5 homebuyer questions you should be prepared to answer

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12/15/2014 | Author: Editorial Staff

As a Texas REALTOR®, you are an expert on real estate in your market. So how would you answer if a homebuyer asked you one of these questions?

  • How do I determine how much I can afford?
  • How much should I offer to buy the home?
  • We really love this house. How can we win in a multiple-offer situation?
  • What are our closing costs and how do I calculate them?
  • What should I be on the lookout for in a home inspection?

Visit inman.com to read some potential responses and explanations to offer your clients.

Categories: Business tips, Buyers
Tags: buyers, homebuyers, marketing


Candy Cargill on 12/18/2014

Greg, there are too many things in Dodd-Frank (OMG) for me even to keep up with, who the heck knows what they’ll be calling anything in a couple of months???  Just like the HUD-1 changes.  I don’t even call it the HUD-1, because that’s our lingo, so I just call in the closing statement, like the old days.  I don’t think I even use the term Truth in Lending, more than like say “break-down of all the costs of the loan”.  Try to use as much regular old words as possible.  Then cringe when the Government changes something else to “improve” it.

Greg Knapp on 12/18/2014

Since Dodd-Frank changed the rules concerning lending, it made the Truth In lending form almost meaningless when it comes to Closing Costs! (Your government at work!) Instead ask to see the fee sheet -that’s where the costs are actually enumerated, instead of lumped together as now found on the TIL!

Barry Buchanan on 12/18/2014

I have been using a variation of those answers for 13 years.  They are very good. They may even improve my answers some.

Thank you,

Candy Cargill on 12/16/2014

•How do I determine how much I can afford? 
I have given you the name of several lenders, please get in touch with one of them to get pre-qualified.  That will give you a good idea.
•How much should I offer to buy the home?
I’ll be happy to provide you with sales in the area, but, bottom line, you can only offer what it is worth to you.
•We really love this house. How can we win in a multiple-offer situation?
Offer your highest and best first, make it clean, meaning not many contingencies.  There is always the option of offering more than the asking price.  I’ll provide you with sales in the area and help you decide.
•What are our closing costs and how do I calculate them?
The mortgage company you choose will give you a break-down of closing costs, but I can give you a general idea…but remember different loans have different fees involved.  You will get a Truth in Lending Statement breaking them all down.
•What should I be on the lookout for in a home inspection?
The inspector (s) you choose will explain their report and may advise you to get an expert in that field.  Listen to the inspector.

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

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