How do you determine your best offer?
First, compare recent sales of similar properties to come up with a price range. Then review additional information such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home.
How do I look up comparable sales?
You should be able to acquire this information quickly from your real estate agent. Your real estate agent has access to the public records and the Multiple Listing Service.
What are the circumstances of the sale?
Check how many days the property has been on the market. Has the seller reduced the asking price from his starting price? Does the seller need to move quickly due to a change in employment? Is the property vacant and costing the seller a monthly payment?
The asking price is a starting point, not necessarily the price for which the property will ultimately be sold.
What are the conditions of the property?
Has the seller recently remodeled? How old is the roof? Is the landscaping in good condition? Has the property been well-cared for overall?
What are the market conditions?
Comparable home sales, the local economy and other factors affect your offer. Is it a Buyer's market? Seller's market? Are homes selling quickly or remaining on the market longer than 90-120 days? Are interest rates at a low level?
Are there improvements to the property?
Ask yourself, what is the real value of these improvements to me? Do I like the improvements? Improvements may increase the value of the home, but if you plan to do a complete remodel upon purchase, they are of little or no value to you. On the other hand, improvements may make the property more desirable, but not necessarily worth more. If you like the improvements made, purchasing an already improved home could save you a lot of money in the long run.
Why do I need an agent's advice?
An experienced, professional REALTOR® is constantly updated on area market conditions, and the various properties for sale. A REALTOR® has the benefit of experience. It's just like the saying, "If you're sick, don't call your plumber.”
What about a home inspection or a pest inspection?
Having a thorough inspection of your prospective home by a reputable home inspector can help ease your concerns and resolve any questions that you may have. Home inspectors typically are licensed contractors, often professionally/industry certified, and provide an in depth inspection report describing the condition of a property. Pest inspectors are typically licensed, and provide in depth inspection of the interior and exterior of the home for wood destroying insects. If wood destroying insects are “active” the inspector will provide a detailed report describing the condition of a property.
What does the term “As-Is” mean?
The term "as-is" means the seller is not going to make any repairs to the property. In NC the seller is not required to disclose all known defects to the buyer. A seller has the right to disclose or not disclose. Homes sold "as-is" often bring a lower sales price, as the buyer will make price adjustments for known/discovered, necessary repairs. It is wise, and recommended, that the buyer have a professional home inspection done on the property. We also recommend that the buyer have a roof inspection done by a qualified roofing company, as well as have the pool and heating/air conditioning system inspected by a service company.
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