Homebuyers need to be on the alert for bogus claims
Most homebuyers shopping in a choppy market are taking their time. But, if you're in the minority of people who have a deadline - because of an impending birth or a new job - this environment offers both opportunities and challenges.
Some people who move too quickly are motivated by timing pressures related to relocation, while others worry they'll be living with their parents because they've sold their home a bit faster than expected.
But the bigger issue is often with stressed sellers who are simply too anxious to get out in a hurry.
When a homeowner is desperate to sell and a buyer is ready to fork over the cash, the truth about a house is often swept under the rug, experts suggest.
As a result, novice homebuyers need to watch out for those little fibs when house shopping, says real estate expert Barbara Corcoran.
For instance, some 'motivated' sellers will tend to forget about items like:
- Personality of neighbors and the neighborhood.
- Status of home repairs, particularly the roof.
- Insect and rodent infestations.
- Elevated radon levels.
- Legal trouble, like unpaid taxes, liens, and outstanding judgements.
- Excessive airplane noise overhead.
- Trouble with the building department due to un-permitted renovations and additions.
- Water damage and frequent basement flooding.
- Quality of local schools and institutions.
- Possibility of future disruptive construction in the area.
To protect yourself, stay in the driver’s seat and question everything. You're under no obligation to please the seller; don’t cave even if they act like they're disappointed or claim they never noticed any of these items.
Did you get a nasty surprise after you bought your home? Was the issue resolved?
By Gordon Powers, MSN, Money
Posted by: Robbin | Apr 28, 2021 12:50:25 PM
The day we move into the house my sister just bought it rained cats and dogs. We had two inches of water in the basement. Apparently the previous owner was advised to repair the foundation but chose not to about a year before my sister bought it. She had had the same problem, but chose not to disclose the issue. The problem was never resolved with the previous owner or her real-estate agent who was aware of the problem.
Posted by: Bettie | Apr 28, 2021 8:07:21 PM
Figured we were too old to be crawling in attics, crawlspace, or on roof, so hired a building inspector. What he didn't put in his report cost us approximately $29,000. I actually fell through a bathroom floor! Actually had to rebuild trusses and sheathing of roof, and much other stuff. I complained and he returned his fee, but as the bills piled up I tried to take him to small claims court. My lesson: Read what you sign! When the inspector started, he asked me to sign a paper "to ensure that if I fall off your roof, you won't be liable for hospitalization, etc". So I signed. BUT the fine print also stated that if I had problems, my only course of action would be to hire a tribunal of qualified building inspectors.......
Instead, I used my excellent marketing skills to bad-mouth him until he eventually went out of business!
Posted by: T_REX | May 1, 2021 10:25:27 AM
It is not just the building inspectors! The assessors HAVE to be hired by the bank and if you disagree with the assessment, there is not much you can do except change banks. They are hired out of a pool of assessors that are approved by the banks. Our close friends lost over 25,000 based on a poor assessment of their property. It can really work in your favor if you are purchasing and get an assessment in your favor.