Phil Millage is a Principal Real Estate Broker and Owner of Inspire Real Estate, LLC

What To Do Before I Sign My Purchase Agreement?

December 22, 2015

Before you sign your purchase agreement, you should consider doing these few things:

One of the most important things to do before you decide to buy a home is make sure you hire a certified home inspector to go through the home and check to make sure everything works. An appraiser could make you pay for amenities that are faulty or that don’t work at all. It’s not their fault, their job is to just see if amenities are there, not if they work. The Inspector will also make sure things that need to be repaired are repaired or the price is detracted from the purchase agreement.

 

Here is some information I received from an exclusive buyer’s agent in Hamilton County, Indiana on saving money.

 

Questions to ask about the owner:

  • Why are they leaving?

  • Are they facing difficult financial issues?

  • How long has the house been on the market or been vacant?

    • A long time on the market can motivate the seller to be flexible. Follow ads and check on the ones that are aging.

  • How long have the current owners lived in the neighborhood?

    • Living there a long time often means they have the capacity (financially) to help you finance the purchase (they have equity). This depends on how much of the equity they have spent via providing you with second mortgages, etc.

  • Are they open to creative financing?

    • For example, would they consider a lease with the option to buy or would they sell on a land contract?

Knowing all of these areas can save you lots of money in the future, along with having a buyer’s agent who can work solely for you and provide you with all the information that is meant to save you money, not the owner. Having an experienced buyer’s agent to help you with the purchase agreement will be one of the best experiences you can get in the home buying process.

 

 

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