Would you like to know the top 10 buyer questions asked before they submit an offer? We have them, because we work with buyers every day. Answering these questions upfront helps keep your deal together and sell your home faster, so keep these questions handy.
Top 10 Buyer Questions Asked
- How Old is the Roof? Every buyer wants to know the answer to this question. Buyers are trying to figure out what type of maintenance or replacement costs they should expect in the future, and when.
- What is the Age of the Air Conditioner? Similar to the roof, buyers want to know how old the unit is so they can budget repair or replacement costs.
- How much is Homeowners Insurance? Buyers want to know how much the home is to insure, and if insurance is readily available.
- Is Flood Insurance Required? If so. How much is it? Does the seller have an assumable policy? With the new risk ratings, what will be the full risk rate once all price hikes are implemented?
- Special Assessments? Have there been any and what were they for? Has there been talk of future assessments? Buyers are trying to get a handle on association costs. Cost of ownership affects the price buyers are willing to pay.
- How Old is the Water Heater? Insurance companies are requiring water heaters to be replaced at 10 years of age, so buyers want to know this answer.
- What Type of Electrical Panel? Many electrical panels are on the recall list and insurance companies will not insure with a panel on the list. Most home inspectors will tell you if the home you’re looking at is on the list at inspection. The remedy is putting in a new panel which can be costly.
- Solar Panels- If the home has solar panels, were they installed correctly? Were they financed? Does the seller have enough money to pay off this loan at closing? Loan is not assumable if buyer is getting a mortgage. Solar salespeople erroneously tell people loans are assumable. Sales people also tell homeowners solar will increase the value of your home, but so far we have not found an appraiser that will give solar panels value.
- What do the HOA/Condo Fees Cover? Is internet included? How about lawn maintenance, water, and sewer? Buyers wish to compare total costs on a variety of properties before deciding.
- CDD-Does the community have a community development district? If so, what are the fees? How long will these fees last, or are they indefinite?
Time is of the Essence
The longer it takes for a seller to answer these questions, the more it sows doubt in the buyer’s mind. The longer a buyer waits to make an offer the more likely they are to not offer at all and buy another property. Similarly, studies have shown that each day a buyer delays making an offer, their offer price goes down. Answering questions up front helps buyers make faster decisions and removes doubt. Statistically, buyers pay more when they like a home and feel good about their purchase financially.
If you’re afraid buyers will not like something, it’s going to come out eventually anyway. You might as well disclose it upfront when the buyer is most happy about the purchase. When a buyer finds out there is an extra cost later, it becomes a bigger issue, especially if they’ve had even an ounce of buyer’s remorse.
Deal With it on the Front End
Get all the facts out there upfront. Wasting time with the wrong buyer means your not spending time with the right buyer who will accept your home in its entirety. Hiring a Top Agent with years of experience will also increase your chances of keeping your deal together. Experienced agents know how to gather and present facts.
If you’re considering selling, please call Sande or Brett Ellis 239-310-6500. Let our experience guide you. We can help you get Top Dollar and keep your deal together. Or check out www.SWFLHomeValues.com
We’re here to help. Happy Selling!
Also see last week’s article “Listing Agent Interview Questions”