Your clients look to you for answers about every part of the home buying process. You already anticipate the most common questions, but sometimes an inquiry comes from left field. Consider the following ten questions to ensure you always have an answer ready to go.
What To Expect Your Buyer To Ask
- What should my budget be? Your buyers may ask you for help determining their budget. This is ultimately their own personal financial decision, but you can provide sensible guidance. Most experts agree that a home budget shouldn’t surpass 28% of a person’s income.
- How much do I need for a down payment? Another common financial inquiry concerns the down payment on a home. Like a buyer’s budget, this is a personal decision, but you can tell your clients that it’s standard to put at least 6% of the purchase price down.
- What are the closing costs? The answer to this question depends on the area you live in, the company you close with, and a range of other factors. Generally, though, these expenses come out to about 5% of the total mortgage amount for home buyers.
- Should I save money for moving? Yes, another question about budgeting—and yes, you should advise your clients to put aside some funds for moving expenses. Moving is always more costly than you expect it to be.
- How should I furnish my new home? It may seem silly, but clients will indeed ask for decorating advice. You can encourage them to follow their heart and decorate as they see fit — and you can review a batch list for leads for your next buyer.
Providing Straightforward, Digestible Answers
- Am I getting a good price on my home? Buyers often want to be reassured that they’re getting a bargain. You can answer this question honestly by helping them find free real estate comps and looking at sale prices for similar homes.
- Is this neighborhood good for families? Your buyers look up to you as a local expert, and they expect you to be well-versed in all the neighborhoods of your community. They may ask you whether it’s a good neighborhood for kids, and to answer, you can point them to school data and crime statistics.
- Is the home at risk of any natural disasters? A buyer who asks this question likely has a cautionary streak — and that’s a good thing! Whether you’re wholesaling real estate or selling individual homes, you need to know about any disaster risks, including earthquakes, fires, or floods.
- Are there any known problems with the home? This question is often asked in good faith, but you should remind your buyer that the answer to this is best found in the home’s disclosures as well as the inspection report.
- How long has the house been listed? This question is a savvy inquiry into the bargaining power a buyer may have. The longer it’s been on the market, the more successful an offer is likely to be.