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You’re a homebuyer ready to start house-hunting: You have examined your budget and received pre-approval from the bank, know your price point and important features you want for your future home. You’ve found a Realtor you trust and who is well-acquainted with the neighborhood where you would like to live. It’s now time to view homes that fit your parameters.
“We understand it can’t happen all the time, but it’s always advisable to view homes with your Realtor,” Eileen Giorgi, president of the Silicon Valley Association of Realtors, said. “In home showings and open houses, have your Realtor take the lead. His or her rapport with the listing agent will be important in obtaining more information about the home and the seller, particularly at the negotiating table.”
If your Realtor can’t make it to view a home with you, then what? Here are questions that can help you find out whether a home is a good fit and meets your needs:
Have you received any offers?
Listing agents can only say there are other offers, but they cannot reveal the dollar amounts or terms. If the seller has received other offers on the house, this means you have to move quickly if you want to make an offer on the house.
Why is the seller moving?
Most sellers move because they are relocating to a new job, need more space or are retiring and need to downsize, but it’s still worth asking since there’s a chance you could find out new information or red flags.
How is the cell phone reception?
Cell phone reception is not equal everywhere. In their eagerness to purchase a home, many buyers will overlook checking whether they have good cell phone connection and reception throughout the home.
When does the seller want to move?
If the seller is in a hurry to move, they may be willing to accept an offer that is below list price or with few contingencies. You can strengthen your offer by proposing a closing date that works best for them.
How many days has the home been on the market?
Your Realtor will have this information, but the listing agent may provide more background on why the house has been sitting in the market for a while. It could be that a buyer’s financing fell through, or the sellers had to reduce the asking price because they initially priced the house too high.
Have any renovations or recent repairs been made to the home?
Ask about the age and condition of the roof, appliances and HVAC system because they can be expensive to replace. Sellers must disclose known defects.
What are the average utility costs?
Utility costs can add up and vary depending on the season. If you’re moving from an apartment or upgrading to a larger house, be aware that your utility bills will be higher.
Silicon Valley Association of Realtors (SILVAR) is a professional trade organization representing 5,000 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term Realtor is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.