Buying real estate is like taking a dip into an ocean whose depth you are unaware of. You go to a real estate developer, tell him to show you properties for sale and then negotiate the price. The quote is always exaggerated, for more the price the more commission that guy gets to earn. What do you do now? You pay what he quotes or you find out the real worth of that house and take a stand of not paying beyond that? The situation is dicey, and certainly calls for a lot of prudence.
There are certain points whose validity has been proven over the years. These points will take you towards a good purchase and prevent any chances of a potential swindle being pulled off.
• Consult multiple realtors over the same property. You kind of get an idea what the real price is or would be.
• The realtor who mediates between you and the seller will make a quote and ask whether you are comfortable. Never hesitate in making your displeasures clear. Say it clearly that you are willing to pay this much and not even a penny beyond this. If the deal is one, good, otherwise other options are always there.
• Once the deal is agreed and taken on paper, you ought to check the papers of the house. As a matter of fact, do this before you sign anything and see whether the property is under any sort of financial liability or not. Make a move only and only if things are clear.
• Scan each and every clause as if you are a Fed and working on a case. Having it verified from a good housing attorney and eventually, the local housing authority.
Once the papers are transferred on your name, clear all financial dues you owe to the seller. After that, you will be the proud owner of the house.