Any general questions I should ask a home owner selling his house?
My fiance and I are planning on going to check out a house, that the owner is selling. Are there any questions that we should be asking? I just don’t want to leave and forget to ask something.
Tags: fiance
March 31st, 2011 at 10:07 am
This is where a realtor may be able to help you. There are plenty of sites but you generally should never feel too guilty to ask as many questions as you want. A house is a serious purchase and any owner who won’t answer your questions should be suspicious of something.
March 31st, 2011 at 10:07 am
1. Why are they moving?
2. What are the neighbors like?
3. What do they love about their house?
4. What would they change about their house?
5. What are their typical utility bills?
6. Does everything work – or does something need repair or replacement? (don’t take their word on this – get the house inspected before you buy and make sure the sales contact protects you regarding who makes the repairs).
7. Who do they use for home insurance right now? Maybe you can get a good quote from the agent who is familiar with the home.
8. Go online to the local tax assessor office information and check out what the seller paid for it and when, the current taxable and the 2006 tax bill.
I would also suggest visiting the property on a weekend when the neighbors might be around – so you can talk to the neighbors, too. They may have lots of information about the seller, the house, and an opinion on the neighborhood in general.
Finally, make sure you know what similar houses are selling for in the neighborhood and expect the price of the FSBO to be less, since the seller will not be paying any commissions.
I would also suggest that, since you are not using a realtor, you should work with an experienced real estate lawyer on this transaction and not sign anything that has not been reviewed by him/her. Protect yourself!
Good luck and best wishes.
March 31st, 2011 at 10:07 am
Don’t ask anything?
Why?
Statute of Frauds says
All Real Estate Agreement MUST be in writing.
If you’re buying directly from the seller, then you may have bitten off more than you can chew.
Many "FOR SALE BY OWNERS" are very sophisticated sellers looking for the beginning buyer who knows nothing about buying a home.
They discourage you hiring your own counsel because then the game is lost.
I would recommend either:
1. Hiring a real estate attourney to look over the deal
2. Hiring a Realtor
If you think you can think of everything possible so you don’t get screwed, think again.
Go get help from someone who has done it 100 times before and knows what to look for.
March 31st, 2011 at 10:07 am
Ask year home was built,
last time roof was done,
What updates have been made.
Any water problems?
Home much they are currently paying for heat/ electric
Good Luck
March 31st, 2011 at 10:07 am
Yes, you should first ask… WHY? This will tell you a great deal. Every state is different, but many of them have a property disclosure form that details all aspects of the home, condition, hazardous issues, liens, etc. If you don’t have one in your state, feel free to contact me and I’ll see if I can’t get you one! Don’t be shy… ask anything and everything you can think of as you’re walking around. Take notes after you’ve left the house to remind yourself of what you want to ask the next time. Don’t decide to buy it the very first viewing unless you are ABSOLUTELY sure someone else will get it and you truly want it. Look at it at least 2 times and preferably 3. Good luck!!
March 31st, 2011 at 10:07 am
has the roof or basement(if there is one) ever leaked or had to be replaced and when. has there been any pets in the home including previous owners than him if there were any; when is the last time the furnace was inspected and the duct work for the whole house cleaned professionally; what paint was used for the walls if they know otherwise I assume it’s lead based and therefore needs to be repainted; when were the carpets cleaned last; how long since the foundation of the home has been inspected and look at the last inspection report; has the house ever been compromised due to insect problems (i.e termites etc.)