Researching the Property
You have found the home you want to purchase. Congratulations!! Now before you make the official offer to purchase, you need to do a little research. You will want to research the area. Depending on your family situation the nearby schools and parks may be important to you. Where will your children attend school now and in the future? Are there any special assessments associated with this home (Mello-Roos)? You may have some questions for the Home Owner Association. Get the number and start to investigate. Drive by the neighborhood on the weekend and get to “know” the neighbors.
Your Real Estate Agent will assist you in researching the price to offer. This is most commonly accomplished by pulling the past sold from the local Multiple Listing Service (MLS) and doing a comparison and averages of sold price.
Understand what the sellers’ motivation is to sell the home. Do they have equity in the home? Have they made a lot of improvements? How quickly do they need to sell? Are there other offers on the property?
You will have an inspection period once your offer is accepted. However, a little investigation prior to making an offer can save you money spent on a physical inspection and appraisal.
Your Agent will guide you through this process and lead you to the right resources you will need to proceed with your offer.