3. What If The Home Inspection Reveals Major Issues?
We won’t lie: The home inspection is one of the most nerve-wracking days of the homebuying process. It’s when you find out about every wart on the place you fell in love with at the showing.
Most of the time the inspection goes as expected. But if you aren’t expecting a major issue and the inspector discovers something awful like a rusting sewer main or walls full of termites, it can be panic attack time.
Breathe. “What should I do when the inspector has bad news?” is one of the most common questions to ask when buying a house. Talk to your agent.
Your agent can calm you down so you can plan your next move, whether it’s “Let’s kiss this money pit of a house goodbye” or “Let’s negotiate with the seller and get those repairs done so you can close on time.”
4. What Happens If The Appraisal Comes Back Low?
In competitive markets where there are more buyers than sellers, it’s possible to end up in a bidding war over a house. This can drive the sales price higher than the appraised value of the home. Lenders balk when the price is higher than the value, and this can jam up the deal.
Ask your agent what you should do if the appraisal comes in low. An experienced agent will have been in the situation before and have good advice. You’ll have a couple of options, including ordering a second appraisal, covering the difference in cash, or walking away from the deal.
No matter what happens, keep your cool. Just because the appraisal is low doesn’t mean the deal will fall through.
“When things don’t go as expected, it’s important to remain level-headed. You never want to allow your emotions to be too up or too down when buying a home,” Fitzgerald says.
Related: How to Make the Appraisal Work, and When to Walk Away
5. What Do We Need To Do To Prepare For Closing?
Closing day is essentially the transfer of ownership, but it’s not just a formality. It needs to go well. This is when you sign the final paperwork and get the keys to the house.
One of the most important questions to ask a real estateagentis exactly what you need to bring for the big day. You’ll probably need your ID, a check for the closing costs, and proof of homeowner’s insurance.
Asking in advance will keep you organized and help your first big real estate transaction run smoothly. You don’t want to get there and realize you forgot a key piece of paperwork that keeps the deal from closing. Fewer things are as disappointing than not going home from a closing with keys to your new house.
So ask questions. Knowledge is power, so there are no silly questions to ask when buying a house.