This is a list of 50 questions or circumstances (in no particular order) you might encounter during the search and escrow phases of your home purchase.
1. Is this house overpriced? What should I do if it is but I want to make an offer anyway?
2. What is the list price to sale price in my market?
3. What about comparative pricing in zillow.com?
4. What is the average market time in my market? What about absorption rate?
5. What could happen if the Federal Reserve Board changes the federal funds rate before my purchase is completed?
6. Will there be an appraisal? Should I be there to assist the appraiser? What happens if the appraisal is above the sale price? Below? Who pays for an appraisal? When is it done?
7. What choices do I have when I’m ready to make an offer? What if I want to counter something? If something is countered, does that mean I’ve bought the house?
8. When will the sellers stop letting other buyers look at the house? What if someone else makes an offer?
9. How many offers do I have to make?
10. What is first position? Second position? How many positions are there?
11. How many times can the sellers sell the house? What should I do to make sure I’m the real buyer?
12. Does the advertising comply with HUD’s rules? What happens if it doesn’t?
13. Do I have to make a full price offer to buy a house? What do I do if I think the house is priced too high?
14. What about contingent offers? Should I make one? If so, when?
15. What is closing? Who determines it?
16. Why does the house have a real estate sign? If I buy the house when will the sign be removed? By whom? What if it’s not removed?
17. Who decides on possession? Is this before closing or after?
18. Who represents me? How do I know that? Who represents the seller? What if an agent says they represent the seller but appear to be helping me?
19. What’s dual agency? Who decides it? Will it help me? Why or why not?
20. What is the correct legal description? Where do I get it? Is this important? Am I in trouble if it’s wrong?
21. Do all houses for sale get put in the multiple listing service? Who does this? Who makes sure the info is correct? What if it’s wrong?
22. Will I only be looking at houses listed in the MLS? What about for-sale-by-owners?
23. What’s staging? Is it important? Who does it? Is anyone else doing it?
24. What’s an LPO? What do they do? Why?
25. What information should the seller disclose about their house? Are there any rules? Who makes them?
26. Should I do a home inspection? If not, who does it? Who pays for it? Does one have to be done?
27. What information do I have to give a seller? The appraiser? A building inspector? My Realtor®? Other Realtors®? Lender?
28. Can I use an out-of-state lender? What about an internet lender? Does this matter? Why or why not? Who decides?
29. Who completes the property disclosure? What do I do with it when I get it? Do I have to sign it? Why? What if I don’t like something listed in the disclosure?
30. What forms will be used for the sales contract? Where do I get them? Should I have an attorney review them? Can my Realtor® interpret the forms? What if there’s a disagreement? How do I know the forms are the correct ones?
31. How many different kinds of financing are there? Which one’s the best? Why?
32. Should I visit open houses to help me find a home to buy? What should I do if a Realtor® is there and asks me if I need help?
33. Should I sign an exclusive buyer agency agreement? Why or why not? How does one work? Where do I get one? Who pays for it?
34. Should I have more than one Realtor® helping me find a house to buy? Why or why not? What info should I provide?
35. What’s the typical amount of earnest money? How is it paid? Where does it go? What happens to it once the house sells?
36. How good is a verbal promise? What happens if a seller doesn’t do what they promised? Should I make any verbal promises?
37. What does the escrow company do? Title company? Who chooses them? Should they be in Kitsap County?
38. When can I make changes to a contract? How do I do it? Can the sellers make changes? Who does this? Do I have to tell the sellers?
39. What’s a “bump notice?” When does it occur? Who does it?
40. Who does the appraiser work for?
41. Should the seller give me copies of past utility bills? Why or why not?
42. Can I ask the seller to pay closing costs? Do I have to do it? Do they actually give me the money? If so, when?
43. Can a seller ask me for something after the house is sold? What should I do if this happens? Does this happen a lot? Would I need a lawyer if I didn’t want to do anything? What can I do to make sure this doesn’t happen?
44. If I don’t think the seller wants to sell the house after the contract has been signed, what do I do? How will I know?
45. Can I give the seller cash to settle an issue? Will anyone care? How do I do this? Can I do this verbally?
46. What do I have to do to complete the house sale? When is this done? When do I begin making mortgage payments?
47. How do I find out about the crime rate in the neighborhood? What about registered sexual offenders? What about cutting down trees in the neighbor’s yard that are leaning toward the house?
48. Is “splitting the difference” a good negotiating technique?
49. Is it OK for me to assign the contract? Should I care? What if I don’t want this to happen?
50. What’s a notice? Will I get one or give one? How will I know when the seller gives me one? What do I do if I get one?
