5 Questions To Ask When Buying A House

Hi! This is Jeanette Cole with Coldwell Banker Sloane Realty in beautiful Sunset Beach, NC. I would like to talk about 5 important questions that all buyers should be asking when buying a house. Home buying seems simple enough, right…just find a house you love that’s close to work or school, tell someone you want to buy it, and move in. Unfortunately, there’s a lot more to it than that. You’ll have to find and get approved by a lender who will let you borrow a few hundred thousand dollars, lock in a mortgage rate, figure out how much house you can afford, put in an offer that will entice the seller, get an inspection and an appraisal, pay your closing costs, and sign a whole bunch of paperwork. Phew!! That’s a lot!
The good news is that I, as your real estate agent, can help you understand the process. But if you don’t ask questions about things you don’t understand, I might not know you’re confused. And you won’t learn anything. So, don’t be afraid to ask! You’re making one of the biggest financial transactions of your life, so it’s a good idea to tap into my expertise. Here’s some of the questions to ask when buying a house.
1. How many clients have you helped purchase homes?
Even though more experienced agents are not always the best fit for you, it’s always a good idea to get an agent that’s an area expert. I personally have served dozens of buyer and seller clients since I began working as a real estate agent here in 2019. I work hard for my clients and always put them first in all negotiations in order to get them the best possible price and terms. Knowing your needs and wants will help me help you more in your real estate deal.
2. How Old is the HVAC, Water Heater, and Roof of this home?

Don’t get dazzled by the 12-ft ceilings, crown molding, and other aesthetic features, but always pay close attention to the nuts and bolts of the house. Look at the unsexy stuff like the HVAC system, water heater, roof, electrical system, and plumbing.
These items could have more impact on a home’s value than quarts countertops or hardwood floors, because it’s more expensive when they malfunction. A leaking hot water heater can do thousands of dollars in damage. And replacing an HVAC system can start at more than $5000, putting it in the major expense category.
3. What if the home inspection reveals major issues?
Honestly, the home inspection is one of the most nerve-wracking parts of the homebuying process. It’s when you find out about every underlying issue about the place you fell in love with at the showing. Most of the time, the inspection goes as expected. But sometimes there are unexpected major issues that can cause a panic attack.
Breathe. I can help calm you down so you can plan your next move, whether it’s “Let’s kiss this money pit goodbye” or “Let’s negotiate with the seller and get those repairs done so we can close on time”.
4. What happens if the appraisal comes back low?
In competitive markets where there are more buyers than sellers, its’s possible to end up in a bidding war over a house. This can drive the sales price higher than the appraised value of the home. Lenders usually won’t lend over the appraisal amount, and this can jam up the deal.
You will have some different options with this happens. We can order a second appraisal, cover the difference in cash, or walk away from the deal. If it’s a buyer’s market, we could re-negotiate so the deal won’t fall through. This option won’t work in a seller‘s market as often. No matter what happens, keep your cool. Just because the appraisal is low doesn’t mean the deal will automatically fall through.

5. What do we need to do to prepare for closing?
Closing day is essentially the transfer of ownership, but it’s not just a formality. It needs to go smoothly. This is when you sign the final paperwork and get the keys to the house. You will need your ID, a check for closing costs (or wire transfer), and sometimes proof of homeowner’s insurance. Your closing attorney will be in touch with you about all the costs so you will know in advance what will be expected from you.
Knowledge is power! There are no silly questions to ask when buying a house. Constant communication is crucial for a smooth transition. Please contact me for any of your real estate needs.
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