Five Things To Ask Your Realtor Before Making An Offer

Posted on February 25, 2015 |

After shopping for a home in Nanaimo you have finally found the home of your dreams! After days, weeks or maybe even months of searching you're ready to make an offer on the perfect home in Nanaimo for you. You want this home, but you also want to make an offer that's fair to both sides, and one that you hope will be accepted. Here are five things you should ask your real estate agent before making an offer on your perfect home:

1. How does the asking price compare to the market comps? Remember, each home is different and each transaction is different. Your realtor understands the subtleties of the market and can help you decide what price is reasonable to offer.

2. How long has the home been on the market? 'Days on market' might be an indicator of how motivated the home seller is . . . but not always. Real estate agents know that there are a variety of reasons why some homes take longer to sell than others, and yours can help you understand as well.

3. What are the responsibilities of the seller and what happens if the seller doesn't perform? Once your offer is accepted, it becomes a legally binding contract and the home seller has certain duties and disclosures that they must make within specific time periods.

4. What are your responsibilities as the home buyer, and what happens if something goes wrong? Most real estate contracts have something called 'contingencies'. Two common contingencies that work in favour of the buyer are a 'financing contingency' - which means you have to be able to obtain a loan - and an 'inspection contingency' - which means that you have the right to inspect and decide after your inspections whether or not you want to proceed with your real estate deal.

5. What are the total costs going to be to buy the home? Many home buyers focus only on what their down payment and monthly payment are going to be. Other costs to consider include the average utility, landscaping and maintenance costs, deposits, and expenses that you will incur prior to buying the home - things like inspection fees and appraisals. Your realtor and your lender can help you determine what your true out-of-pocket costs will be, before you make an offer.