Questions to Ask When Buying a Home in Geneva, IL
Most people start their home search by looking online at dozens of Geneva homes for sale. Future Geneva homeowners debate the merits of decks vs. patios, hardwood flooring vs. carpeting, and whether a finished basement is a "must" for their decision.
Since there are many perfectly nice homes for sale in Geneva, a home buyer should also make sure that a home is "buyable" before they fall in love. Here are just some of the tough questions you should ask before writing an offer for a home in Geneva IL.
1) Can the homeowner pay off the mortgage and the closing costs at the expected selling price?
2) If the home is a short sale:
- how many loans and liens are recorded against the property?
- are the property taxes paid, sold or delinquent?
- is the seller qualified for a hardship?
- has the agent and/or attorney prepared a short sale package?
- is the homeowner involved in any civil litigation like a divorce or business bankruptcy?
3) What have similar homes sold for in the past 3 months?
4) How long has the home been on the market?
5) How long has the home been on the market at it's current list price?
6) Have there been any previous offers? What happened?
7) What are the local ratios for sold to (last) list-price ratio and sold to (original) list-price?
8) Is the seller offering any special incentives to the buyer or to the buyer's agent?
9) What is the seller's timing?
- is the next home picked out?
- if the seller is buying a home, are they qualified for their next mortgage?
- will the seller take a lower price for a delayed closing?
10) Are there any special assessments, new taxes, or other unplanned payments the new homeowner will have to make in the near future?
I am an experienced and successful Geneva IL real estate agent. If you are thinking of buying a home inGeneva IL, please give me a call at (630)945-7935 and let's talk.