5 Home Purchase Questions You Must Ask the Seller Before You Buy
12/14/2010
You’ve made the decision to move forward with a home purchase and you’ve found a house for sale. Maybe you’ve even gotten prequalified for one of the lowest mortgage rates around. That’s good. But before you sign the dotted line, ask the current homeowner these five questions.
1. “Are there any problems with the home?” This is the first and best question you must ask. Pay attention to how the seller answers. Is he or she leaving anything out? Ignoring flaws that you may have already noticed? Dishonesty in some areas may be a sign of dishonesty in others. If anything about the house seems suspect, ask the seller to explain it.
2. “Why are you selling the house?” This is not an invasion of privacy. The seller should be willing to divulge at least the objective details surrounding his or her decision to sell. Most of the time, these details reveal nothing out of the ordinary. The seller may have to relocate for work or move into a larger house to accommodate his or her family. But if the seller hints that he or she may be leaving because of a problem with the house itself, take some time to reevaluate the property. Search public records to make sure there are no environmental issues or outstanding liens against the property.
3. “What is the neighborhood like?” If the seller has lived in the home for even a modest length of time, he or she will know the area well. Are the neighbors affluent? Noisy? Is the area oriented toward families or professionals? Are there parks? Shops within walking distance? Bike trails nearby? The seller can provide these details.
4. “How much do you pay for utilities?” No two homes pay the same amount for utilities. Utility costs vary depending on insulation, window sizes, sprinkler systems, and other factors. First time home buyers are often caught off guard by utility costs. Ask this question so you’ll know what to expect.
5. “Why do you like this house? Why don’t you like this house?” This can be an excellent question to ask if you want to get the seller talking. It’s also an indicator of any subjective value the home possesses. Shade trees in the backyard may add more than just financial value to a property. A storm drain right beside the driveway may lower the value. The seller likely knows the home inside and out and can point your attention toward details that may make the home a perfect fit for you.
