What is the MLS and how does it work?
The GU CREW will search the MLS or Multiple Listing Service for homes that meet your specific criteria. The MLS is a private database created and maintained by real estate professionals to help their clients buy and sell property. The MLS has the largest pool of properties for sale in the marketplace.
The MLS is extremely convenient and there is no cost to buyers. With a GU CREW Team Member, you will get a professional guide to search the MLS for all the homes that you may be interested in without being overwhelmed.
What is a short sale?
A short sale is the sale of a home when the proceeds from the sale are less than the balance of debts secured by liens against the property and the homeowner cannot afford to pay the liens in full. Before purchasing a short sale, consider the extra time it can take for a short sale to close and the added difficulty involved in negotiations.
What is a foreclosure?
Buying a foreclosed home may be easier than buying a short sale. A foreclosure is a property that is owned by a lender. Most foreclosures are sold “as-is.”
How many homes should I look at before putting in a purchase offer?
There is no magic number of homes that you should look at before deciding on a home to buy. You may decide to purchase the first home you look at or you might have to look at 25 homes before finding the one that is right for you. Often, the number of homes available on the market that meet your criteria at any given time is limited.
What should I look for when viewing a home?
Compare each home according to your minimum requirements and wish list. Also consider the following criteria:
- Is there enough room for our current needs and do we have room to grow?
- Is the house structurally sound? When was the home built? What is the age of the roof?
- How old are the mechanical systems and appliances and what is their condition? What needs to be repaired or replaced?
- Is the outdoor area big enough or too big?
- Does the floor plan appeal to you? Will your current furniture fit the space available? Is there enough storage space?
- Think about the home throughout the seasons. Would you like to live there winter, spring, summer, and fall?
Take photos and notes as you walk through each home. A GU CREW Team Member can help you assess each home according to the market and your goals for home ownership. Don’t hesitate to ask to see a home that you are serious about a second time.
What are the average utility bills?
Keep in mind that each home owner may have a different comfort level when it comes to home temperature. Likewise, water and electricity usage can vary widely depending on the number of people in the home or different activity requirements of the home’s occupants. However, utility bills are often provided by the home owner or sometimes from a local utility company. It is good to review the average of utility bills over the past 12 months.
What is the area, neighborhood, and schools like?
The GU CREW, without steering you to a specific location, will provide you with information so that you can make an educated decision about an area or neighborhood. Information about the growth of the local economy, crime statistics, taxes, and local amenities is some of the information that we can provide.
How are the schools is a big question for an prospective home buyer, even if they don’t have children, because the reputation of the school district can affect home values. The GU CREW can provide you with the names and websites of the local schools so that you can assess them on your own.
Is a private home inspection worth the money?
Yes! A home is one of the largest investments you will ever make and ensuring you are making the right investment with a home inspection is a smart move. Home inspectors check your potential home for safety, structure, construction, and mechanical system issues.
A home inspector will provide a detailed report of any repairs that are needed as well as suggestions on how to maintain your home. Home inspections are to point out repairs or safety issues that can affect the resale value of the home. Most importantly a home inspection will provide you with peace of mind.
Some sellers may allow you to make the sale of the home contingent upon completion of a satisfactory home inspection. If something is unsatisfactory in the inspection, the GU CREW will help you negotiate with the seller to make the proper repairs or to compensate you for the repairs that need to be made.
Chose a home inspector the same way you would select any other service professional – ask questions to find out their qualifications, how many years they have been in the business, and how often they inspect homes. Talk to your family, friends, or a GU CREW Team Member to see if they can recommend a qualified home inspector.
Do I need to be there for the inspection?
It is a good idea to attend the home inspection. By following the inspector through the home, you will be able to ask questions about any problem areas and how to maintain your home.
What is the Next Step?The GU CREW would be happy to help you through the home buying process. Contact us today to learn more about buying a home with the help of a GU Crew Team Member!