House shopping can lead to a lot of questions, which is why it’s important to know which party is privy to what information. The two main people who have answers to common questions are the realtor and the lender. Chances are if one doesn’t know the answer, the other will, but to save time, phone calls and emails, let’s breakdown what the realtor and lender can answer.
Ask this to the Realtor
- Is a home inspection necessary?
- What should I ask the inspector?
- Are there any financing exclusions on the home?
- Are there are rental, age or other restrictions in the community?
- Is there an HOA? How can I get a copy of any rules?
- Where can I find information about the school system?
- How much should I offer?
- Do neighborhood sales support the listed price?
Ask this to the Lender
- What is my credit score?
- How can I improve my credit score?
- What documents do I need to collect?
- How much are the lender closing costs and title fees?
- How much do I need to bring to closing?
- Will my earnest money be applied?
- What is the current interest rate?
- Can I start the home search process or do I need to wait?
- How long until I qualify for a mortgage?
- What are the different types of loans, and which is best for me?
- Does my pre-approval letter expire?
- How long will it take to close after an accepted contract?
Even though a realtor and lender may be in constant contact, they are not legally allowed to answer certain types of questions. Remembering what each person is qualified to answer will lead to quicker answers. An easy way to try and keep questions straight is this: if the question is related to the property, ask the realtor; if the question is about financing, ask the lender. Both parties receive hundreds of questions and try to point their clients in the right direction, regardless of the topic.