Asking the Right Questions

We’ve said it before and we’ll say it again: buying a home is likely one of the biggest financial decisions you’ll ever make in your life. Despite that, a volatile market can sometimes make you feel like you need to move through the process quickly. After all, with low inventory, if you find a house that checks all your boxes, if you wait too long you might miss out. Right? 

Not Necessarily. 

There are questions to consider asking your agent before putting in an offer. Think of it this way: if you wait too long by asking the right questions and “miss out,” then maybe it wasn’t actually the right situation after all. Here are the things you definitely want to ask your agent before moving too fast on a house!

What Would You Do? 

That’s right! Ask your agent point blank: would you buy this house? Any ethical agent worth their salt will be honest with you. Any hesitation or waffling could be seen as a red flag. Now, that doesn’t mean they will give a resounding yes without potential caveats. But if you trust your agent, ask this telling question and then listen to their answer. 

What’s the Sales History? 

Ask your agent what the sales history is on the home in question. They have access to all of that internal MLS data which will show when the home was listed, if it was ever taken off the market and RE-listed, and what any price changes might be. This information can be helpful if it looks like the sellers have had trouble selling or getting offers. Perhaps there’s wiggle room there!

What Contingencies Should We Request? 

Not everyone realizes that making an offer on a house- and that offer being accepted- enters the buyers and sellers into a binding contract. This signed document requires the transaction to be executed or else the offending party could face serious consequences. However, that doesn’t mean that you can’t make certain requests. These requests, called contingencies, are specifications you can ask for and if they are unmet gives you an out from said contract without penalty. 

Always ask your agent when contingencies you should request. Too many can put off the seller, too few could put you (the buyer) at risk. Generally it’s accepted that you’ll apply for a mortgage, a home inspection, and an appraisal, though you may consider offering to waive an inspection if the home is a new build. Older construction with potentially more risks should require an inspection. Ultimately, just ask your agent what they think is best!