When you together with your realtor have embarked on a home finding and ultimately home buying mission, you really need to be careful, not to overlook any important step before you sign that agreement and transfer cash from your account to that of the seller. When you are just about to buy your very first house or this is the first time you want to do the buying by yourself, your realtor may show you some of the common questions that buyers need to answer before buying the houses. You really need to know what is expected of you and that’s why you’re most vital questions to ask the agent. These include;
You really need to know the value of the house and that’s why you have to ask the realtor of the real value of the house they want you to buy. It is a matter of industry ethics that the realtor may not give you the exact breakdown of how you will spend your money or the exact cost of the home you are just about to buy. However, they will compare the price of the house with some within the neighbourhood which were recently sold. The prices of the most expensive and the cheapest houses sold here are to be shown to you so as to make it possible for you to weigh and make your own calculations.
The length it has been on the market is another factor that will help you to decide whether to buy the home or not. Once you know of the duration it has taken on the market, your agent or you can use this as a negotiation point. A house that has taken months on the market before being bought may be having its own problems or may even have been overpriced and therefore people are really avoiding it for others. It may also be having some repair issues that need to be dealt with before a purchase is done.
You should also ask the agent to tell you the reason why the house in question is being sold. There are times when the owner may be selling the house due some urgent issues to be attended to such as relocation to another area for a new job, selling it to settle medical bills for a family member and other. In such cases, the money may be urgently needed and you may not be ready to complete your assessment in time. If there are other reasons that are not pressing, you will have more time to close the books.
Do not always forget to ask the question “is there anything wrong with the house?” it is not practical for anyone to buy a house that has repair issues, at least not in the 21st century. If the house has got problem, asses them and know if they are acceptable and repairable.
Lastly, you need to know if there are any special ownership fees. These are charges, especially charged by real estate developers to you on a monthly, quarterly or yearly basis even if you are the absolute owner of the house.