Published February 15, 2023
5 Questions to Ask Before Making an Offer on a Home
Finally finding the right home after a long house search is exhilarating, but making an offer on that home might seem intimidating. As a home buyer, you want to pay a fair price that doesn't break the bank, and it can be hard to know whether you're getting a good deal or you're being overcharged. Asking the right questions can help you figure that out. Before making an offer on a home in the Twin Cities area, here are some questions that you should ask either the seller or your realtor.
What to Ask Before Placing an Offer
Why are you selling this house?
This is a question for the seller, and one that should be posed carefully. A seller's reasons for putting a house on the market can be telling of both the condition of the house and their willingness to negotiate. For example, if a seller admits that they've landed a new job in a different state and need to move out of their Minnesota home as soon as possible, it's much likelier that they'll negotiate a lower price for the sake of selling quickly. If a seller is not forthcoming with their reasons, it could be because there are major problems with the home which they don't wish to share.
How much did you pay for this house?
The prices of homes throughout Minnesota have been steadily on the rise for a long time now. For that reason, it's only natural that a seller will list a home at a higher price than what they purchased it for. Still, some sellers will take advantage of the Twin Cities being a seller's market by overcharging for their home. By learning how much the seller originally paid for a house, you can calculate whether or not the asking price is reasonable.
How long has this house been on the market?
Learning how long a home has been listed for sale can have a huge impact on your offer. If a house has been on the market for many weeks, it's likely that the seller will be willing to accept a lower offer. By contrast, a seller probably won't take a second look at a low offer if they've only had their home on the market for a few days. Discovering that a house has been on the market for a long time can also be a warning sign; it may indicate that either the seller refuses to negotiate or that the home itself has issues which aren't readily apparent.
Is there anything wrong with this house?
This may seem like a loaded question but no house is perfect. Whether it's leaking pipes or missing roof shingles or cracks in the foundation, there's something wrong with every house. So if you pose this question to the seller and they reply with an emphatic "NO," it's likely there are issues that they don't want to disclose. For this reason, it's always important to schedule a home inspection before making an offer on a home in Minnesota. Inspections can turn up issues that even the seller wasn't aware of, allowing you to adjust your offer accordingly or insist that the seller pay to fix the problem as a stipulation of your offer.
Need Help With a Twin Cities Home Search?
Working with a team of experienced real estate agents can help you find the right home and make an offer at the appropriate price. Give the Chris Fritch Team with eXp Realty a call today if you'd like our help to buy a home in the Twin Cities metro area!
