Solid Purchase Questions
12. Would the seller contribute any cash toward the closing costs?
14. Do you know how much the seller owes on the home?
15. How long has the seller owned the property?
16. Is there a home owners association? ( HOA )
17. Do you know who you will use to insure your new home?
18. Do you know the estimated appraised value?
19. Who should I have the appraiser contact for entrance?
20. What is the anticipated Escrow close date?
- Purchase loans aren't as hard as you think. You just gotta ask the right questions and set the correct expectations. One time ( true story ) I took a incoming lead from lending tree, the buyers were this married couple and were living inside a hotel with all the kids and had $5,000 in escrow for a home. The moving truck was on its way to CA from somewhere in the mid west. Dad got a new job out west "yaddda yadda"...Short story, short, the previous LO on the deal DID not ask the right questions and left the clients high and dry. Glad it wasn't me. Back in the day when we can close in 3 to 4 days, the lady chose ME. I pushed aside my whole pipe as much as possible and focused all my energy on this loan. Shucks, they family was in one of those extended stay Marriott joints. I felt bad for them but even better, so did my underwriter and processor. We pulled it off in 4 days!!! Gave em a better deal too! I became a hero for about 2 days, it sure felt great to help. So, please ask as many questions upfront, set the right expectations and make darn sure your docs arrive at escrow waaaay ahead of schedule!!! Don't ever think for one minute that IF the ball gets dropped you will not take the blame. You will!! so....see below and ask away....
- Are you being represented by a Realtor? (Name and number is?)
- Is your new home being represented by a Realtor? (Name and Number?)
- Are you a 1st time homebuyer?
- How soon did you want to accomplish
this transaction?
- How would you rate your credit?
- Can you document income? ( Pensions, Child support, Alimony, Annuities,
Self, W2, 1099?) ask, dig and make a note to request correct documentation!
- What do you do for work and how long have you been there?
- Are you buying this home with a co-buyer?
- Are you or the co-app VA Eligible?
- Are you currently renting and if so, how
much do you pay in rent? ( Landlord #)
11. Are you open to see other homes in the area?
12. What is the maximum purchase price/payment that you would like to stay under?
- How much cash do you have in reserves
do you have now?
- Where is the down payment cash coming from?
- Do you presently own any other real estate ( where, when bought etc..)
- Are you in process with any other lenders? ( If so, who and get terms?)
- How much of a down payment are you
prepared to handle?
- Do you need to sell your own home
1st before you buy your next home?)
- Have you found an approved buyer and when is your homes Escrow closing?
- Is this going to be an owner occupied or an
investment property
- Property Qualification Questions to ask:
- Have you negotiated a purchase price yet or made an offer?
- What is the relationship with the seller(s)?
- Are there any seller concessions?
- Would the seller consider any financing for part of the purchase price?
- Do you have a purchase agreement yet?
- What type of home is it? ( Duplex/TriPlex/PUD/SFR/etc…)
- Is the property considered Rural, Suburban, USDA?
- How many rooms, baths and square feet is it?
- Used or new? ( If new, who is the builder?)
- Is the home using Public Utilities?
12. Would the seller contribute any cash toward the closing costs?
14. Do you know how much the seller owes on the home?
15. How long has the seller owned the property?
16. Is there a home owners association? ( HOA )
17. Do you know who you will use to insure your new home?
18. Do you know the estimated appraised value?
19. Who should I have the appraiser contact for entrance?
20. What is the anticipated Escrow close date?
