5 Things to Know Before Making an Offer on a Home

Finding the perfect home that fits your needs is difficult. In today’s Chattanooga market, you’ve got to act quick when you find that special property.

Before jumping in with an offer, slow down and find out the answers to these 5 questions…

  1. What kind of financing is allowed on the Home?
    Today, most homes are financed and there are many forms of financing that the seller can allow for such as conventional, FHA, THDA, VA and possibly others. Most all of these loans will require the home to meet a certain amount of standards.  Often many homes only allow for conventional and cash, especially if they are investment properties with a low price tag. Make sure your preferred method of financing is available from the seller before making an offer.
  2. How old is the house?
    This seems very basic and it is! Most everyone wants to know the age of the house. This information can clue you in on many of the following questions as well
  3. How old is the roof?
    If the house is currently occupied by it’s owners this question can be easily answered but often no one knows. Even if the present owner has been in the house for a few years it’s possible they purchased the home not knowing the age of the roof.  An Owner’s Disclosure statement  can sometimes verify the age of the roof. Other times it may simply be a guessing game based upon the age of the home. Regardless, this is pertinent information that needs to be discovered before making an offer on an home. Even if an exact date isn’t available, a good estimate by an expert could save headaches and expenditures in the future.
  4. How old is the HVAC?
    If the home you are planning on purchasing has central heating and air you will want to find out about it’s age and it’s service record. True, a Home Warranty can save you if the HVAC breaks while the Home Warranty is active but knowing the age of of the HVAC is a must before making an offer on any home equipped with an HVAC system.
  5. Is the home on a septic tank or a municipal sewer system?
    This is one question that often gets neglected but can also result in costing you, the new owner, if you do not ask.If the home is on a sewer system there will be a monthly cost associated with that. If the home is using a septic tank you will want to confirm that there hasn’t been any issues and/or the septic has been serviced and it is large enough to allow for amount of occupants in the home. This is usually based upon the amount of bedrooms in the home. Often home owners will add “bedrooms” and occupants without finding out if their septic tank can handle the additional usage.

There may be more questions you can think of and that is good! The more the better but these 5 are the basic questions that everyone should ask before making an offer on a home that they intend on making an offer and purchasing.

All home buyers are expected to do their “due diligence” when inspecting and investigating a home they plan on buying. Do your best!

If you have more questions or need to contact us please email us at connect@coppagegroup.com.