Have you had any offers on the property?
That lets you know if you have competition for the property. You'd also want to know if the sellers had rejected any offers and why. It could help you better craft an offer that will meet with their approval.
Are you aware of any issues with the home?
If the home had a builders inspection, did the inspection turn up some major damage? Any extensions or additions made to the home – have they been signed off with the council? Was it previous tenanted and if so, what was the history of the tenancy (if evicted, I would suggest having the home tested for the drug ‘P’).
How long has the property been on the market?
If it's getting a little stale, it might be ripe for a lower offer. Likewise, find out if there's been a price reduction and when it happened.
Why are the owners selling?
A good agent will always ask the vendor first before disclosing any such information but usually, if a vendor opts for the auction method, they are motivated to sell. Any information you can glean can help you decide how much to offer.
Do you have comparable sales in the last few months?
These days, with prices on the decline, and more and more properties getting taken back by banks, appraisal at the listing price isn't always a sure thing. Take a look at the recent comps and have your agent check pending sales to make sure you won't get stuck once you've starting spending money on inspections and other aspects of the process.
Are there any other costs?
Such as, body corporate costs if the home is under a unit title. The agent must then disclose a pre contract disclosure form detailing proposed and existing costs.
