Throughout my tenure as a Locust Grove REALTOR ® I have always enjoyed getting to work with first time home buyers.  They are excited to find their first homes, but along with the excitement comes some questions.  Asking questions to your agent is important and should be welcomed.  You cannot learn and understand the real estate process without asking questions.  So, if you are a first time home buyer or maybe it has been a while since you purchased a home, then here are some of the most common questions I hear as a REALTOR® that you can add to your list of things to ask.

Questions About the Home Buying Process

Other than the house, what other costs come with buying a home?

There are more costs associated with buying a home other than the down payment.  Typically, buyers have to pay for things like the earnest money deposit, home inspections, surveys, appraisals, pest inspections, and title work.  These costs can vary from house to house, but your agent should be able to give you a general idea of the expense.  As a Locust Grove REALTOR ®, I try to inform my clients of these additional costs upfront rather than them be caught off guard later.

How much is my mortgage payment going to be?

While REALTORS® may have discussions with your lender about your home shopping budget and any other financial deadlines (like a rate lock) that we need to be aware of, REALTORS® do not know your personal financial information.  This means that an agent can’t tell you what your monthly mortgage payment would be for one house over the other.  To get an accurate answer to this question, buyers have to ask their lenders.

What kind of loans can I get?

This question is best answered by your mortgage lender.  While agents are familiar with different types of loans, they can’t decide which loan is best for a buyer.  This decision is for the buyer and lender.

Can we look at homes in ____?

Travel is part of the job description in real estate; I may be a Locust Grove REALTOR ®, but I travel all around Virginia in order to help my clients find a home.  Sometimes buyers, especially if they are not familiar with the area, discover their preferences for one location over another as they search for homes.  That’s ok!

Can I see this home in an hour?

Maybe.  The ability to see a home on short notice comes down to the seller.  Some homes are vacant, so scheduling a showing a few hours before is no problem.  For other sellers, showings require advanced notice.  It never hurts to ask your REALTOR® if a property is available for a same day showing.

Questions to Ask when Looking at a Home for Sale

Once buyers have found some homes they are interested in viewing in person, it is always helpful to have some questions in mind while touring the property.  Sometimes the excitement of a home’s aesthetics can overshadow the not so pretty facts about a house like the age of the roof or the maintenance of the septic system.

How long has the home been on the market?

Your Locust Grove REALTOR ® can tell you how long the house has been for sale and what the average days on the market are. Knowing this information can help you in writing an offer.  A home that has been on the market for much longer than the average days on the market may have a unique layout, need more cosmetic improvements, or could be over priced.  These things might impact your offer price.  However, this does not always mean something is wrong with the home.  Perhaps the owners are content to wait for an offer that works best for them. 

On the other hand, your Locust Grove REALTOR ® may tell you that the home you are viewing just entered the market and has a lot of showings.  If you are interested in this home, you may need to make an offer closer to listing price and quickly.  In either case, no real estate agent has a crystal ball that can tell the future, so when you find a home you love, make an offer!  Even homes that have been on the market for a long time can get multiple offers in the same week.

Is this home’s listing price comparable to other homes on the market?

Under priced, over priced, or just right…comparing homes of similar condition and square footage can help buyers know if a home is priced accurately.  Your agent can do a CMA to help guide your offer price if you determine that the home is for you.

Will the sellers accept XX for the home?  Will they be open to closing costs?

The only way to find out if a seller is willing to accept less than the list price or pay closing costs is to write an offer.  Every home buying situation is different. I will always give you my honest opinion for what a home you are considering writing an offer for is worth.. Sometimes, you can ask for closing costs and receive them, but sometimes, in a more competitive market, your offer may not be accepted if you offer less than the sales price or ask for closing costs. While you ultimately get to make the decisions of what is included in your offer, your agent will help guide you in writing a competitive offer that has the best opportunity of being accepted.

Is this home in an HOA?

HOAs are organized groups that set out specific regulations for the homes in the neighborhood.  Every HOA, like the ones in Lake of the Woods or Wilderness Shores, are different.  Some buyers are fine with living in an HOA and others do not want to live in one. 

How old is the roof and HVAC system?

Roofs and HVAC systems are expensive pieces of a home to replace.  When searching for a home, it is important to find out where on the lifespan of a roof your purchase will fall.  Falling in love with a home that has an older roof doesn’t mean you have to walk away from it, but keep in mind that it may need to be replaced sooner rather than later.  The same goes for HVAC systems.

Do you see any challenges with the home?

Depending on the buyers plans, purchasing a home for the long term can be different than purchasing one for the short term.  Ask your Locust Grove REALTOR® if there is anything that might impact the resale of the home.  A busy street, an up and coming commercial development nearby, or a unique layout may be things that could impact the home later.  This doesn’t mean that the buyers have to say no to the home, but it is good to be aware.

Did the seller disclose any issues with the home?

On the residential property disclosure form (part of the contract for sellers), sellers are required to disclose any known issues that might not be readily apparent but could affect the health, safety, or value of the home.  These could be things like water in the basement when it rains or an issue with the septic system.  It is important for buyer to know these things about a home before deciding whether to move forwards with an offer.  Sometimes, depending on the issue, sellers will offer to fix these items or offer a credit for repair once a contract has been ratified.

When you are ready to start searching for homes in the area, this Locust Grove REALTOR ® is here to help!