Buying real estate is one of the biggest investments you will make in your life. To be sure you have the best deal possible, you need to have a list of questions to ask when buying real estate. Understanding the right questions to ask will help you find the right property more quickly.
Why is this house for sale?
According to Bank rate’s online financial resource, the answer to the question of why the home is sold can determine the type of agreement it can reach. People looking to sell their home just because they feel the need to buy a bigger one are not going to want to barter much in their price. A family that has to move immediately due to a transfer of work or closing a new home will be more inclined to negotiate. It is up to you to decide whether the motivation of the seller is sufficient for you to stay in the negotiation of the price. In some cases, the seller may not give you an answer. If that happens, look for clues around the house to determine why the house is being sold.
What financial history do I need to qualify for a mortgage?
The terms to qualify for a mortgage vary from lender to lender, but the United States Department of Housing and Urban Development, known as HUD, has some guidelines that future buyers can follow. According to HUD, a stable work history of at least two years is necessary to consider applying for a mortgage. The longer you have been in the same job, the more stable your situation and the better your chances of qualifying for a mortgage. Work on your credit score by paying your credit card bills, but do not pay them. Pay your bills on time and accumulate money in your savings account to be used as down payment.
Should I buy a foreclosure home?
Buying a foreclosure home can be a risk. You cannot wait to get financing from a foreclosure home. Once you put in your bid on the auction, you need to have the funds available in the form of cash or a certified check. A foreclosure is sold “as is” and you cannot get a formal inspection done before the auction to determine if something is wrong with the home page. In this type of foreclosure, a real estate agency or a finance company bought the property at an auction and is now trying to sell it. With this type of foreclosure,
What is the neighborhood like?
If you have children you want to know if the neighborhood is safe for children, and if there are other children for your child to play with. According to Bank rate, you should keep your questions about the neighborhood open to allow the conversation to go where the seller wants you to go. Pay attention to the answers, as the seller can leave something slip that could be important. For example, the seller may reveal that the neighbors are noisy in teh night.
How was the maintenance of the home page?
Before bidding you want to know how old the roof is, when the last time the ceiling was repaired, when the last time was the oven and ducts were cleaned, how old is the oven, at what age is it the water heater and any other query you may think about home maintenance. Mention the maintenance problems to your home inspector to confirm whether maintenance was done or not.
What is the history of the house?
You may need to do some research on this issue on your own at the local public library, but it is a good idea to know if the house has a colorful past or not. Some people are not comfortable buying a house where a violent crime was committed, or if the house was built on the former site of a cemetery. Ask the Clerk if he is aware of any major events in the history of the house and ask any of your family member’s friends if they live in the neighborhood if they know of a history with the house.
How are local schools?
Families looking to buy a new home should always ask about local schools. Your real estate agent can give you information about local schools, but it will be your best resource for calling the local Board of Education. The Board of Education can answer questions such as the student-teacher relationship, enrollment information, and the kinds of classes your child will need to take.