9 Vital Questions To Ask Your Realtor about a Property Before Drafting A Purchase Offer

 

So, you found a fabulous property and it feels like it may be a fit!  The key to making it "the one" is drafting a well thought-out offer.  Considering certain property/neighborhood factors and preferences of the Home Owner makes your contract more attractive to a Seller and often results in a Buyer obtaining more of his or her own personal contractual terms and requests.

 

Below are 9 vital questions that you should ask your Realtor about a property before drafting a purchase offer and WHY each question is important... 

 

1) How long has the property been on the market and what is the average market time in this area?

Why: Market times indicate supply and demand for properties in the area and can give you an idea of whether it’s a buyer or seller driven market.

2) Have there been any price reductions during the listing period?

Why: A price reduction may indicate a seller’s desire to attract an offer.

3) What is the price range of recent sales in the neighborhood?

Why: This information may indicate the home seller’s expectation.

4) Are there any other active offers being considered by the home seller?

Why: Knowing if you are competing for a property with another home buyer may affect the terms of your offer to purchase.

5) What is the motivation of the seller?

Why: Motivation is a key element in any negotiation. As an example, if the seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiation.

6) What improvements have been made to the property?

Why: Recent enhancements can effect the buyer and seller’s perceived value of the property.

7) When would the seller like to move?

Why: Knowing when the seller wants to move can be helpful during negotiations.

8) What personal items are included in the sale?

Why: Anything the seller is willing to leave behind that you won’t need to buy when you move in has real value. Consider those items in your offer.

9) Can I have copies of all home seller disclosures?

Why: Most states require all home sellers to provide property disclosure statement(s) for your review.

Information per the Coldwell Banker Gundaker Home Buyers Guide.  For a full copy of the guide, email me at cnenonen@cbgundaker.com.