When you're looking for a home to buy, you might make certain assumptions about the house, the property, the price, or the current owners. But there are often behind the scenes things going on that you and your real estate agent will want to keep in mind as you look for homes.
1. The Seller Might Be Very Motivated
Often, smart real estate agents will have their finger on the pulse of the local market and be able to tell which houses are being sold by owners who are motivated by something on the public record, like a divorce filing. But sometimes there are more private reasons why a seller might be motivated to sell their home fast, such as a sick relative, a heavy debt that needs to be paid off, or a new job offer in a different location.
The point is, if you're really interested in a property but the price is way over your budget, you should make an offer anyway. You never know if the seller will accept a much lower price due to their strong need to sell quickly.
2. Some Houses Are Flips
When you go to see a house, you might automatically think someone lives there and that the family is simply planning a move. This is especially the case if the home is staged. But in today's real estate market, the odds are much higher that you'll encounter a home for sale that is being flipped.
Sellers that are flipping a house are very different than a typical home seller. They usually have a very specific selling price in mind in order to make the profit they want. In these cases, it's unlikely you'll be able to negotiate very far down from the asking price. If the house is one that you absolutely fell in love with, you'll probably need to reconcile yourself with not getting an awesome bargain on the price.
3. There Can Be More Hidden Problems Than You Realize
Homes and properties are vastly different depending on where they're located. As such, they can have a myriad of hidden problems that you might never know about until you buy the house. Hidden problems might be a terrible neighbor on the street, an incessantly barking dog next door, a resident family of raccoons in the attic, a septic tank that's on its last legs, and a whole lot more.
When you get serious about making an offer, ask questions and get answers from through your real estate agent or from the owner. Be very thorough about assessing the neighborhood and the property condition. If you go through with the purchase, at least you'll be a well-informed homebuyer.
These are three things that you and your real estate agent should keep in mind as you look for a new home. When it comes to houses for sale, the more you know, the better able you'll be to find the home of your dreams.
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