Buyer Beware!
Studies have shown that the buying and selling of a house is one of the most stressful events of adulthood. And no wonder! Most participants in the housing market have very little experience, but they are well aware that the price of a real estate mistake can be very high.
Here are some recommendations when you are buying a home in Twin Falls, Idaho:
Talk to Others
Speak to trusted sources about their experiences. What are they glad they did? What decisions do they wish they could do over? What did they learn from their buying experience?
Get Pre-Approved
Sellers love cash offers. Pre-approval of your mortgage loan before you start the buying process puts you in a stronger negotiating position with the seller. When you talk to your banker, remember that “pre-approval” is different than “pre-qualified.”
Assess the Property
The old real estate saying, “Location, location, location,” is so well known for a reason. The neighborhood of your new home affects your quality of life as well as its future resale value. To fully assess the location of your potential new house, there are several factors to notice including: are there open lands nearby that can be developed? does the neighborhood meet your lifestyle and family needs? are you comfortable with the traffic regardless of time of day? Don’t be afraid to ask questions!
Question Pricing
Don’t be swayed by the asking price of the home. Sellers can put any price they want on their house, but it may not reflect an accurate value of the house. Have your realtor do a current market summary that will show what other comparable homes sold for and how long they were on the market.
Don’t Judge a Book By Its Cover
Staging a home is just that: staging. Don’t dismiss a beautiful and well-built home at first sight because of tacky furniture or lime green carpets.
Inspect the Home
Before you purchase the house, have it thoroughly inspected by a reputable, professional property inspector. Discuss with him what he covers in his inspection and what protections his report will offer should hidden problems with the house appear after you’ve bought it.
Talk to People Who Know
Banks need and want business too. Many times, they are willing to negotiate mortgage rates. If you are unsure about what is a reasonable loan rate, talk to others who understand those markets and then talk to your banker to see if you can get a lower interest rate.
Research
Research your home insurance well in advance of your purchase date. Give yourself the time to study plans and find the best price.
Read
When you buy a house, you will have a lot of papers to read. Get the papers early and spend the time to actually read them before signing them.
Get it in Writing
A written document is more legally binding than an oral agreement. No matter how much you like or trust the other party, always get it in writing!
Talk to Experts
Real estate transactions have contracts that outline your rights as well as your obligations. Problems can arise if you are unaware of them. Talk to experts in advance so they can explain to your what you need to know.
