Ask your Realtor® about the best way to handle getting your questions to the seller. Questions to Ask the Seller (Homeowner or Selling Agent) 4. At this point after closing, it is a bit of a challenge to track down and contact the seller. 1. 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. In other cases, the funds have already been wired and are waiting with the closing docs. After the forms are signed, the buyer is the new home owner! It’s one of the most important steps in buying a home, so it’s important to be prepared for the day. In this video learn the 10 questions to ask motivated sellers (scripts included!) Ask strategic questions that get you the information you need with the least amount of probing. Then more answers you can get up front the better. 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. There are more questions to ask! Usually, but not always, possession is transferred at closing. 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%) That was a good question, and today’s feature article will cover 5 of my favorites. Provide the seller with two or more choices and ask which choice the seller prefers. The seller assumes the buyer will get a mortgage. Questions to Ask Before Closing Normally the sellers will want all of the services that you provide. Some final thoughts on the 10 Critical Questions To Ask When Buying A Condo. If it is not a short sale, then the seller will need to bring cash to the closing. 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. ... it is likely you are facing a short sale. 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 have to report the sale to the IRS. The closing date is the date ownership of the property is officially transferred from the seller to the buyer; it’s an exciting moment. Your closing date is the day you become the legal owner of your new home. 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) . Is it because the previous owner … In some cases, these docs are required prior to funding your loan and paying the seller. Answers are important, but sometimes the questions you ask matter more. 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. Click To Tweet. How Flexible Is the Seller? Buying a condo requires an added layer of investigation and is a lot different than buying a house. 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. Attached is a checklist that has some of the questions you can ask an owner prior to writing a contract. Ask strategic questions that get you the information you need with the least amount of probing. Below are some of the frequently asked questions we receive. 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 … 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. I have designed this quick checklist to make your transition smoother. Another fairly common resolution to an issue at walkthrough is the seller providing a concession, such as a fixed monetary amount, to the buyer. Who attends closing? Real Estate Closing Questions. But this can be tricky if you purchase a home in a seller’s market. Ask if the seller has questions about these things and if you've addressed all his concerns or if he has any more questions. 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. What is closing? 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 … So I wanted to write a follow-up with even more questions you must ask before you buy a house! Why is the seller selling? 10 More Questions to Ask … Why is the Property Being Foreclosed? In a real estate transaction, the closing process can be one of the most uncertain steps. Finding motivated sellers is where you get really good deals. This might also be a good time to give your seller some insight into the selling process. 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. 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. 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. Closing is when the house buyer and seller fulfill all of the agreements made in the sales contract. 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. 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. Sometimes, the seller will agree to pay the buyer’s closing fees. 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. Knowing the right questions for the seller before the big day will speed your move in, too. If you are buying a foreclosure, you deserve to know why the property is up for sale. Last week, however, I got a request for questions that could be used during the close or presentation stage. What questions do you ask before buying apartments? Be product smart and confident. And to get all 30 questions, enter your name below to download the first time home buying checklist. The most common outcome is the delay of closing to address the work needed to address the final walkthrough issues. Questions to Ask the Seller The first thing to consider is whether the owner offers seller financing . Keep your tools sharp. Closing is the final step—before that house is finally freakin’ yours! They like a cushion. This is the key question every home buyer should 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. Silence at this point is definitely a virtue. 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. This is a perfectly fair question to ask. Coming up with questions to ask when buying a home before you make an offer will help you determine if the home for sale is right for you and if the financial situation of the real estate transactions is right for you. A seller’s attorney reviews sales contracts, communicates terms in a professional manner and attends closings to prevent mishaps. Let's take a look at 5 important questions that all listing agents should ask lenders regarding pre-qualifications. The closing attorney will usually provide a 1099-S form to the seller at the time that the deed is signed. Closing day is when all the legal documentation is signed, transferring ownership of the property and home from the seller to the buyer. During the contract negotiation phase, you (the buyer) and the seller set a closing date, which must be listed on the purchase agreement contract. But few do. Don’t see your question here? So be sure to read PART 1 of questions to ask when buying a house. Title & Closing Services Frequently Asked Questions. Closing (also called settlement) is the legal transfer of property ownership. Please call our office at 205.983 Shut up for a minute and let him think. This document will ask a seller to provide a forwarding address and a social security number. Keep in touch. Instead, many come out of your sales proceeds at closing. 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. Generally, you can expect to pay about 10% of your home’s sale price in fees and expenses. When seller is assisting buyer with down payment and closing costs, earnest money can often be returned at closing. Your closing appointment takes a few hours. If he held something back, it might come out now. 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. While it’s true you could ask the seller directly about their selling position, some buyers prefer to ask their agent. Sometimes sellers don't move out until the day the transaction closes, or even for a few days after closing. 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. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need. 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