At a time when purchasing a house is becoming less an American dream and more of a luxury, potential buyers need to be very careful when making a risky investment. The housing market is still in turmoil after the most recent housing crash, and many experts feel another crash isn’t far off.
Therefore, it is imperative that buyers know what to ask real estate agents to make sure they are getting a fair deal that is worth their hard earned money. A buyer should not show any hesitation in approaching an agent with these questions as it is in their best interest to answer candidly and honestly.
1. What if the house I choose has major issues? A buyer should be prepared to ask for a seller’s disclosure, which will legally disclose all of the issues with the house. This could help a buyer offer a lower price if there were problems with the property. It is the seller’s responsibility to provide that disclosure.
2. What do the utilities cost each month for the home? is also a very important question to ask as it could also help lower the cost of the property if a buyer must add insulation or other changes to decrease the cost of monthly utilities.
3. How long has the property been on the market? This will allow the buyer to decide if the listed price is too high and if the seller may be open to offers.
4. How many offers have been made? This will give the buyer insight as to exactly how flexible the price is and if they can bid lower.
5. What amenities are close to the property – shopping, schools, churches etc.? It’s important to know how close you are to restaurants, entertainment, and social life when purchasing a new home.
6. What are the taxes for the property, what down payment is required, and what will my monthly mortgage payments including interest be?
7. What are the other costs involved – commission, registration fees, transfer fees, lawyer fees etc.?