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Monday, March 27, 2006

5 tough questions a buyer can't afford not to ask

Even in a market as hot as Edmonton, nay in any market there are at least 5 questions a buyer should know the answer to. Some of these we can easily answer since we have access to a tremendous amount of information. I strongly recommend you consider asking these to us, your agent or the seller directly. However caveat emptor applies. Except for Latent defects the seller is under no obligation to disclose information correctly to you. It is the job of your brokerage to verify the answers to your questions. Here we go. Sellers you should be prepared to answer these.

1. Why are you selling this lovely home?
The buyer wants to know just how desperate the seller is. Desperation equals a lower offer, so answer carefully.

2. How much did the seller pay for this house?
The amount is a matter of public record and a real estate professional can find it easily. In the Edmonton area market the answer to this may indeed be irrelevant, but it may prove to be very relevant indeed. At Coldwell Banker Johnston we have 24/7 access to land titles. This enables us to verify the purchase price and date according to the title.

3. What defects does the home have and have there been any recent professional home inspections?
In many cases the sellers had an inspection report done when they purchased. Their report will have outlined some things they were to have done. Many sellers will have at least begun work on some of those things. This may indicate to you as a buyer what level of pride and maitenance the owner undertook.

4. What problems have you had with this home?
In most cases sellers are not required to reveal patent defects. As a buyer it is up to you to do your due dilligence in determining what defects there are. There is the exception of latent defects however since I am not a lawyer and I am not giving legal advice I suggest you contact your lawyer to review this concept with.

5. What other properties in the area have sold recently?
Not only should you ask for this information we will review it with you. So that you can make an informed decision about the home you are buying.

I have often explained to my buyers that there is no such thing as a bad questions. So ask, ask, ask.

For all your real estate needs in the Edmonton market area contact us directly at 780 486 8655 or by email
Source: Inman News, Robert Bruss (3/24/06)


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