There are 6 VERY common home buying red flags that you should definitely be aware of!
So, you finally have an accepted offer on a home you LOVE, BUT, you’ve just found out that there are major issues that you are going to have to deal with?
This is definitely a situation that you WANT to Avoid at all costs, and in this post, I am going to touch on 6 Red Flags that may indicate major problems right at the onset.
Be sure to read to the very end, where I share the BIGGEST Red Flag that years of experience have taught me to be very watchful for!
Home Buyer Red Flag #6: Weird Smells
It’s too bad that MLS listings don’t come with a scratch and sniff button! Weird smells can be very indicative of problems that you really don’t want to deal with. Moldy and musty smells, ammonia smells, sewer smells, and even cigarette smoke smells can all signal ‘work’, and some ALOT more so than others.
Home Buyer Red Flag #5: Lipstick and Mascara
So, if the house looks amazing at first glance, but when you look at things just a bit closer, you see that things are not quite as they appear, this can be a red flag that what you are looking at is a quick and cheap flip. Always take the opportunity to view a home twice before submitting an offer. It’s amazing what you notice at second glance.
Home Buyer Red Flag #4: Foundation and Structural Issues
This gets a “do not pass go” with me, unless you are an experienced home buyer with perhaps a contractor in the family. Foundation and other structural issues are generally alot of work, and can get very expensive. Lateral foundation cracks, excessive settling, sagging roofs, bulging walls- these are huge red flags.
Home Buyer Red Flag #3: The home is a FSBO
Nothing against FSBOs, BUT, I have generally found that if there is going to be a legal issue resulting from a non disclosure, it’s always with a FSBO. Private For Sales may not always be aware that Latent defects MUST be disclosed to buyers, and in all honesty, private sales don’t seem to have any standards of regulation whatsoever to adhere to. It’s pretty much like the wild west out there.
Drop me a comment in the comment section if you have had an interesting FSBO situation that you would like to share- I always find these very interesting!
Home Buyer Red Flag #2: The home is Tenant Occupied
While many Tenants are absolutely amazing, a Tenant occupied home has the potential to turn into an absolute nightmare for Buyers that are purchasing the home to move into. If the Tenants fail to vacate before the closing date, the purchaser will be assuming the Tenants, and at the same time, will not be able to move in themselves.
Home Buyer Red Flag #1: Ad copy that Includes WAY too many promising adjectives
The biggest home buying red flag that I want you to be aware of is often hidden in the ad copy! Phrases such as Rare Opportunity, Very Special and Unique, Won’t Last, etc, when you’ve already seen the home listed at least 8 times already in the last year are sure signs that there is definitely something not quite right with the home. Generally in these instances, the price and description definitely doesn’t jive with the reality that you will find once you view the home in person.
If you have found the information in this post helpful, you will also likely be interested in checking out 10 Must Ask Questions when Buying a House in Thunder Bay.