Making an Offer
Before an offer to purchase is created, it is very important that you have been at least pre-qualified — or, even better, pre-approved — by a lender.
Pre-approval is one of the best negotiating tools a buyer can have. It shows the seller that you are financially prepared to purchase the home. Once you have found the right property, it is time to prepare your offer.
When buying a home, sellers may be required to disclose certain known problems with the property. However, disclosures do not always provide the full picture. Asking the right questions can give you additional insight before you make a final decision.
1. Why is the seller selling the house?
This question may help you better understand the property's value and the seller's motivation. If there is something about the home or location the seller does not like, that information may also help you evaluate your offer.
2. How much did the seller pay for the home?
In some situations, knowing the seller's original purchase price can provide useful context during negotiations. Keep in mind, however, that the home's current market value may be very different due to market conditions, improvements, renovations, and other factors.
3. What does the seller like most and least about the property?
The seller's answer may reveal details that are not obvious during a showing. Something the seller considers a benefit may not fit your lifestyle. For example, a busy or lively neighborhood may appeal to one buyer while another buyer may prefer a quieter setting.
4. Has the seller had any problems with the home in the past?
Ask whether the seller has experienced leaks, water damage, electrical issues, foundation concerns, or other significant problems. Even when an issue has been repaired, it is important to understand what happened and confirm that the repair was completed properly.
5. Are there any nuisances or neighborhood concerns?
Ask about issues such as noise, barking dogs, traffic, nearby construction, airplane routes, or planned community changes. This information can help you understand what living in the area may actually be like.
6. How are the public schools in the area?
Schools can be an important consideration for many buyers and may also influence neighborhood demand and property values. Research local schools and review available information so you can make an informed decision.
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