Whenever you find a house for sale that you may be interested in buying, it's important to have your real estate agent pull up as much data on the listing as possible. One of the things that you'll want to find out about is how long the house has been listed on the market. If the house has been on the market for a long time, you may find yourself in a unique situation. What constitutes a "long time" depends on the local market; make sure you ask your agent for specifics related to your area. Here are some things to keep in mind when you deal with a house that has been on the market for a long time.
A Very Low Offer May Work
When a house hasn't been on the market for long, you're often wondering if other buyers may be evaluating it at the same time as you. This can mean that it's necessary to make your offer highly competitive; if the offer is too low, the seller may have a better one to focus on. Conversely, a house that has been on the market for a long time may give you the ability to make a very low offer. If the seller is motivated, he or she might be willing to accept an offer that is considerably less than the listing price. Make sure to consult with your agent to determine what is a realistic offer.
A Home Inspection Becomes Even More Important
While you should always have a home inspected before you move forward with buying it, this process is even more critical when a house has been on the market for a long time. The property's inability to sell can result from many factors, including the possibility that it has failed inspections in the past. If your agent can determine this information, it should be passed along to your home inspector so that he or she can be extra vigilant.
The Closing Date Could Be Shorter
The seller of a home that has taken a long time to sell may want to get the property off his or her hands as quickly as possible once an offer comes in. For this reason, the seller may insist on a short closing date. While this date is typically negotiable, it's useful to keep in mind that if you're able to get a deal done, you may have to take possession of the home on the sooner side. This can speed up your own efforts to sell your own home if you own one.
For more information, talk to a professional like Foxfire Realty, Inc.