Asking specific questions about the home’s condition, history and location can help you feel prepared to go through with an offer.
Here are 5 crucial questions to ask a seller when buying a house:
1. What is this Property Worth?
It’s important to have a good idea of what the home is worth so that you can make an offer you feel comfortable with. Knowledgeable agents will provide home buyers with comparable properties.
Comparable properties “comps” are similar homes nearby that have sold recently. These are a good indication of current market value. In the same vein, it’s also wise to ask about any foreclosures in the neighborhood as these can affect market values as well.
2. Is there Anything Wrong with the Home?
It’s better to ask sellers about problems upfront versus going through the inspection process and discovering them for yourself. Ask specific and direct questions about structural, mechanical or livability issues.
You can also ask about any renovations or upgrades that have recently been done. This helps you investigate the quality of construction now, so that you’re not paying for someone else’s shoddy work later.
3. How Much Did the Seller Pay and How Much Do they Still Owe?
Knowing how much the seller paid can help you determine how the home’s value has fluctuated since they purchased it. Additionally, if you find out that the seller owes more than the listing price, this means it will be a short sale. It’s important to confirm that the lender will allow a short sale before you get much more invested in the buying process.
Short sales can complicate other transactional elements too such as asking the seller to pay for repairs or cover closing costs. Be sure to discuss these scenarios with your real estate agent.
4. Do You Have Warranty Documents?
An often overlooked aspect of buying a home is the warranty on existing appliances. Ask upfront if the seller has kept the warranties and manuals of kitchen appliances, air conditioning units, alarm systems or anything else they’ve had installed.
As the new homeowner, potential warranty issues will be passed along to you. It can save time and money if you obtain all the paperwork from the seller before you take possession.
5. What Do You Love About Living Here?
This is an underrated question that can reveal a lot about your potential future in the home. The seller’s answer can provide you with some good insight about the neighborhood, the community and the home’s details that can only be known by someone who has lived there.
If you’re interested in buying a home, it’s important to partner with real estate experts who know which questions to ask. Contact The Realty Medics today for trusted advice on buying a home in Orlando.