Questions to Ask Real Estate Agents When Buying a HomeOctober 10, 2018
So, after a long and exhausting home search process, you have finally found a property that could be the one. You may feel a temptation to just put your money down on the spot and close the deal right away. This is especially apparent when the housing market is competitive and you feel pressured to secure the home. However, it is in your best interest to resist this urge! You need to take time to do a thorough investigation of the home and consider this decision. After all, purchasing a home is one of the biggest investments you will make in life. To protect yourself, and to ensure you make the right decision, you should ask your real estate agent many in-depth questions.
To help guide you, here are a few questions to ask real estate agents when buying a home:
1. “If you were in my shoes, would you buy this home?”
Asking this question provides an excellent opportunity for your real estate agent to tell you anything they find off-putting about the home. So, if they say “no,” ask them to explain why and be as specific as possible. Doing so can point out something negative about the home you may have overlooked, or it could instead reinforce your decision to buy the home.
2. “Could you explain the sales history of the home and how it may affect the offer?”
When making an offer on a home, you want to collect as much information as possible about it. This way, you can gauge how much money you should offer. The sales history can tell you things such as if the home was leased, if it was previously an expired listing, or if it was ever bank-owned. If the sales history suggests that the home has been difficult to sell, you could probably set a lower offer.
3. “Which contingencies do you think are vital?”
Contingencies vary for each deal. Deciding which contingencies are worth getting is something you should consider. If you have an overabundance of contingencies, it may raise a red flag for a seller. Therefore, you should try to stick to contingencies that your real estate agent deems necessary. For example, if the home was recently built, you may be open to waiving a home inspection contingency.
4. “Can you tell me about this neighborhood and how it could affect home prices?”
Your real estate will have plenty of knowledge about the neighborhood surrounding your potential home (pending they are a good agent). Thus, they can help you determine whether or not you are making a favorable investment based on the neighborhood’s housing market trends and other factors affecting home values. Additionally, you can get a better idea of the neighborhood’s schools, shopping centers, public transportation, and more. These are all essential considerations when looking for a home.
5. “Could you provide me with a few professional recommendations?”
Finally, if you are looking for a local professional to help you during the home buying process, try asking your real estate agent. They can provide you with recommendations for a home inspector, handyman, real estate attorney, or anyone else you may need. This way, you can feel confident that you are hiring someone reliable.
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Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers, and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!
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