Buying a home is no easy task - we are here to answer some of your frequently asked questions.
Purchasing a home is difficult. It’s a lot of stress, anxiety, energy – and, of course, money. Many buyers, especially first-time buyers, don’t even know where to begin. So much is happening at once, and questions are bouncing around their minds faster than they can be uttered. With the intent of alleviating buyer’s stress, here are our top buyer questions answered in lay terms:
1. How flexible is the asking price?
This may differ from agent to agent. Real estate professionals are trained to be reasonably flexible in all aspects of the business so chances are you will be able to negotiate. The asking price is the quintessence of the deal, but if the agent is smart and skilled, he’ll be able to find many excuses to get a discount based on the condition of the house, its location, infrastructure, etc.
2. Are there any underlying issues with the home?
Real estate agents are mandatorily required to disclose any sticky issues a house has before the negotiations. All real estate firms require it of their agents because if certain issues are not disclosed beforehand, they will inevitably have to deal with some angry customers. No company wants this, so it is best just to get everything out in the open before any deals are made. You should never be thrown a curve-ball when it comes to damages within a home.
3. Is there the paperwork for mechanical systems?
This can be answered in one word – yes. There must always be paperwork for air conditioning units, washer, dryers, heating systems, etc. Many buyers are scared that if one of these mechanical systems malfunctions, they will not have the proper paperwork to get it fixed. Sellers and agents will always be willing to share this paperwork with you upon buying.
4. How do I know the roof/foundation is sturdy?
Both sellers and agents alike should have documentation on housing foundation and roof history. This is something that they should share with you upon open house arrival in case such damages exist. An agent will never hide anything from you, and if the roof needs to be fixed, or the foundation needs more support, they will share this with you before you make any final decisions.