What are the most important questions first time homebuyers should be asking?

Making such a large purchase for the first time can be a bit nerve-racking. Committing to spending hundreds of thousands of dollars is a big deal. Thankfully, there is a profession dedicated to helping people with making this decision: Real Estate Agents. 

However, partnering with a buyer’s agent to buy a home does not automatically make the process easier. It is important to ask specific questions in order to get the correct guidance based on your situation. 

Below is a (non-comprehensive) list of questions that the first time homebuyer should consider asking of their real estate agent and lender once they begin their home search:

QUESTIONS FOR YOUR AGENT

• What is your process for working with homebuyers?

• Are you a full-time real estate agent? If not,, what is your availability? 

• Do you charge any fees upfront for your services?

• Are there any other costs associated with working with you?

• What are the customary closing costs for buyers in this area?

• How many transactions have you successfully closed with buyers?

• What areas do you specialize in? 

• Will you attend open houses with me/us? 

• What are some big red flags that we should be avoiding in a home as a first time buyer?

• Why would you or why would you not recommend (this particular) home? 

• Do you have any lenders that you would recommend?

QUESTIONS FOR YOUR LENDER

• What are all the documents you will need for getting my application and loan approved?

• What are the estimated loan origination fees? 

• Does my loan charge any points? If so, how much are they? 

• Do you offer any incentives or rebates towards closing costs? 

• Based on my financial profile, do you have any concerns with getting my loan approved? If so, what steps should I take to reduce them?

• What is your fastest possible closing timeframe? 

Again, this list is not exhaustive, but should be considered a good starting point. 

For those that have gone through the home buying process, or the agents out there reading this, what would you suggest adding or removing from this list of questions?