5 Questions Almost Every First Time Home Buyer Asks

When you are looking to buy a home you may have a few questions during the process. These 5 questions almost every first time home buyer asks are not to go unnoticed. 

If you are a first generation home buyer or your parents purchased a home in the days of the Wild West you may have some questions that your real estate agent can answer. These questions aren’t that uncommon either. 

Also Read: 44 Items To Throw Out Before You List Your House In 2020

During the course of looking to buy a house you might look at multiple properties and put in multiple offers. Depending on the type of real estate market you are entering will most likely dictate how fast you will have to act if you want that beautiful little house with the picket fence that doesn’t really exist. 

When you are buying a house you really shouldn’t be shy. Ask your agent questions and get to know as much as you can from them. 

However if you are stuck on what to ask your real estate agent then below are 5 questions almost every first time home buyer asks. 

Q. How long does it take to close a Real Estate transaction?

A. It all depends how fast your lawyer can close and what you negotiate in the deal. If you are looking for a quick close then you have to know the sellers are intentions. If the seller is buying a brand new home then the likelihood of a quick closing is very low. 

However, if both parties want a quick closing it really depends on the lawyer. From the time you have an accepted offer until the time the keys are in your hands could be as short as 2 weeks or as long as 4 months. 

Q. Do I have to disclose how much I’m putting down? 

A. Generally you don’t have to disclose your down payment. The seller might ask their agent and the question might trickle back to you but that’s not something you have to disclose. 

When you make an offer on a house and it is accepted then you do have to put money down. That money that you are putting down is the deposit. You will disclose that on the offer sheet and sometimes that is negotiable with the offer.

Q. Can I use “uncle joe” to do my home inspection? 

A. This is probably one of the most common questions surrounding home inspections. When you put the clause in your offer you will usually have the right to have a professional home inspector look at the house. 

So if you want “Uncle Joe” to look at it as an official inspection you may want to disclose that. The sellers will probably not want that though because they want to sell the house. 

In some instances you may not want that either. Should you use “Uncle Joe” to inspect the house and he or she screws up then you won’t really have any recourse. Most certified home inspectors are also insured so if you sue them the insurance will pay. 

Q. How much did they pay for this house?

A. This is something your real estate agent can look up for you very easily. However sometimes the information isn’t available but for the most part it is. 

However when looking at a house don’t the price they paid will only matter if they owe lots on it. That means there is probably not much room to negotiate. 

On the other end of the spectrum the home owner may owe very little but won’t budge on price. This is common as well because most people want to get the most out of their home. 

Q. Can the seller pay my closing costs? 

A. Listen, this isn’t HGTV. You are 99% of the time never going to get a seller to pay for anything while you are buying. The only very rare exception to this is if the house has been on the market for a very long time and is over priced. 

Either way you are going to end up paying for closing and inspections. 

The list of questions you should be asking your real estate agent is longer than 5. Don’t be intimidated they are there to sell you a house and make the process go as smoothly as possible. 

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