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Real Estate Red Flags That Are Big Warning Signs For Buyers
If you are in the home buying market, you’ve probably come to realize that the grass is always greener in the listing description—both literally and figuratively. Real estate agents sometimes get creative with Photoshop edits on listing photos, often brightening up the grass and editing out unsightly objects, like a neighbor’s clunker car or wires cluttering a bedroom. They also use some descriptive language that can be misleading. Adjectives like cozy and charming may evoke good feelings in potential buyers, but they’re high on the list of frequently used adjectives that probably don’t mean what you think they do. Photos and descriptions give you a teaser, but nothing beats an in-person tour for catching any potential sneaky details. Still, there are certain phrases to keep an eye out for as you’re browsing for your next dream home online. Below are the common words or phrases often found in real estate listings that should raise red flags.
“Charming”
Or, similarly, unique. Often, this means the property has some quirks that might not appeal to everyone. It could be anything from a funky floor plan to unconventional finishes. Think about resale value and whether any of these quirks might be a dealbreaker for future buyers, should you choose to sell.
“Being Sold As Is”
“As is” is perhaps one of the biggest red flags in real estate. It often signals that the property may have significant issues the seller is trying to offload. An “as is” condition indicates that the seller is likely emotionally detached and unwilling to negotiate on price or concessions. It also suggests they may be withholding information, indicating there could be hidden problems waiting to be uncovered during inspection. As is might as well be a warning: ‘Buyer beware’.
“Fixer Upper”
If you’ve got a design-build background or are looking for homes that are worth renovating, a property advertised as a fixer-upper might make for a fun challenge. But this phrase usually means the property has seen better days and needs some TLC, which is not what most buyers are looking for. Bring a contractor or a handyman to the home inspection with you. You’re not just checking for cosmetic issues; you want to get the lowdown on structural problems, electrical updates, and plumbing repairs. A fixer-upper can quickly turn into a money pit. If you choose to pursue a home that needs a fair amount of love, make sure you’ve got the right loan. For example, a FHA 203K loan lets buyers roll home improvement costs into their mortgage.
“Motivated Seller”
Translation: The seller is eager to sell, possibly due to financial issues, a pending foreclosure, or a property that has been on the market for a while. This could be an opportunity for negotiation. However, investigate why the seller is motivated; there could be hidden issues that have deterred other buyers. Similarly, “priced to sell” could mean a whole host of things, ranging from the property needs some work or the seller wants to start a bidding war.
Text by Brittany Anas | Photo by Getty Images | Read More Here
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