What do I ask?

We are starting our hunt for a house tomorrow. I found one that I like from the outside and spoke with the realtor about getting a peak inside (turns out the realtor I want to use as my agent is also the selling agent on this house).

Being this is the first time we are doing this, I have no idea where to start. I already know the neighborhood (our best friends live in it). What should we ask/look for? TIA

Re: What do I ask?

these are things that we ask:

- how old is the heating system and how many gallons of oil do they burn per year (the men of the house always know this )
- how old is the roof
- when were the renovations done and do they have the permits for them (if applicable)
- how many amps is the electrical system

we look for things like water damage and the smell of mildew. and we always check out how much storage space the house has.

good luck!

Re: What do I ask?

Just wanted to say good luck! Also, double check what the taxes are by calling the town. The taxes on my house were listed as being around $2000 less than what they actually were! I guess I should have known to call the town from the beginning, but who knew? Obviously not me!

Re: What do I ask?

Posted by jaysee00

Just wanted to say good luck! Also, double check what the taxes are by calling the town. The taxes on my house were listed as being around $2000 less than what they actually were! I guess I should have known to call the town from the beginning, but who knew? Obviously not me!

Re: What do I ask?

These are great! Thanks. Keep them coming!

I am pretty sure all the taxes in this area are around 1% but I will double check. Thanks!

Another question - Do I ask the realtor any questions? Do they negotiate thier commission? I am so new at this

Message edited 4/8/2006 11:34:07 AM.

Re: What do I ask?

Posted by SweetestOfPeas

Posted by jaysee00

Just wanted to say good luck! Also, double check what the taxes are by calling the town. The taxes on my house were listed as being around $2000 less than what they actually were! I guess I should have known to call the town from the beginning, but who knew? Obviously not me!

oh! that's a good one. I didn't think of doing that.

a friend of mine lost a sale on her house because they advertised the house taxes as $1,000 less than they actually were - they claim it was a mistake the buyer backed out saying that he felt that if they were dishonest about that, they could be lying about other things too.

Re: What do I ask?

Checking on the taxes is sound advice. Don't assume that what the seller is telling you is correct. My husband is a Veteran and we get a deduction in our taxes. That combined with the Star deduction, reduces our taxes by quite a bit. This is all public record. Ask the seller to see the tax bill. If they refuse, check it out for yourself. The last thing you need is an expensive surprise after you move in. Good luck to you.

Re: What do I ask?

Posted by Suzanne

These are great! Thanks. Keep them coming!

I am pretty sure all the taxes in this area are around 1% but I will double check. Thanks!

Another question - Do I ask the realtor any questions? Do they negotiate thier commission? I am so new at this

Re: What do I ask?

Posted by Suzanne

These are great! Thanks. Keep them coming!

I am pretty sure all the taxes in this area are around 1% but I will double check. Thanks!

Another question - Do I ask the realtor any questions? Do they negotiate thier commission? I am so new at this

Re: What do I ask?

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

Re: What do I ask?

Re: What do I ask?

We learned a few things when buying our home,
1. don't let your realtor provide the actual $ amount you are preapproved for to the seller, or have the mortgage co send a letter that you are preapproved for the exact amount you negotiated.

2. Our realtor assumed we would spend more than we wanted to and that was really frustrating, and hurt us by 10,000. It still slightly bothers me 5 months after the fact.

3. Kick the frame of the door as you walk in - if bugs come scurring out - well you already know that you will have to get termite protection and factor that in

4. get a home inspection

5. check for signs of water damage by looking at the corners of the room and all all door frames. Look for water damage on the ceilings under the bathrooms.

Re: What do I ask?

Posted by SweetestOfPeas

Posted by Suzanne

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

the realtor in this case would be the sellers agent. you wouldn't have to pay a dime. she would get the commission of the sale of the house, but it doesn't come out of your pocket.

you can work with an agent and pay nothing, like most buyers probably do. the most important thing IMO is that you like the agent. we worked with 3 different agents before we decided on one. we love her, we just haven't found "the" house yet.

Re: What do I ask?

Posted by Maathy317

Checking on the taxes is sound advice. Don't assume that what the seller is telling you is correct. My husband is a Veteran and we get a deduction in our taxes. That combined with the Star deduction, reduces our taxes by quite a bit. This is all public record. Ask the seller to see the tax bill. If they refuse, check it out for yourself. The last thing you need is an expensive surprise after you move in. Good luck to you.

Re: What do I ask?

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

the realtor in this case would be the sellers agent. you wouldn't have to pay a dime. she would get the commission of the sale of the house, but it doesn't come out of your pocket.

you can work with an agent and pay nothing, like most buyers probably do. the most important thing IMO is that you like the agent. we worked with 3 different agents before we decided on one. we love her, we just haven't found "the" house yet.

Is this a conflict of interest then? Isn't she going to want to keep the price high so she makes more commission?

Message edited 4/8/2006 12:25:30 PM.

Re: What do I ask?

Posted by SweetestOfPeas

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

the realtor in this case would be the sellers agent. you wouldn't have to pay a dime. she would get the commission of the sale of the house, but it doesn't come out of your pocket.

you can work with an agent and pay nothing, like most buyers probably do. the most important thing IMO is that you like the agent. we worked with 3 different agents before we decided on one. we love her, we just haven't found "the" house yet.

Is this a conflict of interest then? Isn't she going to want to keep the price high so she makes more commission?

it's not a conflict of interest, but just be careful of what you tell the realtor. since this is your first time meeting her/him, I would tell them as little as possible. all you should tell them is that you're pre-approved (if that is the case) so they will know you're serious about buying. definitely do not discuss what you can afford or anything personal about your finances! they will share that info with the seller.

ETA: yes, it is in their best interest to keep the asking price where it is since they get a % of the sale price.

Re: What do I ask?

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

the realtor in this case would be the sellers agent. you wouldn't have to pay a dime. she would get the commission of the sale of the house, but it doesn't come out of your pocket.

you can work with an agent and pay nothing, like most buyers probably do. the most important thing IMO is that you like the agent. we worked with 3 different agents before we decided on one. we love her, we just haven't found "the" house yet.

Is this a conflict of interest then? Isn't she going to want to keep the price high so she makes more commission?

it's not a conflict of interest, but just be careful of what you tell the realtor. since this is your first time meeting her/him, I would tell them as little as possible. all you should tell them is that you're pre-approved (if that is the case) so they will know you're serious about buying. definitely do not discuss what you can afford or anything personal about your finances! they will share that info with the seller.

ETA: yes, it is in their best interest to keep the asking price where it is since they get a % of the sale price.

Thanks. I spoke with her yesterday and she told me they are willing to go lower on the number. I guess that is a good sign that she will help too. She lives 3 houses down from this house so we would be neighbors if we end up buying it. She helped my friend get her house. I really like her.

Message edited 4/8/2006 12:57:03 PM.

Re: What do I ask?

Posted by SweetestOfPeas

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

Posted by SweetestOfPeas

Posted by Suzanne

The realtor we are using to help us find a house is also the sellers agent on this particular house. Is she considered a buyers advocate in this situation? Would she get commission? This is all so confusing to me.

the realtor in this case would be the sellers agent. you wouldn't have to pay a dime. she would get the commission of the sale of the house, but it doesn't come out of your pocket.

you can work with an agent and pay nothing, like most buyers probably do. the most important thing IMO is that you like the agent. we worked with 3 different agents before we decided on one. we love her, we just haven't found "the" house yet.

Is this a conflict of interest then? Isn't she going to want to keep the price high so she makes more commission?

it's not a conflict of interest, but just be careful of what you tell the realtor. since this is your first time meeting her/him, I would tell them as little as possible. all you should tell them is that you're pre-approved (if that is the case) so they will know you're serious about buying. definitely do not discuss what you can afford or anything personal about your finances! they will share that info with the seller.

ETA: yes, it is in their best interest to keep the asking price where it is since they get a % of the sale price.

Thanks. I spoke with her yesterday and she told me they are willing to go lower on the number. I guess that is a good sign that she will help too. She lives 3 houses down from this house so we would be neighbors if we end up buying it. She helped my friend get her house. I really like her.

that's great! don't be afraid to offer well below asking if you love the house. if the seller is desperate, offer what you want to pay. that reminds me of something else we try and find out - the seller's situation.

try not to show excitement while you're looking at the house. if you start jumping up and down they'll know you'll pay more.