Questions Buyers Should Ask

Questions To Ask Before Buying A Home There are some questions to ask before you buy a home. If you can get the answers, it could help you with deciding how much to offer.

What Is The Property Worth?

You should have your agent provide you with comparable of recently sold homes in the area. They should provide comps that show the high and low range for similar properties. Also, look at the time on market for the property that you are looking at. This can give you some insight in to what other buyers feel about the price and property itself.

How Flexible Is The Seller?

Some agents will tell you if there is any flexibility in the price. Nothing insults the seller more then a lowball offer. Most sellers have pride in their homes and a lowball offer might prevent the seller from looking at other offers from you.

Ask if the seller will help with closing costs. Help with closing costs will lower your outlay.

Is There Anything Wrong With The House?

Ask the sellers or seller’s agent if there is anything wrong with the home. Some people won’t disclose the problems. If they do, it might help you determine how much additional repairs you might have to do and have an effect on your offer price.

Always do a Home Inspection and let the seller now. That will let the seller know that any problems will be found.

How Far Along Is The Short Sale Process?

If you are placing an offer on a short sale, it is always good to know what stage the short sale is at. Prices are rising and the price offered today might not be good in 3-4 months. If the seller has all the paperwork in or the price has been approved by the bank, the waiting period will be shorter. If the seller is just starting, the wait will be longer. Plus some sellers will accept an offer just to find out what the bank will take.

What New Construction is Coming To The Area?

If similar type properties are being built, try to find out the price range. If the new home price is near the seller’s price, you could be better off buying the new home. It could also help in the negotiating process.

If apartments or commercial developments are coming to the area, it could also affect the price. Having low prices apartments or a shopping center a few blocks away, will affect traffic and might make the area less desirable.

Does The Seller Have Paperwork For Appliances and Mechanical Systems?

If a problem develops, they might be covered with a warranty. If you do not have the paperwork, it might not be covered. If the seller has it, ask them to bring it to the closing.

Find Out If There Are Any Distressed Properties In The Area?

This might have an affect on your offering amount and the comps if you are applying for a mortgage. Take a ride around the neighborhood. If there are run down properties, it could have an influence on the value.

With the present market conditions, shortage of inventory and rising prices, a few simple questions could aid you in determining the correct amount to offer.