These are the 2 must ask questions to ask the vendor when you are buying a property
- What is the vendor’s reason for selling?
- Is there anything that I should be aware of such as special conditions or weathertightness issues?
The first question will should indicate whether its a motivated seller or someone who is just testing the market. If the agent is honest, it can reveal a number of issues with the property, such as a bad neighbour or bad experience with tenant.
The second question should reveal any unconsented works which the real estate agent is obliged to tell you about. It may also reveal potential weathertightness problems. Here’s a real life story.
A house was for sale in Takanini. It was 10 year old building and the warranty had just passed. It was an owner occupied house. An interested party had put in an offer. Everything seemed good. Finance sorted. The offeror had requested to ask for a building report and when the building surveyor turned up, luckily they asked the vendor, “Is there anything I should be aware of?” Now remember this is an owner occupied house. 10 years old. The owner said they just replaced the carpet and did some renovation on the house.
Now normally this is great. New carpet and newly renovated.
Except this should ring alarm bells.
Why would an owner occupier replace the carpet and do renovations to a new house?
It so happened the building surveyor did some more investigation and notice cracks which had been covered up. On further investigation, the vendor finally acknowledged that there some leaks but it had been fixed. The leaks turned out to be major structural issues. Simply changing the carpet and touching up the walls will not fix the problem.
Luckily in this case the building surveyor had asked the question, Is there anything I should be aware of, otherwise our potential first home buyer would have lost a ton of money.
So remember to always ask these 2 questions (to the vendor). Sometimes the vendor hides info from the agent and the agent only knows half the story. So always ask a chance to talk to the vendor.