Questions To Ask Before Making An Offer
When you’ve been looking for homes and think you’ve found the one, step back and refocus. You should ask some very important questions before you sign on the dotted line of an offer.
Buyers often refrain from asking major questions that may lead to serious customer remorse. A real estate agent should train their buyers in preventing home buyers remorse or buyers should know better than giving in so easily.
Through posing the correct questions before offering a buyer, the likelihood that buyers will have no guilt will greatly improve and hence we’ve curated most vital questions for you to keep in mind.
Are there any legal issues regarding the property or the property owner?
One of the common errors of first-time homebuyers is that property analysis is not performed. The buying of a home is always a terror. Whether or not this fear is legitimate, it can help minimize the risk of failure to overcome anxiety.
Why is the owner selling?
The estate agent or the buyer may not respond, but they might hint on what the circumstances are if you are lucky. You may also find that the owner is desperate to sell, maybe because work takes them overseas, and therefore might accept a lower price.
How long has the property been on the market?
If the house has been on the market for a long time, ask the broker or the owner why he doesn’t think it sells. Are other people having problems that you haven’t realized? Is it just too costly? However, as a plus point, the seller might accept a lower price if he were on the market for a long time.
Has the property repeatedly changed hands?
If the estate has changed several hands, you must become alert to serious problems. See why previous owners have moved out. Maybe even try to ask them why they did so.
How did the agent decide on an asking price?
An outstanding agent should give you their reasoning for the cost you may judge. Or if you’re lucky enough, the broker can inform you the seller thinks the house is overvalued. In any case, you must visit other homes nearby for sale and get a good idea of what properties in the area are for sale.
What is the minimum price the seller will accept?
This sounds stupid, but if it is possible to negotiate to the bottom line, you can save thousands. Estate agents will often give you an indication, because if they do not sell they are not charged for a deal, even for a lower price. If you buy a property online, chances you will get a variety of buyers as per your range, so go for that.
How much are utility bills in the area?
Try to get the right amounts. Speak if you must to the seller. These may seem to be minimal in relation to the amount that you spend in your home, but they are also expenses that contribute to your household’s ownership.
How long have the current owners stayed in the property?
If we buy something, we always assume that the garbage can be the treasure of someone else, but the property market does not have such a scenario where the same adage would fit correctly. So it is obviously a red flag when the house is used for a very short time and the homeowners leave for no good reason.
Whatever the answers are, buyers must ensure that all parties have clear communication and have a clear picture of what they are getting into.