Buying a home can be a complicated process. Rarely is it as simple as seeing a home you like, asking the homeowner the price, writing a check and getting the keys. The process does not have to be overly stressful, however, and having knowledge about real estate matters can help simplify the home-buying process, especially for first-time buyers.
It is important for Arizona homebuyers to know what questions they should ask before buying a home, and even before making an offer. A potential buyer should consider how much the homeowner might still owe on their mortgage. In the event that the homeowner owes more on the home than the asking price, a buyer may be looking at a possible short sale.
Of course, it is essential for a potential buyer to know the condition of the home before he or she purchases it. This includes knowing about things like the type of insulation and the condition of the roof. Having a full understanding of the condition of the home before closing on the property is imperative in light of the “buyer beware” premise in real estate. It is the buyer’s responsibility to make him- or herself aware of a home’s defects when entering into the transaction.
Most potential homeowners also need to consider options for financing before purchasing a home. Some buyers may pursue loans through traditional lenders. Others may be interested to learn about seller financing options, which may be available to a potential buyer who cannot obtain a loan from a bank or other commercial lender.
For his or her own protection, a potential buyer needs to be prepared before entering into a real estate transaction. An experienced real estate attorney may be able to answer questions and offer helpful guidance during the process of buying a home.
Source: FindLaw, “Questions to Ask When Buying a Home,” accessed Dec. 26, 2015