What Buyers Should Know

What Buyers Should Know

Posted on April 10, 2013 by Great Florida Homes

first_time_home_buyerWhen someone wants to buy a home, a lot of things come into play: What does the house look like? Will it be of the right size and right number of rooms for me and my family? Is it located in a good neighborhood? But eventually, it all boils down to one thing: NO ONE WANTS TO GET RIPPED OFF!

But how does a buyer know how to make the right decisions in order to get a fair deal?

A buyer should do their research. Try to see if there are any properties that have been sold recently that are similar in size, condition, neighborhood and amenities. This is a good way to compare prices. Having a real estate agent to ask about these similar properties is the best way to get accurate data.

Look at market conditions in the neighborhood. There’s always a trend in prices. Have prices been going up or down? If there’s an upswing, you might be paying for an overpriced property, if supply is low and demand is high.

Get a home inspection. There should be an appraisal of the property by the lender, in the spirit of protecting its financial interests. This is done in the event that you are unable to make your mortgage payments, the lender wants to know that they can get a reasonable amount once the home has been foreclosed. In case the appraisal is considerably lower than the offered price, you’re in danger of being ripped off. A home inspection can also lower the price of the home since needed repairs would warrant a discount on the purchase price.

Ask for your Realtors opinion. Real estate agents that have been in the industry for years have a 6th sense regarding market value and market trends and therefore are better able to guide you on what a fair offer should be.

Ask your gut. In case you are not satisfied with the property and don’t feel it’s worth the amount, you are usually right. If you never liked the property to begin with, the price would never seem fair.

Negotiate. Sometimes, sellers list a property for a high price just to see if anyone would accept the high price but once you make an offer and you receive a counter offer, that means the property wasn’t actually worth the initial price, so you have a good chance of negotiating downwards.

When looking for a new home, you need to have an idea about pricing. This starts with speaking to a qualified lender. For superior negotiations you can trust in the qualified agents of Great Florida Homes to know you’re making your best decision.