Don't make an offer before asking the estate agent these top 5 questions
If you are looking to buy a property make sure you ask these questions before you make an offer - you could uncover valuable information to help you make informed decisions.
The average buyer will spend just 30 minutes in a property before deciding to make an offer! Its mad to think we make such impactful decisions so quickly. Its therefore important to make those 30 minutes count.
We suggest asking these questions on your appointments to help you decide whether to make an offer and help with the negotiation process.
1. Have there been any other offers?
The price of any other offers and the buying circumstances of the offeror is confidential; the agent will not be able to disclose this. But, by asking this question, you will be able to find out if any offers are currently being negotiated, i.e., competition for you to buy. Depending on the responses this may or may not help your negotiating power. You may want to offer slightly higher or lower depending on the answer.
2. What is the timescale of the sellers?
If the sellers are looking for a speedy sale, and you can accommodate this, your offer will look favourable. Conversely, if you have a tight deadline and the sellers are not in a rush, this could affect you negatively, and you might decide that this property isn't for you after all.
3. Have they already found a property to buy?
This question also speaks to the question of timescale, as a seller who has already found their next home will likely want to move quickly.
4. Have any other sales fallen through?
Asking about previous sales can indicate the seller's actual value and negotiation; for example, they may have negotiated their price before or achieved the asking price and would be looking for that same offer again. It can also raise critical questions about the building and whether there was a defect of some kind that caused the sale to collapse. If yes, was a survey carried out? And if so, what were the findings? - You will not be given a copy of a past survey as the report belongs to whoever commissioned it, but the agents will be able to tell you what, if anything, that report highlighted.
5. Are the sellers negotiable on the price?
It seems obvious, but you'd be surprised how many negotiations begin without anyone asking this question. It helps you gauge the sellers' expectations; therefore, you won't offer too high or too low that you insult them. If the price is the price and the seller won't budge, they will not take your offer seriously if you start at £50k below the asking price. But also, you don't want to offer the full asking price if there is a chance you could buy it cheaper. Asking about the sellers' negotiability will tell you about their expectations, and therefore your negotiation process will go smoothly with more chance of success.