Selling House Questions: What questions to ask a seller?
If I, as an investor, were thinking of buying a house, here are the questions I would ask the seller. I don’t ask this many questions, but this covers most of them.
VALUE INFO:
What would this property be worth in good market condition?
What is the neighborhood comp range?
Does this house have an appraisal?
How much did it appraise for?
Is this a refi appraisal?
When did it appraise for that amount?
What is the current tax value?
What is the last sold price?
When did it last sell for that amount?
LOAN, LIENS AND PAYMENT INFO:
How much is owing on the 1st mortgage?
Who is the lender on the 1st mortgage?
What type of loan program on the 1st?
When will this loan payment adjust on the 1st?
How much is owing on the 2nd mortgage?
Who is the lender on the 2nd mortgage?
What type of loan program for the 2nd?
When will this loan payment adjust on the 2nd?
What do you owe on the water bill?
Do you have any past due property taxes due?
Do you have a pre-payment penalty?
Any unpaid or levied assessments?
Are there any personal judgments attached to the property?
Are there any tax liens attached to the property?
Are there any mechanics liens on the property?
Have any contractors done work on the property in the last few months?
Were the contractors and subcontractors paid in full?
What other liens are owing and how much?
Total Monthly Payment with principle, interest, taxes and insurance?
Are taxes escrowed into the payment?
Is Insurance escrowed into the payment?
Is PMI escrowed into the payment?
How much is insurance per month?
How much are property taxes per year?
How much is your principle and interest payment every month?
How much is your PMI payment monthly?
What is your current escrow balance with your lender?
How much is the monthly association?
How many mortgage payments are you behind?
How much money are you past due?
Are you in foreclosure?
How many vacant houses does the seller own?
Has the seller recently filed Chapter 7 or 13 bankruptcies?
When does the seller want to vacate the property?
How much money to reinstate the loan?
Has the bank offered a discount on the 1st mortgage and what would they take $________
Do you have a loss mitigator contact name and number for the 1st mortgage?
Has the bank offered a discount on the 2nd mortgage and what would they take $________
Do you have a loss mitigator contact name and number for the 2nd mortgage?
When is the sheriff’s sale date?
Will you sell for what you owe?
CREATIVE FINANCING INFO:
Will you deed over the property to me “subject to”?
If you must have some equity, how much cash today to walk away from your equity?
Instead of cash today can we keep your equity a 2nd lien which is paid as a lump sum to you when I sell?
If you must have interest on that equity, how low of an interest rate?
How many max years could you wait to have your note balloon and cash out?
How many payments will you make before I have to make the first payment
How much per month will you contribute and subsidize of the payment?
How many months will you subsidize that payment amount for?
CURRENT RENTER INFO
Is the property vacant or is a renter living there right now?
Is the renter current on their rent?
When does the renter’s lease end?
How much does the property cashflow every month with taxes and insurance factored in?
What is the property rented for currently?
What is the market value rent for this property?
Is there a rent to own buyer in the property right now?
Does a tenant need to be evicted from the property?
How much in security deposits and/or option money will transfer to me when you sell?
If you won’t deed me your house and sell subject to, will you sell on a contract for deed?
CONTRACT FOR DEED INFO
What price would you want on a contract for deed?
How little down would I have to pay you on a contract for deed?
What payment would you want on a contract for deed?
What is the lowest interest rate you would accept on a contract for deed?
How many years would we ammortize that payment amount over?
How long of a balloon until you get cashed out on the contract for deed?
If you won’t sell on a subject to, or contract for deed, would you sell on a lease option?
LEASE OPTION SALE INFO
What price would you sell on a lease option?
How long would you lock that price in for on a lease option?
What monthly payment would you want on a lease option?
How much rent credit per month would you give me on a lease option?
Would I get a discount if I purchased the property before the locked price expires?
How much of a discount would I get on the lease option if I purchased earlier?
MLS INFO
Is the property on the MLS right now? MLS#
Is it an expired MLS listing?
How long ago did it expire?
What price did it expire at?
OTHER SIGNATURES REQUIRED INFO
Does anyone else right now have this property under contract?
Do you need to cancel another purchase agreement?
Are you getting divorced, meaning both spouses need to sign?
Is this property in Probate?
LOT AND LOCATION INFO
Is this property near a railroad track?
Is this property facing a busy street?
Is the property on a corner lot?
Is the property on a cul-de-sac?
Is the house near a golf course?
Is it on a wooded lot?
Does the house have a fenced in yard?
Does the property have a pond view?
Does the property have a river view?
Does the property have river front?
Does the property have a lake view?
Does the property have lake front?
Is the house on a creek?
What is the lot size?
Is this on a double sized lot?
How many acres does the property have?
Is the land subdividable?
OTHER FEE INFO
Do any assignment fees need to be paid?
Who do we owe assignment fees to?
How much is the assignment fee?
REHABBER INFO
Is the electric still turned on?
How many estimated dollars in work does this property need?
How many unfinished sq ft can be finished?
How many egress windows and bedrooms can be added to the existing property?
Do all bedrooms have egress windows?
Do all bedrooms have closets?
Do you have any non conforming bedrooms?
Does the house have junk that needs to be removed?
Is the driveway completed?
Is it an asphalt or concrete driveway?
Does the driveway need a new coat or repair for cracks?
Is the sod laid and completed?
Is there any stump or tree removal needed?
When will the current construction be completed?
Does the property have an unfinished basement?
How high is the ceiling height in the basement?
Are there any roughed in bathrooms?
Are their any framed in bedrooms?
Is the foundation slanted or sloped?
Are the floors slanted or sloped?
Does the property have any water damage or frozen pipes?
Does the property have any fire damage?
Is there anything that needs to be done according to Truth in Housing Inspection?
Does the property have R & R’s that need to be completed?
Is the property boarded up?
Is the property condemned?
What appliances would I need to buy, fix, or replace?
Can I finish sq ft in the attic?
Can I add a bathroom?
Does the boiler need to be replaced?
Does the house need any cabinets?
How much new carpet does the house need?
Does the outside need concrete work done?
Does it need a deck or deck repair?
Does the property need new doors?
Does the property need new drywall installed?
Does the property have holes in the drywall?
Does the property need electric work done?
How old is the roof?
How many layers of shingles on the roof?
Does the property need a new roof?
Does the property need facia work done?
Does the property need soffit work done?
Does the property need new flooring?
Does the property need furnace replacement?
Does the garage door need to be fixed or replaced?
Does the property need HVAC replaced?
Does the kitchen need to be updated?
Do you need a new kitchen countertop?
Could the outside yard use landscaping?
Does this property have mold damage?
Does the property need paint?
Does the property need plumbing work done?
Is the porch in need of repair?
Does the property need new siding?
Does the property need stairs installed?
Does the property have a stucco problem?
Does the property need some new windows?
Do the ceilings need repair or new paint?
Do the screens need to be replaced?
Do the windows need trim and sill?
Does it need new light fixtures?
Does it need any new sinks?
Does it need new toilets?
Does it need a new shower?
Does it need a new tub?
Does it need a new medicine cabinet?
Do the hardwood floors need to be replaced or refinished?
Does the garbage disposal work?
Does the garage door opener work?
Does the chimney need repair?
Does the property need gutters?
Does the property need ventilation?
Does the property need insulation?
Does the property need a sump pump?
Does the water heater need to be replaced?
Does this property have old wood paneling that needs to be replaced?
Does the property need a new built in microwave?
Does the property need a new hood vent?
Would someone need to buy, fix or replace the range?
Would someone need to buy, fix or replace the dishwasher?
Would someone need to buy, fix or replace the refrigerator?
Would someone need to buy, fix or replace the washer?
Would someone need to buy, fix or replace the dryer?
Would someone need to buy, fix or replace the water softner, or is it rented?
PROPERTY INFO:
What is the address?
What is the city?
How many legal bedrooms?
How many bathrooms?
How many above ground finished square feet?
How many below ground finished square feet?
What is the Foundation size?
What is the house style?
How many garage stalls?
Attached garage or detached?
What year was the house built?
Exterior Type?
Does the property have a basement?
Is the basement a walkout or lookout?
Which appliances stay with the house?
Which electronics stay with the house?
Does the house have A/C?
What kind of heating does the property have?
Does the property have hardwood floors?
Does the property have pergo floors?
How many fireplaces does the property have?
Does the house have city water?
Does the house have a septic system?
Does the house have well water?
Photos available of the property?
How many days has it been on the market?
MULTI-FAMILY INFO:
How many conforming units?
How many non conforming units?
How many off street parking spots?
How many garage stalls?
What roof type does building have?
Does the property have coin-op?
Are the utilities seperated by unit?
What is the annual gross rent?
What is the other income?
What is the annual net income?
What are the annual Insurance expenses?
What are the annual taxes?
What is the annual electric expenses?
What is the annual repair expenses?
What is the annual fuel expenses?
What is the annual trash expenses?
What is the annual water/sewer expenses?
What is the annual maintenance expesnes?
What is the annual on site caretaker expesnes?
What is the annual snow removal expenses?
What is the annual lawn mowing expenses?
What is the annual utility expenses for the landlord?
What is the annual utility expenses for the renters?
What does unit___ rent for?
What is unit’s___ sq ft?
How many bedrooms in unit __?
How many bathrooms in unit __?
Is the unit ’s___ renter on section 8?
When does unit’s ___ lease end?
what is the apartment # for this unit?
What utilities does this renter pay in unit___?
CONTACT INFO:
What is your name?
What is your work phone?
What is your home phone?
What is your cell phone?
What is your email address?
What is your fax number?
