10 Questions to Ask Your Realtor Before Buying A Home

House hunting for your dream home is not an easy task. It is overwhelming to see many different beautiful houses available in the market. You might wonder how you should decide on a house. Well, do not fret. You do not have to do the home buying process alone because you can ask your realtor to assist you with finding the perfect house!

When you ask your realtor the right questions as you navigate various listings, their answers can significantly affect your decision-making. We gathered 10 questions to ask your realtor, which can guide you in buying a house.

As a buyer, you have the right to ask your realtor and scrutinize each property so you would not have any problems with the house once you purchase it. Buying a house is expensive, so make sure you get what you pay for or are worthy of the price.

“Where is the Location?”

For real estate investments, location is vital. Choosing the neighborhood can be complicated when you consider many factors such as the distance from your workplace, schools, establishments, churches, and more. First-time homebuyers save money for the down payment, and they are likely to be tight on budget, so gaining access to public transport saves time and money.

It can be challenging to look for the perfect location that ticks all the boxes of your wish list, but you can ask your realtor since they have a deeper understanding of the area and probably can suggest a great neighborhood that you have not heard of.

You might also want to check if the property is in a flood-prone area or other natural disasters which may require additional insurance coverage. Ensure that you purchase enough homeowners insurance to cover the cost of rebuilding the property if it gets destroyed. When you are underinsured, it could leave you with massive bills to repair.

Ask your realtor or call your insurance professional to help you understand homeowners insurance claims and the extent of coverage for the policy you have.

“Why is the Owner Selling?”

Understanding exactly what the reason is for the homeowner when they decide to sell the house will give you an insight into the house. There are a variety of reasons: it is too expensive to maintain or the most common one, seller leaving the house or seller moving to another place because the owner has a new job somewhere else.

If the seller is in a rush to sell the property, you can use it to your advantage by using it as bargaining power. Whatever the reason is, ask your realtor and they can help you with the negotiations and get a better deal for your dream home.

“How Long has the House Been for Sale?”

If the property has been on the market for a long time or has an expired listing, it may signify that the seller might have trouble selling the property. It could point to some underlying problems with the house that other potential buyers saw, or the seller refuses to change the asking price.

If the property receives a lot of offers, you need to have a stronger offer quickly. Ask your realtor to make a proposal that the seller could not resist. Understanding the sales history of the house can help you make a smart home purchase.

“What is It Like Living in the Neighborhood?”

Living in a neighborhood where many houses are for sale or foreclosures could be red flags. First-time buyers are keen on local nuisances, including noise, poor community maintenance, and any problematic neighbor who causes disturbance. It is also vital to check the crime statistics by researching or visiting the police department in the area since safety and security matters.

Ask your realtor whether it is a buyer’s market or seller’s market. There is more inventory in a buyer’s market with lower prices, making it favorable for you as the buyer. In a seller’s market, the seller can demand higher prices or encourage bidding wars.

“Are There Any Seller’s Disclosures?

Disclosures vary by state, but sellers must reveal any existing liens, used lead paint, health or safety hazards, defects on major appliances and systems, termite problems, and many more to help protect sellers from future legal action. Some states require sellers to disclose other natural disasters or potential hazards from floods, earthquakes, and fires.

When selling a home in Virginia, sellers follow some guidelines concerning state laws on disclosures to buyers about the condition of the house. According to the Virginia Residential Property Disclosure Act, the owner must disclose to prospective buyers of residential real property. You can ask your realtor and know what is going on with the home before making an offer.

The form would give notice to buyers, but it is up to you to have a home inspection on your own. A home inspector will check if there are any major issues with the property, such as a leaky roof. Buying a house that has many defects and damages would be a major disaster, and first-time home buyers want to avoid them as much as possible to have less stress regarding past issues.

“How Much are the Property Taxes, Utility Bills, and Others?”

Since buying a house is expensive, it would be great to know how much the average monthly expenses are, like utility bills aside from the monthly mortgage payment. You can ask your realtor and knowing them would help you decide if you can afford the house with your mortgage. You continue to pay property taxes and other monthly payments such as homeowners association fees (HOA fees) in buying a home. So, make sure that your finances are enough to cover all these expenses so that you will not have final issues after buying it.

“Is the Price Worth It?”

One of the questions to ask your realtor is the price if it is worth it. Your realtor can help you compare similar homes in the neighborhood to see how much the homes sell. By learning the asking price for comparable properties, you will be able to make an educated offer on a home. As you tour several properties, you can identify which ones need major renovations because of normal wear and tear through time and with the help of a home inspection.

Looking for a house that suits all your preferences can be challenging but possible. You can also research the resale value of similar properties in that neighborhood to see the range of price appreciation. It will give you an idea of how much you can profit if you decide to sell it in the future.

“What is Included in the Sale?”

To make things clear with the inclusions of the sale and avoid any disappointments, it would be ideal for putting it into writing. Anything attached permanently to the house, which is considered fixtures, is generally included in a home sale. But if there are other things you want to clarify about the furniture, major appliances, and the like, then feel free to ask your realtor. You can also ask about the home warranty, which covers appliances such as water heaters, stoves, and refrigerators if they have any.

“Can You Recommend A Good Home Inspector, Appraiser, or Lender?”

As a first-time buyer, you rely heavily on a variety of professionals to help you buy a house: from getting a mortgage loan to home inspection and appraisal. Ask your realtor for other recommendations of trustworthy professionals to assist you in every step of the home buying process to make sure that your real estate transaction goes smoothly. A well-experienced real estate agent references the people they previously worked with.

“How Much Will Be My Closing Costs?”

Closing costs are processing fees you pay to your lender when you close on your loans, such as appraisal fees, attorney’s fees, inspection fees, title research, homeowners insurance, and paperwork processing. Aside from the down payment, you need to prepare cash for these closing costs on closing day. The lender will provide a closing disclosure three days before closing to break down your loan fees and how much cash you will need. Closing costs are usually 3-6% of the home’s price.

Ask Your Realtor Before Buying a Home

As a first-time homebuyer, you have never bought a house before. You might not know what problems to watch for in a home purchase. Keep this list of questions to ask your realtor because the right questions can lead to valuable answers for your final decision. A buyer’s agent is legally obligated to protect your interest and is responsible for acting as your representative in a real estate transaction.

Real estate agents in Virginia Beach, VA are more than willing to assist you in your needs throughout the home buying process: finding listings, scheduling showings, price consultation, and negotiating. With that, you can discuss with them how much will be the earnest money or do they have any suggestions to counter-offer the asking price.

Take your time in deliberating the properties you are interested in and list down a few more questions that would pop up or ask your realtor away before the thought slips out of your mind. They can ask the listing agent or seller directly to answer your questions about the properties for sale. In that way, you would enjoy your first home instead of dealing with unexpected problems along the way.