Youre ready to buy a house; how do you "Make an offer"? There is a formal process, and the real estate agent(s) will assist you. The offer will involve: Price: how much are you offering? Under what conditions? Time: when do you want to close? Move in? Financial Terms: How much are you offering in down payment? What financing details might affect the offer? Contingencies. Does the offer depend on any other events, such as the sale of your existing home? Earnest Money: what amount are you committing to show that you are in earnest about the purchase? Deadlines: how long is the offer valid? An offer will include the complete legal description of the property, and a few other formal details. Keep in mind, it is "an offer, not a deal." Buyers will frequently provide a counter-offer that changes some of the terms to meet their desired outcome.

The initial offer price and terms on a home purchase have a big effect on the final deal. Keep a few things in mind in calculating your offer: If a buyers agent is involved, working for you (the buyer), they should take the lead on this job. Remind them to keep information and decisions confidential. If a buyers agent is NOT involved, remember that the selling agent works for the seller, not you! Calculating the actual offer should factor in: The price and terms for homes in the area The price and terms for recent, similar and especially nearby sales ("comps" -- comparable homes.) The condition of the home The listing history - how long has it been on the market? Has the listing price changed over time? Your financing terms, and general financing conditions such as interest rates. The sellers situation Know what the home is worth, and what you can afford. Negotiation is common; expect the buyer to make a counter-offer and anticipate more than one back-and-forth to reach agreement on the final price and terms. If you have a buyers agent, consider their advice, but follow your own reason and goals.

Make sure to check a few practical risks in the decision process for a new home, including: Natural disaster risks Is it in an earthquake-prone area? Is earthquake insurance available, and how much does it cost? Likewise, are hurricanes a risk? Tornadoes? How high does the property sit, and is there a risk of flood? (Watch the video on floods here on Video-Genius.) Are there hazardous materials in the area? Building Code compliance; the house should meet local codes. Local zoning and (if applicable) homeowner association rules can also play a big role in future changes. If you envision remodeling, making an addition, or other substantial changes, be sure you understand the regulations and permits that will be involved.

Knowing the property taxes that you will pay is a key fact in evaluating the cost of owning a home. The listing information on a property usually includes the prior years property taxes. If this information is not included, contact the local assessors office, or ask your real estate professional about obtaining the figure and documentation from the seller. Figures will change tax rates vary, so factor that into your budget. Remember that tax payments and mortgage interest are usually deductible from your Federal income taxes. Your real estate professional may have advice about additional tax liabilities or benefits for a particular property.

Discrimination against home buyers is illegal and wrong; race, faith, gender, citizenship, abilities or impairments or family status cant be a factor, by law. If you feel discrimination is affecting or influencing your home-buying process, contact HUD - the U.S. Department of Housing and Urban Development. HUD maintains a hotline for filing complaints. Call (800) 669-9777, or File a complaint online at https://www.hud.gov/program_offices/fair_housing_equal_opp/online-complaint

Deciding "older home or newer home" is a unique challenge for each buyer and place. Here are some general guidelines to think about. Home Age and Neighborhood Age. More-established neighborhoods with a higher average home age develop their own ambiance over time. Is that what you want? Property Tax Rates. An older home may have a lower tax rate; make sure to ask and compare. Maintenance. Homes require maintenance as they age, but you should assess what has already been done on an older home case-by-case. Energy efficiency is also a key concern; building standards have improved efficiency standards over time, so you may find newer homes to score higher on this key cost. Consider what you want to spend time on, and what you enjoy as well.

It is difficult not to hit information overload while looking at possible home purchases. Take pictures, measure and maintain a scorecard as you go, but pay especial attention to these things: Maintenance and Potential Problems. Look critically at systems like heat and AC; appliances and working mechanisms like doors and garage doors. Observe the roof as best you can; even though it will probably be inspected, its a critical aspect of each house. Look down! Carpets and floors are big wear points. Ask lots of questions about the house, and include questions about the neighborhood and community. Look for clear and complete answers as you go. Consistent questions and a scorecard will save you time in the long run. This free Federal resource may be useful: https://www.hud.gov/sites/documents/CHECKLIST-EN.PDF