Consider a scenario. You have been on the hunt for the perfect house for you and your family for days, even weeks. Then your realtor shows you the house that you think is just perfect. It is exactly what you had in mind when you started your search. It has everything that your family needs and the location is ideal. In this sort of a scenario, it is very tempting to close the deal as fast as you can before someone else takes it. But that is exactly why you need to keep your calm and ask some very important questions so that you know what you are getting into. Most people don’t even think about these things until they are stuck with the property.
There is no such thing as the perfect property. Every house has something or the other that needs work and nobody knows it better than your real estate agent. Asking these questions will ensure that you know everything about your future home and are able to make an informed decision.
Some of the questions are pretty obvious and we’re sure that you have thought of them and have already asked your agent. These include
Should you offer the full price?
How soon can the deal be closed?
Here are some questions that most people never think of asking and finding out what your real estate agent really thinks about this deal.
This question is the ultimate test of the property as well as your agent. If he or she has any reservations about the property, they will definitely not want to answer the question. If you get the feeling that your agent is trying to go round and round the topic instead of giving you a straight answer or if they are not enthusiastic about your home, then that should be enough to raise a red flag for you as well.
Every house has a sales history and it would do you a lot of good to find it out. These will tell you if the house was previously on an expired listing or leased or even if a bank used to own this property. Also it will tell you whether your home-to-be was ever a distressed property.
These questions will let you know if the property was hard to sell at some point or not. This could potentially mean that you can buy the house at a lower price.
When a seller accepts a buyer’s offer, they both enter into a legal and binding contract. This is an official document that officiates the transaction and both the parties are then required to go through with the terms of the contract.
But what if you get cold feet about the purchase of the home?
Some contracts have built-in contingencies so that the buyer or the seller can walk away from the contract and not have to pay any penalty. These contingencies may include the approval for mortgage, home inspection or the appraisal, among other factors.
Just make sure that you don’t have too many contingencies or you might scare away the seller. You have to strike the right amount of balance.
So make sure that you ask these questions of your real estate agent so that you can negotiate with comfort. Your agent can answer all these questions and make further recommendations so that the odds are in your favor and you get the dream home that you have always wanted.