Buying Real Estate Questions and Answers
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Buying Real Estate Questions and Answers
Appraisals & Market Value
How do you determine how much a home is worth?
Are there standard ways to determine how much a home is worth?
What is the difference between list price and sales price?
What about appraised value and market value?
Closing Costs
What are closing costs?
Is it possible to save on closing costs?
Is there anything I should know about closing day?
Co-ops
What are co-ops?
What are the benefits of having a co-op?
Condominiums/Townhouses
What is a condominium?
Why buy a condo?
How do you choose a good condo?
Are condos good investments?
How do townhouses differ from condominiums?
What are the pros and cons of owning a townhouse?
Fixer-Uppers
Where can you find fixer-uppers?
Is buying one a good idea in “bad” areas?
How do I determine the value of a distressed property?
What guidelines should I use to find a contractor?
What kind of return can I expect from home improvements?
How can I finance work needed on a fixer-upper?
Does the federal government offer home improvement programs?
What about state and local governments?
Are special tax breaks available for historic rehabilitation?
Foreclosures
What causes a foreclosure?
Where can I find foreclosure properties?
What happens at a trustee sale?
What are the disadvantages of buying foreclosures?
How do I find government-repossessed properties?
What are some of the guidelines for purchasing HUD foreclosures?
What about guidelines for VA foreclosures?
Why is location so important?
Getting Started
What are the advantages of owning a home?
What is the first step to buying a home?
How much can I afford?
Is it best to save for the ultimate dream home or begin with a less expensive starter home?
How do you decide whether to add on to an existing home or purchase a new one?
Home Inspections
What does a home inspector do?
Should I hire a home inspector?
How do I select a home inspector?
Do I need to be at the inspection?
Insurance
What does homeowners’ insurance cover?
What kind of home insurance should I get?
What is condo and co-op insurance?
What about title insurance?
Is private mortgage insurance necessary?
Negotiating & Closing the Best Deal
Is it possible to buy a home below market price?
Are low-ball offers a good idea?
Can you negotiate interest rates?
What are some negotiating tips?
What contingencies should appear in the offer?
Does the seller take the furnishings once the home is sold?
Do I need an attorney to buy a home?
New Homes & Vacation Homes
Can you negotiate the price of a new home?
Should I hire a home inspector for a new home?
What else should I take into account when buying a new home?
Do builders provide financing?
Should I buy a vacation home?
What about a vacation home as an investment?
Property Taxes
Why do homeowners have to pay property taxes?
How are individual tax bills figured?
Can I contest my property taxes?
What is an impound account?
Are impound accounts required for all mortgage loans?
Are property taxes deductible?
Tax Matters
How can owning a home pay off at tax time?
Are up-front fees and closing costs deductible?
Are fees and assessments owed a homeowner’s association deductible?
Are there tax credits for first-time homebuyers?
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