There are a lot of questions that are going to come up through your home buying experience. And that holds true when you find a house that you think you want to make an offer on.
If you’re working with a good real estate agent you have the perfect person to aim these questions at. Here are 5 questions you should ask your agent before writing an offer.
- What’s the future of this neighborhood look like?
Your real estate agent cannot get into the demographics of a neighborhood, but they can share with you details on growth in the real estate industry within the area. They may be able to clue you in on new properties that are going in or laws that are in play in the area that will prohibit buildings from going up around the house you are looking at.
Find out about the trends in the area and what you’d have to look forward to.
- What contingencies should I include?
You will be required to include some contingencies in your offer from your mortgage lender. These are generally for a home inspection and a real estate appraisal. This is the lender’s way of protecting their investment.
But, there are many other contingencies that can come into play. Your agent will know the details of your situation and might know a little about the seller’s situation to help you know what to include and what to skip.
- Would you buy this house?
This is a personal question that your agent might have trouble answering. Their hesitation on this question could be an indication that there are problems you are overlooking. If your agent is enthusiastic with their answer it might help you rest assured.
- Are there any upcoming assessments for the community?
If you are buying a property that is run by a homeowners’ association or condo association you will want to find out if there are assessments coming. These are expenses that you need to pay that are above and beyond the monthly fee. They are usually in place to cover improvements to the area that benefit everyone living there.
- Can you recommend a good [fill in the blank]?
Your agent has connections with home inspectors, contractors, and real estate attorneys. You are going to need access to some different professionals as you work towards closing and your agent can make recommendations for you.
If you are new to an area they may also be able to recommend things like a lawn care company, restaurant to try, or must see experience in the area. An experienced agent is an expert in their area.
Real estate agents have a wealth of knowledge and it’s your job to tap into it. Don’t hesitate to ask them any questions that you have throughout the process, including the big one, “what is a good starting offer?” They can only provide you with information but that’s exactly what you need to make a sound decision.
