5 QUESTIONS TO ASK WHEN BUYING A HOME
There are no dumb questions to ask an agentreal estate.
Buying a house seems simple enough, it can be something like: find a house you like that is close to work or school, tell someone you want to buy it, and move in.
But it is more than just that. You will need to find and get approval from a lender that will allow you to borrow a few hundred thousand dollars, set a mortgage rate, calculate how much home you can afford, submit an offer that will appeal to the seller, get an inspection and appraisal, pay closing costs and sign a lot of paperwork.
Phew! There are too many questions on the table.
Your real estate agent can help you understand the process. But if you don’t ask questions or clarify what you don’t understand with your agent, they won’t know you’re confused. And you will learn nothing.
“There are no dumb questions,” says REALTOR® Ryan Fitzgerald in Raleigh, North Carolina. “If you have a question, ask it, no matter how silly it sounds in your own head.”
Do not be afraid. I asked for. You are conducting one of the most important financial transactions of your life, so it is a good idea to take advantage of your agent’s expertise.
Here are some questions to ask a real estate agent when buying a home.
1 How many clients have you helped buy a house?
Before choosing a real estate professional, ask how many clients they have worked with to find a home. Your real estate agent is supposed to be an expert, so a very experienced one will be of great help to a novice home buyer like yourself.
That is not to say that a newly licensed agent cannot be good. But agents learn on the job. The more sales they have completed and the more people they have helped buy a home, the more wisdom they will have to share with you.
How old are the HVAC, water heater, and ceiling in this home?
It’s easy to be dazzled by 12-foot ceilings, crown molding, and other aesthetic features, but you need to pay attention to the nuts and bolts in the house. We are talking about unattractive things like the HVAC system, the water heater, the roof, the electrical system, and the plumbing.
“Knowing the age and condition of your major items will help you assess how much your home could cost once you move in,” says Fitzgerald. “The older the house, the more likely it is to have higher maintenance costs.”
These items could have more of an impact on a home’s value than quartz countertops or hardwood floors, because they are expensive when they don’t work properly. A leaking water heater can cause thousands of dollars in damage. And replacing an old HVAC system canCostmore than $ 5,000, putting you in the category of major expenses.
What if the home inspection reveals major problems?
We won’t lie – a home inspection is one of the most stressful days of the buying process. It’s when you discover each wart in the place you fell in love with in the exhibit.
Most of the time the inspection is done as expected. But if you don’t expect a major problem and the inspector discovers something horrible, like a rusty main or termite-filled walls, it may be time for a panic attack.
To breathe. “What should I do when the inspector has bad news?” is one of the most common questions asked when buying a home. Talk to your agent.
Your agent can calm you down so you can plan your next move, whether it’s “Let’s say goodbye to the house” or “Let’s negotiate with the seller and make the repairs so you can close on time.”
What happens if the appraisal goes down again?
In competitive markets where there are more buyers than sellers, it is possible to end up in a bidding war for a home. This can cause the sale price to be higher than the appraised value of the home. Lenders resist when the price is higher than the value, and this can get in the way of the deal.
Ask your agent what to do if the appraisal is low. An experienced agent will have been in the situation before and will have good advice. You will have a couple of options, including requesting a second appraisal, covering the difference in cash, or ending the deal.
No matter what happens, stay calm. Just because the appraisal is low does not mean that the deal will fail.
“When things don’t go as expected, it’s important to keep your sanity. You never want to let your emotions get too high or too low when buying onehome”says Fitzgerald.
What should we do to prepare for the closing?
The closing day is essentially the transfer of ownership, but it is not just a formality. It has to go well. This is when you sign the final paperwork and get the keys to the house.
One of the most important questions to ask a real estate agent is exactly what you need to bring for the big day. You will likely need your ID, a closing cost check, and proof of homeowner’s insurance.
Asking ahead of time will keep you organized and help your first big real estate transaction go smoothly. You don’t want to get there and find that you forgot a key document that is preventing the deal from closing. Few things are so disappointing than not coming home from a lockdown with the keys to your new home.