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Old 07-03-2002, 04:22 PM
PenguinTrax PenguinTrax is offline
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Ditto what everyone else has said, plus..

Be sure to check the tax appraiser's web site for the area.

Ask to see the house appraisal before you make an offer.

Be sure to get the home inspected once the offer is accepted.

Be abso-damned-lutely sure you hire your own real estate attorney to look over, prepare and authorize the contracts. In most instances the realtor (even yours) is working on behalf of the buyer. An experienced real estate attorney will work on your behalf, and only your own behalf.

Take into account the comparable values of the homes in the area. Make sure the house you are interested in isn't overpriced for the area and that the area will have a good additive value over the years. You probably won't live there forever, so make sure that any improvements that may be needed for the house are worth it in the long run.

Make sure you take property taxes, home insurance and homeowner's association fees into account when budgeting for a new home.

Check out my BIL's web site for information about mortgages and real estate law.

http://www.lyonsandsmith.com.

FWIW - we are househunting now and it's tedious, but you do learn a lot. Go to every open house you can on the weekends, even to houses you can't afford, just to get the education you need. Spend time online researching properties.
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