Buying a home can be a nerve-racking process, and finding problems the week you move in can be a nightmare. If you’re purchasing new construction, such as Manorwood Estates in Commack New York, you will have little to worry about. New construction usually will not have hidden problems as everything is newly built. Most surprises come up with existing houses, and great care must be taken when buying a home.

1. Use a Home Inspector with Existing Homes! We can’t stress this enough. While a home inspector may cost several hundred dollars or more, he or she may save you tens or hundreds of thousands of dollars down the road. I also know people who looked at homes, were about to make-out the deposit check and pulled-out because the inspector found badly damaged foundations that needed tens of thousands of dollars in repairs, drooping walls that needed structural rebuilding of the home, faulty wiring that present a fire hazard and other problems that are not visible to the naked eye. Even those that are detectable may not show off a red flag to a homeowner, whereas an inspector they may immediately recognize the problems.

2. Drive by the house at Various Times. We’re not suggesting you park in front of the house and stalk the existing homeowners. Drive by assorted times on different days and look at the neighborhood. Don’t even look at the home. Focus on what is going on around the home. Is this a community you want to reside in? Are these the people you want to have? They will be there when you move-in, so make sure you think about this before purchasing a house. You can adore the house, but despise the block. If that the case, you should want to look elsewhere.

3. Ask to See the Home Right after a Heavy Rain. Monitor the weather reports. If there is a report of heavy rains on a Tuesday, try to schedule a visit on Wednesday evening. The home may look dry during the open house, but it can be leaky or wet after rain. You would’nt want to be surprised to learn this on the day you move in.

4. Ask Some Obvious Questions. If all the other homes in the area use natural gas to power in the stove, does this one? If oil heat is common, is this how to use electric? These are big questions to ask that many people may take for granted. Be sure you know the answers.

5. Look at the Landscape. Does the land pitch away from the home? Why does the backyard have a hill that runs straight towards the home? Ideally, you want property the grades away from the house so that rainwater runs-off from the foundation. If the property is graded towards the home, that run-off water can drift towards your foundation, which can cause foundation problems, leaks and floods.

This is the biggest purchase many people will ever make. Make sure that you’ve asked all the questions, open all the doors, look behind the pictures and, yes, even behind posters on the walls, to make sure everything is what you expect. In one house we found, a movie poster covered in 17 inch hole in the wall!

With new construction – particularly new developments – you typically do not have these issues. Nonetheless, you should look at these things carefully to avoid problems down the road.

Tips by Craig Axelrod, with Emmy Homes. Emmy is which is one of Long Island’s most trusted real estate builders. Emmy’s Commack development features luxury homes in Commack. Visit EmmyHomes.com for details.

You may not be aware that buying an REO, a bank owned property, is quite a different process then buying a property the old fashioned way, and it is extremely important that your Realtor understands the difference. Let me tell you why if your Realtor doesn’t know the vast difference between the two, how it can cost you a lot of money, and possibly cause you to all together lose your property.

Banks have complete control when it comes to a bank owned property. They make their own rules and follow no disclosure requirements. Typically they will have a potential client sign something called an addendum, which basically takes away the protections a buyer may have, and gives them sole power in the decision making.

They will give you a timeline you have to follow, or more likely then not there will be repercussions. They really unfair thing about it, is that they don’t have to respond to anything or anybody until they are good and ready. For an example, I myself have a bank owned property being held in escrow at this moment, on which I was approved for well over a month ago. However, the bank didn’t even open my escrow until almost three weeks into the thirty day stint.

We didn’t get a copy of the signed contract or bank addendum until three weeks into the deal. Of course, the bank addendum we signed at the beginning of the transaction had us agree to pay a $100.00 per day per Diem for every day we went over the 30 days agreed upon in the contract.

They didn’t help us in anyway to meet our deadlines either. As you may already be aware, most short sales do not have a successful closing. Typically this happens because the listing agent that takes on the contract isn’t familiar with how a short sale works, but still takes the home anyway. In the same breath, REO’s can also turn out the same. In my case, the listing agent was very confident that he had all of his ducks in a row, and the bank was ready to close.

Article submitter B. Stein has much experience shopping new homes for sale and properties in general. Check out his other posts online.

Let me tell you about how I wrapped up a deal involving a short sale that was going nowhere fast…

I knew sooner than later, I would be seeing the home again as a bank owned listing. I told my clients to hang tight and that I would check the MLS everyday until it appeared. Sure enough, a week and a half later it came on The MLS for $130,000 as a bank owned property. I called my clients the minute I saw it and we wrote an offer for $115,000 cash.

The very next day the bank counter offered with $117,000, and my clients jumped on it. Luckily for us, the bank also fixed some busted pipes underneath the house that more then likely the original owner wouldn’t have been able to do. The fact of the matter is that the bank held out for a month and a half, and didn’t accomplish anything as a short sale property.

After the bank took ownership of the property, we were able to settle on a fantastic offer, and get a few repairs out of the deal as well. The second time I came across this situation it was very similar to the first. My clients in this situation, made an offer of $340,000 on a property listed as a short sale, and priced at $389,000. Again we played the waiting came for over two months while the bank had the house reappraised and had numerous BPO’s completed.

After two months, the bank oddly enough rejected our offer, and let the house go in to foreclosure. Again I patiently watched and waited until I saw the house listed again, but for $390,000 this time around. My clients and I agreed that the house was quite a bit overpriced, and thought it better to wait to see if the price would come down at all. We waited two weeks, the price had not fell, and we felt it a perfect time to finally make an offer.

We made a generous offer of $333,000, and sat back waiting for a response from the bank. Within a day, we heard back from the bank, and they had declined our offer again. After another week went back, and numbers were tossed around, we made a final offer of $339,000 and had it put into escrow. In conclusion, we again were able to get a better price, in a faster amount of time, when the homes we were interested in, were bank owned.

Article submitter D. Troy knows all about shopping a house for sale and homes for sale in the US. Read more of his articles on the web.