Molloy Bros. Moving Company understands that one of the most important financial decisions you can make in your life is purchasing your own home. But quite often, the process is so overwhelming that the prospective home owner may not remember to ask their real estate agent appropriate questions that would help them make the right purchase decision. Before buying, be sure to take advantage of the wealth of knowledge that your agent will typically have about your potential new home so as to be sure if this is your best bet for a home.
Some of the inquiries you can make include:
1) Can I Look at a Comparative Market Analysis?
Though the ethical code of the real estate industry prohibits your property agent from informing you the kind of offer to make, he/she can provide you with a comparable market analysis to give you a rough idea of the worth of home you want to buy. This analysis gives you information about comparable sales (or “comps”) for other similar property units that were recently bought to know if, owing to the prevailing market conditions, the agent’s price (or your offer) is a fair deal.
2) How Much Time Has the Property Spent on the Market?
Knowing this can help you weigh your negotiation options. For a home that has had the “for sale“ tag for a significant length of time, though nothing seems wrong with it, you may get it at a much lower cost than the agent’s initial asking price because the chance that the seller will be very eager to sell it will probably quite high.
3) How Flexible Is the Seller?
More often than not, a property agent’s job involves more than just showcasing home units for sale. The agent will also understand the local housing market inside out, in addition to networking with colleagues in the industry. The contacts gained in this process are often used to get more insight into the current home owner and their motivations for selling. Inquiring about the seller’s flexibility from your agent can help you gauge the amount of negotiating room available for you. To help you make more savings, also remember to inquire if the seller is willing to negotiate their property’s closing costs or not.
4) Are There Any Problems with the House I Should Know?
For those of us whose home states have decreed disclosure forms for the property market, you are in a better position to know the kind of issues your prospective home may be having. But if not, inquire from your agent. Typically, any agent will be quite judicious when disclosing problems about a real estate unit they are selling, but owing to his/her expertise in the field, he/she can assist you in seeing issues you would not by yourself. Though it is not all the time that an issue hinder somebody from buying a house, it is important to be aware before making your purchase decision.
5) Do I Have the Short Sale Option?
Sometimes, in light of the present market situation, a property may appear overpriced. This could be as a result of the seller owing more on it than its current market value. Though the owner may be working hard not to lose money, in such a case, the probability of the lender being the one hindering him/her from selling at a lower price is higher. Be sure to know from the agent if there is a possibility of a short sale or not. If not, you will have no need to make a low price offer. But if there is, you may be at a good position to negotiate for a great purchase deal.
6) What Will My New Neighborhood Be Like?
Since the ethics code in the property market technically prohibits agents from driving away customers on the account of a real estate unit being in a “bad neighborhood”, this question can be a particularly tricky one. However, the agent can help you have a glimpse of it by informing you about aspects like traffic flow, its nearness to retail and employment amenities, its general quietness, etc.
7) How Soon Can I Move in?
Knowing when you can move into your new home helps in planning the moving date, as well as in scheduling the moving crew with Molloy Bros. Movers. Though the vast majority of property agents will give the most probable date for moving in as any time following the escrow or closing, skilled ones are able to have a good idea about how soon that can be.
8) How Much Are the Monthly Utility Costs?
A house owner’s real estate agent can be in a good position of giving a realistic figure for its utility costs. Getting this information from them can help you know what to expect in terms of the overall cost of the home, and if any future rise in utility costs can be affordable to you.
Always remember that apart from wanting to actualize the sale of a property unit, a quality agent will also be keen to sell their customer a home that they will feel worth their cash and enjoy living in. Since you are not exempt from this golden rule, you therefore need to know the right questions to ask before buying. This way, you will be able to find a home that fits your criteria and preferences, and for the best price.
So when you are ready to move into your new home, be sure to contact Molloy Brothers, a moving company you can trust!