What to Ask Your Buying Agent Before Submitting an Offer
When you find the property that you want, it’s important to ask your buying agent a few key questions before submitting your offer. This will help you be sure that you are getting the best deal possible.
Asking the right questions up front will also help to avoid any problems or disagreements later in the process as well. With that in mind, here are eight questions to ask your buying agent before submitting an offer on a home.
1. What are your thoughts on the market?
Every market is different. By asking your realtor what their thoughts are on the market, you can get a better understanding of what to expect. This question is important because it can help you gauge your realtor’s level of experience and market knowledge. It also shows that you’re interested in more than just buying or selling a home – you’re interested in getting the best possible deal.
Even if you did your homework and know the answer, it’s important to start off with this key question.
2. How familiar are you with the area?
A good agent will be able to tell you about the different neighborhoods, local schools, and other important information that you need to know. This information will help you find the right home for you and your family. It could make all the difference in your search.
3. What comparable homes have sold in the last six months?
There’s so much at stake, and you want to make sure you’re getting a fair deal. One of the best ways to do this is to ask your real estate agent for a list of comparable homes that have sold in the area in the last six months. This will give you a good idea of what homes in the area are selling for, and you can use this information to make a more informed offer. It can help you avoid overpaying for your new home.
4. How long has the property been on the market?
When you’re in the market to buy a property, it’s important to know how long it’s been on the market before making an offer. This information can help you gauge how motivated the seller is and how negotiable they may be on price. It can also give you an idea of the general market conditions. If a property has been on the market for a long time, it may be a buyer’s market and you may be able to get a better deal or there could be something structurally wrong with the house.
If it’s been on a while, ask your agent if the seller had a home inspection done or any work on the home. Get full details. According to the St. Louis Federal Reserve the average time on market across the United States at the end of February 2023 was 67 days.
5. What is the sellers motivation for selling?
Asking your realtor what the seller’s motivation is for selling may seem like a meaningless question, but it can give you a lot of insight into the transaction. It may also help you negotiate a better price for the home.
For example, if the seller is motivated by a job transfer, they may be more willing to accept a lower offer. On the other hand, if the seller is motivated by a divorce, they may be forced to sell and even more willing to negotiate.
6. What are the HOA fees?
Homeowners Association (HOA) fees are a very important factor to consider when purchasing a home, yet many people do not even think to ask their realtor about them.
HOAs are like mini governments that are responsible for maintaining the common areas of a community, and they can range in size from just a few homes to thousands of homes. Each HOA is different, but most of them charge monthly or annual fees to their members. These fees are used to pay for things like landscaping, swimming pools, and other amenities.
So why are HOA fees so important? Well, they can add a significant amount to your monthly expenses, and if you’re not prepared for them, they can cause serious financial problems. That’s why it’s so important to ask your realtor about HOA fees before you purchase a home.
7. When is the best time to submit an offer?
When it comes to making an offer, perhaps one of the most important factors is timing. You want to make sure you submit your offer at the right time so that you have the best chance of getting the house you want.
Unfortunately, there is no surefire answer to the question of when the best time to submit an offer is. It can vary depending on the market, the type of house you’re looking for, and several other factors. However, your realtor should be able to give you some guidance on when the best time to submit an offer is. They will have a better understanding of the market and what is likely to work best in your situation.
8. How much should I offer?
If you’re like most home buyers, you’ve probably been told that you should never offer more than the asking price on a home. And while there’s some truth to that advice, it’s not always the best strategy. In fact, in many cases, it can work against you.
Here’s why: when you make an offer that’s too low, your realtor will likely counter with a higher number. But if you start too high, you may end up paying more than you need to. So how do you know what’s the right number?
The answer is simple: ask your realtor. A good realtor will have a pulse on the market and will be able to give you a realistic idea of what you should offer. They may even be able to negotiate a lower price for you.
Finally Get Your Financing in Place with the Right Mortgage Lender
Now that you know what to ask your buying agent, you’re one step closer to buying your dream home. The next step is finding the right lender and get prequalified. Embrace Home Loans® has a wide array of lending programs that are sure to fit your unique needs. Contact us today to get started.