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Home Buyers: Ask Your Agent These Questions
If you're looking for a new home, our real estate agents have suggestions to help you find the perfect home for your family. Whether you're a first-time home buyer or looking for your retirement home, we can answer important questions that will save you money and make house-hunting much easier.
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What's the Neighborhood Like?
Finding the right neighborhood for your lifestyle can be a challenge, but we can help you narrow down your choices. Make a list of your important priorities that may include:
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- Access to public transportation
- Proximity to grocery stores, retail shops, and restaurants
- Location of public and private schools
- Location of public libraries
- Nearby neighborhood parks and recreational areas
- Problems with neighborhood noise and crime
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Are There Condo or Homeowners' Association Fees?
If you buy a condo or South Bend homes for sale in certain neighborhoods, you may have homeowners' association fees. HOA communities charge one-time periodic charges and monthly fees to cover capital improvements, repairs, and regular maintenance. Monthly fees may be as much as $500/month in some communities, and they are on top of your monthly mortgage payments. -
Do You See Any Problems With This House?
When looking for homes and attending open houses, if you find one that checks all the boxes ask your agent about potential problems. Having seen hundreds of homes in various conditions, real estate agents can easily spot red flags that you don't see. While the house may need a few upgrades, you don't want to overlook major problems like foundation cracks, roof leaks, rusty pipes, and rodent infestations. -
What Should I Offer to Buy This House?
Before you make an offer on a house, check with your agent about neighborhood comps and resale values. In a buyer's market, when there are a lot of homes for sale, the seller may accept an offer that's lower than the asking price. In a seller's market with fewer homes for sale, you may need to make an offer that's above the asking price to compete with other buyers, especially in a bidding war. -
If I Make an Offer, Can I Change My Mind?
When a seller accepts an offer, the buyer and seller sign a legal and binding contract. How binding that contract is depends on built-in contingencies that allow the buyer or seller to walk away from the deal without penalties. If you walk away from an accepted offer, you can lose your earnest money deposit unless this is covered by a home sale contingency in the contract. -
How Much Are the Closing Costs?
Closing costs on a home purchase can be substantial, usually between 2%-5% of the purchase price. If you pay $300,000 for the home, you will pay between $6,000 and $15,000 in closing costs. Closing costs include appraisal fees, title fees, inspection fees, and third-party costs to fund your loan. Some sellers are willing to pay for part or all of the closing costs to finalize the sale, so ask if this is a possibility for you. -
Would You Buy This House?
Real estate agents know a good buy when they see one. If your agent says they would probably not buy the house, it may indicate location problems, costly repairs, or poor resale value that make the house a bad investment. Before you move forward, follow up with more questions and perhaps think twice about making an offer.
If you're considering a move to South Bend, contact us for information and prices on available homes. We can help you find the right home for the right price in a great neighborhood.
Note: a subscription to the Do Not Call list does not apply when requesting information from our company.
