Securing a home is a major highlight in anyone’s lives and something that needs to be thought of earnestly.
If you are on the lookout for a home, one aspect you will likely encounter in your journey to home buying process is the open house. It is what breathes life to a listing.
Attending an open house gives you the chance to envision yourself in a particular home. However, actual homes can sometimes look quite different from their online photos. A walk-through will allow you to explore the home at your own pace and see if it has the features you’re looking for.
Aside from getting a feel for the home, this might also be your lone chance to straightforwardly ask the selling agent inquiries amid the whole home selling process. If order to get the most out from this opportunity, your best ideal approach is to be fully readied.
How many offers are on the table?
Do not be surprised if the agent won’t give you much information. Discussing previous offers with you may not be in the best interest of the seller and could be considered a violation of the agents fiduciary duty to the seller. In this case, you need to decide if you like the property enough to make an offer. Seek a knowledgeable Buyer’s Agent to represent you, research the property and discuss an offer and terms that would be in your best interest.
Related: Buyer’s Broker: Do You Need Them?
How stable is the price?
The seller’s real estate agent can give you the low-down on any drops in the cost of the home, and why the price dropped. This data can enable you to measure whether the price is flexible, which may mean you can get the home at a surprisingly better cost. If there have been numerous drops in the price, it is a good idea to look more carefully at the home.. There may be problems that are not too evident at first glance, but that other buyers are noticing and that are keeping the home from selling.
Why are the owners selling?
Usually, when someone sells something big like their home, they have a good reason for it. It may be that they’ve outgrown their home or need to relocate. However, if the sellers are moving because the area is unsafe, the schools are terrible, or the neighbors are a problem, these may be red flags for you.
Disclosing home’s issues
There is no perfect house. The seller is required to tell potential buyers about any known structural problems. The objectives are to figure out which repairs are serious or safety issues and to determine whether a seller will honor a buyer’s request for repairs.
How long has the home been in the market?
Days in the market matter. Many real estate agents would be reluctant to divulge the amount of time a property has been on the market. Ask the selling agent this question if you believe there is something wrong with the home that caused other buyers to pass it up. You might be able to negotiate a discount on the price if the home has been on the market for 90 days or longer. All of this depends on local real estate, however, and days on market in some areas that could even take 360 days or more.
The team at Laffey Real Estate understands that buying a home is more than just getting approved for a mortgage. Don’t hesitate to reach out if you have any other questions about the home buying process. We’re always happy to talk about the mortgage process, or link you up with any one of our real estate agents.