Before making an offer on a house, there are some things that may be helpful to know before signing on the dotted line. Everyone's needs and situations are different, but the following are specific questions you may want to ask your real estate agent before making an offer.
1. Have there been any other offers? Multiple offers can drive the home price up. If you are really interested, and it's within your budget, you may want to increase your offer.
2. How long has the property been on the market? Sometimes homes stay on the market for unusual reasons. Your agent be able to tell you the home's listing history and they may have information as to the circumstances.
3. When was the house last updated? Often, the listing agent will include extra information on the MLS about home updates that may affect your offer.
4. What are the comps? Your agent will be able to pull the comparable homes in the neighborhood to see if the asking price is fair. Remember that other things like lot size, home updates, views, etc. can increase or decrease the home's value.
5. Have any appliances or systems been replaced? If a 15 year old home has had the electrical completely replaced, it may be worth looking in to. If, however, the water heater and dishwasher in the same house were just replaced, that is likely a good thing.
6. How flexible is the seller in regards to the asking price? Sometimes a seller is able to be flexible on the asking price. Sometimes they aren't. How long the home has been on the market as well as how motivated the sellers are to sell also make a big difference.
7. Are there any planned changes to the neighborhood? A new school in the neighborhood could add value to the property long-term, but a new industrial zone planned for the rolling hills that make up your view could definitely decrease the value.
8. What's the seller's timeline? Sometimes sellers decide to list their home months before they're willing to actually move. If you're timeline to move in to your home is very different from the seller's, you (and they) may be very frustrated.
If you have other questions about a home during your home search, ask! We are knowledgeable about the Reno-Sparks area and would be honored to assist you in purchasing a home here.