If you could only ask 3 questions before buying a PPOR, what would they be?

Discussion in 'The Buying & Selling Process' started by Stan, 30th Jan, 2017.

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  1. Stan

    Stan Well-Known Member

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    If you can only ask 3 questions to the real estate agent before buying a property, what would they be?
     
    Stan, 30th Jan, 2017
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Can I get fries with that?
     
    Scott No Mates, 30th Jan, 2017
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  3. Ran Gus

    Ran Gus Well-Known Member

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    How much wood would a woodchuck chuck if a woodchuck could chuck wood?
     
    Ran Gus, 30th Jan, 2017
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  4. wylie

    wylie Moderator Staff Member

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    I'll take it seriously ;).

    If you are meaning to ask "what are the most important things you'd ask the agent?" then I'd say (for me anyway) -

    . how big is the land?
    . can the house be taken off?
    . why is the vendor selling?

    There are other questions I'd want answers to as well.
     
    wylie, 30th Jan, 2017
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  5. wobbycarly

    wobbycarly Well-Known Member

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    Will they answer honestly?
     
    wobbycarly, 30th Jan, 2017
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  6. Perthguy

    Perthguy Well-Known Member

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    Have we inspected the property first?

    If so:

    1. why are the owners selling?
    2. are there any known issues with the building/
    3. what is the sellers best price?
     
    Perthguy, 30th Jan, 2017
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  7. Perthguy

    Perthguy Well-Known Member

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    In Western Australia, if a property is misrepresented, there are provisions in the contract to remedy. So, if they don't answer honestly, there is some fallback.
     
    Perthguy, 30th Jan, 2017
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  8. Stan

    Stan Well-Known Member

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    Thanks for the answer, wylie.

    Why would you want the house to be taken off?
     
    Stan, 30th Jan, 2017
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  9. The Y-man

    The Y-man Moderator Staff Member

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    If I was going to get honest answers, then similar to others:

    1. is the building structurally sound?
    2. Are there any termites?
    3. Why are the vendors selling?

    The Y-man
     
    The Y-man, 30th Jan, 2017
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  10. The Y-man

    The Y-man Moderator Staff Member

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    Could they reply honestly with a "I don't know?"

    The Y-man
     
    The Y-man, 30th Jan, 2017
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  11. Stan

    Stan Well-Known Member

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    Thanks Y-man for the reply.

    If the location is good and the house is structurally sound, why do you still ask their reason for sale?

    Wouldn't there be better questions to ask? Maybe like how's the neighbours? Thoughts?
     
    Stan, 30th Jan, 2017
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  12. Perthguy

    Perthguy Well-Known Member

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    Could you prove it if they did know? ;)
     
    Perthguy, 30th Jan, 2017
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  13. Perthguy

    Perthguy Well-Known Member

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    How are the neighbours is very subjective. That's something you should really form your own opinion on after spending time at the property. I have walked away from deals in the past because of neighbours.
     
    Perthguy, 30th Jan, 2017
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  14. Redwing

    Redwing Well-Known Member

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    Whom are you asking the questions of?
     
    Redwing, 30th Jan, 2017
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  15. The Y-man

    The Y-man Moderator Staff Member

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    Absolutely key to getting the best price. It may be the single biggest negotiating tool you have.

    Neighbours - no, because if it's a PPOR, you would know the area. Even if you didn't, the google spy cam would show you how the gardens are kept, the make/model of cars on the road etc. Neighbours are generally not an issue when the majority of cars in the street are Mercs and Bimmers.

    The Y-man
     
    The Y-man, 30th Jan, 2017
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  16. wylie

    wylie Moderator Staff Member

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    Actually, I wouldn't ask the agent if the house could be taken off. They wouldn't likely know.
     
    wylie, 30th Jan, 2017
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  17. wylie

    wylie Moderator Staff Member

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    If the block could be developed having to work around a house is a PITA. Being able to demolish or remove means a new build which is cheaper and easier.

    (I've never done a new build, but have had to work plans around existing house that cannot be removed.)
     
    wylie, 30th Jan, 2017
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  18. wylie

    wylie Moderator Staff Member

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    Finding out why the vendor wants to sell is helpful. If you can find out they have bought elsewhere, that means there is time pressure to sell.

    If you find out they need a long (or short) settlement for some reason, you can offer maybe slightly less but allow a settlement timeframe that suits them.

    If they've had two contracts crash, you could offer cash, unconditional offer to give them some comfort this one won't crash (and use the cooling off period to get a quick building and pest).

    I think cash, unconditional has lost some of its power due to cooling off periods, but it still means they don't have to wait a few weeks for a finance clause. And you "could" waive the cooling off if you are comfortable there are no nasty surprises. We've always bought Queenslanders where we can check underneath for termites etc. Most houses have been so bad that we can see the "nasty surprise" (bathrooms and kitchens that need to be gutted, shag pile carpet needs to be removed, nicotine stained walls obviously need painting etc)

    I don't recommend that, though we've always bought cash, unconditional. But I'm not saying take the same risk as we have done.
     
    wylie, 30th Jan, 2017
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  19. Ross Forrester

    Ross Forrester Well-Known Member

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    I would be inclined to say that nothing the REA will say is of too much help however:

    - can I please have the floor plans?
    - how did you, as an agent, help your client determine the price?
    - what other property do you have on the market, or that is coming up, that is close to my needs?

    Depending on the agent I would ask if they thought that their accountant was a crucial element to their success in life.
     
    Ross Forrester, 30th Jan, 2017
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  20. DaveM

    DaveM Well-Known Member

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    1) Are you lying
    2) Are there termites
    3 Are you lying
     
    DaveM, 30th Jan, 2017
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