Some Questions the Buyer will Have: Bellingham Real Estate with Kathy Auerbach

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Some Questions the Buyer will Have

Most buyers will have numerous questions you need to be prepared to answer. In this case, “the best defense is a good offense,” by knowing what you will say without necessarily being offensive in one’s answers! For example…

Can the buyer assume your current loan? If so, at what rate and on what terms?
What contingencies will you accept in the buyer’s offer-to-purchase?
What contingencies will you not accept in the buyer’s offer-to-purchase? (for example, “closing to occur on or before December 1, 2006” or “closing to occur simultaneous with the sale of the buyer’s home or the seller’s purchase of a replacement property?”)
What protection(s) will you allow the buyer in his offer-to-purchase? (for example, “…allow review by buyer’s attorney”)—or would you prefer to avoid such protections? What protections do you insist upon having to protect you in the transaction? (for example, “review by seller’s attorney within 72 hours of a signed around offer to purchase”)
How will you determine the buyer’s financial qualifications? And, what protections will you insist upon to assure a timely closing of the transaction?
What earnest money deposit will you require? And, who will hold that money for you?
How soon will you give occupancy?
Are you willing to coordinate the sale of your home with the sale of the buyer’s current home?
What closing costs, if any, will you pay? Is there a limit to the dollar amount of closing costs you are able to pay? (This is a critical question if the buyer plans to secure an FHA or VA loan.)
When was your home inspected by a licensed home inspector? By whom? When will you provide a copy of this report to the buyer?
Does the buyer want a Home Warranty? If so, who will pay for it?
Who will coordinate the transfer of utilities, tax payments, and the like?
If the buyer is among the more than 90% using a real estate professional to help him find a home), will you pay the selling commission after accepting the offer brought to you by that agent?

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	You are here: Home > Sellers > For Sale By Owner > Buyer Questions Some Questions the Buyer will Have Most buyers will have numerous questions you need to be prepared to answer. In this case, “the best defense is a good offense,” by knowing what you will say without necessarily being offensive in one’s answers! For example… Can the buyer assume your current loan? If so, at what rate and on what terms? What contingencies will you accept in the buyer’s offer-to-purchase? What contingencies will you not accept in the buyer’s offer-to-purchase? (for example, “closing to occur on or before December 1, 2006” or “closing to occur simultaneous with the sale of the buyer’s home or the seller’s purchase of a replacement property?”) What protection(s) will you allow the buyer in his offer-to-purchase? (for example, “…allow review by buyer’s attorney”)—or would you prefer to avoid such protections? What protections do you insist upon having to protect you in the transaction? (for example, “review by seller’s attorney within 72 hours of a signed around offer to purchase”) How will you determine the buyer’s financial qualifications? And, what protections will you insist upon to assure a timely closing of the transaction? What earnest money deposit will you require? And, who will hold that money for you? How soon will you give occupancy? Are you willing to coordinate the sale of your home with the sale of the buyer’s current home? What closing costs, if any, will you pay? Is there a limit to the dollar amount of closing costs you are able to pay? (This is a critical question if the buyer plans to secure an FHA or VA loan.) When was your home inspected by a licensed home inspector? By whom? When will you provide a copy of this report to the buyer? Does the buyer want a Home Warranty? If so, who will pay for it? Who will coordinate the transfer of utilities, tax payments, and the like? If the buyer is among the more than 90% using a real estate professional to help him find a home), will you pay the selling commission after accepting the offer brought to you by that agent? Printable version
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