Shut up for a minute and let him think. To help you get started, consider a few questions to ask a prospective business seller, suggested by my friend and business-buying expert, Russell Brown, each followed by my thoughts. Don’t see your question here? Click To Tweet. These include things like: Your real estate agent’s commission (5 to 6%) Staging and prepping your home (1%) Seller concessions (1 to 2%) Repair costs (varies) Homeownership and overlap costs (1%) A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Title & Closing Services Frequently Asked Questions. Closing (also called settlement) is the legal transfer of property ownership. 10 More Questions to Ask … You don’t want your competition closing them next month. You’ll have plenty of questions to ask after you’re in the middle of the transaction, and it’s never too early to ask … Buyers should do a final walkthrough in the presence of the seller in these situations because the seller knows all the quirks about the home and should be able to answer any questions the buyers might have. This is a perfectly fair question to ask. Instead, many come out of your sales proceeds at closing. Usually, but not always, possession is transferred at closing. Last week, however, I got a request for questions that could be used during the close or presentation stage. Is it because the previous owner … A real estate closing puts you one step closer to becoming a homeowner.The closing process is the last step in the home-buying process, and it … If it is not a short sale, then the seller will need to bring cash to the closing. They like a cushion. Below are some of the frequently asked questions we receive. So I wanted to write a follow-up with even more questions you must ask before you buy a house! Buying a condo requires an added layer of investigation and is a lot different than buying a house. I have designed this quick checklist to make your transition smoother. But this can be tricky if you purchase a home in a seller’s market. When seller is assisting buyer with down payment and closing costs, earnest money can often be returned at closing. 1. And to get all 30 questions, enter your name below to download the first time home buying checklist. Questions to Ask the Seller The first thing to consider is whether the owner offers seller financing . The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment. What is closing? Sometimes you have to pay the entire first year of homeowners insurance up front and immediately start making escrow payments for next year’s bill. What questions do you ask before buying apartments? Why is the Property Being Foreclosed? Who attends closing? Ask your seller if there are any conservation easements on the property, and if so, how they affect how much of the land you can use. This might also be a good time to give your seller some insight into the selling process. If a seller receives two offers for the same amount, but one buyer is asking them to pay closing costs, the seller will most likely choose the offer that doesn’t require them to pay additional costs. While it’s true you could ask the seller directly about their selling position, some buyers prefer to ask their agent. Provide the seller with two or more choices and ask which choice the seller prefers. It’s one of the most important steps in buying a home, so it’s important to be prepared for the day. Answers are important, but sometimes the questions you ask matter more. The seller assumes the buyer will get a mortgage. At this point after closing, it is a bit of a challenge to track down and contact the seller. This document will ask a seller to provide a forwarding address and a social security number. As part of the closing costs, lenders often ask buyers to put in two months of estimated property taxes, mortgage insurance payments, and homeowners insurance payments. The home closing process is all of the steps that are outlined in the sale contract that must happen from the time you accept the buyer’s offer to the closing date. Ask if the seller has questions about these things and if you've addressed all his concerns or if he has any more questions. Asking questions directly to the seller’s real estate agent is much better than asking it to buyers realtor who then in turn asks the seller’s agent; Why not get questions answered from the horse’s mouth; Prior to going to the open house, make a list of questions The closing attorney will usually provide a 1099-S form to the seller at the time that the deed is signed. The most common outcome is the delay of closing to address the work needed to address the final walkthrough issues. Once the closing docs are signed by both you, any co-signers no the loan with you, and the seller, they will be faxed/scanned to your mortgage lender's closing department. Questions to Ask the Seller (Homeowner or Selling Agent) 4. Ask strategic questions that get you the information you need with the least amount of probing. Attached is a checklist that has some of the questions you can ask an owner prior to writing a contract. Keep in touch. Use the list of questions above to find out early in the process if a condo will work for your particular needs. ... it is likely you are facing a short sale. Please call our office at 205.983 This article explains what seller concessions are, how they can help you lower your closing costs as a buyer, and when it's the right time to ask for seller concessions in a real estate transaction. Finding motivated sellers is where you get really good deals. Questions to Ask Before Closing In some cases, these docs are required prior to funding your loan and paying the seller. Sometimes sellers don't move out until the day the transaction closes, or even for a few days after closing. This is the key question every home buyer should ask. During the contract negotiation phase, you (the buyer) and the seller set a closing date, which must be listed on the purchase agreement contract. In a real estate transaction, the closing process can be one of the most uncertain steps. In this video learn the 10 questions to ask motivated sellers (scripts included!) Let's take a look at 5 important questions that all listing agents should ask lenders regarding pre-qualifications. All of these questions are crucial to ask during the close, and after you read them, I encourage you to put these into your closing scripts and outlines. Sometimes the seller may ask to close the sale but retain possession, and pay rent to the buyer until vacating the property at a later date. Ask your Realtor® about the best way to handle getting your questions to the seller. In more literal terms, it is about the transfer of money and documents so that you, the seller, can transfer ownership and possession of the property free and clear to the buyer. The burden is generally on the real estate agent to keep their client, whether buyer or seller, fully informed and educated as to what’s happening. Closing is the final step—before that house is finally freakin’ yours! There are more questions to ask! While you certainly can ask questions at your closing, if you have any lingering questions before the closing, you should ask them well in advance. Keep your tools sharp. After the forms are signed, the buyer is the new home owner! Closing is when the house buyer and seller fulfill all of the agreements made in the sales contract. The closing attorney will have to report the sale to the IRS. Seller financing is an attractive aspect of any business acquisition because it shows that the owner believes in the business and the new owner-to-be. Normally the sellers will want all of the services that you provide. Your agent can tactfully ask the seller’s agent how firm the seller is on asking price, if they’re open to negotiation, and if they’d consider helping out with closing costs. One of the jobs of the listing agent is to ensure that everyone gets to the closing table in an effective and timely manner, and that often means asking specific questions of the lender. Your closing appointment takes a few hours. In other cases, the funds have already been wired and are waiting with the closing docs. Knowing the right questions for the seller before the big day will speed your move in, too. If we had asked the seller, prior to closing, if he owned his appliances, it might have prompted his memory and helped us to avoid all of the hassle. Be sure to ask about how the bodies of water on the property could be affected by the Waters of the United States Rule (WOTUS) . Real estate attorneys help oversee home sales, from the moment the contract is signed through the negotiating period (aptly called the “attorney review”) to closing. That was a good question, and today’s feature article will cover 5 of my favorites. How Flexible Is the Seller? 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