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Summary
- Even as real estate agents are legally bound to guide a customer, it is also a buyer’s duty to know the ground reality before locking his money.
- Before getting along with the agent, you must always be sure about all the details related to the property.
- There is nothing better than to get the knowledge about the price that other parties are willing to offer for the property.
Buying a property is a demanding game since high stakes are involved in the process. The whole process can be tested both on psychological and financial fronts. It becomes all the more tricky when you are dealing with a real estate agent. Even as estate agents are legally bound to guide a customer, it is a buyer’s duty to know the ground reality before locking his money. There is always a thin line between buying a dream home and buying a dud. Here we will touch upon five questions that every property seeker should ask from the estate agent before going for the purchase.
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What’s up for sale?
Before getting along with the estate agent, you must always be sure about all the details related to the property. A simple Google search about the property helps significantly. You must always check out the track record of the owner before going any further. Does the property have all the required clearances? How is the locality where the estate is situated? Is the estate providing all facilities and services that are being promised? Similarly, you should find out why the owner is desperate to sell. It’s best to visit the next-door neighbours or local shopkeepers for what they think.
Depreciation over the years
It would help if you asked the agent about how much money the property has lost in value over the years. Buyers generally tend to get attracted towards properties with lower prices. The customers must thoroughly visit the related government websites and search for these details and go armed with previous sold prices, and ready to ask why there has been a fall in the value. The other important question is to know the hidden costs.
READ MORE: What’s the reason behind the rally in Perth’s real estate prices?
How long has the property remained unsold?
For a property that has remained unsold for long, you should always ask the agent about the reason. Is the property overpriced? Are there some other problems that you are unable to locate currently, while others have? A seller would not mind a lower price for a property which remains unsold for a long time. If it’s so, then always ask about the seller’s bottom line. If the agent is serious enough to get his commission, he won’t conceal the truth. You must also ask the agent if the property has repeatedly changed hands. In case the property has been resold many times, there’s nothing better than making contact with the last owners and finding out why they moved out.
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What others are offering
There is nothing better than getting to know about the price that other parties are willing to offer for the estate. Agents are likely to tell about the other offers, but not how much they are since agents have an incentive linked to the two parties’ prices. But don’t forget, agents can still give an indication. It’s in the interest of an agent to make a sale, even at a lower price. No sale means no commission for the agent.
READ MORE: Did Real Estate Agents play any role in the surging house prices?
Talk to the owner directly
Agents generally dread making customers directly talk to the estate owners. It means losing on commission since they act as facilitators between the two parties. However, unlike the agents, owners can’t pretend ignorance. Always ask the owner about the best and worst points of the property.
