Failing to ask the right questions can set new home buyers up for disappointment. Every home has it strengths, weaknesses and quirks, so it is a good idea for buyers in Ontario to clarify what issues may exist before finalizing a real estate purchase. Here are a few questions worth asking when walking through a home.
Questions about the history of a home can be very revealing for prospective buyers. Specifically, the sales history of a home can reveal certain things about its marketability and the competition that may be involved in closing the deal. Has the house been on the market for a long time? Has it ever been foreclosed on? These all might offer clues to whether a lower bid could be accepted for the home.
It is also a good idea to clarify contingencies in the initial viewing. A contingency is something put in the contract that will allow the buyer to walk away if certain conditions are not met. The most common contingencies are for home inspections and appraisals, but buyers should double check that the seller is open to these conditions. If they are not open to make the agreement conditional upon an inspection, it is likely a red flag.
Along with understanding the seller’s contractual limitations and the sales history of a home, it is also a good idea to look into the neighbourhood. Along with asking these important questions, buyers should have an Ontario real estate lawyer review the offer and any subsequent paperwork. Taking these precautions during the buying process can help buyers avoid unwanted surprises later on.
