Once you’ve found the right agent and begun your search, asking the right questions is key. Here’s a list of 15 questions you may want to consider asking your agent about the properties you’re looking at.
➔ How long has this property been on the market?
➔ If other buyers backed out previously – can you find out why?
➔ What are the monthly utility bills on average?
[If it’s a condo or there’s an HOA]
➔ What are the Condo/HOA fees?
➔ What do the Condo/HOA fees include? And have there been any special assessments?
➔ How much and how often have the Condo/HOA fees increased over the past 5 years?
➔ What’s the owner to renter ratio?
➔ Can I see the condo association/HOA bylaws?
[If it’s a short sale]
➔ Is this a bank approved short sale price?
➔ How many liens are there?
[If the property is occupied by a tenant]
➔ Does the tenant want to move?
➔ How much is the tenant paying in rent?
➔ Can I see a copy of the rent roll and the lease?
➔ Did the tenant pay a deposit?
➔ When is the tenant’s lease up?
Remember– you real estate agent is your biggest advocate during the home buying process. Don’t be afraid to ask whatever questions come to mind. This list is not exhaustive, but it’s a starter guide so that you can ask questions that will help you make an informed decision.
*This list is not exhaustive. None of this should be considered legal advice. Do your own due diligence.