Top 10 questions a 1st time home buyer should ask?

Question

Well we may be purchasing our first house tomorrow. What questions should we make sure to ask Realtor before signing anything?

What sort of things should we look for to be included in the contract?

Thanks for any tips! :O)

Answer 1

One thing you should check into that isn't covered by a regular home inspection........check to see if the house had ever caught fire!

Check with the local fire department for that address, check local newspaper records for that address.

A friend of mine bought a house a few years back, had her own home inspector, real estate agent, attorney, etc, etc. Two years after buying the house she  was doing some re-modeling and found covered up fire damage. Previous owner knew about it but never disclosed the info, now she is in the middle of a long drawn out court battle.

Answer 2

2

Answer 3

what are the taxes how is the roof electrical and plumbing and how about the water? Is there crime in the neighborhood and schools.  Will the person selling help with closing costs.

Answer 4

make sure no one has been killed in the house

Answer 5

I have bought 3 houses and built a house.

I ask (often in writing):

1. Has this house ever had any flooding or flood damage.

2. Has this house ever had any electrical damage.

3. Has this house ever had any heat or fire damage.

4. Has this house ever been used or possessed for a criminal activity.

5. Has their been any construction done since the RPR has been last updated.

6. (if yes) were proper zoning permits received before this construction.

7. How often are the hot water tanks drained (it should be annually to clear out minerals from the water).

8. When was the last time the furnace and ducts were professionally cleaned.

Then I ALWAYS have a home inspection done, and I make sure I both talk to the inspector and am present for the inspection.

There are always problems with any house, but I want to know what those are.

Good luck!

Answer 6

a good lawyer will know contract stuff

a good home inspector will detect problems and issues

start low, work up

google all other info  

Answer 7

Obviously you have to find out about the interest rate of the loan.  Don't let them take advantage of you and allow them to offer you an outrage rate.  Research the average rate for your area ahead of time so you know what to look for.  

You can also look for any kind of programs for 1st time home buyers.  There are some that will give you money for closing costs.  

Answer 8

First and most important...and if your in the US in a tight market...

do not make any offer above 75% of the asking price....no matter what.

because that's probably what the place will be worth in 2010.

If you can follow that...email me for anything else. You need to specify what's in the contract, closing, inspections. etc and have an attorney review it!