You may decide to pay the owner’s
asking price for the house. However, you can offer less
than the asking price. Before you decide, ask these questions:
1. Is the asking price about the same
as the recent sales price of similar homes in the neighborhood?
The market value means the selling price
of similar homes in the area. Your real estate agent should
find out the market value of other houses in the neighborhood.
This can tell you if the asking price is fair.
2. Is the house in good condition?
If the house is in need of major repairs,
it will be worth less.
3. Do the owners have to sell quickly?
If the owners have to sell quickly, they
may take less money. It is a good idea to find out how long
the house has been on the market.
4. How much can you afford?
Know how much money you can give as a
down payment. Also, be sure you can afford all the monthly
housing payments, including mortgage, taxes, insurance,
and utilities. Sometimes the seller will pay for repairs
before your final offer. If the seller can pay for some
of the costs, the asking price may be fair.
