You’re The Buyer: Top 5 Questions To Ask Your Real Estate Agent
Do I need a property inspection?
For single family homes, it is essential to have a home inspection to find out about any potential repairs that may be required. For condos, much is documented by the strata and documents will be made available for review. Key elements like water damage in kitchens and bathrooms are important to investigate before purchasing a house. To make the offer process easier some sellers are conducting a pre-inspection.
Why is the owner selling and how long have they owned the property?
Your agent doesn’t have to answer, but if you inquire they might share the circumstances. You might find out the owner is desperate to sell and therefore would accept a lower price. It’s also important to know if the property has been flipped or maintained the same residents for a long time.
Are there any extras included in the sale?
Appliances, such as the washer, dryer, fridge and stove are generally written into offers but ensure every appliance is accounted for. Additional sheds, fixtures, fittings and furnishings can be negotiated for. Ensure your wishes are clearly stated in your offer.
How long has the property been on the market?
If the house has been on the market for a long time (more than three months), ask your agent why they think it isn’t selling. Is it just overpriced? Has the listing expired? Have there been any offers? A long time on the market might mean that the seller could accept a lower price. Understanding the circumstances of the sale can help you craft your offer.What is the neighborhood like? Schools? Amenities etc.?
Understanding an area is key to knowing if it is the right purchase for you and your family. Look at transit accessibility, schools, time to get to work, grocery stores etc. Your agent will be able to tell you the highlights of the area and if the properties in your chosen neighbourhoods fit your budget.
You’re The Seller: Top 5 Questions To Ask Your Real Estate Agent
What kind of buyers are buying in this market?
Get a good understanding of your market. Recent sales and buyers in the area can demonstrate how you can attract the right buyers to your home.
Is home staging important?
Staging and decluttering is very important and can a have huge impact on your final sale price. Fresh paint can brighten a room and removing excess furniture and personal items will neutralize the home. Less is more. Staging is less important if the property is a tear down.
How can I price my property to create a bidding war?
This is a difficult but valuable question. Understand why your agent suggests pricing your home where he/she does. Are they trying to price low to garner interest? Price high with views to drop? Follow the lead of past sales in the area by looking at the variations between listing and sales prices.
Who are the people I need to have on my selling team?
Ask your realtor if he or she has a regular team they work with. This team could include an insurance agent, client care specialist, lawyer, mortgage specialist, and assessment officer. They should also have a team available to prepare your home for sale. Experts in staging, painting and decluttering can help increase the desirability of your property.
How much control do I have over my settlement date?
Know when you would like to settle the sale of your property and know how much leniency you can give a buyer looking for a quick or long settlement period. Settlement dates are a negotiation process.In summary, knowledge is power. Ask your real estate agent as many questions as you can. They can provide valuable information about market trends, past experiences and the current climate of both buyers and sellers. Education around the buying and selling processes is essential to maximizing your finances and getting the result you want. Your agent has a wealth of knowledge in the industry and is a valuable resource throughout this process.
SOURCE: 604NOW
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