May 15, 2024
Are you looking for a home to buy with an FHA loan? It’s good to create a list of questions to ask the seller.
Making the most informed decision you can on a specific house is important, and in addition to what you learn by asking about natural disasters in the area, property taxes, and the age of the roof, the way the seller responds to your question can be just as important as the answer you get.
Asking Questions
You should definitely do your own research on the local area to learn whether floods, tornadoes, hurricanes, or other natural disasters are a problem. But don’t miss the chance to ask the seller, even if you already know the answers.
Ask the seller, “Has the home itself experienced a disaster, major structural changes, or foundation issues?” The answers are important but for more than one reason.
A seller who tries to avoid the question might not be worth dealing with. A seller who is honest about potential issues with the home may be someone you can negotiate with.
Before You Commit, Ask The Seller
You want to be an informed buyer, so ask the following of the seller before you commit:
- How old is the roof, and has it ever been damaged or repaired?
- What was the last major upgrade to the home, and when?
- How many people have owned this house?
- Do you require termite or other pest control as a regular expense?
- When was the last time the siding was replaced?
Other Important Concerns
Be sure to ask about the property taxes on the home you want to buy with an FHA mortgage and ask about the history of property tax increases in the area.
Some housing markets are notorious for ever-increasing property taxes for a variety of reasons, and you’ll want to know what you’re getting into in a given neighborhood in that regard.
How much hazard insurance does the owner have on the home? What protections does the current owner have? Why?
You should also ask about the area you’re in. Is it zoned for residential, mixed-use, or business? The seller might not know, but your real estate agent might.
Knowing the answer is important when looking for a quiet neighborhood without a lot of business traffic or other issues related to being in a mixed-zoning area.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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