Before submitting an offer, it is very important that you are at least pre-qualified and it is best if you have been pre-approved by a lender. View Our First-Time Home Buyers Guide Here.
This shows the seller you are financially able to purchase a home and can be used as a negotiation tool when submitting an offer.
In most states, the seller is required to disclose any major problems when purchasing a home. In which laws have been placed requiring homeowners to disclose the information to the buyer. Here are some questions to ask that can add some insights that can put things into perspective.
- Why are you selling the house? Asking this will help you evaluate its true worth. If the seller has an issue with their home, you may be able to leverage it for a better purchase offer.
- How much did the seller pay for the home? In instances, this question can unlock the negotiating power for the buyer. You may be able to not only secure a competitive rate, but also get assistance from the seller in taking part of the closing costs from the loan. Remember, the house is evaluated by several different factors; any additional home improvements, current market value or home condition. The price they bought it for may have nothing to do with the current price.
- What are the sellers’ likes and dislikes of the property? Everyone’s idea of a ‘treasure’ is unique to each individual. What may excite one person could be off-putting to another. Asking the right questions can give you insights and uncover preferences that you wouldn’t have considered before.
- Have there been any problems in the past? When assessing this property, be sure to ask if there has been any past leakage. Even if it has been fixed, water damage may still have affected surrounding areas such as flooring and walls. Please ensure that these areas were repaired appropriately.
- Are there any community problems? For instance, any loud disturbances, noisy neighbors or barking dogs; flight paths or train noise overhead; and changes to come for the area—like street widening plans—you may gain more insight into their decision.
- Nearby schools.The value of a community is profoundly impacted by its public schools; asking potential buyers about their views of local schools will help you determine if this particular area is suitable for them.