I recommend that you drive through the neighborhood at least twice during the week, once during the week and once during the weekend. On each day visit once in the morning, afternoon and evening. Be sure to stop by and introduce yourself to some of the other homeowners in the neighborhood. Let them know that you're considering the purchase of a home in the area and would like to ask them a few questions. Ask them if there have been any issues in the neighborhood? Ask them if they are happy living in the area? Ask them what they think of the school district? And so on. Most homeowners will be glad to answer your questions because it enables them to meet you and feel as if they're taking part in the sales process. You may also contact the local Police Department to find out what type of calls are frequent in the area. Following these guidelines along with your planned property inspection will enable you to determine if the home and neighborhood is right for you and your family. I hope this answers your question. Best Wishes!
Besides inspections, you'll want to take a close look at the preliminary title report. This report shares any unpaid taxes, liens, etc. You'll want a clear title report before purchase.
Another item to evaluate closely are the disclosures given to you by the seller. The TDS and SPQ are questionnaires for the seller. They are supposed to disclose everything they know about the home. Repairs? Remodels? Leaks? Flooding? All of these questions are asked and the answers should give you a picture of some of the malfunctions of the home.
Don't be turned off by a home because it has a few things wrong with it - all homes do. Just know as much about the home as possible. If you have questions about the home, most sellers are cooperate and will freely give out the information you are seeking. The only exception is a bank owned home. The bank never lived there, so they don't know about the home.
Hope this helps!
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.