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7 Questions To Ask Before Buying A Home
• 1. What is the property worth in today's market and how long has it been on the market?
If it's languishing for months with nary an offer, it could be a slow market or it could be overpriced, says Robert Irwin, author of "Tips and Traps When Negotiating Real Estate."
• 2. How flexible is the seller on the asking price?
To avoid offending the homeowner, you or your agent should ask the seller's agent how firm the seller is on price, Irwin says.
• 3. What is wrong with this house?
Take the direct approach, Irwin says. Ask: "Is there a problem with this house?"
• 4. Is this home in a flood plain?
Living in a flood plain can require flood insurance which can affect the cost of living in the house.
• 5. Will the lender allow a short sale?
In a short sale, the bank allows the property to be sold for less than the amount of the outstanding mortgage. If the seller's bank doesn't give its consent, the short sale can't happen.
• 6. Are any foreclosures for sale in the area?
"It always makes sense to ask if there are other houses for sale in the neighborhood,"
• 7. Do you have the paperwork for the mechanical systems?
Without documentation, new buyers won't have a lot of options if there is a malfunction.
The See Team is the premiere real estate team in the greater Madison and Middleton Wisconsin area. We have over 60 years of combined experience in real estate, and we know the towns where you want to buy a new home or sell your home: Madison, Middleton, Verona, Sun Prairie, Waunakee, Fitchburg, Spring Green, Oregon, or any other place in South Central Wisconsin.
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