You see a house, you love it, you’re keen to move straight in. But just hold those home-buying horses for a second. There’s a few things you really should know, and chances are you won’t find out unless you take the time to ask.
Here are five questions every buyer should ask their real estate agent before making an offer…
Why are the owners selling?
There’s a lot to learn about price, potential conditions, the desired speed of sale, and the condition of the property by asking the one simple question of why it’s for sale.
For example, if the reason is the owner has bought somewhere else, that may mean they’re keen to get this property sold off swiftly, leaving you room to negotiate in terms of price.
On the flipside, if they’re in no particular hurry, that may mean you should offer asking price but can negotiate conditions like a longer settlement period.
Ascertaining why a property is for sale also allows you to find out a little history of the property like whether it’s a deceased estate.
How long has the property been on the market?
Often a quick internet search will reveal how long a property has been up for sale, but it’s also good to put this question to the agent.
Again, it will tell you whether an owner may be getting impatient for a sale and there’s negotiation potential, or whether the property has just been listed and there’s little chance of price flexibility.
A lengthy time on the market may also indicate the price is too expensive, or others have found out something about the property, area or region that you haven’t discovered yet.
Is there anything I should know about the property, neighbours or area?
A property is a major investment, probably the largest you will make in your lifetime, so it’s critical to know all the facts. This question is designed to encourage the agent to reveal any potential issues with the property or area, and they are obliged to do so.
It’s important not just to rely on an agent, however. A property buyer should be doing their own research on a region or home that piques their interest.
Have there been any renovations or alterations?
In the same vein it’s important to know the condition of the home, so ask about past renovations and additions. If works have been done, ask by whom and whether they were approved by the local Council or building inspector, if required.
The last thing you need is renovations that suddenly start costing a bomb because they weren’t completed properly in the first place.
Have there been any other offers made?
If all questions have been answered satisfactorily and you’re keen to make an offer, ask the agent if any other offers have been made. This will indicate whether the seller is flexible or sticking to their guns when it comes to price.
About United Strata
Specialising in the Macarthur region, United Strata offers professional yet personalised service for buyers, sellers, landlords and tenants alike.
You can learn more about our services here, or contact us directly for further advice.
