Wondering what to ask during an open home? Do you wish to make the most out of every home inspection to make sure you really like the property? Asking the right questions can also lead you to much needed information which can help you decide whether you should really buy the house or not.
Here is a list of questions that can be of aid when you find yourself in an open house in the search for buying a new home.
1. Why is the property being sold?
Should you be really interested in buying the house, the answers to this will be helpful during negotiations. Through this question, you will find out whether the previous owners are in a rush with the sales or they’re just taking their time until a good offer comes to them. You will be able to figure out if they want a shorter or longer settlement period. Bonus if you find out whether you’ll be able to meet their terms for the deals.
2. Are there any recent sales to compare it with?
You should be looking for a price guide. This will show you if the property is reasonably priced or not. The real estate agent should be able to show you the price ranges in the neighborhood with other similar properties.
3. Is the property receiving offers at the moment?
With this question, you will be able to figure out how much you should offer them. The real estate agent can give you rough estimates about its recent offers and they may also be able to tell you about any offers that were rejected before. You may also ask about the grounds for rejection. This may also reveal the level of interest the property is receiving. This could also tell you about potential issues it may have if the agent tells you the property hasn’t received any offers yet.
4. Has the property been on the market for some time now?
If the property has been on the market for a long time, you can offer them a lower deal. It is already given that the owner will be more inclined to accept deals if the property has been on the market for quite some time. Despite all that, there is also a possibility that the property has an issue that’s why a lot of people are passing up on it. Make sure that you have researched enough to figure out whether the property being on the market for months is a good deal or a red flag.
5. Does the property have any known issues?
Before buying the property, even if you are sure you haven’t found any issue during the open home, always ask the real estate agent if there are any issues with the property. They should be able to tell you upfront if there are any; even if this means your decision to buy will be affected.
To ensure that you are making the best decisions, it is best that you consult with a mortgage broker in your area.