Buying a home is a high ticket purchase. It requires careful planning and due diligence. One of the biggest factors of buying a home is taking into consideration all the various reports, dates, and deadlines. It can be quite an ordeal of a process if it’s not handled correctly. Here is what to know…
One of the things that you need to understand as a home buyer is that in real estate everything is negotiable. Homebuyers automatically assume that when they get a pest inspection back or a home inspection back, the seller of the property automatically must make repairs for them to sell the house. That’s just not true. Most houses are sold as-is. An as-is sale means the house is sold as-is and you buy the house for whatever the price is going to be.
An exception may VA mortgage where the property must clear Section 1. Don’t think just because you’re able to buy the house listed for sale on the market that the seller automatically needs to make repairs for you to buy that property. The seller is under no such obligation. Simply put if you see a house for example for $600,000 and the property needs $10,000 worth of work. It is unrealistic to automatically assume that you’re just going to get $10,000 off the purchase price of the house. Maybe that price of the house is listed low to get multiple offers? This strategy could come back to backfire if the house is listed higher to induce competition.
When to buy a home
The timing is when you are feeling good about your income, and your finances and you’re comfortable with the mortgage payment above and beyond anything else. Know that anything wrong with the house such as painting, new carpet, new flooring, backyard and front yard landscaping all those things can be done with time as your finances and income permits. Nothing is saying that you can’t buy the house because the house needs some work.
Focus on a budget and savings should be your number one objective above and beyond anything else then make the repairs to the house with time as you and your family see if it. You may come to find perhaps with your real estate agents guidance some repairs were not necessary after all.
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