Mar. 31, 2006 Q. To Get a 'good deal'
"5 questions real estate buyers use to their advantage"
Get a 'good deal' through curiosity, negotiation" witten by Robert J. Bruss on Friday, March 31, 2006 is on Inman News with these five questions:
1. Why is the seller selling?
2. How much did the seller pay for the house?
3. What does the disclosure say and have there been recent professional inspections of the property?
4. What problems have you had with this home?
5. How are the public schools?
OK those are paraphrased... real estate expert Robert J. Bruss phrases  number one question:
"1.) WHY ARE YOU SELLING THIS LOVELY HOME?"
Even if it is not a lovely home....
"this is my favorite and most revealing question to ask of home sellers and their listing agents. Even if the home is run-down and shabby, I always try to use that word "lovely" to see if the seller and/or the listing agent have a sense of humor."
Because if the seller / listing agent have a sense of humor it can get you a 'good deal' on the house?
Did you hear the joke about the couple who wanted a Baptist dog? OK religion probably not a good joke but I laughed...
He goes on to explain " The primary reasons the home buyer needs to know why the seller is selling are to (1) tailor a purchase offer that will meet the seller's needs, and (2) determine if the seller is highly motivated to sell."
We are in a buyers market in Central Ohio. We got here before much of the rest of the US. Interest rates are great. There is inventory. Bruss article is obviously national.
number two is not going to tell you the whole story. Bruss goes on to ask the seller or listing agent:
"What is the current mortgage balance and are there any other liens against the home, such as a second mortgage or home equity loan, judgment liens, and mechanics' liens?"
When Bruss is the seller and asked how much did you pay for the house? he replies:
"I got a bargain purchase price when this was a run-down shack before I renovated it so my purchase price is irrelevant to today's market value."
Previous purchase price is usually readily available via public records for homes in Columbus and Central Ohio. Obviously the point is to find out how much room there is for negotiation on the list price.
number three a 'Residential Property Disclosure' is usually required in Ohio. The buyer should always do their own professsional inspection of a property. Bruss like HER Real Living and Real Living recommends using an ASHI inspector. I have a link to ASHI on my website ... the Maureen McCabe one.
number four is to find out about problems that have been fixed.... and I guess maybe find the seller who will spill his guts about the neighborhood weirdos, etc. also. Bruss talks about buying a house where the deer ate his garden.. ?? Note: If you move to southern Delaware County, Licking county, Madision County there are deer. Farm fields, wide open spaces = deer, and other critters. Move to what was a farm field a year ago expect deer. Move to the edge of a farm field don't be shocked that you have deer as neighbors.
number five, Bruss suggests various school ranking web sites. The info those sites get from the public schools at least in Ohio is available to the public. Visit either of my websites for a link directly to school information from the state of Ohio. Each school district and individual school in Ohio has a report card. Top quality schools do contribute to value. Real estate is really, really local.
I'd link you to the Inman article written by Bruss but the link will be dead by this time tomorrow. You can pay to have access to the archived Inman articles. Or go to Bruss' site on Inman and for $5 you can find out what he thinks the other five questions are that YOU should be asking!
"The 10 Most Important Questions Home Sellers Hope Their Buyers Don't Ask," available for $5 from Robert Bruss www.BobBruss.com "
Hire an experienced local agent to look out for your interest and ask these questions, seek this and more information for you.
Copyright Columbus Best Blog and Maureen McCabe
| 
RSS Blog Feed
