Frequently Asked Questions

1. Is an older home a better value than a new one?  [from:  U.S. Department of Housing and Urban Development "100 Q&A About Buying A New Home")
   
   There is no definite answer to this question.  You should look at each home for its individual characteristics.  Generally, older homes may be located in more established neighborhoods, offer more ambiance, and have lower property tax rates.  However, people who buy older homes should be prepared to maintain and repair their homes.  Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient.
    
2. What should I look for when walking through a home?  [from:  U.S. Department of Housing and Urban Development "100 Q&A About Buying A New Home")
   
   In addition to comparing the home to your minimum requirements and wish lists, consider the following:
   
   -->  Is there enough room for the the present and the future?
   -->  Are there enough bedrooms and bathrooms?
   -->  Is the house structurally sound?
   -->  DO the mechanical systems and appliances work?
   -->  Is the yard big enough?
   -->  Do you like the floor plan?
   -->  Will your furniture fit in the space?  Is there enough storage space?
   -->  Does anything need to be repaired or replaced?  Will the seller repair or replace the items?
    
3. Why are they selling their home?
   
   That's a very valid question, and it is a tricky one.  A home buyer would like to avoid being saddled with a potential problem, and would also like to find out their leverage in conducting the negotiations about the purchase price.  Stringent guidelines exist that require a seller to disclose obvious, visible and not so obvious, latent defects.  If the house is vacant, the real estate agent can provide that information for you.  Unless the real estate agent is acting as your representative  and receiving commissions from you, the buyer, for a successful transaction, he/she cannot legally disclose personal information about the sellers motivation to put the house on the market, unless instructed to do so by the seller.
    
4. How do I make an offer?
   
   Your real estate agent will assist you in making an offer, which will include the following information:
   
   -->  Complete legal description of the property
   -->  Amount of earnest money (your 'binder' payment that holds the property for you pending closing)
   -->  Down payment and financing details
   -->  Proposed move-in date
   -->  Price you are offering
   -->  Proposed closing date
   -->  Length of time the offer is valid
   -->  Details of the deal
    

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   Your real estate agent is required to treat you with fairness and honesty according to Department of State regulations.  They are also required to present any and all offers to the seller.  Often, you will find that your dream home, that you thought you would never qualify for, is within reach.
   
   For more information and Frequently Asked Questions, visit the U.S. Department of Housing and Urban Development website or E-mail us to request a home buyer's Guide to be mailed to you.
    

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