I am a first time home buyer in new york state. what are the most important things I need to know? also is now a good time to buy? the home i am looking at is assessed for 35k (assessment is current with in the last 3 years) the asking price is 59.9k is this high? I should also mention this house is in excellent condition. there are a few very minor defects. also what can i specefically ask in for in the sale contract? there is some trash i would like removed before the closing. this is stuff left from prior tennants. there is also tennants in the house now. if they do any dammage before they move out can i have it stated in the contract that its the sellers responsibility to make any repairs from the disgruntled tennants? thanks in advance for any advice.
Wow, what kind of house did you find in NYS in excellent condition for 59k?
Anyway, the tax assessment doesn’t always match the value. See how long ago the house was last assessed, and by all means have it assessed yourself. (If you need a mortgage, you’ll need it assessed anyway.)
Have the house inspected even if there aren’t many visible defects. Things like bad electrical wiring, plumbing, or foundation can be tough for the untrained eye to see.
Yes, you can and should specify that the trash is removed. The seller will have to put some $ in escrow and if the trash is not removed on closing day, the $ in escrow will be yours.
On the day of the closing, you will do a final walk through. If you find new damage, you can negotiate at closing for these items.
A buyer should always have an attorney present at the closing to handle these items. Too many things can go wrong. Congrats on your new home!
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Before purchasing any real estate you need the property appraised. Whether this is done by a professional or you simply look up the information for free on zillow.com, this should be done first. The contract is between you and the seller. The buyer has every right to include in the contract that all debris is to be removed from the property before you take occupancy. I would also include a clause re the current tenants. I would have that in writing, in the written contract. This is completely reasonable. The tax assessment is sometimes lower than the property’s appraisal, in my experiance. HOWEVER, it can also go the other way-where the tax assessment is higher. Then, I would probably assume the property has serious problems. I would not do that deal. People want to make money from their assets-not lose money.
house buying.
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Get a local Buyer’s Agent. Right now. They’ll know this sort of stuff, and if they don’t, at least you have someone easy to sue and get a judgement from their insurance. Once you pay that purchase price, that purchaser is gone.
Realtor and Loan Officer in San Diego. Website http://www.danmelson.com
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