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Buying a Home? Questions to Ask

Reblogger Richard Iarossi

Real Estate Agent with Coldwell Banker Residential Brokerage 531132

November 27, 2011 06:39 AM

*****REBLOG*****

In this post, Leslie is showing once again that REALTORS® provide value in a home buying scenario. We're not the dinosaurs that some might think. It isn’t all just looking at pretty pictures on the internet, and picking which pictures you want to see. There is so much more to completing a successful home purchase, especially in today’s market. And while her post talks about the local market in Geneva, IL, the information is appropriate for local markets all over the country.

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.

This post was written by Leslie Ebersole of Baird & Warner Real Estate.
Use or reproduction of the material published on this site is expressly prohibited
without the express written permission of the author.

My Website FoxValleyRealEstate.net

My Email leslie.ebersole@bairdwarner.com

My Mobile (630)945-7935