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Author: Rew | Total views: 36 Comments: 0
Word Count: 714 Date: Wed, 21 Jan 2009 10:50 PM

Get Answers Before Your Make an Offer on that House

You've found a property that has all the important items on your checklist. You've researched and done a comparative market analysis to determine a fair asking price. While you're well prepared to make an offer, there are a few questions you need your real estate agent to answer before you present an offer to the seller.

1. Why are the owners selling the home? The owners may be going through a divorce, relocating to a new area, struggling financially, or are looking to either upgrade or downsize from their current property. Alternatively, they could be selling in order to get out of the neighbourhood because there are noise or crime issues.

If there's a problem with the house or the neighbourhood, you definitely want to find out about it before making an offer. If the owners are selling due to personal reasons, they may be motivated to sell quickly. Sellers who want to sell fast are much easier to negotiate with, and you could end up getting an excellent deal on the property. If you don't ask about the seller's motivation for leaving, you could end up offering more than you need to.

2. When would the owners like to sell by? Like question one, this ascertains how desperate the sellers are to close on the house. If they have no problem staying in the house for another year, you know that they're likely to be firm on the asking price.

3. How long has the property been listed for? Homes that sit on the market for months leave their owners feeling anxious, especially if they're carrying two mortgages. The longer a home has been on the market, the better position you'll be in to negotiate.

4. Have the sellers ever reduced the listing price? If the property has been on the market for a while and there have been no price reductions, it's clear that the sellers aren't ready to negotiate the price. In this situation, you'll need to offer close to asking price for your offer to be considered. If the owners have made some price adjustments, then you'll have a bit more room to make a deal.

5. Have any offers been made on the house? It's good to know how many offers have been brought to the table, and what happened to them. Again, if there have been no price reductions, but there's been offers made, the sellers are making it clear that they're standing firm on the selling price.

6. Have the owners completed any repairs or renovations to the property? Knowing about any major issues is vitally important for buyers. Even if a problem has been repaired, there could be residual problems that turn up down the road. Just as you want to know the accident history of a car you're thinking of buying, you'll want to know about any flaws of the house-both past and present.

7. What is the neighbourhood like? Is it a busy place full of young professionals and university students? If so, there may be lots of parties in the area. If it's a family oriented area or there are lots of seniors, the neighbourhood culture will be quite different. You need to make sure that the community as a whole will serve your needs, and provide a climate that's compatible with your personality and lifestyle.

8. Are there any problem neighbours in the area? This information is difficult to acquire unless the sellers are asked directly. When you're just touring a home, you don't get a true sense of the neighbourhood dynamics. Having a loud or inconsiderate neighbour can make your life miserable, so make sure you're informed about this kind of thing before taking the plunge.

9. What items are included in the listing price? If the fixtures have you swooning, you need to make sure that they'll be included in the sale. Rugs, window treatments, and appliances may not be included, so find out for sure before settling on a price.

10. What will the owners miss most and least about the house? If the seller's answers match your own likes and dislikes, you'll know whether you're likely to be happy in the home or not.

About the Author

Complete Calgary home search: View all Tuscany Homes, Calgary listings including Signature Park homes for sale. Access photos, virtual tours, neighbourhood info, maps and more at JustinHavre.com.