Buying homes can turn out to be a psychological poker game with extremely high stakes along with motivation to bluff and evade inconvenient facts. Nevertheless, estate agents are bound legally to speak truth, so make sure to ask proper questions, so as to get familiar with the real scenario. It can make a difference in purchasing a dud or a dream home as well as save significantly.
What kind of questions to ask the estate agent
Buyers can get their doubts regarding a potential property on sale with real estate agents cleared without any hesitation. There is some questions like-
‘Why is the owner desperately selling at low price?’
Estate agent will not have answer to this question but it is possible he may have some hint on why the owner is desperately seeing the house, at lower rates. Actually, you have a fear that there are some negative factors regarding the house, which you are missing like sewerage plant is opening nearby or proximity of local train station or next-door neighbor is always ready to fight. The real reason maybe the owner is moving overseas, so is selling the home at low rates. You can ask the local shopkeepers or the neighbors rather than the estate agent.
Shrewd questions to ask are –
What is included in home sale?
Exactly where is the boundary line? Is green house or garden shed included? What fittings and fixtures are included? Majority of the contents will be included but you need to ensure all the things you will get with the house.
How long is this property on sale?
If the house is on the market for long then ask the reason. It is overpriced? Are there any issues? Long time on the market means the seller will possibly accept low price.
Has property changed hands repeatedly?
If the home has changed hand repeatedly then you need to be cautious. Find out why the past owners moved out. You can even contact them to know the main reason.
How long have current owners lived in this house?
If it is for a short period then ask why. Is the neighborhood noisy?
How did the estate agent determine an asking price?
Good agent will share their justification of asking price. However, research the area to get an idea of the existing market rates.
Make a list of questions to ask the estate agent and clear all your doubts prior signing the title deed.