On a daily basis, my clients inquire how the real estate market is doing. I want to say it’s great, but the reality is that there’s no simple answer. I know what they’re really wondering is if their personal real estate holdings are appreciating in value as much as their other investments. What they should be asking is, “What are the
What are the questions buyers should be asking real estate agents but aren’t?
Buying a home is an overwhelming process not only because it is a huge milestone in your client’s life, but because there are many steps involved. In order to fully support your clients through this difficult time, it is important that you have the answers to any question they have. There are many steps to the home buying process and each step creates a new set of questions. Here are seven questions that may affect the purchase of your new home that you might want to ask your real estate agent.
Why are they selling?
Although some real estate agents might not feel comfortable to discuss the details. It gives you an insight into how eager they are to sell the house. For example, a person moving to another state for work will be more likely to want to sell the property faster than someone who is just upgrading to a bigger house. You could even negotiate a lower price due to the urgency.
How long the house has been on the market?
This could be the most important question you ask real estate agent, giving you an early indication as to how desirable the property is, if the asking price is appropriate or if there are any underlying problems turning buyers off. If the house has been on the market for six months or more, ask the agent about price, location or possible structural problems.
How important it is to have the (OC) Occupancy Certificate?
A OC indicates that the city has approved any construction on the property, that it has been properly completed according to the building code and is safe and habitable by city standards. It has become an especially important issue for mortgage lenders who may turn down the loan if there is any construction on the property that doesn’t have a OC. Buyers should be aware of the need for an up-to-date OC.
What is the original asking price of the property?
The property has been sitting on the market for months, you can venture below that, but the bottom line is- You never know how low a seller will go, as they have different motivations for selling. If the seller is eager to move, you could luck out and score a deal.
Is there a room for negotiation?
If you find a house you really want to purchase, then don’t be shy to ask your real estate agent whether the seller is ready to reduce the price. He might give you this valuable information even before you make a deal, but be clear about your interest in the property from the outset.
Should I get an inspection done?
Many buyers question the importance of home inspections, however they can take considerable weight off their shoulders. Homes often have unseen problems with roofs, air, electricity and plumbing. Make sure these things are up to par to prevent costly repair charges down the line.
Is there any hidden issues to be aware of?
Finding the house of your dreams, sealing the deal and later discovering the location is unsafe, has huge congestion problems or on street parking is a nightmare. Investigating the location is crucial before committing to buying a house. Drive to the house during rush hour and ask neighbours for their opinion on the area. It’s always a good idea to ask if there are any problems in the area.
Buying a home is no small affair. There are many important aspects to consider, this is why it’s important to go into the process knowing what to look for and what to ask.
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