Before submitting an offer on a property, it’s crucial that you’ve been pre-qualified or, ideally, pre-approved by a lender. This is one of the most powerful negotiating tools a buyer can have, as it demonstrates to the seller that you have the financial means to purchase the home. Once you’ve found the perfect property, it’s time to prepare your offer.
When buying a home, the seller is required to disclose any significant issues with the property. In many states, it’s illegal to withhold information about major defects. However, these disclosures may not always provide the complete picture of the home. Here are six key questions you may want to ask to gain further insight into the property before making your final decision:
Why is the seller selling the home?
Understanding why the seller is moving can offer valuable context about the property’s “real value.” If there’s something about the home they want to leave behind, it could give you leverage to adjust your offer accordingly.
How much did the seller pay for the property?
While this question can sometimes help in negotiations, keep in mind that the price the seller originally paid doesn’t always reflect the current market value or improvements made to the home. Factors like market conditions and upgrades can influence the property’s value more than the original purchase price.
What does the seller like most and least about the property?
Asking the seller about their likes and dislikes could provide surprising insights. In some cases, what the seller loves about the house might be something the buyer wants to avoid. For example, a seller might highlight the property’s location in a “vibrant community,” but if the buyer prefers a quieter area, this could be a potential downside.
Has the seller had any past problems with the home?
It’s important to ask whether the seller has encountered any issues while living in the home. For example, if there was a previous leak in the upstairs bathroom, even if it’s been fixed, it could have caused damage to the floors and walls. You’ll want to verify that repairs were done correctly and that no underlying problems remain.
Are there any nuisances or problematic neighbors?
Use this question to uncover potential issues like noisy neighbors, barking dogs, heavy traffic, or even upcoming developments, such as a street widening project. This can help you understand why the seller is moving and give you a clearer picture of the neighborhood’s atmosphere.
How are the local public schools?
The quality of the local schools can significantly affect property values. Understanding the seller’s view of the schools in the area can provide insight into the community’s overall quality and help you evaluate the neighborhood.
Having a clear understanding of these details not only helps you determine if the property is right for you, but it also influences the offer you make. Your real estate professional can assist in getting these important questions answered and provide expert guidance on how to evaluate your findings.