Buying a house is a huge investment, and with today’s economy it’s no small feat. Whether you’re a first time homebuyer or, you’re an investor of real estate there are a multitude of questions that swim around in your head before you make an offer. Make sure that the following are at the top of the list:
What is the property worth? While agents can’t tell you how much to offer the home’s seller, you can ask how much the home is worth or, how much homes like it are selling for in the area. Having comparables arms you with information so that you can make an educated offer and one that will more likely be accepted. Another good question is to ask how long the property has been on the market. This could give some insight about how realistic the asking price for the home is.
How flexible is the seller? If you first submit a lowball offer, the seller could be offended and reject all of your offers. To avoid this situation, as the seller’s agent about how much wiggle room there is on the asking price. By having this conversation with their agent, you don’t run the risk of offending the seller. Since not every seller is willing to bargain, you should plan on making offers on several different properties. Casting this wide net gives you more opportunity to find a seller who is motivated to sell and will negotiate with you.
Any repairs needed? Rather than taking for granted that the house is in “perfect condition” as stated on the sell sheet, ask the direct question “is there anything wrong with the house”? While inspections of the roof, electrical, and plumbing will likely reveal any major issues, it is better to just get it out in the open before an offer has been made and you’re too far into the buying process. Ask the seller if they had a home inspection done before they listed it and if you can read the inspection report. This is a good faith gesture that they are forthcoming and professional.
When you’re in the market to purchase a home it can be an exciting time. The idea of moving into a new place that better suits you and your family’s needs is fun and something to look forward to. Help to keep the process exciting rather than disappointing by asking some of these important questions.