You probably began your search for your home a number of months ago, after first fantasizing about buying a home and then more seriously scoping Zillow or Redfin. You may have saved some searches and copied down some addresses in anticipation of doing the traditional open house tours on Sunday. From there, you might have met a few real estate agents, made a commitment to the one you liked best and then met with a lender to become pre-approved for a mortgage.
It could be that months have gone by, and today you walked into the perfect house, a home you can imagine living in and giving up your hard-earned down payment to own. But now it's time to get serious and get some answers before you commit.
Before asking a lot of questions and allowing yourself to get confused by the information, first ask yourself: On a scale of one to 10, how badly do you want your offer to be accepted, even if you receive some discouraging information, such as there is a crack in the chimney or there is a loud barking dog next door? Here are some other questions and points you may want to inquire about, in addition to reviewing disclosures and reviewing any previously conducted inspections.
1. Are there any neighborhood issues like noise or traffic? And are there rental homes or homes with revolving occupants, daycare or Airbnb guests within 500 feet of the home that the owner is aware of and has explanations for?
2. Go online to check the immediate area for sex offenders and crime reports.
3. Ask the owners if there have been any break-ins on the street, and if so, when one last occurred.
4. Have there been any moisture or water intrusion issues? If yes, was there evidence of any black or gray spots on the walls or ceiling, regardless of how insignificant they may have appeared?
5. Are there any unresolved issues with any of the neighbors for things like parking, drainage, hostility, boundaries, trees, shrubs, roots, walls or fences?
6. Are there any non-permitted improvements or improvements that may not be up to code that the owner is aware of? And are there any outstanding notices to comply?
7. Did the owners make any improvements that required a permit and were not finalized with proper city certification?
8. Are there any height or second-story restrictions that may be related to neighboring view obstructions, and are there specific neighborhood CC&R's (covenants, conditions and restrictions) that limit choice of architecture, parking, landscaping, walls, renting and types of vehicles allowed in the driveway?
9. Is the property protected by a neighborhood HPOZ (historic preservation overlay zone), or are there neighborhood authorities or a coastal commission whose voice comes after the city's voice and could impact development and exterior modifications?
Prior to submitting your offer, it might be helpful to gather some other insights, although these answers may not always be the best to rely on when putting together an offer strategy:
1. How long has the home been on the market, including with previous agents?
2. Why are the owners selling?
3. Are there multiple offers, and how many offers are there?
4. What would the owners best like for the length of escrow?
5. Do the owners have any emotional attachments, and what are their concerns about anyone bidding on their home?
6. What can be suggested besides price to make our offer look perfect to the owners?
7. Would the owners be comfortable with a contingent purchase?
8. Would we be able to introduce ourselves to the owners personally in addition to a letter of introduction we plan to write?
9. Is there anything in particular that would make our offer more attractive to the owners, including a rent-back-after-sale option, or exclusions of any fixtures they would wish to remove?
Now ask yourself how you feel. Are the answers satisfactory to proceed? Be sure to be open-minded. There is no perfect property, and with a realistic 10- to 14-day contingency period, you should have plenty of time to deal with inspections and other concerns, assuming your offer is accepted.
Good luck. Do not let the answers to your questions kill your appetite. This is all just part of the process.
For more information, please call Ron Wynn at 310-963-9944, or email him at [email protected]. To find out more about Ron and read his past columns, please visit the Creators Syndicate webpage at www.creators.com.
Photo credit: Aymanejed at Pixabay
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