Keeping Records

Keeping House Hunting Records

If you are a deliberate shopper and plan to look at numerous houses before you buy, you may want to maintain a log of the houses you like. The more houses you locate, the better an idea you will get of the fair market value of homes in the area. When my wife and I moved to Boca Raton, FL, we suffered from sticker shock of the prices of houses that we found that we liked. We started a slow, deliberate search, and maintained a detailed record of houses that we liked. We opted to rent a condo until we got to know the area and spent the next year looking for the perfect neighborhood.

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Our patience paid off when we found a 2800 sq. ft. three-bedroom home, in which the owners had purchased a $700,000 condo on the beach and had been renting the home to cover the mortgage on the home we liked. When the renters moved out, the owners were placed in a financial bind when they could not find a renter that was willing to make their mortgage payment for them. We had done our homework, kept good records and knew there were 3-4 other homes that we liked, so we offered the seller 30% less than his asking price which already was at fair market value. The seller accepted our offer and we closed quickly.

About a year later, Hurricane Andrew blew through area, housing prices jumped, and we sold the house at a substantial profit, pocketing a $98,000 windfall. This was possible because we took our time, looked at dozens of homes, and kept good records, not only of the asking price of homes we liked, but also the sale prices of homes we liked when they sold.

The following form can be used to maintain an accounting of homes you see that you like. Above all, be patient, look at a number of homes, and don't buy the first home you see that you like. You will never know a great deal if you jump at the first home you see, that you think is a good deal.

To use this form, simply fill out the fields, press submit and print form.

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