Negotiating to buy
Since real estate brokers usually work for property vendors, buyers must be prudent in dealing with them. Therefore, here are some questions that you can ask during negotiation:
Why is the property is being sold?
It is important to ask why and how long the property had been on the market for. This may determine specific issues related to the property that may be of concern to you. It may also identify if the the property requires further renovation or construction. Furthermore, it is important to know whether the property will be in the same condition when you move in, so that a walk-through inspection can be scheduled if needed, prior to the finalization of the deal.
How soon can we move in?
Asking how soon the home will be available to move into, or how soon the owner wants to move out can establish if the owner is in a hurry to sell. This may allow for price haggling and help you get a good bargain!
Who is the price tag determined by?It is beneficial to ask whether the price of the property has been set by the owner or the agent. Generally property owners tend to overstate the price of their property, well beyond the market value. The agent may assist in negotiating with the owner if they disagrees with the asking price also.
What is the average price of properties in the area?
You must also ask for a ballpark figure of property prices in the area to gather an idea of the difference between the asking price and the market price. You should also ask what else is in the market right now for the same price and compare the properties.
Is the property dual-listed?
If you have an agent, determine whether the property is dual-listed or not avoid conflict of interest.
What’s included in the price?
It is also important to know what items are included in the selling price like carpets, curtains, fittings, bathroom & kitchen equipment and other household items. If there are items that are included in the selling price which you deem unimportant, you may ask for them to be excluded and the price to be lowered.
