FSBO Tip #4: 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. Lastly, some
are questions you may hope a Buyer
doesn't 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 the home? Public
records will also reveal what loans
are on the property. A Buyer will
want to know this because the price
the Seller paid 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 the house is
haunted.
- What
past problems have you had with
this house? Seller disclosure forms
do not require disclosing past problems
that have been corrected.
|
|
|
