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When
you are buying a home, there are many problems that the seller is
obligated to disclose. For example, in most states, it is illegal to
withhold information about major physical defects on the property,
and according to the Residential Lead-Based Paint Hazard Reduction
Act (U.S. Code §4852d), anyone selling a house built prior to 1978
must disclose all known lead-based paint and hazards in the house.
But, these disclosures don't always paint the entire picture of the
home. Here are six questions you may want to ask that can offer
additional insight about the prospective home before you make a
final decision.
1)
Why is the seller selling the house?
This
question may help you evaluate the "real value" of the
property. Is there something about the house the seller does not
like? If so, you may be able to adjust the purchase offer
accordingly.
2)
How much did the seller pay for the home?
This
question can, in some instances, help the buyer negotiate a better
deal—maybe even get the seller to carry part of the loan. However,
it is important to remember that the purchase price is influenced by
several factors, like the current market value and any improvements
the seller may have made to the home. The original purchase price
might not have anything to do with the current value of the house.
3) What does the seller like most and least about the property?
By
asking the seller what he or she likes most and least about the
property, you might get some interesting information. In a few
cases, what a seller likes the most about a home might actually be
something the buyer is looking to avoid. For example, if the seller
describes his house as being in a "happening
neighborhood," the buyer might consider this a negative factor
because the area may be too noisy or busy for his or her taste.
4) Has the seller had any problems with the home in the past?
It
is also a good idea to ask the seller if he or she has had any
problems with the home while living there. Has the seller had
problems with a leakage from the upstairs bedroom in the past? If
so, even if the leak has been corrected, the floor and walls around
the bathroom might have been damaged. You should also check that
these items were repaired properly.
5) Are there any nuisances or problem neighbors?
Use
this answer to find out about any noisy neighbors, barking dogs,
heavy airplane traffic or even planned changes to the neighborhood,
such as a planned street widening. This may give you insight on why
the seller is really moving.
6) How are the public schools in the area?
Because
the value of a neighborhood is usually greatly influenced by the
public schools in the area, finding out the buyer's perception can
give you some insight about the quality of the area's schools.
Knowing
all you can about a prospective home, not only helps you decide if
it's the home of your dreams, but what offer to make as well. Your
real estate professional can help you get your key questions
answered and give you advice on how to evaluate your findings.
If you have questions about this or any other
home buying or selling subject, confer with the real estate
professionals who can help provide you with more detail…
We
can be reached at (310) 265-2130
Prudential California Realty is an independently owned and operated
member
|of The Prudential Real Estate Affiliates, Inc., a Prudential
Financial company.
Equal Housing
Opportunity
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