Purchasing a home is one of the most significant investments one makes during their lifetime. It takes a considerable sum to acquire a house and turn it into a home. Thus, buyers must be careful when investing in a property or going for a house hunt. Being a home buyer, you must be vigilant and cautious of red flags that might turn into a significant flaw after you purchase the property. Whether you decide to buy the property traditionally or deal with a we buy houses for cash service provider, be watchful of these real estate red flags.
#1: The Price of the Property is too low
If the asking price of the property is too-go-to-be true, there might be something fishy. Maybe the seller might be going through a financial crunch or need to relocate and need quick finance; there could be other reasons for a low price. Before making the offer, ask your agent to do a thorough background check on the property to make sure it is in good condition.
#2: The Sellers haven’t Lived there long
Today, the buyers have the convenience of checking the background history of the property on the internet. They can find out when the particular property of interest was built or sold. If the seller has lived in the property for a short period, you must ask them the reason for their short tenure. If the property has too many sellers in the past, there could be something wrong with the property.
#3: Your Realtor is also the Listing Agent for the home
If the real estate agent you have hired for your house hunt is the listing agent of the property you wish to buy, you should find another agent. Realtors work is to get good deal for the sellers. They are focused on getting high price on the property which might not be in your best interest.
#4 There are no Photos in the Listing
Home buyers go through the property images attached to the listing when making an offer on the property. If there are no or only a few photos, there could be something wrong with the property. It’s recommended to ask for high-resolution pictures of the property from the seller.
#5 The Location of the Property
The location of the house is a key determining factor when making a purchase. If you wish to buy house in Virginia Beach, check out if the property is situated on a highway or a busy road. You might not be able to make out the location of the house through pictures provided by the seller; thus, Google the address to find out where it stands.
#6 The Home was renovated
If the seller has renovated the property at different stages, it could be an indication to steer clear of the property. If the changes are not uniform or done by different owners, there is a chance that the renovation might not be officially approved.