Making a huge investment decision such as buying a house is not easy. The entire process of acquiring a property can be a daunting task, hence the need to prepare adequately — never take each step for granted.

Before making any offer for the property you have identified, here are a few questions you should ask the real estate agent. Ensure you get the right answers from the agent before you proceed with the purchase. Here are five crucial questions you should not skip when making an offer for a property:

1.   How long has the property been on the market

This question should give you a fair idea of the owner’s eagerness to get the property sold. A property that has been on the market for long implies that the seller could be getting impatient and would be more willing to cut the price to sell the house as fast as possible. A property that has been on the market for over three months leaves more room for negotiations.

2.    Why is the owner selling the property?

If the seller has identified another property and wants to sell the current property to purchase the new one, then they might be more reluctant to cutting the price down. On the other hand, if the seller is about to relocate to another town or country and needs to get the property off the market before moving out, then the price can be bargained.

3.       Are you willing to negotiate?

Before making an offer that may be considered to low by the agent, ask them if they are willing to negotiate the price. A “yes” will tell you if you can bargain the price.

4.    Are there other houses for sale in the neighbourhood?

Ensure you get a precise answer to this question. If there are other properties for sale in that neighbourhood, you might want to have a look and compare prices. There might be an affordable property with better features right across the street.

5.       Have there been any offers already?

This question will provide you with an idea of what other buyers think  of the property’s value. If there have been many offers, then you have less room for negotiations.

 

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