What questions should I ask while I'm looking to buy a house?

Question

What questions should I ask realtors while looking at houses? The houses I am looking at are foreclosed homes, short sales, and REO. All replies would be appreciated. I just wanna look out for my best interest... I'm very scared that I might end up getting a bad house and I wanna make sure all my ends are covered... PLEASE HELP!

Answer 1

For foreclosures and short sales, find a realtor who isnt afraid of the "as-is" claim from the banks. If there is something seriously wrong that poses a health and safety risk, the seller can and many times will give a credit to fix it. Our realtor is very good about that and so far we have put all that home warranty, termite credits, and structural credits in the addendums for our offers on short sales and the banks have not said no to them.

also, get "100 questions every first time home buyer should ask" by Ilyce Glick

good luck and be patient!

Answer 2

When you deal with foreclosures, you don't have the same recourse if there is a flaw in the property. That's because the Lender never lived in the property, and really doesn't know the condition. So, you should be sure that you have the following inspections ( make it a part of your written offer, and be sure you can terminate the contract if repairs exceed a certain cost, or that you may terminate for any reason with a full refund, during the inspection period):

Thorough home inspection that includes roof, electrical, plumbing, etc.

radon test

septic test ( if not hooked up to a sewer)

well water test ( if not hooked up to public water)

termite inspection

Pool inspection ( If there is a built in pool, this is really important, because pools are expensive to maintain and repair).

If the home inspector suspects mold problem, follow thru for a mold test to determine if it black mold or something not serious,

If the inspector suspects asbestos, have that tested, too.

If the house was built before 1978 and you see cracking or flaking paint, test for lead paint exposure ( especially if you have toddlers running around the house. Lead paint tastes sweet, and babies have put chips of paint in their mouths, and swallowed them)/

Be sure your inspection period gives you adequate time to obtain estimates for repairs.  If you find the repairs are too costly, or serious in nature, do not hesitate to negotiate with the Lender, and if you can't get enough of a discount to pay for repairs, be prepared to look for another house!

If the house is empty and has been "winterized" ( this happens with HUD homes a lot) you will have to arrange to have the services put back on, to test them.

Good luck!

Answer 3

You mean questions about the house itself?  

How old the roof is, when was the furnace last cleaned, ask if there have been/if you can get your own inspections for chimneys, furnaces, roofing, air ducts and to detect the presence of Radon and other household gases, are there any foundation problems, electrical problems, is it on fuses or circuit breakers, etc. etc.  

Any problems must be disclosed by the seller.  

Answer 4

Get a buyers agent.