When someone is looking for a home to buy, she should ask about the price. How much did the seller pay, and how much does she still owe? Homebuyers should also find out how much similar homes in the area are selling for and if there are any other offers on the home. If there are multiple offers, any new offers must be competitive.
If the seller owes more than the asking price, then the home is a short sale. Buyers should also ask about the condition of the home. This includes finding out how old the roof is, how old the furnace is, what appliances have been replaced and when, if there is insulation in the attic and walls and what type of foundation the home has. Buyers also need to take location into consideration. Is there anything nearby that lowers the value of the home? Ask what schools are nearby, what the neighborhood demographics are and if there is anything that might cause annoyances, such as freeways, railroad tracks or barking dogs. And finally, buyers should find out about property taxes and what the projection is regarding tax raises in the future so that they can be prepared for any increasing financial obligations in the future.