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CHAPTER 6

Research a Serious Possibility

Investigate the property, neighborhood, costs and available records before deciding whether to make an offer.

Meet Your Advisor

Step 1 of 5

Lesson

Detailed Research Comes After Serious Interest

Real estate changes quickly. Your agent or broker should perform an initial review before a showing, but it is not practical to spend hours conducting a complete analysis of every home you might visit—only to learn in ten minutes that the layout or location does not work.

Once you identify a genuine possibility, give your agent or broker a reasonable amount of time to gather and review additional information, which may include:

  • Recent comparable sales
  • Listing and price history
  • Available seller disclosures
  • Property-tax and public-record information
  • Available permit history
  • HOA, condominium or CDD information
  • Flood-zone information
  • Known special assessments
  • Included and excluded items
  • Questions for the listing agent or broker

Some matters require an inspector, lender, insurance professional, title company, surveyor, association or attorney. In a competitive market, the review may need to happen quickly. Your agent should communicate what has been confirmed and what remains uncertain.

First decide whether the home is a genuine possibility. Then determine what it may be worth and what concerns should affect your offer.

Reality Check

Reality Check: Research Follows Genuine Interest

Real estate changes quickly. Your agent or broker generally will not spend hours completing a full analysis before you determine whether the home’s location, layout and basic condition work for you. Once you identify a serious possibility, allow reasonable time to gather comparable sales, disclosures and other information before deciding on the offer.

Chapter Quiz

Answer all four questions. You must score at least 75% to pass.

Quiz Results

Answer all four questions. You must score at least 75% to pass.

Answer all four questions. You must score at least 75% to pass.

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