Interactions with buyers, sellers, and different real-estate agents can sometimes feel like Russian roulette. That’s why it’s important to have an experienced realtor on your team. Without them, you might not be able to catch some of the more subtle red flags that can pop up. Many of these red flags have nothing to do with the home itself. Here are some of the common ones that you or your realtor should definitely be asking about in addition to things like pricing, the local neighborhood, and the general real estate market.
Have There Been Many Different Owners in a Short Timespan?
If your home-to-be has had 15 different owners in the past 30 years, something is definitely up. This doesn’t necessarily mean that there’s something wrong with the home itself. It could be something in the surrounding area like a nearby railroad, frequent airplane traffic, or a not-so-great school district. Ask your realtor, their realtor, and your seller what the problem could be and how much it’ll affect you.
Are They Offering A Very Low Price?
Never let greed get the better of you. There’s a difference between finding a good deal and being tricked. If a house is $10,000 or so cheaper than the houses nearby, they could be trying to beat the competition. But if it’s $50,000 or more, lower than local houses that have the same stats, you should definitely be skeptical. You don’t want to end up with a house that has a ton of subtle problems.
Have Many Local Houses Been Listed In The Last Few Months?
This question is really important for two reasons.
First, if there are a lot of properties going on sale at around the same time in the same neighborhood, then something is definitely up. A mass exodus of homeowners can mean many different things, most of them bad. Conduct research with your realtor’s help to determine the cause so you can decide if it matters.
Second, if there are lots of similar homes listed locally, you have more options! Go look at the other properties and see if you can get a deal. You might even get the original seller to lower their price due to the competition.
Are There Any Environmental Hazards?
Possible environmental issues shouldn’t keep you from buying a home unless they are frequent and very violent. If there’s some potential flooding in your area, just buy flood insurance in addition to your regular homeowners insurance and change your offer accordingly. However, you might want to avoid places with yearly tornadoes or frequent floods.