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Buying a home is one of the most
important purchases most people will make. In order to make the
right decisions the first time, potential buyers need to be
prepared. Consider the following before starting negotiations:
Be prepared
Research the housing market in the target area. Once you
have information about the general area, focus on the particular
property and seller. Look for answers to questions such as:
1. Why is the homeowner selling? (If they're moving
because they find the area undesirable, you might as well.)
2. How long has the home been on the market? (If it has
been on the market for a long time, perhaps there are negative facts about the
property that you need to know.)
3. How much did the seller pay for the home compared to the
current asking price? (If the seller paid more, find out why. Was it a general
real estate trend, or did property values in that particular
neighborhood go down?)
4. What is the seller's time frame for selling and moving?
Does it fit within your needs?
5. Are there any defects in the home or problems with the
surrounding neighborhood? (For example, is the roof so old that it will likely leak
during the next storm? Is there a new construction project in
the area that will lead to major traffic
congestion?)
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