The questions that matter when buying a home
You’ll talk to at least five kinds of people while buying a home, and each one knows something you need. Good questions get you facts before you’re committed; after closing, the same facts cost money.
Ask the agent and the lender first
Interview at least two agents and get Loan Estimates from at least three lenders. With an agent, the important questions are about their fee, how their agreement works and how they’d compete for a home. With a lender, they’re about the rate, the points, the fees and how reliably they close on time.
At a showing
The listing agent works for the seller, so share little about your budget or how much you love the house. Ask about the age of the roof and the major systems, past water problems, and what the monthly costs run. Sellers must disclose known defects in most states, but only if they know about them, and only on the forms your state requires.
During your review period
The inspector and the HOA are your sources for what the home will cost you after you own it. Go to the inspection in person if you can, and read the HOA’s budget and minutes, not only the summary.
Write the answers down
Print the list, take notes and keep them with your paperwork. For comparing the homes themselves, use the house tour scorecard.
Questions buyers ask
What should I ask a real estate agent before hiring them?
Ask how many buyers they’ve represented nearby in the past year, what their fee is and what happens if the seller offers less, how long the agreement lasts, and how they’d help you compete with other offers.
What should I ask the seller when buying a house?
Why they’re moving, how old the roof and major systems are, whether there has been any water damage or insurance claims, what work was done with permits, and what the monthly bills run.
What questions should I ask a mortgage lender?
The rate and APR with points included, their fees, which loan types fit you, how long the rate lock lasts and how often they close on time. Ask for a written Loan Estimate.