Open Houses are a great opportunity to gather information about properties that are for sale. In a recent post, we suggested questions to ask at open houses for single family homes. Here is a list of questions for you to ask at open houses for condos. They are specifically for apartment-type condos (i.e. those in a condo association building as opposed to townhouse condos).
MLS listing sheets have data fields to accommodate detailed information about each property. It’s a good idea to review the sheet carefully – either in MLS reports you get from your agent or from the agent at an open house. That way, you won’t waste your limited face-to-face with the open house agent asking for information that you already have in writing. The questions below aren’t covered in the standard MLS data fields.
An open house is an excellent opportunity to gather important information about a property. In a recent post we discussed do’s and don’t for open houses. And, we encouraged you to ask the agent questions. Here are suggested questions to ask the listing agent when you are viewing a house. In a future post, we will list suggestions for questions to ask when you are looking at condos.
Please note that MLS listing sheets have data fields for detailed information about each house. It’s a good idea to review the sheet carefully – either in MLS reports you get from your agent, or in the MLS sheet typically provided at an open house. That way, you won’t waste the limited face-to-face time you have with the listing agent asking for information that already you have in writing. The questions listed below are for items that aren’t covered in the standard MLS data fields.
Of course, if you don’t like the house and you wouldn’t consider buying it, no need to ask anything. But, if you go through the house and like it, ask the questions below about the physical condition and the neighborhood. And if you get past all that, and are still interested, ask the agent the suggested questions about the listing (i.e. the marketing and offer process). Knowing more about the listing can help you better position yourself to make an offer on the property that will be accepted, even if there are competing offers.
In the Boston area there are significant numbers of both new and traditional housing. There is also a hybrid of the two – old houses that have been gut-rehabbed. Understanding the key differences is helpful to buyers, sellers, and owners alike. Buyers can use the understanding to evaluate the trade-offs between the different types of housing. Sellers gain insight into the competition. And owners can use the information to make informed decisions about when, if, and how to invest in upgrades and renovations to their home with an eye towards the ultimate resale value.
Spring is the season when many people tend to buy and sell real estate. Much like spring cleaning…a lot of people do it. Of course, with cleaning, people aren’t impacted by the number of people who decide to do it in the spring. But with real estate, the number of people looking to buy and sell impacts everyone in the spring market.
If you apply for a mortgage for your home purchase, the bank or lender will require an appraisal of the property. Here is a list of some basic questions and answers about appraisals. For the sake of simplicity, we will assume the most typical scenario: the appraisal is for a mortgage for 80% of the purchase price, and you will be covering 20% of the purchase price from your own money. If you need to borrow more than 80%, or have enough of your own money to borrow less, the basic concepts are the same but. there are some significant differences. We will cover the less typical situations in future posts.
There is nothing like a brand-new home. A home never lived in by another human being. Shiny. Up to date. Fully equipped and gadgetized. Charm and history are fine for other people, but they are not for you! You would sooner buy a used car than a used home. So, let’s look at all the benefits of new construction, as well as the pitfalls and how you can try to deal with them.
When you look at mortgage rates – whether on line, a sign in the bank window, or in a newspaper – you’ll see a simple interest rate as well as something called APR. Yet it seems that neither is the rate that you get at the end of the day. Why is that? Does it go up depending on how gullible you look to the lender? No, there are good reasons for the final rate you get quoted. First, let’s first look at the two types of rates just mentioned, then we can look at how the rate that you get in the end will be determined.
Why is there so much paperwork involved in buying a property? Sometimes, it seems that buyers look at more documents than homes. There are things you need to sign before you even see a single property. And that’s just the beginning of a steady stream of documents that need your signature before the closing is over. It’s no coincidence that people fondly refer to the closing as “passing papers”. But we’re getting ahead of ourselves. At the very beginning of the process you have to decide how to work with the Great Buyer Agent you’ve found and whether to formalize that decision in writing…in a Buyer Agency Agreement.