Selling a home is getting more difficult these days and sellers are going to be asked some difficult questions that buyers in tighter markets may not have had the time or inclination to ask.
Here are five questions a seller should think about and be able to answer — just in case they are asked.
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. One answer a seller might consider is some variation of this: "I got a bargain purchase price when this was a run-down shack before I renovated it so my purchase price is irrelevant to today's market value."
3. What defects does the home have and have there been any recent professional home inspections?
It’s a good idea for the seller to have a home inspection before the home is put on the market, so any defects can be repaired or, at least, potential buyers can be told about them before they make an offer.
4. What problems have you had with this home?
In most states, court decisions and statutes do not require home sellers to reveal past problems that have been corrected.
5. What is the quality of the public schools?
Even buyers who don’t have children can be concerned about this and a seller should know the answer.
Source: Inman News, Robert Bruss (3/24/06)
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