Spalding, Mellon & Munster
provides the following information to assure you have a positive
When you find a property you like, have
your realtor run "comps" on recent sales in the area to compare
prices, sizes, and features of your prospective home with others. Be
aware that the raw data may not provide an accurate comparison.
Sometimes the sold price of a property includes other terms and
conditions - money for a new roof, etc. If that's the case with a
property you are using as a basis for price
comparison, the information may not be accurate, and the property you
like may be overpriced. Be sure you are comparing apples to apples,
not apples to oranges.
Investigate, before purchase, the
original use of the land and/or property. More than one
buyer has run into trouble because of items not readily apparent.
If you're purchasing residential
property, and the exact school your child
attends is important to you, verify that the address of your
proposed home is within the boundaries for that school. Don't assume
anything. School boundaries are sometimes drawn according to factors
other than geography.
For example, y
ou've found your peaceful haven on
Moosehead Lake or another lake. Make sure you're aware of LURC's
(Land Use Regulation Commission) zoning and regulations.
The property you want to buy is a "For
Sale By Owner". Be very careful before jumping into a purchase
without a real estate agent to guide you and manage the transaction
to closing. There are many, many pitfalls that can cause a FSBO deal
to fall apart. The property may be overpriced and consequently not
appraise for the mortgage you want. Various inspections may not be
completed in a timely fashion without an agent to oversee the
timeline. You may not receive full disclosure of past problems with
the property - leaky basements, buried oil tanks, etc. Consider
asking your real estate agent to find out whether the sellers will
"cooperate" (pay your agent a commission) to handle the details of
the sale and thus insure that everything possible is done to make
the sale go through seamlessly.