What to ask for when looking for a potential home

When looking for potential homes not everyone knows what to ask when starting out. We’ve gathered some common questions that should be asked when looking for a home.

1.      What is this property’s worth? Your realtor should have prices of similar, nearby homes that have sold recently and the high to low ranges for the property. 

2.      How flexible is the seller on the asking price? It’s better to ask if the seller is flexible on the price rather than offering a price that is way too low and possible losing the opportunity to buy the home. Also, see if the seller is willing to help with closing costs. Some sellers will help in order to close the sale quickly.

3.      What’s wrong with the house? A lot of people are going to want to say that there is absolutely nothing wrong with the house you’re looking at; however, it’s best to find out if there is something instead of something happening later down the road. Some sellers will have their house inspected already and you can ask for that document.

4.      Is the home in a flood plain? If you’re looking at a potential house in a flood plain you’ll probably have to purchase flood insurance. Ask what type of flood plain the house is in and how much it costs to have the flood insurance on the house.

5.      Will the lender allow a short sale? A short sale allows the property to be sold for less than the amount of the outstanding mortgage. Make sure to ask yourself (if it was allowed) why it was granted and make sure that the seller has talked to the lender to get it approved. You don’t want to find out later that the lender did not actually approve of the short sale.

6.      Are there any foreclosures for sale in the area? Some realtors won’t like the question, but if you can find a house similar to what you’re looking for and in a better price range it’s better for you and your family. You could have some extra money to fix or add things to your new home.

7.      Do you have the paperwork for the mechanical systems? Not many people know to ask this when buying a new home, but if 5 years from now your air conditioning system stops working you’re going to want to know if it is under warranty or not.

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