The process of buying a home can be a bit stressful. From selling your current home to securing a mortgage, it is easy to see the challenges. Unfortunately, most buyers do not realize how overwhelming searching through the various available homes can be. The number of homes available for sale in today's market may be low compared to previous years, but most buyers are still frustrated by the inventory they need to search through. With this guide, you will learn a few red flags found in listings to help you narrow down the search for your new home.
Seeing a home is crucial before making an offer, but if a listing does not have any photos or has very few photos, the seller or seller's agent may be trying to hide something.
In some instance, the listing may not include photos of the home's exterior because it is unattractive an in need of a lot of work. If only exterior photos are posted, there may be cosmetic problems affecting the interior of different rooms in the house.
If you are intrigued by the listing, you can schedule a showing to view the house in person. However, expect the worst, since the lack of photos means there will be SOME sort of issue with the house.
Back On Market
If a property is listed with the term, "back on the market," the original contract to sell the home fell through for some reason. Of course, there could be a good reason why the sale did not happen. For example, last-minute financing issues may have prevented the buyer from closing.
While some reasons are understandable, a home that goes back on the market before closing may have problems you should be concerned with. Issues with the home may have been found during the buyer's inspection. These issues could have been so problematic, the buyer decided to back out of the contract.
If you are still interested in the property even though it is listed as being back on the market, make sure you and your agent ask the seller's agent for full disclosure on the property and if an inspection was completed.
Unless you are looking specifically for a home to fix up, you should avoid buying any home that is labeled as a "fixer-upper."
The term is not used in listings that need a fresh coat of paint or detailed cleaning. The term "fixer-upper" usually means a good amount of work is needed to make the property livable. Properties listed with this red flag may require new floors, plumbing, cabinetry, roof repairs, or even a new heating and cooling system. These are not just cosmetic issues, but issues that are physically, emotionally, and financially distressing.
By avoiding properties with these red flags, you can reduce the number of potential homes. Then, you will be able to better us home listings to buy a house suited to your needs, likes, and budget.