In: Categories » Legal and finance » Real estate » Questions to ask before you are buying a home
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1. Are you a full-time or part-time realtor? Do you have other full- or part-time employment? It’s not impossible to do a competent job selling real estate part-time, but it’s a whole lot more difficult. If you wanted to look at homes in the middle of the day, would this realtor be free to show them? Would this realtor be able to research neighborhoods as effectively as a full-time realtor who depends completely on real estate for income? 2. May I have the names of three or four home buyers you’ve worked with recently and may I speak with them? A “no” answer to this question should end the interview. Also, be wary if the realtor can’t produce at least five names of people who have bought homes within the past twelve months. 3. How well do you know the neighborhoods that interest me and how much do you work in them? A realtor who is familiar with the areas you prefer will have a much better sense of prices and values and will know whether they are headed up or down. There is also a much better chance that you’ll get an early crack at houses just coming on the market. 4. Given what you know about my preferences, are there other neighborhoods you’d recommend I consider? Suggestions of neighborhoods that are far from what you had in mind may be a sign that the realtor doesn’t understand your needs. If the realtor has good ideas for you, all the better. 5. Do you use the computer to help find homes? Any agent who isn’t accessing the Multiple Listing Service (MLS) on-line is not keeping up with the latest information. 6. Do you insist on a buyer/broker contract? A buyer/broker contract is between you (the buyer) and the realtor (the broker). It obligates you to pay the realtor’s standard commission, whether or not the realtor helps you find the house you eventually purchase. If you do sign a contract, ask the realtor ahead of time if she’ll be willing to negotiate her commission fee if you choose a home that’s being sold directly by an owner. (In a “fisbo”—for sale by owner—deal, the owner avoids paying a seller’s commission. But he may be willing to help pay your realtor’s buyer fee if it helps cement the deal.) If you do sign a broker’s contract, make sure it’s not for longer than thirty days.
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