While your real estate agent should be the guiding force that keeps your transaction rolling, your due diligence is to ask questions so that when you get to the closing table, you are informed and comfortable with the terms of the deal. While your agent may have closed hundreds of transactions, you might be buying a home for the first time. A thoughtful agent will try to answer any questions before they come up, and in case you don’t know where to begin, here are several questions you should have answered before finalizing anything.
Which neighborhoods should I look in?
If you are moving from another state, you might not know which neighborhoods are preferable for you and your family. While you can do research online, nothing can beat the first-hand experience of an industry professional. Your real estate agent should be able to look at your price point and needs for your lifestyle and name the ideal neighborhoods in the area that you should consider. Knowing what to avoid when looking at neighborhoods can save you from headaches down the road, and your agent will most likely have sage advice on this matter.
What is a reasonable sales price?
As you look around at homes in your price point, you will start to see similarities between properties in terms of square footage and number of rooms. While some homes might exceed your expectations, others will leave you wondering how the seller came to their outrageous sales price in the first place. You should check in with your agent after you tour homes to see what they thought in terms of bang for your buck. While your opinion is ultimately the one that matters the most, your agent should tell you when to walk away from an unrealistic seller.
Who should I work with?
When it comes time for inspections, appraisals, and financing, your agent can advise on who to work with for the best experience. Realtors occasionally hear horror stories and have negative experiences with other members of the industry, and checking with your agent before booking an appointment could make a big difference in the course of the transaction. Your agent can only control so much, and if you don’t particularly care who you work with, then you should work with someone who has a glowing recommendation from your agent and increase your chances of the transaction running smoothly.
Can you explain the contract?
When you are touring homes, you are just talking hypotheticals, but when you make an offer, you should be clear on the parameters. When the contract is drafted, most likely by your real estate agent, you will want to review it and make sure you understand every detail. The terms of the contract can be negotiated, but you should understand which closing costs you will be responsible for and prepare accordingly. Whether you have bought and sold property many times before or if this is your first go, you should review the contract with a fine tooth comb.
Is there an HOA?
If the property you are looking to buy is part of an active homeowners association, you should be aware of the covenants, conditions, and restrictions that members of that subdivision must follow. You should know what the dues will be and whether you will pay annually or monthly. Sometimes an HOA is inactive when you purchase the property. However, the association could become active at a later date. At that point, you would be required to follow the rules of the association. This might affect structures on the property or whether your pets are allowed.
What will the monthly costs look like?
Another question you may have is what your monthly costs would look like with your new home purchase. If you have a mortgage payment, you likely would have received an estimate when you applied and got approved for financing, but there are other monthly fees that you should account for. You should know how much you would pay in property taxes, homeowners association dues, and other utilities. A real estate deal has many moving parts, with several professionals working on your transaction. You should ask the right questions to ensure you are progressing with full knowledge of the details of your purchase.
What are the seller's plans?
While you aren’t privy to the details of the seller’s side of the transaction, you should be clear on when the sellers will be ready to move out completely and whether the sale is contingent on their purchase of another home. The seller’s plans may affect your timeline, and if you need to relocate quickly, you may want to get this question answered early on. You can ask your agent to get these details from the seller’s agent and determine whether there are factors that will extend the closing.
What is your experience?
If you are still looking for representation, there are questions you can ask to determine whether a potential agent has the expertise and experience to close your transaction. You should find out if the prospective agent specializes in a specific property type or if they work primarily with sellers versus buyers. You can find out how many transactions they have closed in the last year and discuss what their most reliable form of communication would be. Anyone buying Stamford real estate should find an agent with the knowledge and enthusiasm to help you enjoy the process.
Ready to get started?
For those looking at Stamford homes for sale, you will want to work with representation that knows the area and has confidence in every aspect of their job. Stamford, NY, real estate has some of the best residential spots in the state, where families of all sizes can find comfort and entertainment in spades. The Blanchet Poellot Team has the industry connections and know-how to finalize your transaction efficiently while keeping you informed throughout the process.
