On the verge of signing a Charlotte home for sale contract? Read this first.
After years of saving and months of planning and searching, you’re now ready to buy a home. You’ve found one you love and you’ve created a payment plan. Before you take the final steps of signing the dotted line, here are a few questions you should be asking to seal the deal.
- What is the market value of the home for sale in Charlotte? You should have been informed by your real estate agent about your market value,but if not, please ask. There is no right or wrong answer when it comes to buying a home, because you want to learn as much information as you can about the home you want to make an offer to.
Sellers are aware that the home must be priced right for it to sell. But it will not hurt you to ask your REALTOR® to do a comparative market analysis. The CMA contains all the comparables in the area, so you have a good idea of what the market value of the home is.
- When was it last sold and how much did the seller pay for the home? Knowing the original value and comparing it with the current value will give you an idea about the market. If the home was sold five years ago, and the market has not drastically changed, there shouldn’t be much of a price difference.
- How long has the home been on the market? Homes that have been on the market for six months or longer typically means that it is overpriced. It can also mean the owner may be willing to negotiate and lower the price.
- Did the current owners do renovations or upgrades? The answer to this question will help you gauge how much money was used to improve the home, and how much they are expecting as ROI.
- What’s the HOA and utility cost? You want to have an idea of how much your monthly expenses will be, because you’ll also be paying a monthly mortgage.
- What’s the closing costs and will the seller help with the closing costs? You need to find out how much the closing costs are so you will not be surprised when you have to pay them at closing. Also, you need to know if the seller is willing to make concessions and pay some of the closing costs.
- What were the problems you encountered while living in this Charlotte property? Before you sign on the dotted line of the contract, ask the seller if there are issues with the home. Don’t expect the seller to disclose everything, but at least you’ll have a general idea of what to encounter when you live there.
Ask about pest infestations, flooding issues, noise, etc. If the home happens to be right by a busy street, ask if the noise level gets too bothersome.
- Do the appliances have warranties? Though the appliances look new, it is always better to know when they were bought and if they still have warranties, because you never know when they’ll stop working.
Think of it as a money-saving effort. Appliance repair is not cheap, so you need to have the warranties on hand.
When you ask the right questions, you’ll be surprised at the answers you’ll receive. From there, you can continue to move on with the transaction, or ask for more time to think about it.
Your home in Charlotte NC is your investment, so learn everything possible about it so you can know the best way to secure it.
Call me, Nancy Braun, at (704) 997-3794. Let me help you find the home that fits you and your financial needs.