Questions a Buyer May Have For a Seller
There are many questions that a buyer may have for the seller but if it just sounds as if the buyer is being nosy, then the seller does not have to answer them.
Here are some of the questions that a potential buyer may have for the seller that they should answer.
• Questions about the offering price
a. How much did the seller pay for the house because the buyer is interested in knowing if the value of the home has gone up or down, not what type of profit the owner might be making?
b. How much the seller owes because if they owe more than the price they are asking, then the buyer may be looking at buying a short sale or the seller is going to need to bring money to the closing.
c. If any similar homes have sold in the neighborhood and how much they sold for because the appraiser at the buyer’s bank or mortgage company will be relying on these sales to compute the value if the seller’s home.
d. How many offers have been made on the house so the buyer will know how strong and aggressive they need to be with their bid to survive the competition and purchase the house?
e. How long the home has been on the market because if it has been more than sixty days, the buyer may be able to negotiate a discount on the house.
• Questions about the condition of the home
a. How old the roof is because most roofs have a life expectancy of fifteen to fifty years depending on the material.
b. What type of foundation the house is sitting on because with a raised foundation it will allow access under the house so you can reach the plumbing and electrical if there is a problem and there may be a basement. Most newer homes today are set on slab foundations
c. Does the walls and the attic have insulation because in a cold climate insulation is very important to help keep down the heating bill. The insulation should also have an “R” factor.
d. Have any of the systems such as the heating and/or air conditioning, or any of the appliances if they are leaving any behind, been replaced and when. If the older electrical and plumbing has been updated that is a big plus because that will mean fewer problems in the beginning. In addition, if they are leaving older appliances in the home, remember that some of them cannot be repaired because the parts to fix them are no longer available.
• Questions about the location of the home
a. What kind of other properties are located nearby such as apartment buildings, industrial or commercial properties can lower the value of the homes around them
b. What are the demographics of the neighborhood?
c. Where the schools are in the district the home you are considering buying because the potential buyer wants to know just how close or far it is get the children to school.
d. How close is a particular religious church, a shopping center, restaurants and more.
e. Are there any nuisance factors such as late night traffic from near by restaurants, traffic from nearby
stores, if there is a freeway near by do they hear the noise at night, etc.
• General questions
a. Why is the owner selling the home?
b. What is the seller’s final asking price?
c. How far is it to the closest public transportation?
d. If the seller has a mortgage on the home, is it assumable?
e. How much of a down payment or earnest money is the seller expecting
f. Would the seller consider selling on contract?
g. The approximate amount of the seller’s utility bill to heat and cool the home.
h. If the seller has any type of lien against the home.
i. Is there any deed or easement restrictions or nonconforming or zoning use?