7 Questions To Ask Before Buying A Home

By: Fainting Goat
MADISON, Wis. - June 3, 2016 - PRLog -- RIS Media, 7 Questions to Ask Before Buying a Home,  by Dana Dratch, May 9, 2016

• 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," says William Poorvu, professor emeritus of entrepreneurship at Harvard Business School. "In today's world, you should also ask if any of these sales are a result of foreclosures." With foreclosures in the neighborhood, "you can assume there will be a lot of price competition, and you may offer less money," Poorvu says.
• 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.

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Tags:Home Buying, southern Wisconsin homes, Homes For Sale
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