Buying a house is one of the biggest investments you will most likely ever make. You want to pick an area you like, see how the neighbors are, proximity to schools, hospitals and emergency services and so on. We have put together some important questions to ask your realtor and real estate broker before making the final decision.
- Has the property been on the market for long? This is good to know for negotiation reasons. In most cases the longer the home has been on the market the more willing the sellers will be to negotiate with you.
- Can you choose your own inspector? It is always better when you can choose your own licensed building inspector. You will get the best results and answers this way.
- How many similar properties have sold recently? It is good for negotiations and your own knowledge to have an idea of what else has been sold, what the asking price was and what the final selling price was.
- Are there any major issues? Is the home being sold “as is”? If that is the case the seller is not responsible for repairs. The laws vary from state to state so find out what they need to tell you and what they are responsible for.
- Is the house in a flood zone? If you are in a flood zone you are required to have flood insurance. Due to recent changes this could be very costly so you want to find out what you are required to do and how much its going to cost.
- Will the seller assist with costs? In some cases the seller will assist with closing costs or other fees to speed up the selling process. Your broker is not permitted to tell you how much money to offer but you can find out if the seller is flexible when it comes to this department by asking yes/no questions.
- How motivated are they and have they had previous offers? By finding out how fast they want to sell their home and what other offers they have been given you can get a good idea of what the best offer would be.
- Status of upgrades: Have all upgrades been done according to code and with the proper permits?