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FSBO Tips - Buyer's Questions

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FSBO Tip - Be Prepared for these Buyer's Questions

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Home Buyers want to know...


Below are some of the most common questions Home Buyers will ask when viewing your home. Many of them you will be able to answer off the top of your head, but some you may need to search through your records. If you are prepared to answer the below questions and other specifics about your home, your chances of selling it are greatly increased.

You will find there are questions a buyer will have that may not be important to you but may be very important to potential buyers. For example, if you don't have children, you may not know what schools your home is zoned for. But this is very important information for a homebuyer with 3 school-age children.

 

Questions Home Buyers will ask:

  • Why are you selling?
  • How much did you pay for the home? (Anyone can find this info out because this info is on Public Record.)
  • How much do you owe on your home? (You don't have to answer this or any other very personal question). Public records will reveal what loans are on the property. A Buyer will ask this because the price the Seller paid or the balance owed affects how much negotiating room the seller has. If the seller bought the home many years ago for a very low price, there is a large potential profit and the seller might be willing to sell below the market value.
  • What is your final asking price?
  • Distance to closest public transportation & bus stops
  • School Zones - Elementary, Middle & High School
  • Convenience to churches, shopping and entertainment
  • Is the Mortgage assumable?
  • What down payment (earnest money) are you expecting?
  • What are the current interest rates. An interest rate is based on a person's credit history. So you will have no idea what interest rate a Buyer will qualify for with their bank.
  • How much will the closing costs be? The amount of closing costs will depend on what items are customary for buyers and sellers to pay for in your area. These costs vary greatly from one area of the country to another. For example, in some areas, the buyer pays for title insurance, but in other areas, the seller pays for all or part of it. In addition, the amount of closing costs will depend on the amount of points a buyer will be paying with their mortgage loan since these are paid for up-front. (Each point is 1% of the mortgage loan amount).
  • Will you owner-finance or Lease-Purchase?
  • Is your loan assumable?
  • Age of house, roofing, plumbing, HVAC and wiring?
  • Any foundation problems? For example: water in the basement, settling, cracks
  • Room dimensions and total square footage
  • Lot Size
  • Your average cost of utilities throughout the year, especially during harsh winters and hot summers (including water, sewer, gas & electric)
  • Homeowners Association Fees and how often paid. What do you get for the fees?
  • Any liens against the property - taxes, assessments, etc...
  • Amenities and any special features that set your home apart from others - pool, landscaping, lake or river rights
  • Zoning and nonconforming uses
  • Easements and deed restrictions
  • Are there any problem neighbors or nuisances?
  • If this is an "Estate Sale", you may get asked if someone died in the house. Or if the house is old you may be asked if it is haunted. Sounds silly, but people will ask.
  • What past problems have you had with this house? Seller disclosure forms do not require disclosing past problems that have been corrected.
  • When was the last termite inspection? Has the home ever been treated for termites?
 

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