5 Questions You MUST Ask A Realtor When Buying a Home

If you’re buying a home, it’s important to make sure you ask your realtor the right questions. You want to be sure that your new home is free of any structural issues, is in the right neighborhood for you, and will make a good investment. Here are five questions that you need to ask your realtor before you buy a new home:

1. Find Out How Many Clients They’ve Had Before You

It’s important to make sure that your realtor has had plenty of experience. Not only do you need to make sure that they have had plenty of clients in the past, but it’s important to make sure that these clients have had needs that are similar to yours.

In addition, you’ll want to ask them how long they have been in business. If they have been in business for a long period of time, you can expect that they’ve had more clients. If they haven’t, this could be a red flag, and there could be a reason for their low popularity.

2. Determine What The Procedure Is If Problems Are Found During The Inspection

If problems are found during the inspection, there’s a good chance that you’ll no longer want the home. Therefore, it’s important to make sure that you’ll be able to back out of the deal if this happens. Unfortunately, it isn’t uncommon for issues to be found during the inspection that would otherwise go unnoticed.

So, what kinds of issues can be found during an inspection? Unfortunately, home inspections can lead to all sorts of surprises, such as infestations, structural damage, plumbing or electrical problems, and even health hazards. If you go through with your sale, these issues will need to be solved very quickly, which could effectively increase the price of the home.

In some cases, you could even be faced with tens of thousands of dollars in repairs. Luckily, the inspection will usually be performed before you go through with the sale, but ask your realtor to confirm this.

3. Find Out How Old The Equipment In The House Is

Not only do you need to know how old the house is, but you need to know how the age of your home’s HVAC system and other essential pieces of equipment. Having to repair or replace these devices can be expensive, and you’ll need to factor this into the cost of the home if problems are likely to arise in the near future.

4. Figure Out How You’ll Prepare To Close The Deal

Closing the deal is an essential part of ensuring that the purchase of your home goes smoothly, but you don’t want to close it too soon. After the deal is closed, the sale is final, which means that you won’t be able to back out if you find problems with the home. However, the process of closing the deal varies from one region to another, and realtors often have their own policies on closing the deal.

5. Ask Your Realtor What Will Happen If Your Appraisal Is Low

It’s currently a seller’s market, which means that bidding wars on a home are possible. This could drive up the price of the home you’re considering. Unfortunately, if the appraisal of your home is low, this can make it harder to purchase higher priced home. Luckily, it is sometimes possible to get a second appraisal of your home if the first one is too low.

However, realtors vary in their opinions on when a second appraisal is needed. Unfortunately, you will not be able to get an appraisal simply because the appraised price is too low. You’ll only be able to get a second appraisal if the first one was flawed, from too long ago, required by law, or you have to follow a formal policy or procedure in place that requires one.

While the last two scenarios are very clear-cut, the first two can be highly subjective. Make sure that you ask your realtor about when they have sought second appraisals in the past, and ask them what they would see as circumstances where one is warranted. This will give you a good idea of how willing they would be to seek one if your home’s appraised price is unreasonably low.