Buy a House Overview

When considering buying a home, you can use various platforms like Zillow, Trulia, etc.. to help you get a “estimate” of the price of the home, but nothing is more accurate than a true appraisal from a licensed appraiser.  Find out what the current Active properties in the area are going for and the DOM (days on Market).  This will give you a heads-up if properties are in hot demand in the neighborhood you are considering.

If you can figure out, or your real estate agent can figure out the motive of the seller, you can work to get a better price for the home.  Determine if the home is in Notice of default or some other situation.

There is no doubt that each and every property should have an inspection completed!  Do not try to short-cut this most important purchase in your life by not having your own inspection.  One very important aspect of the inspection is whether the home has had any mold issues.

During the purchase process of the home, you will receive property disclosures.  Take your time or show a family member to help you decipher anything that might be of interest.  Also, the Seller will also fill out a form discussing issues they know to have had with the home.  Get this document sooner than later.  It will help you determine if an adjustment in escrow may be necessary to fix the issues.

If you are considering buying a short-sale, you may need to wait for the banking institution to agree to the terms.  It does take much longer to buy a short sale and the owner must qualify for the short sale.  Not always the best solution if you are ready to buy!

When buying a home, do your due diligence and go to sites like RealtyTrac and see for yourself what is going on in the area.  Who knows, maybe a home in pre-foreclosure can be a great option!