So you’re thinking about buying a house. You’ve found one in the area you desire that fits what you’re looking for. Before you move on making an offer, it’s important to ask a few questions to get the answers to some critical information. Some of these answers might make this house appear more favorable, but others might do the opposite. In any event, you need to get the answers in order to make an informed decision about this house. Learn what questions you should ask before buying a house in our blog!
5 Questions You Should Ask Before Buying a House
What have comparable properties recently sold for?
“Comps” as they’re called are a great way to judge the worth of the house you’re looking at. Comps are similar properties in the area. Your real estate broker should provide you with a list of these properties, what their initial asking price was, and what they ended up selling for.
How long has the house been on the market?
The longer the house has been on the market, the more likely the sellers will be willing to come down on the price.
What is the owner’s reason for selling?
Is the owner selling because they need to move fast, or because they need the money from the sale of the house? These motivations for selling may also make them more willing to come down on the price.
Have there been any offers yet?
Have there been a lot of offers? If so, you’ll have to make yours competitive. If not, you may be able to reduce your offer.
Will the seller negotiate with you?
All of the above questions will be for nothing if the seller won’t negotiate you. Fortunately, many sellers are willing to negotiate. If they’re not willing to negotiate on the price, they may be willing to negotiate in other areas, such as closing costs.
Remember that your broker can’t tell you specifically how much money to offer (for ethical concerns), but you are allowed to ask if the seller would be willing to negotiate when you’re buying a house.
Real Estate Settlement Services from Colony Title Associates
Colony Title has been in business since 1995 and handles more than 2,000 real estate closings per year. If you have any questions or would like to speak to a representative about closing, please give us a call at 410-884-1160 or visit our website for more information.