3 Potential Home-Buying Hiccups To Look Out For
The purchase of a home is a major investment, so you must enter into a deal in which you are protected. A large part of ensuring your interest is safeguarded is knowing what to look for with home listings. Discover some things that require a closer look.
1. Unexplainable Cost
Only real estate professionals can accurately evaluate home prices. Yet, even a novice buyer recognizes when a home price does not make sense. For instance, a $450,000 home in a community where the other houses max at $300,000 or a $300,000 home in a community where the lowest home price is $450,000 is unusual.
Both scenarios may be justifiable, but it is wise to dig deeper to understand why. For example, a home listed considerably higher than other homes in the community could be overpriced, and a home underpriced could be a sign that the home is not in good condition.
2. Market Recycling
It is not uncommon for a seller to list their home as a test run, take it off the market, and then based on the response, re-list the property. What is not as common is a home being listed, taken off the market, and then re-listed, multiple times.
Particularly if the home is removed and re-listed after it is under contract, multiple times, this recycling could signal a red flag. While the issue could be that the buyers' financing fell through, it could also be that an inspection or title issue came up towards the end that canceled the sale. You need a real estate agent to look further into the issue.
3. No Inspection Clause
Speaking of inspections, pay attention when a home listed for sale has a no inspection clause. A no-inspection clause means that as a buyer, you cannot hire a professional third-party inspector to examine and verify the condition of the home.
Unless the home is being listed with an as-is status, this clause could signal that the seller does not want the true condition of the house revealed. Again, it does not always have to mean that there is something wrong, but you want to find out exactly why the seller has decided to list the property this way.
The importance of a real estate agent cannot be understated, as an agent can spot these potential hiccups early on and ensure they are addressed before you move forward. Ensure you enter into the home-buying market with someone on your side. Reach out to a company like Sold with TJ to learn more.
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