3 Things You Need To Ask An Agent At An Inspection

You’re ready to buy a house

You’re spending your weekends searching and inspecting properties, which means you are getting to know the agents well. They are also getting to know you quite well and would be speaking with you to get your feedback and discuss your intentions (if they are good at what they do).

You will have questions about the properties you are inspecting and who better to ask then the agent showing you through.

So, what should you be asking?

It’s also important to know what you should not be saying.  Agents are trained to ask questions to place you into a buying category that will determine the strategy to achieve the best outcome for the seller.

When you find a property that you are interested in knowing more about and making it your next home or your next investment you should keep your emotions in check, look at it logically and have a discussion with the agent to determine what their process is for taking offers.

The 3 things you need to ask the agent

  • What are the Vendor’s preferred settlement terms?

This will give you an understanding of how you can make you offer more attractive. An example would be, if the Vendor has not purchased another home yet and would prefer a longer settlement then a 30 day settlement probably would not suit them. However to strengthen this offer the price would play a higher importance.  Another option would be to have the offer written up as 90 days or earlier by mutual agreement.  This allows for the settlement to be bought forward if everyone agrees and is able to.

  • What is your process for taking offers?

Every agency has a process for taking offers and it’s important for you to understand how this will affect your method as they are all different.

Below are some examples to be aware of:

  • All offers will be presented to the Vendor at a set date & time.  All buyers have one opportunity to make an offer. You will need to do your assessment on the property and put your best and final offer with the terms you specify in writing.  The Vendor is presented with the offers and signs the offer that they decide on.

  •  An offer is written up and triggers the property ‘on the market’.  All buyers are notified the property will be sold and all offers must be in by a set date & time. The buyer that has written up the first offer will be notified if other offers are coming in and will have a chance to revise their original offer. All other buyers must submit their best and final offer.  The Vendor is presented with the offers and signs the offer that they decide on.

  • An offer is written up and triggers the property ‘on the market’.  All buyers are notified the property will be sold and all offers must be in by a set date & time. All buyers have a chance to revise their original offer up until the date & time specified. The Vendor is presented with the offers and signs the offer that they decide on.

 You can see why it’s important to establish the rules at the beginning so you understand what process will be used.

  •  Will the Vendor accept an offer that is within the quoted range?

This will give you an idea of whether the property has been advertised correctly. Did you know that the advertised price is not the vendor’s reserve price?  If you were to make an offer within the quoted range and it was not accepted, the advertised price must be changed immediately to be above the price you offered.

There are strict laws and penalties for underquoting that agents must adhere to.

I offer help, advice and am available to answer any questions you need answered about buying property and how to make the process less overwhelming.

You can book in a complimentary call session with me HERE

 

 

Lisa Stafford