9 Questions To Ask An Agent When Purchasing a Home
- Why is the owner selling the property?
This should be the first question you should ask the agent. It will help you to get an idea of the value of the property as well as the selling time frame.
Although some real estate agents might not feel comfortable to discuss these details, learning the motivation behind the sale will give a fair idea of what type of seller you are dealing with. 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 has the property been on the market for?
The length of time the house has been on the market will influence its price. When a house is put up for sale, for the first couple of days, it becomes an exciting and interesting property for both real estate agents and potential home buyers. If the house fails to find a buyer after two months, then it is going to be more difficult to sell.
Find out more about why the property has been on the market for so long. There might be a reason behind its prolonged presence.
Some owners are happy to wait for years for an unrealistic price, however other sellers could be desperate to sell and may accept a low offer.
- Is there anything that’s NOT included in the sale of the house?
There may be a garden shed the owners intend to move, ceiling fixtures they plan to keep, or other seemingly “built-in” items the owner plans to remove, like bookshelves, mantles, etc. Be sure you know exactly what you are buying and have it written into the contract to avoid any nasty post-purchase surprises.
- How many times has the property changed hands?
If the home is very old and/or historic, there may be a long list of prior owners. What you want to know is whether there has been a rash amount of short-term owners. This may indicate problems you can’t see.
- How much is this property worth in today’s market?
An agent should be able to offer details on recent comparable sales on similar houses in the same, or similar neighbourhoods. The agent should also be able to tell you how long it is taking for houses to sell and whether or not most sellers are getting more or less than their asking price.
- Is the seller willing to help with closing costs?
Closing costs can really add up. If it’s a buyer’s market, you may be successful in including this as a negotiating point on a purchase offer.
- May I speak with the current owners?
The current owners may be less guarded in what they say than their real estate agent. They will also know more about what it’s like to live in the house and the neighbourhood and will have the best advice on everything.
- Is there anything negative history of the house?
Has this house been the site of any crimes such as murders, drug labs, illegal companion services etc? Has it been the home of a negatively famous/infamous individual? Has it experienced a flood, fire?
- Is there anything I haven’t asked about this house YOU would want to know if you were buying it?
When you are buying a house, it’s you who will ultimately be responsible for everything or landed with unknown problems, even if you don’t know about it at the time of purchase. So ask LOTS of questions so you can be as happy with the house over the long period of time.