Often as a buyer attending an agents open home there tends to be more questions asked by the agent than that of the buyer. The reason they do this is two fold, one to discover whether you have interest in the home they’re selling & two to find out whether you have a home to sell. It also aids them in not having to get direct questions that they often try to avoid answering.
The first question you should ask about any property you have interest in is, “Does this property have any material facts that you are aware of that I should be advised of?” Agents are legislated to advise you for example but not withstanding if a crime has been committed in the property in question. But further to this if the property has failed a building & pest inspection & a buyer has pulled out for this reason you are entitled to know. But only if they’re asked specific questions in relation to them are they required to answer honestly. This should be referred to in any written offer made, for example “As advised on this date, you confirmed that there were no material facts that you aware of that may deter me from making an offer on this property”. Agents are much more careful & transparent when things are in writing.
The second question often gets asked the wrong way, usually it gets asked for example like this “Can I have a 90 day settlement for this property?” When in fact the correct way to ask this is “Is there a preferred settlement date the vendor is looking for on the home?” Further to this a secondary question after the answer is for example, “Why do they prefer XX days?” If shorter it may mean it was a rental & if the tenants were given notice & have left that there may be some financial pressure on the sale. If it’s a longer settlement say 120 days it may mean that they haven’t found a new home yet or if it’s specific date say 43 days it may mean there in an impending settlement on a property they bought. All these factors can help you secure the property if you have flexibility on what you can offer.
The final & third question which may very well be the most important especially if the property isn’t going to auction is this one, “Can please clearly explain the selling process you will be using to finalise the sale?” So many buyers make offers without knowing if it’s going to be a “highest & best”, “a last right of reply”, or a “back & forth, last buyer standing” scenario. To be for-warned is to be for armed so you can select the right strategy of negotiation. The biggest complaint we hear from buyers who have missed out is that they were called to be told it sold to another buyer because they weren’t aware it was a “highest & best” one offer method & they were waiting to submit a higher offer when the agent called.
Put simply you should know as much that there is to know from the agent on the more negative side of the property that there may be. You should structure your offer not just based on price but also favourable settlement & conditions that will be looked on in a better light with the vendors when they have a multiple offer scenario. Finally be extremely clear & confirm in writing the process that the agent will be using to close off offers to avoid missing your dream Abode.
As always if we can help you relieve stress, avoid mistakes, save time & save money please reach out.
