Buying a home is usually the biggest single investment you will ever make, and it’s highly probable that you’d expend much time and energy looking for the right property. When you’re finally set to make the purchase, you’ll be armed with adequate information about the home. Nonetheless, it is advisable to carry out a bit more extra investigative work and find answers to several probing questions. It will provide you with further clarity and peace regarding your buy.
Below are probing questions to ask a property seller.
Why Is Your Reason For Selling?
People have loads of reasons for why the move, such as life events (marriage, the birth of a child/children, loss of a spouse and so on), yearning for a smaller/larger house, job relocation or retirement. Although you may not receive sincere answers all the time, finding out the reason for the sale from the seller can be beneficial in ascertaining how negotiable the price can be.
How Long the Property Has Been on the Market?
According from experts from FSJ Real Estate a main reason why a house stays on the market for a protracted period of time, is that its price tag was overly expensive, to start with. It is sort of pricing is usually the work of a mediocre pricing tactic.
The more time property spends on the market, the tougher it gets to sell because the listing gets “stale”, and buyers feel there has to be something fundamentally wrong with the house (or else it would have been purchased long ago, right?). If the house has stayed long on the market, the seller may be more interested and ready to bargain.
Preceding Selling Prices
Being aware of the amount the seller paid for the home is beneficial for several reasons. First, it lets you know if the rates on the local market have fallen or risen from the seller’s time of purchase.
Second, it may aid you evaluate how ready the sellers may be to negotiate, and this is why : if the sellers purchased the home at an incredibly low price, they might be open to reducing their current asking price since they would still gain a good profit.
If your sellers bought the home for nearly or above the asking price, it’s likely they won’t be ready to adjust the price much or at all.
Ask about age of the the components
It is very important to ask about the condition of the key components of the property such as cooling and heating system, roofs, electrical systems etc. Ask also about the renovations that are made lastly in the house and who did the reparation. Take into mind that this factors also reflect seriously on the price of the property.
In situations where the sellers are unwilling to tell you how much they paid, you can check the public records to find out. The records can be accessed at the Register of Deeds (or a similar office, like the Recorder of Deeds), in the county where the home is situated.