FAQ
I need to buy a house with a good resale value. How do I determine if my house will increase in value within the next five years so that we can upgrade? I can buy a smaller house in a great location or get twice as much house in a good location. Which is a wiser decision?

It's like buying stocks. How do you really know which ones will increase most in value over the next five years? As with any investment, there are risks.
The most often quoted rule is that location is the most important factor. You want to make sure that the house does not back to busy streets and is as close to the interior of the tract as possible. Avoid corners and intersections. Choose the middle of the block or a cul de sac. You'll want to be sure it has at least two bathrooms (if you are buying in an older area).
Sometimes it is just timing that works out best for you. For example, if you buy a home before a major surge in local prices.

If the purchase contract states that the seller is paying for the hazard report and a buyer's home warranty, who is responsible actually ordering them?
Probably, you'll both have to agree. But home warranties don't vary that much in price, so the seller shouldn't mind if you order it. The seller will probably want to order the hazard report, assuming that you mean checking for radon gas and things like that.
New Construction: If a walk-through inspection reveals a problem, but I choose to go through with closing anyway, can I retain a percentage of the down payment (or mortgage amount) - - not to be paid until the repairs are made?
If you want to go through with closing, you will not be able to hold any of your money back or the lender will not fund the loan. You just have to trust that the builder will make the changes, and they normally do.
You can request the builder put money into escrow to be held until the repairs are completed, but most will be unwilling to do that. Plus, if the lender becomes aware of problems they may delay closing or require a deposit (from either you or the builder) that is approximately one and a half times the estimated cost of the expected repairs.

What are the terms of the pest inspection? If after a few years you are living in the home, are the sellers responsible if termites are found?
Assuming you had a pest inspection performed when you bought the house, the terms of the guarantee would be with the pest inspection. You will probably find it with your other documents from when you bought the house.
Expecting the seller to be responsible for something a couple of years after the fact is not really sensible. The only way a seller should be liable is if they knew of an infestation, but did not disclose it.
What should I be aware of that the house inspector should be doing during the inspection of the house I am interested in buying?
The Inspector should be checking the following things:
Drainage
Foundation
Roof & Water Leaks
Paint
Plumbing
Wiring
Heating
Fireplace
Tile

I am interested in buying a home which the seller is listed "as is." Will a bank require a home inspection before approving a loan? Will a bank approve a loan on a home needing repairs?
A bank doesn't require you to get a home inspection in order to obtain a mortgage. If there are obvious major problems that affect value, the appraiser may note it in the appraisal report. However, their job is not to inspect the home, just to determine value.
Although the bank doesn't require a home inspection, if your purchase contract mentions a termite report, the lender will require that to be performed and pass before you close.
A termite report lists more than pest infestations. It also mentions obvious structural defects, such as wood rot, etc. These are classified into two groups - category 1 and 2. All items in category 1 must be repaired prior to closing. However, the lender does not stipulate who must pay for those repairs.

How can I find out how much my house is worth? There are no comparable homes in my area.

This may be a bad sign for you, especially if you think your house is worth more than other houses in your neighborhood. Homes maintain their value better if the neighboring properties are fairly similar.
In your situation, you may actually have to talk to several Realtors, get their opinions, and come up with some sort of consensus. Without knowing why there are no comparable properties in your area it is difficult to give another suggestion. If your lot or home is over-improved for the area, that means the value will most not likely be what you think it is. If your home is much larger, you might not get the same cost per square foot as other homes in the area.
So I would talk to a bunch of Realtors and get their opinions. I would not recommend hiring an appraiser, however, even though a lot of books recommend this. Appraisers are better at "justifying" a price than in determining market value.

Where can I get information about the asking prices of properties that have sold during the last six months? I have found information on the selling prices, and would like to compare them to the asking prices.

The only place I can think of where you can obtain that information is the Multiple Listing Service. For that, you need to be a member, but you could ask an agent to obtain the information for you. I cannot think of any reason why an agent would not be willing to give you that information, so just ask one.
There really is not a concrete value in knowing the asking prices. There are different strategies in developing an asking price, plus a lot of properties start out over-priced to begin with. Comparing properly priced houses to over-priced houses, then lumping them together in some sort of analysis would skew your figures.
I can see how you could intend to use such knowledge for the purposes of negotiation, but with an informed listing agent, it should be a fairly ineffective strategy.
For example, recently I saw a web site where the agent was hawking his ability as a listing agent. He said the average home in his area sold for 93% of asking price, but his average listing sold for 97% of asking price. The implication was that he got more money for his sellers.
The truth is probably just that he priced his homes correctly to begin with.

How do you know whether the price of a home per square foot is reasonable or if you are about to make a bad decision?

Though this seems like an easy question, it is not as simple as it sounds.
Keep in mind that much more goes into the market value of a house than its square footage. For example, two houses next door to each other can have the same square footage, but if one has two bathrooms and the other has only one, guess which one will probably be worth more? It will also cost more per square foot.
However, if you compare recent sales of similar homes, the cost per square foot should be similar to those properties. You can ask your agent to provide you with comparable sales data.