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When you’re in the process of buying a home, it can take a while to feel confident about speaking with real estate agents. However, the more properties you look at, the more you will realise there are some important things to know before you put in an offer.
What to ask your selling agent
1. Why does the owner want to sell?
People sell their homes for many reasons. If they are selling for serious reasons like a death in the family or divorce, they might be very motivated to have the matter resolved quickly. The same applies if the current owner is moving overseas or interstate for work. A motivated seller is more likely to accept a slightly lower offer in order to move on with their lives.
On the other hand, if the owners are selling to downsize, there will be less of a rush. Often, downsizers have the luxury of being able to hold out for the best price.
Having an idea of why the owner is selling the property can help you to maintain realistic expectations about what it may sell for.
2. How much do you think the home will sell for and why?
Clearly, you will need to know the value of the house you hope to buy. You need to stay within budget, and spending time on properties that are too expensive is a waste. More than the price, though, you need to know why the property is valued as it is. This will give you a better understanding of where you stand in the property market.
Sometimes it can help to have a conversation with the agent, to ask what they believe the sale price will be. Agents spend a great deal of time looking at data and reviewing recent sales figures so they should be able to give you an answer that’s based on facts, not assumptions.
While the final price is always decided by the seller and buyer, having the agent’s insights should let you know if your offer will be considered. If it is beyond your budget, ask the agent if they know of any other places that are more affordable.
3. Has this home been on the market before/when was the last time this home was on the market?
If a property has been on the market several times over the past couple of decades, there might be a hidden reason. It’s not necessarily a huge red flag, but it is always worth investigating.
A house that has run through multiple owners in the course of a few short years may be a questionable purchase. However, you can speak to the agent, and ask why it has sold so frequently. The reasons may not put you off making an offer.
4. Has the home been upgraded recently? Was it done so with approval from the council?
Asking this will give you an idea of the house’s history and what parts might have been recently upgraded.
More importantly, the last thing you want is the council at your door telling you your new home has illegal renovations or extensions. Ask your agent to confirm that any recent work has full council approval.
5. Are there any structural issues I need to know about?
Structural issues can often be dealt with, but they do come at a cost. If significant issues might push you over budget to fix, you will want to consider making a lower offer or move on to another property in better condition. Not knowing of structural problems when you buy your new home can cost you in the long run.
A quality agent will be open about the issues with the home and will be aware of them. However, it is recommended that you get an independent building inspection to confirm for yourself.
Real estate agents are here to help
People often say real estate agents work for the seller but the reality is they need to have great relationships with buyers as well. Don’t be afraid to get to know a few agents and let them know what you are looking for. Ask lots of questions and the agent will soon be in your corner, helping you to find your dream home.
Do you have more questions about buying a home? Contact your local Professionals agent today.
