THE HOME BUYING PROCESS-WHAT SHOULD YOU ASK? (C) 2012 by Wayne D. Lewis, Sr.

The Home Buying Process- What to Ask? © 2012 by Wayne D. Lewis, Sr.

 

How many steps are there to buying a home? I don’t think that many of us as Realtors ever counted how many steps there are, but it is a process that is made up of a tremendous number of components that are all working together to help Buyers and Sellers to successfully get to the closing table.  The Home Buying process probably has features that are more ominous to a buyer who is financing the purchase of a home compared to someone who is buying a home for cash.  In the same fashion, buying a home using an FHA Loan compared to a Conventional Loan presents a different set of dynamics.  Unfortunately, a buyer learns much of the home buying process usually as an on the job training event.   If buyers are lucky, they are able to attend a Home Buyer’s Training Class in their area, where they can get an upper hand on a lot of the information needed to know that usually comes to them on a seemingly as need to know basis.

 http://homebuying.about.com/od/buyingahome/qt/121907_buy-path.htm

If a buyer is not able to attend a home buyer’s training class, they should not feel compelled to accept everything that each member of the home buying process tells them.  They should have questions.  They should ask questions.  And, they should be given an answer to all of their questions- that is, a satisfactory answer to all of their questions.  Hopefully, the home buyer arrives at a reasonable understanding of the process that they are involved in well before they sign closing papers, perceivably because of the answers that they receive.

Obviously, when a buyer gets a lot of information in buying a home, the information itself can be overwhelming, and for the buyer, the desire to buy a home may sometimes becomes a distant dream.  A lot of that information may end up being broken down by brief canned explanations followed by “initial here!” or “sign here!”  It’s not fair to the buyer, nor the seller, for that matter.  For some buyers, the process may appear to be designed against them in buying a house, and an opportunity to walk away is usually not very far away.

 http://www.homebuyinginstitute.com/

            Fortunately, many buyers are able to regroup and are able to move forward with the aid of extremely competent real estate professionals, such as their Realtors, lenders, home inspectors, appraisers, insurance agents, title attorneys and personnel, as well as others who are involved in the home buying process. They are able to regroup and hopefully are able to take the information acquired to make their experience the best ever.  But, as Realtors, we must leave no stone unturned by ensuring that buyers are exposed to as many pieces of information as possible for buyers to access, at will, but not to the point of being overwhelmed.  How do we avoid overwhelming buyers?   One of the things we should always do is ask our buyers if they understand the information provided, or if they have any questions.

For some buyers, they are not sure what to ask.  They may think their questions are insulting, stupid, or they believe that their question is something that one of their professionals will eventually answer.  First of all, we should let our buyers know that there is no such thing as a stupid question.  We should also encourage them to ask whenever they have a concern.  But, for many buyers there maybe a question as to what to ask.  Some may not feel comfortable in knowing that it’s okay to ask a question when you first meet, before you part, or as the circumstances present themselves.  But in any event, buyers should not be afraid to ask questions, they should know or have an idea of what to ask.  To help to that end, I thought it would be helpful to provide some pertinent questions for the buyer.

 
I indicate that the questions below are pertinent, but not necessarily Germaine to each specific case.  Buyers should practice asking some of these questions to the various members of their team.  After all, each member will each be working hard to help  the buyer to get their new home.  There is no guarantee that by asking these questions, that a buyer will get the best answer, but the emphasis here is having an idea of the types of questions that a buyer can ask.  For example, under Preliminary Concerns, asking someone how much house can afford, afford, should net for you from your lender or Realtor, an overview of your debt to income ratio you should have, thus helping you to understand how much how you can afford.

http://realestate.findlaw.com/buying-a-home/home-buying-process/

 

Please review the questions below.  You may put together some of your own.  Some of these questions may not give you the answers that you want to hear, but there is no reason why a potential buyer cannot take information that either of the above professionals mentioned above provide, and move forward confidently in the purchase of their new home.

 

http://ezinearticles.com/?The-Home-Buying-Process,-Step-by-Step&id=2040881

 

Ø      Preliminary Concerns

o       How much home can I afford?

o       Is this a good time to buy a home?

o       Who can I trust to help me through this experience?

Ø      Finding a Real Estate Agent

o       How much experience do you have in real estate?

o       How well do you know the market around this area?

o       Have you ever been sued?

Ø      Choosing a Lender

o       How many deals have you closed this year?

o       How many years of experience do you have?

o       Are you going to run my credit?

Ø      House Hunting

o       Should I get an inspection and why?

o       Is the price of the house negotiable?

o       Is the seller willing to make repairs?

o       Is the seller willing to help with closing costs?

Ø      Making An Offer

o       How much should I offer to buy this house?

o       Is there such a thing as too low an offer?

o       What if the seller rejects my offer?

Ø      The Home Inspection

o       Do you recommend any home inspectors?

o       Does everything that the Inspector finds has to be repaired?

o       Does “As Is” mean “As Is”?

Ø      The Home Appraisal

o       What happens if the property is appraised higher than the sales price?

o       What happens if appraised amount is below the sales price?

Ø      Pre-Closing/Pre-Settlement

o       Who pays for the Title Attorney?

o       What if there is a cloud on the title?

o       What is a cloud on the title?

Ø      The Closing Process

o       When do I own the house?

o       What if I can’t be at the closing?

o       What does a Title company do?

 

            These questions should be taken generically.  Your situation may vary.  But, as a buyer you have the right to ask questions.  You, especially.  You are spending a tremendous amount of your hard earned money.  Buying a house should be a learning experience where you determine what it is you need to know.  Don’t be afraid to ask questions, and don’t be afraid of the answers.  You can only be greatly enlightened, provided you asked all of the right questions.  And since there is no such thing as a dumb question, you should be well informed on the purchase of your home.

 

 

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