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The initial offer price and terms on a home purchase have a big effect on the final deal. Keep a few things in mind in calculating your offer: If a buyers agent is involved, working for you (the buyer), they should take the lead on this job. Remind them to keep information and decisions confidential. If a buyers agent is NOT involved, remember that the selling agent works for the seller, not you! Calculating the actual offer should factor in: The price and terms for homes in the area The price and terms for recent, similar and especially nearby sales ("comps" -- comparable homes.) The condition of the home The listing history - how long has it been on the market? Has the listing price changed over time? Your financing terms, and general financing conditions such as interest rates. The sellers situation Know what the home is worth, and what you can afford. Negotiation is common; expect the buyer to make a counter-offer and anticipate more than one back-and-forth to reach agreement on the final price and terms. If you have a buyers agent, consider their advice, but follow your own reason and goals.
It is difficult not to hit information overload while looking at possible home purchases. Take pictures, measure and maintain a scorecard as you go, but pay especial attention to these things: Maintenance and Potential Problems. Look critically at systems like heat and AC; appliances and working mechanisms like doors and garage doors. Observe the roof as best you can; even though it will probably be inspected, its a critical aspect of each house. Look down! Carpets and floors are big wear points. Ask lots of questions about the house, and include questions about the neighborhood and community. Look for clear and complete answers as you go. Consistent questions and a scorecard will save you time in the long run. This free Federal resource may be useful: https://www.hud.gov/sites/documents/CHECKLIST-EN.PDF
Watch this short video for some useful tips for the overall home-search process. These include: Take lots of pictures of each. Outside, key rooms, yard, garage and features you care about. Comparing pictures is faster than re-visiting. Document and "score" as you go. Measure — ideally, the same measurements for each place. The Federal Housing and Urban Development agency - HUD - provides a helpful scorecard to use. They recently moved the scorecard; heres the new web address: https://www.hud.gov/sites/documents/CHECKLIST-EN.PDF Alternatively, keeping record on a smartphone with an app or spreadsheet may facilitate the process, especially for couples and families.