The Real Estate Law Podcast

18 - Questions Homebuyers Should Be Asking

July 28, 2021 Jason Muth + Rory Gill Season 1 Episode 18
The Real Estate Law Podcast
18 - Questions Homebuyers Should Be Asking
Show Notes

The listing sheet doesn’t fully explain the seller’s motivation, hidden property issues, or the competition your offer will face. There are many more questions that you should ask when considering a home.

Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!

Notes from this Episode:

Why do the owners want to sell?
Why we like this question: The answer reveals the owner’s motivation and helps you craft a competitive offer.

  • The owner’s timeline to move – relocation, schools, 1031 Exchange?
  • The owners’ need for a fast closing or to maximize sale price
  • Any joint decision makers?
  • Upsizing or downsizing?
  • Occasionally, the answer can reveal a flaw in the home or neighborhood
  • Take some cues from the condition of the home: occupied/vacant/staged, complete/under construction, messy/clean, etc.

How is this property zoned?
Why we like this question: This can reveal some hidden value.

  • Always verify the answer independently
  • Is the current use a higher or lesser use than the neighboring properties?
  • ADU: accessory dwelling units
  • What is the optimal unit size for your area?

What is the current insurance premium?
Why we like this question: This is an indirect way to discover problems with the property or its history

  • How does this compare to the area’s average insurance rate?
  • A high amount will require follow up questions
  • Is the high rate due to past claims activity?
  • Why else is the insurer charging high premiums?
  • Master insurance for condominiums
  • A high premium could also be due to issues with the owner.

Are you expecting any offers?
Why we like this question: This is a surprisingly effective way to size up the competition.

  • Many agents are surprisingly candid in the response.
  • You never know what the agent is going to reveal.
  • The agent may reveal their own opinion on the property.
  • You can gauge the urgency of submitting an offer.

Do you have questions for us? Interesting in working together? Do you have ideas for a future podcast episode? Email us today!

This podcast and these show notes are not legal advice, but we hope you find both entertaining and informative.

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