{"id":369086,"date":"2016-04-04T10:47:12","date_gmt":"2016-04-04T15:47:12","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/realestate\/buying-a-home\/questions-to-ask-when-buying-a-home.html"},"modified":"2023-10-16T17:29:02","modified_gmt":"2023-10-16T22:29:02","slug":"questions-to-ask-when-buying-a-home","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/buying-a-home\/questions-to-ask-when-buying-a-home.html","title":{"rendered":"Before You Buy a Home: Questions to Ask"},"content":{"rendered":"\n
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Before You Buy a Home: Questions to Ask<\/h1>\n
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\n By Melissa McCall, J.D.<\/a> | Legally reviewed by Katrina Wilson, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Buying a home, whether it’s your first home or your fifth, is a significant endeavor and investment. You cannot undo your decision once the title and the money have been transferred. So asking questions while you are house hunting and before making an offer on a home is essential.<\/p>\r\n

This article explores a few important questions to ask when buying a home.<\/p>\r\n

The Homebuying Process<\/h2>\r\n

Buying a home is a process that begins before you start to house hunt. The first step in purchasing a home is not finding a real estate agent or checking out your local housing market. The first step is determining how much home you can afford.<\/p>\r\n

There are two ways to make this key financial determination. The first is through a pre-qualification letter. The second is through a preapproval letter. These terms are not synonymous. A pre-qualification letter tells you how much money you will likely qualify for, while a preapproval letter gives the amount, including an interest rate, for which you have qualified.<\/p>\r\n

Preapproval<\/h3>\r\n

Lenders will review your credit score and a past year’s income tax returns before issuing a preapproval letter. This letter should also give you an idea of your monthly mortgage payments and how much you will need for a down payment. To avoid surprises or obstacles, get copies of your credit report a few months before you buy a house. Doing so lets you avoid unpleasant surprises or an untimely denial of your mortgage loan application.<\/p>\r\n

Real Estate Agent<\/h3>\r\n

Once you know how much you can spend on a home, you can enlist a Realtor<\/a> or real estate agent<\/a> to help you find your new home. A buyer’s agent helps the buyer find their dream home by showing buyers homes that meet their criteria. They do this through a combination of open houses and private showings.<\/p>\r\n

What Can You Tell Me About the Current Housing Market?<\/h2>\r\n

Realtors and real estate agents are often great resources for their clients because they are experts on the local housing market. They should understand the local market and how to explain it to you. You want to get the best purchase price for your new home, and understanding the pricing on similar homes can help you make the best choice.<\/p>\r\n

What Can You Tell Me About This Neighborhood?<\/h2>\r\n

Location is almost everything in real estate. You know what you are looking for in a home and community. Be sure to communicate your desires with your Realtor or real estate agent.<\/p>\r\n

Sample questions to ask your agent include:<\/p>\r\n