Win the Game: Don’t Purchase a Piece of Real Estate Property Without Asking The Seller The Following Questions

By | December 16, 2016

There are questions that you should ask the seller before purchasing a piece of property. So, you mind be wondering, what questions should I ask about the offer? Coming up with questions to ask when buying a home before you make an offer, will help you determine if the home for sale is right for you and if the financial situation of the real estate transactions is right for you. Consider the following questions to ask when buying a home:

How much did the seller pay for the home for sale? The answer to this question will help you evaluate how property values have gone up or down. Additionally, homes in foreclosure are harder to secure financing for until after a period of 90 days.

How much does the seller still owe on the home for sale? If this amount is higher than the asking price, it is likely you are facing a short sale. If it is not a short sale, then the seller will need to bring cash to the closing. 

How long has the home for sale been on the market? Knowing that a property has been on the market for more than 60 days will give you more room for negotiation on the price.

How much should you offer for a house for sale? Whatever offer you come up will be very personal to you and your individual needs. Knowing the right questions to ask when buying a home can really help you find the best offer price that matches your needs with the real estate climate. Ask yourself the following questions when figuring an offer amount:

How much is the house listed for?
What amount can I feasibly afford?
How does this listing price compare to other listing prices of comparable houses?
What is the current climate of the local real estate market?
Is this houses uniqueness valuable to me?
What amount do I feel comfortable paying for a house?

Knowing the condition of the home will not only help you determine whether or not to buy it, but it will also help you to come to a realistic offer. For example, if you find that the house has structural issues or poor upkeep, you should consider these issues when calculating an offer price. Some of the more common questions to ask are:

You certainly should ask about the roof, and its current condition. A roof generally lasts between 15 and 50 years, depending on its materials. If you know how old the roof is, and what type is, you will better be able to determine how long it will last, and calculate that into your offer price.

Does the house have insulation? Insulated walls and attics increase the value of the property, especially in colder climates. Also ask when the appliances and systems were last replaced or updated? Consider how old the appliances are, as some cannot be repaired due to the fact that parts are no longer available.

 

2 thoughts on “Win the Game: Don’t Purchase a Piece of Real Estate Property Without Asking The Seller The Following Questions

  1. Michelle

    Never pay more than you can to purchase a home. If you remember anything else from this webpage, remember this. You do not want to end up house-poor. Just because the bank approves you for a certain loan amount does not mean to use all of it. More importantly, you should use about 10% less than what they offer you, as a general rule. Always write down the number you’re able to spend after you look at your finances. Do this BEFORE shopping for a home.

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  2. Abby

    SO true. Also, don’t forget to ask about the roof. Roofs usually need to be replaced every 10-20 years depending on what type of roof it is. You do not want to buy a house with a roof that is due to expire in about a year.

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