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Before you sign on the dotted line, ask these important home buying questions.

It’s not uncommon to get anxious when thinking seriously about buying a home. After all, it may be the most expensive purchase of your lifetime! Fortunately, arming yourself with information about your future home and neighborhood can help you avoid the temptation to second-guess yourself. I strongly suggest you get educated.  For instance, hire an experienced Realtor who is knowledgeable about the current market conditions, explore the neighborhoods under consideration, and understand details about the specific home you want to buy before you finalize a sale.  Start your education by asking these important questions:

Ask the seller, have you had any issues with the house?

You might assume that sellers will automatically say “no, there aren’t issues”, but actually they are legally required to disclose all material facts known about the property.  In addition, for your protection, you have an opportunity to hire a professional inspector to evaluate the property prior to closing. In fact, you can hire as many inspections as you’d like to satisfy yourself about the condition of the property.  The seller will provide information they have about the property which may alert you to potential issues as you go through the process of reviewing disclosures and inspections. This information can provide a clearer idea of what you’re getting yourself into and if it’s a prudent purchase. For example, a leaky dishwasher might be a reasonable repair, but a leaky roof might not.  Although, there is usually a solution to overcome most challenges.  Buyers have the opportunity to negotiate repairs with the sellers.  It is advised that the repair request process is not an open invitation to renegotiate price based on cosmetic fixes, especially when the home you are buying is not new… however, it is possible the seller will cooperate to repair “safety and structural” concerns.

Are you flexible on the asking price?

Hey, it never hurts to ask! Rather than lowballing the seller (and potentially losing the home), first request that your Realtor learn all they can about the seller’s situation and inquire if there’s any wiggle room on the price. For instance, is the seller motivated for a certain reason?  Why are they selling the home in the first place?  Are they just testing the market to see if they get a high price or do they need to sell?  If the seller is firm on price and it’s just outside your budget, perhaps you can structure your offer to ask if the seller is willing to pay any of the buyer closing costs. With some skillful negotiation, this could bring the overall cost of home within your budget.

What kind of paperwork do you have on the house?

While lack of a paper trail may not be a deal breaker, a seller who has all the information about the home, including appliances and their warranties, current paint and flooring, and homeowner association notices can make moving in and future changes much easier for you.

These questions are important, but they just scratch the surface. Work with a real estate professional who can make sure you have all of the information you need to make an educated home buying decision, contact Jenn Blake Real Estate Group at Pacific Sotheby’s international Realty in San Diego, California at 858-663-6788.