I like this piece of property but the house is old and its not in the good part of town but not the bad part of town. I want to be very cautious if this the home i want to buy(59k). What is my next step if i want to purchase this home? This is all new to me. Do i get it inspected, make a offer....help!!
2007-08-13 02:30:46 · 7 answers · asked by Jansen Y 2 in Business & Finance ➔ Renting & Real Estate
Basically what i am getting at is this. What research do i need to do to make sure i am making a sound investment choice. I also plan to live in this home for a couple years.
2007-08-13 02:32:05 · update #1
Make an offer subject to a home inspection . Take at lease 21 days to do the inspection. That gives you some time . You need it. You should use a buyers agent to help you . Use A real estate Lawyer. Do not use the home inspector they give you . Use an independent certified home inspector only. Do not let the real estate agent tell you 10 days for the home inspection That's wrong. It is your contract. Go to the web and check out ( IHINA ) Good luck!
2007-08-17 02:21:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Consider a buyer's agent. That's a real estate agent who represents the buyer--for a fee. The real estate agent listing the house represents the seller--no matter how it may seem!
First step: You make an offer--contingent on the results of the inspection and financing--and give them what's called "earnest money". it's usually a thousand dollars or so and is intended to convey your sincerity. If the deal falls through, you'll get it back. Otherwise it's applied to the purchase. Then, have it inspected. You usually have10 days to complete the inspection. If all's well and there are no major repairs to be made, proceed with the purchase.
A consideration: the housing market is shaky just now and probably a buyer's market. However...if you plan to sell the house in only two years, you need to do some math. Add the interest you will pay in that time and any improvements you intend to make and compare it to the projected sale price. The projected sale price can be estimated by looking at what house prices have done in the past ten years for that area. If it looks as though the house will increase in value enough to cover all those costs, then the tax advantage of owning the house should be great. If however, you're going to put so much money into the place that you'll sell at a loss, it might be worth reconsidering the purchase. It's not often that a house increases enough in two years (outside of markets like CA or NY) to even refinance profitably, let alone resell. Get out your calculator.
2007-08-13 09:58:21 · answer #2 · answered by lfh1213 7 · 0⤊ 0⤋
Are you not working with an agent? Sounds as if you aren't but I don't want to assume. Have you been pre-approved for a loan or are you paying cash? If you like the property and have not had an opportunity to see the inside, make an appointment to take a look inside. Make an offer with a contigency that states CONTINGENT UPON HOME INSPECTION BEING APPROVED BY BUYER. If you see that repairs are needed but are at a lost as to whether it is structurally sound get a home inspection done. This is an upfront cost paid by you. The home inspection report will tell you several things, like how much repair or replacement the inspector thinks it needs,if cracks are cosmetic or structual, if the roof leaks, if there is mold,etc. Take into consideration the age of the house, square feet and if the location can work for you. Don't expect to go in low with your offer. Just be fair and don't expect that you can get a discount because the house is old. Real estate does not work that way.
2007-08-13 09:48:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you're new at home buying...do your homework and/or seek an advisor to help. Before anything else, consider the long term...how much do I need to invest in repairs, updating, etc. and what could I sell for in say 3 to 5 years, keeping in mind the surrounding homes and the area. A building condition inspection and termite inspection are a must. Then make an offer based on the info. you have. Start a little under the asking price to get a response from the seller, then counter offer with a fair price to both of you.
2007-08-13 09:45:48 · answer #4 · answered by ~ Floridian`` 7 · 0⤊ 0⤋
why not call a real estate agent? They have "buyers agents" who will work for you and look out for your best interests and they are completely free ( they make their money from comission from the seller). You absolutely should invest in an inspection especially in an older home, it is well worth it. You might also consider researching what other homes in the area have been selling for and how easily the sell because you might run into problems selling it down the line when you move out if it is in a bad area. An agent would be able to help you through the steps of home buying so I really recommend you getting one.
2007-08-13 09:37:39 · answer #5 · answered by sweetgirl 4 · 0⤊ 0⤋
Talk to a real estate agent ,a lawyer will also help you make all the right decisions.Yes it will have to be inspected. You will have to have insurance coverage also. Check out the prices on the market for this kind of house because you don't want to pay too much. You can also work on the house if you purchase it and make it have more value.
2007-08-13 09:45:08 · answer #6 · answered by Anonymous 4 · 0⤊ 0⤋
Be prepared to fix it up. The price is really good, but get an inspector to see if it's really livable. After a few years, you can sell the home for a profit and move into a better neighborhood.
2007-08-13 09:34:54 · answer #7 · answered by Elaine P...is for Poetry 7 · 0⤊ 0⤋