The next time you are in the market to make a large or important purchase, you always consider any questions you have and find a way to answer them as soon as possible so you can make an informed purchase decision. And when you buy a house, it is especially important to make an informed decision. You should take the time to educate yourself and prepare your expectations so you can make a smart purchase. To help you out, here are some questions you can ask your real estate agent during the search for your next home.
How Do I Determine How Much to Pay for a House?
You have spent hours searching the market listings and narrowing down your search to just a few properties you are interested in. After you have visited each property to view each firsthand, you have put quite a bit of time invested into looking for a home. But now how much money do you offer to purchase the home for? You know you don't want to necessarily offer the home's sale price, as this may not reflect the home's true value but what the homeowner wants to start the offers off at. This is where your real estate agent or broker can help you in determining a true value.
The price you pay for a home should only be its true value or what other buyers are willing to pay for a home. And to accurately figure this you will need to look at recent historical sales prices on homes in the area. But don't compare it with the sales of any homes—it should be on sales of homes that are similar in floor plan, size, condition, age, and features. So, for example, if the home you want to buy has a three-car garage and a fireplace, make sure the homes you compare it to have the same features. Your realtor can help you compile this information, which they will pull from their multiple listing database of home sales and listings.
How Can I Buy a House With Bad Credit?
This is a great question that you might wonder about, especially if you have recently filed bankruptcy, had a repossession, or have a bad history of credit card payments or excessive balances. Buying a house may not always be out of reach with your credit issues, just be sure you talk to your realtor about this question.
Your realtor can help you search for a home that is sold as a seller financed home, which means you can buy the home and make payments directly to the seller. Keep in mind the seller may want you to put a down payment on the house or make a payment each month of a specific dollar amount. Talk to your realtor about your financial budget and they can help you negotiate the purchase terms of a seller-financed home.