Team 292-SOLD wants our clients to be aware of the right questions to ask, and how the answers will assist them in finding the right home to buy.
Team 292-SOLD knows that Open houses are a fantastic way for buyers to seek out their next home. They are useful tool to gather information about a specific neighborhood, or finding a real-estate agent that you might like to work with. So what should buyers ask when visiting an open house?
When done in the right manner, an open house can tell the buyer a lot more about a home other than just its floor plan or how well the home has been maintained. The main thing is to ask the key questions.
Have any offers been put in on the property? This tells you if you have any competition for the property. Also, you’ll want know if the seller has rejected any other offers and how come. By asking this question it can help you put together an offer that is going to meet their approval.
Has this house previously been in escrow? If so, and didn’t sell, you’re going want to know the reason it didn’t close. Was an appraisal issue the reason or did it not pass a home inspection? If the property has been in escrow, make sure to inquire about any inspections that might have been done on the home. If there were, request copies of the report, so you know what you’re getting yourself into, and what type of secondary inspections might need to be done before you submit your offer.
How much time has the property spent on the market? If the listing is getting a little stale, then it just might be ready for a lower offer. Also, see if there has been a reduction in price and why?
What’s the reason for the owners putting it on the market? It’s likely that the agent holding the open house will be mum on this one. But, then again, you never know. They might also let it slip if they are relocating soon, because of financial situations or retiring and want to downsize. Any information you can get will help you determine your offer, close of escrow, etc.
Have there been any liens put on the property? The last thing you want is any unexpected surprises, so be sure that there aren’t any construction liens, tax liens or any other claims against the property because of unpaid debt.
Will the home meet a lender’s appraisal expectations and have you gotten comparable sales within the last 3 months? Now-a-days days, with home prices on the decline, several properties are getting taken back by banks, so an appraisal at the listing price isn’t at all times certain. Have your agent get you the recent comps and have them check the pending sales to be sure you won’t get trapped once you’ve begun to spend money on inspections and other closing costs.
Will there be any other costs of ownership? Again, be sure there isn’t going to be any unexpected surprises after closing. For example, if your prospective new home is in a condominium complex, question the association dues and additional taxes or assessments that you should expect. If there is an HOA, acquire their phone number and call them to make sure there aren’t any restrictions that will conflict with your lifestyle.