Real Estate

Business & Commercial

Co-op & Condo

Landlord & Tenant

3 red flags in real estate transactions

| Mar 1, 2021 | Real Estate Transactions

Perhaps you are in the process of purchasing a home. Whether you are a first-time buyer or not, if you are not careful, you could end up missing signs that a property you are interested in may not be as good of an investment as you think.

Before you let the excitement of buying a new home take control, consider the following red flags to avoid.

Title concerns

At some point during the home buying process, usually during the escrow stage, you may receive a summary of the property. It is important to go over the title summary carefully for information about issues like easements, liens and other exceptions that could restrict the way you use and enjoy the property.

Faulty cosmetic repairs

Some property owners make repairs and cosmetic enhancements to boost their asking price or get a quicker turnaround on the sales process. You should review all repairs closely and look for signs of shoddy work. Faulty and bad repair work does not always indicate there are major issues that the owner may be trying to hide, However, it could indicate there are bigger repair problems underneath the surface.

Sellers disclosures

You should reference all repair work with the seller’s disclosure. If there are concerns that you feel the seller has not properly disclosed or information does not match up with what you see in the title summary or during your physical inspection of the property, it might be a good idea for you to consider other house purchase options.

Archives