ask because lenders and insurance companies often want to know.
An affordable price may indicate that the home is in a neighborhood that is undesirable because of factors such as high crime or risks of natural disasters. These are definitely things you should find out before purchasing the house. If you have young children, you should also make investigating the local schools a priority. You should also find out about nuisances that seem relatively minor but can decrease quality of life, such as whether the neighbors have dogs that bark.
The home’s value may have less to do with the asking price than you might expect. Though the latter is certainly important, it is also a good idea to do some research into the former. You can find out this information by looking at comparable sales of similar homes in the neighborhood, which is the benchmark that the appraiser will use. Be sure to find out whether the current owner owes more on the property than it is worth. If so, the home is a short sale, which can complicate the process.
Sep 12, 2022 0