Buyer Beware
A home has lots of online views but very few showings. What should the seller review first?
Price, condition, photos/presentation, and competing homes.Views without showings can mean the listing isn't converting interest into action.
What is the name for money a buyer typically deposits after an offer is accepted to show good faith?
Earnest money.
It is handled according to the contract; it is not automatically nonrefundable.
An appraisal comes in below the contract price. What is one possible next step?
Renegotiate, challenge the appraisal when appropriate, bring additional funds, or use a contract right if available.
True or false: Buyers always need 20% down to buy a home.
False.
Some loan programs allow lower down payments, subject to eligibility and terms.
An inspection finds an issue. Does that automatically mean the seller must fix it?
No.
Negotiation and obligations depend on the contract and applicable law.
A lender says the buyer is approved. Is the transaction guaranteed to close?
No.
Appraisal, underwriting, title, insurance and other conditions can still affect closing.
Name one way a seller may help make a deal work besides lowering the sale price.
Eligible seller-paid closing costs, a rate buydown, or agreed repairs/credits where allowed.
The right option depends on the buyer's loan, contract, and seller's net.
What severe-weather issue makes roof condition and insurance especially important in Oklahoma?
Hail and wind.
Insurance availability, deductibles and roof underwriting can matter to a buyer's budget.
A converted garage or outbuilding is advertised as extra living space. Name two things to verify.
Permits/approvals, intended use, insulation/HVAC, electrical, access, and whether the area qualifies as living area.
Square footage and permitted use should not be assumed from appearance alone.
True or false: If interest rates drop later, a buyer can always refinance with no extra cost or qualification hurdles.
False.
Refinancing depends on future rates, equity, credit, income, lender requirements and costs.
What is one risk of relying only on an online home-value estimate?
It may miss condition, upgrades, layout, micro-location and current comparable sales.
Online estimates are starting points, not a property-specific pricing analysis.
A home doesn't appraise at the contract price. Is an appraisal the same as a home inspection?
No.An appraisal estimates value for lending purposes; an inspection evaluates condition.
True or false: The price a neighbor listed their house for proves what your home is worth.
False.
Recent comparable closed sales, current competition, condition, location and timing are more useful.
True or false: A buyer should budget only for the down payment and monthly mortgage payment.
False.
Closing costs, inspections, insurance, taxes, maintenance and possible HOA costs matter too.
Why can two houses in the same city have very different market values?
Location, school boundaries, condition, size, layout, lot, updates, and comparable sales.
Real estate is local—even within the same city.
A buyer waives their inspection contingency to make an offer more attractive. Does that mean they can no longer hire a home inspector?
Not necessarily.
Why: Waiving a contractual inspection contingency is different from waiving the ability to inspect the property.
A home has a beautiful new roof. Does that guarantee a homeowner's insurance company will offer affordable coverage?
No.
Why: Insurers may also consider roof materials and age, prior claims, the home's overall condition, location, and other underwriting factors. Buyers should confirm insurability and costs early.
True or false: If a buyer is pre-approved for a mortgage, they can safely make a major purchase, like buying a new car, before closing.
False!
Why: New debt or credit inquiries can change the buyer's debt-to-income ratio and jeopardize loan approval. Buyers should consult their lender before making major financial changes.
A buyer and seller agree on a repair verbally, but the repair isn't included in the signed paperwork. Is that enough to rely on?
They should get the agreement documented properly in writing.
Why: Written agreements help clarify exactly what was promised, who is responsible, and when the work must be completed.
Two homes have the same floor plan in the same neighborhood, but one sells for $25,000 more. Name two reasons why.
Condition, upgrades, lot, location within the neighborhood, or timing of the sale.
Why: Square footage and floor plan are only part of a home's value. The details can make a meaningful difference.
A buyer loses their job after going under contract but before closing. What should they do first?
Contact their lender immediately.
Why: A change in employment or income can affect loan approval. The buyer should be transparent with the lender before making assumptions about whether they can close.
A buyer finds a house with a large detached shop and assumes it adds significant value. What should they investigate before deciding what it is worth?
Construction quality, utilities, condition, intended use, and comparable properties with similar improvements.
Why: An expensive improvement doesn't always add an equal amount to resale value. The property's market and the quality and usability of the improvement matter.
True or false: A home that has been on the market for 90 days is automatically a bad investment.
False.
Why: Days on market can signal pricing or presentation issues, but they can also create an opportunity. Buyers need to evaluate the property, its value, and the reason it hasn't sold.
A home appraises at $20,000 below the contract price. Does the seller automatically have to reduce the price by $20,000?
No.
Why: The parties may negotiate, the buyer may bring additional funds, or a contract provision may provide other options. The appraisal alone doesn't automatically change the agreed price.
A seller receives an offer above asking price. Why might it still be a weaker offer than one below asking price?
Financing risks, appraisal concerns, contingencies, seller concessions, or an unfavorable closing timeline.
Why: The highest offer isn't always the strongest offer. Sellers should compare the overall terms and likelihood of closing.