When buying a house, there should be several questions to consider. Of course, there are the obvious questions of if the house fits all your needs, if it’s in your budget and so on.
However, there are questions specifically for your agent that will help you to gauge your next steps. Here are six questions you may be forgetting to ask:
Would you buy this house?
An experienced agent should know right away if a home is showing any red flags. If they wouldn’t consider the home for themselves, then maybe it may not be suited for you either.
If you feel that your agent has any reservations about the home, ask them why.
What sales history does this house have?
It usually isn’t a good sign if a home is constantly on and off the market. Ask your agent if the home was ever foreclosed, bank-owned, leased, or an expired listing.
This should give you a better idea of the homes track history.
What contingencies are worth it?
The most common contingencies included in a contract are the buyer needing to be approved for a mortgage, a home inspection, and an appraisal.
Including too many contingencies in a contract can be a turn off to sellers. Ask for your agent’s guidance on what should and shouldn’t be included.
Are there any upcoming homeowner’s association assessments?
If the home you are purchasing has an HOA, you will be given financial documents that outline their covenants, conditions, restrictions, and much more.
These documents can be overwhelming and difficult to navigate for the first time. What is important to note is if there will be any upcoming assessment payments. These payments are periodic one-time payments in addition to the usual HOA fees and dues.
Your agent should be able to help you find out information about these assessments and when they are due.
What should I know about the neighborhood?
Your Real Estate agent may not be able to tell you specific demographics of a neighborhood due to Federal Fair Housing laws, but they should be able to comment on the local housing market trends and other economic factors that can affect your home’s value.
You should be inquiring about the rise or fall of neighboring home’s prices, the nearby amenities, schools, and the seller’s reason for moving. Also, check with your agent about any new developments in the area as well.
What are your recommendations?
Lastly, after negotiating and all is said and done, it wouldn’t be a bad idea to get a list of other professionals in the area that your agent might recommend.
On your list should be a home inspector, handyman, Real Estate attorney, and anyone else that might ring useful if issues arise.
