Here is a list of questions some people forget to ask before buying.
1. How Long As The Home Been On The Market?
As the buyer, the length of time the home has been for sale is valuable information. If the home has only been listed for a short time, you can infer that your offer will probably need to be very good in order for the seller to consider it. If the home has been listed for several months, however, the seller may be more impatient to sell and could possibly entertain slightly lower offers.
2. How Many Offers Have Been Made On The House?
Before you make an offer, it's important to know what you're up against. If the home has not received any interest lately, you may be able to offer a slightly lower price. If the seller has received multiple offers, however, you will probably have to submit a very strong offer in order to be considered.
3. Has The Asking Price Changed Since The Home Was Listed?
The waterfront home at the Lake of the Ozarks you're considering buying could be listed at $300,000 now, but that doesn't mean it's always been listed for that amount. Ask your Lake of the Ozarks real estate agent to find out what the home's original asking price was, when price drops occurred, and how large the price drops were. Knowing the price drops will help give you an idea of how motivated the sellers are and what type of price range they might be willing to consider.
You won't be able to know the home's actual value until the home is officially appraised (which happens after the home is under contract), but you can ask your agent to find out what comparable homes in the neighborhood have sold for. This will give you a good indication of your potential home's actual market value.
5. Why Are The Sellers Moving?
Some buyers may not think about it, but the sellers' reasons for moving can provide some important insight into the home and the surrounding neighborhood. Did the sellers receive a job offer in another area they couldn't turn down (but otherwise would have stayed in the home), or are they moving because they are tired of dealing with the sound of the highway just across the street?
6. Is There Something Wrong With The House?
Some sellers may try to entice buyers into an agreement by advertising a beautiful home in pristine condition - a home without any prior issues whatsoever. While this could certainly be possible, it is somewhat unlikely. Chances are, the home will have some quirks, nuisances, or repairs that must be addressed. These issues will be revealed in the home inspection any way, so you might as well bring them up and get them out on the table now.
7. Is The Home In Need Of Any Major Repairs/Renovations?
Buying the home is just the beginning - once the property is officially and legally yours, you will be responsible for making any necessary repairs or upgrades to the home. Before you decide how much to offer for the home, determine the state of some of the home's major features, such as the insulation, the roof, the foundation, the air conditioner/heater, and the kitchen appliances. If you will have to repair/replace any of these things as soon as you move in, you may not want to spend as much money on the house itself.
Real Estate Lake of the Ozarks : Find Your Dream Home Now!
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