A couple of years ago, the National Association of Realtors® sent out a compilation of answers to the most-often posed questions home buyers have for their agents. Riverside home buyers do sometimes come up with these. Here’s the NAR list, its answers—and a few brief observations:
- “How much can I afford?” The answer depends on your personal financial details, which are easy to determine—just search for “house affordability calculator.” Avoid the “ad” entries at the top of the screen; most of them make you surrender your personal info before they will display the answer.
- “Can I buy a home and sell mine simultaneously?” Yes, there are several ways to do this via offer contingencies. Alternatively, some sellers decide to rent while finding and securing a new home.
- “What do you think the seller will accept?” The NAR’s suggestion is “knocking 5% off the list price.” Since every situation is different, I think a more precise recommendation would be to take the seller’s profile and recent market comps into account (and don’t forget your agent’s input)!
- “Should I demand a home inspection?” Simply, ‘yes.’ When a property seems for all the world to have been perfectly maintained, it can be tempting to just speed past that inspection “technicality.” But don’t do it: the report your seasoned Riverside inspector produces will be well worth the cost and time invested. You might find yourself reviewing its details for years to come.
- “How late in the process can I back out?” If you change your mind without a reason, you’ll probably lose your deposit money. But a well-constructed offer should contain provisions covering the reasonable grounds for abandoning a purchase—usually relating to inspection findings or loan terms.
If I know one thing about serious Riverside homebuyers, it’s that they’ll have a lot more questions before they’ve zeroed in on their new home. Fortunately, I’m here to field all questions as they arise. Call me anytime!