Thread: What should I ask when buying a house from a realtor and what questions should I ask

Okay, here you go:

FIRST go to the bank. They will ask you for all sorts of info. such as W2's and other information verifying your length of employment and how much debt you/your family unit/bread winners/applicant(s) have. THEN they will take anywhere from a few hours (Wells Fargo), to a few weeks (mostly all other banks), to give you a Pre-Approved letter to you to bring to your Realtor.

AFTER you have this Pre-Approval letter, you then go to a Realtor. No, they don't have to have forty years experience and nine thousand "friends" on their whatever page, so forget that nonsense right now. Are they friendly? How is their tone? Good command of the English language? Tie straight? Do they have food on their mouth and look like idiot? Are they attentive to your suggestions? Are they writing anything down? Some things like that.

While searching for a Realtor, think about and write down based on what the lender will give you: Where you want to live, how close this future home is to schools, the police station, a fire hydrant, how close are the neighbors and most importantly (if it applies to you) How close is this home to your place of employment! How are the taxes? Go to zipskinny.com and get the low down on crime rates or call the police and get them. If the lender is only pre-approving you for $125k, there's no point in looking at houses asking $500k is there?

While searching for your house MOST IMPORTANTLY ASK YOURSELF: CAN I AFFORD THIS HOUSE? CAN I STAY PUT FOR SEVEN TO TEN YEARS? Take everything into consideration when thinking about your outcome/your bills and add in a mortgage payment. If don't take everything into consideration from Alka-Seltzer to Zicam, you will be sorry. Unless you're well off, then forget what I just said.

GIVE the Pre-Approval letter to the Realtor. Tell them what you're looking for: Style of house, close to highways, etc. Think about your lifestyle. Do you want a basement? How many bedrooms? How many baths? HAVE AT LEAST AN IDEA OF THESE THINGS BEFORE YOU GO TO A REALTOR PLEASE.

Good luck.

CM

First and foremost, you need to find time to accompany the real estate agent in viewing homes for sale. 70% of the major factor on weather you should buy a property is based on its location. Is it near a major highway, school, your place of work. The second is the size, especially of you have a family and the third on what kind of financing do they accept. Some real estate companies prefer that the payment for the house comes from a mortgage firm and do not accept cash. It is also necessary to also prepare yourself for the fees that the realtor and the mortgage might require. Prioritize these factors to avoid blunders when buying a home.

Also, any liens on the property, aluminum wiring, urea formaldihyde (sp?) insulation, asbestos? Anything that may cause you grief down the road, health or financial, or safety.

I have encounter question like these:

How soon after buying a home can you obtain a home equity loan?

What is the percent that you have to put down when buying a home?

Will foreclosure keep you from buying a house in the future?

Originally Posted by skovats

Also, any liens on the property, aluminum wiring, urea formaldihyde (sp?) insulation, asbestos? Anything that may cause you grief down the road, health or financial, or safety.

Very true, just because it looks nice on the outside doesn't mean it wont cause you grief down the line