Whether at an open house or through Realtors®, most buyers will have questions that run the gamut. A professional, experienced real estate agent has already anticipated these questions and will review pertinent information with you. He’ll also review certain topics regarding what you do or don’t want to reveal. As your agent, he is required to follow your instructions on these matters. Certain facts about your home obviously are required to be revealed, such as material defects in the home. But there are a myriad of other questions that don’t have to do with layout or function that buyers will ask. Be prepared so that you can navigate the issues smoothly.
Leading Questions to Determine an Asking Price
How many offers have you had on the home? This is usually not a question of curiosity. Buyers might be gauging whether you are determined to stay near your asking price or willing to come down. The thought process might be that if you’ve turned down offers then you’re not willing to negotiate. Alternatively, they might want to know home much competition they’re facing if they’re interested in the house. If you haven’t had offers yet, then a buyer might use this information to start with a lower offer than if you have had offers. Whatever the case, your agent is not required to answer this question. Even if you do answer the question, you can negotiate as much or as little as you’d like, regardless of the buyer’s expectation.
Why is the seller moving? This question is usually asked to gauge the level of seller motivation. A motivated seller is one who is willing to negotiate and will entertain most offers. Your agent is not required to answer this question, should you instruct her not to. If you’re moving, for example, because of job relocation, or a financial need, buyers might infer that you’re highly motivated to sell and start with a low offer. Answering this is a personal decision that you should discuss with your agent before showings begin.
Questions Regarding Additional Costs and Owner Restrictions
Are there additional homeowners’ annual or monthly fees? It’s fair to expect that a buyer needs to have all information about HOA or planned community fees. Revealing costs and providing associated paperwork is usually a requirement of most purchase contracts. This is a typical buyer question. The more prepared you are to provide such information, the more likely your buyer will engage in considering your home instead of moving on to the next one because yours had cost uncertainties. Additionally, providing the costs allows the buyer to move on quicker if they know they can’t afford the regular fees. That’s useful to you because you don’t have to waste time negotiating with someone who ultimately won’t be able to purchase.
Are there any restrictions or regulations with the home? It’s also fair to expect that a buyer needs to know about restrictions or regulations that come with the location of the home so that they can make an informed decision. For example, there may be restrictions on type or size of pet one can own, what can or can’t be remodeled, where to park, and whether fences are permitted. These aren’t just HOA restrictions. Sometimes they are zoning regulations.