How long has the property been on the market? If it's getting a little stale, it might be ripe for a lower offer, experts say. Likewise, find out if there's been a price reduction and when it happened.
Why are the owners selling? The agent showing the house is likely to remain mum on this one. But, then again, she might also let it slip if they are moving soon, are under financial pressure or are building another house and might need more time in the house if she's a little desperate to move the property. Any information you can glean can help you decide how much to offer, when to close, etc.
Have there been offers on the property? This will let you know if there is competition for the property. Also you should ask if the sellers have rejected any offers and why. This will help you better craft an offer that will meet the seller criteria.
Has this house been in escrow? If it has, and didn't sell, was it an appraisal issue or did a home inspection turn up some major damage? If it has been in escrow, ask if any inspections were done on the house. If there were, ask for copies of these reports, so you know what you're dealing with, and what kind of secondary inspections you might need should you decide to make an offer.
Are there any liens on the property? You don't want any surprises, so make sure there aren't any construction liens, tax liens or other claims on the property resulting from unpaid debt, such as unpaid homeowners association dues.
Is the home going to meet a lender's appraisal expectations? Do you have comparable sales in the last 90 days? These days, with prices on the decline, and more and more properties getting taken back by banks, appraisal at the listing price isn't always a sure thing. Take a look at the recent comps and have your agent check pending sales to make sure you won't get stuck once you've starting spending money on inspections and other aspects of the process.
Are there any other costs of ownership? Make certain there is nothing to surprise you after closing. If it's a condominium or other planned community, ask about association dues and additional taxes or assessments, especially if it's a newer community. And if there is a homeowners association, get its phone number and call it to make sure there aren't any rules that conflict with your lifestyle, pets, etc.
The more information you can gather about the property the better prepared you are to make an offer or not. Channel you hidden investigator...do not rely solely on any one single piece of information such as only an inspection, or only comparables. You may have to get dirty but it may be well worth your time to take a look yourself at the crawl space or peek your head in the attic to make sure the attic fans are working. And don't be afraid to ask questions and don't be afraid to engage your realtor's experience in every aspect of your search.
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