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Simon

Home Buyer,

5 basic questions you must be asking the agent before you make the offer

7Mo ago 0 Replies 171 Views
We all want to buy our new home or investment property at the lowest price possible, or at least get good value for our money.
And of course, the vendor wants the most he can get for his property. Yet you now know that the asking price quoted by the selling agent will usually be more than the owner is willing to take for their home. 
It’s just part of the real estate game – they expect to come down in price as part of the negotiation process.
So when making an offer on a house, what should you do?
If you ask the selling agent what price you should offer, you’re asking the wrong person.
Remember, the agent is paid by the seller to represent them and to get the best price possible.
However, it’s usually still worth asking them what they would consider was a ‘fair offer’ and then ask them to justify it with a list of comparable sales.

Here are 5 questions to ask the agent before you make your offer:
1. How did the vendor come to the asking price for their home? 
Was it from the agent’s suggestion or because that’s how much they need to buy their next dream home?
Some sellers are unrealistic and unlikely to come down from their asking price if they have to get a certain amount for a particular reason.
2. Have there been any other offers made?
This lets you know if you have any competition and how serious the vendor is about selling their home at a reasonable price.
3. How long has the home been on the market?
If it’s just been put up for sale, the seller may not be anxious to accept the first offer.
If the home has been on the market for several months it’s more likely the seller would be ready to accept your offer.
4. Why is the vendor selling? 
Are they going through a divorce?
Do they have to move interstate urgently?
Have they already bought another home that would put them under pressure to sell their current home?
This will let you know how motivated the seller is.
5. Has the asking price been reduced during the time the property has been on the market?
This will tell you whether the seller is really keen to offload their home and also let you know that you might have a motivated seller on your hands and perhaps greater bargaining power.



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