Shopping for real estate can be an exciting adventure. Letting the imagination run wild envisioning living in a place can be exhilarating.
When viewing a property, however, it is important to look out for some major “red flags” that could be warnings of trouble to come.
Is the deal too good to be true?
If a real estate deal is too good to be true, it probably is. It is important to listen to your instincts. According to Business Insider, here are some signs to watch:
- Bad communication: If the communication is lacking or poor, then it could be a sign that the seller is trying to hide something.
- Sudden changes in price: If the price of the property in question suddenly goes up or down, this could be an indication that something is off.
- Unpleasant interactions with the seller or agent: Trouble could be on the horizon if the seller or agent becomes rude, disrespectful or even passive-aggressive. High-pressure sales tactics are often a sign that they are trying to offload the property on an unsuspecting buyer.
- A price that’s too high or too low: If the price is suspiciously too high or too low, then it could be a sign that one needs to take a closer look.
- Vague disclosures: If the disclosure packet doesn’t provide satisfactory details of maintenance and repair history, then it could be a sign that something is being hidden. A house with a questionable history can be a warning sign.
- Poor repair job: If you notice some quick or cosmetic fixes, it could be a sign of a coverup of deeper issues. One of the most common is trying to cover up water damage with a fresh coat of paint.
- Neighborhood issues: If the price is too good to be true, could the property be in a flood plain or a high crime area?
Whether you are a first-time home buyer, or if you are a professional investor, it is important to be aware that real estate negotiations can go wrong. The above warning signs can help purchasers to stay out of hot water when buying real estate.
If a real estate deal has turned sour, it may be helpful to have a professional who is experienced in real estate disputes in New York to ensure your rights are protected.