A house is the largest asset for everyone that needs to spend a lot of time and energy finding the perfect location. Whether you are a first-time or experienced professional homebuyer. When you're ready to buy, you already know a lot about the house. Ask these 8 questions that are recommended by experts, before buying a home.
1.Why is the seller leaving?
Understand why the seller is moving, does he get a new job abroad or whether it's because of downsizing, or a major life event. It will help you in negotiations. If seller is leaving because he needs to be somewhere else within a certain time frame, they may be more willing to negotiate a price. A motivated seller who needs to move quickly, or a house has been up for sale for a while, is more likely to work with you than someone who isn't in a rush to move.
2.What’s the sales history?
Sales history can help you make a smart purchase. Obtain a copy of the Comprehensive Loss Underwriting Exchange to see if there have been claims for the owner in the past seven years. If the report is empty, it means there is no claim made in past years. If the house has had multiple owners in the past seven years, you should ask for the detailed instruction report from each owner to view the full sales history of the home.
3.Has the home gone through natural or flood disasters?
Each state has different flood disclosure laws that describe what sellers should tell buyers about their home's flooding history. Find out if a home is in a high-risk flood zone with the FEMA Flood Map service. Since there may be a problem with the home that the seller is aware of but has no legal obligation to disclose, it may be helpful to ask questions to realtors directly.
4.What is included in a sale?
What is seller bringing, is one of the most important questions to ask realtors. Anything that counts as a permanent item is usually included with the purchase just like cabinets, faucets, and window’ treatment. This will help you understand the costs you will incur if you move to make the house habitable and may affect what you are willing to pay for the property. Sometimes the legal definition determines what is and is not included in the sale, If in doubt and to avoid disappointment, ask what is included in the purchase and put this in writing.
5.How old is the roof?
Roofs require regular repair, although the frequency depends on the type of roofing material and the type of wear observed. If a house's roof is at the end of its life and you need to replace it soon after you move, you're spending thousands of dollars. It is a necessary question to ask realtors to get an idea of how soon you should invest in new roofing.
6.How long has the house been on market?
The longer a property is on the market, the more motivated the seller is to make a deal. Ask the realtor how long the house has been for sale and if it has been for sale for a long time and why. In this way, you can find the flexibility to negotiate rates, contingencies, terms, and credit to replace worn-out carpets or other real issues.
7.What is the price of this property Or is this house have a fair price?
Realtors will not tell you what to buy, but they can help you compare similar houses to see what they're demanding. By asking your real estate agent about high and low prices for similar comparable houses, you can make a suitable offer on a property. By asking questions to realtors, what environmental compensation is being sold for, you can avoid paying too much.
8.What are the closing costs?
You are also responsible for closing costs, usually, between 2 to 5% of the purchase price, closing costs can run up to several thousand dollars. A down payment isn't the only money you need to spend on closing day. The lender must provide to you three business days before the closing, showing all costs of the loan and the amount of money required for the closing. While closing costs can be a big expense, this is the most frequent question to
ask realtors, they can help you prepare.