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Looking at buying a house
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hRex
Posted 11/27/2012 22:46 (#2720668 - in reply to #2719977)
Subject: RE: Looking at buying a house


DeKalb, IL
I can't speak to differences in law between Iowa and Illinois, but I think most things are pretty similar. There are some pretty good suggestions above my reply.

If you're working with an agent, that agent is required to represent your interests, with limitations if that agent also has the listing for that house. If you're buying a house that isn't listed with a broker, use a real estate attorney to draw up your offer to purchase. As others have indicated, use a home inspector (your expense, so choose carefully). If you're getting a loan, the lender will require an appraisal--distinctly different from an inspection. The appraiser establishes the houses value in its present condition; the inspector helps you define what that condition is. Many inspectors are also certified to do a radon inspection.

In my experience, the 'watch outs' you refer to will depend primarily on the age of the house you're considering. A good home inspector will tailor the inspection to the house in question.
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