When evaluating a potential real estate deal, an owner who wants to sell house fast is always a huge red flag.
This is not meant to discriminate, nor generalize. However, research has proven that home sellers who want to rush selling their houses are almost always hiding something. This means that you, the homer buyer, will most likely be inheriting more problems from the property that you initially expected.
This is an unfortunate but very real scenario that a lot of home buyers, especially those who are new to real estate, find themselves in.
That’s why we listed down 5 reasons below on why you should be wary about certain real estate deals.
1. Errors and discrepancies
A lot of people take the word of the offering memorandum as hard truth. However, it’s not its true purpose. Not even close. In fact, the OM is meant to serve only as a guide, at most, because most of the information provided there isn’t to provide prospective home sellers everything they need to know about the property, but instead, to make the property fetch for a high price.
It’s not unusual for real estate agents to purposely provide wrong data and information to drive up the value of the property.
Make sure that you double check this, if it is provided, and see if there’s anything that doesn’t match with what’s actually true. If you find out that the sellers is lying, move on to the next deal. They’re not worth the effort anymore.
2. Signs of unethical behavior
Whether it’s the owner, or the listing broker, or the property management group hired to sell the house, if you notice any signs of unethical behavior, you might as well take your money elsewhere.
Remember, we live in an dishonest world filled with unethical people.
Always run at the first sign of unethical behavior.
3. Unrealistic claims
It’s not unusual for home owners who are looking to sell their house fast to make unrealistic claims about how good the condition of the house is.
Regardless of how adamant they are that the house is in good condition, always double-check. Also, if you find out that they’re lying, then move on. As already mentioned, any signs of lying and unethical behavior is a huge red flag.
Besides, if they lied about one thing, who knows what else they were lying about?
4. Bad market
Not all real estate deals that look good are truly good.
If you can, do a market study of the place. Check if there’s demand for the property, or if there’s a chance to raise rents on it in the future, or if there’s any potential to expand.
If the answer to those questions is a no, then move on.
You don’t want to be caught with a real estate deal that doesn’t bring in any returns, even after significant investment on your part.
5. Issues during the ocular inspection
This is where deals are broken and made.
Even if the property looks good on paper, if it doesn’t check out in person, then skip the deal. Also, this should go without saying, but always check a property in person first before you buy it. The main reason for this is that there will always be certain problems that will only be found during a personal visit to the property.
Some problems might not be about the property itself.
Certain problems can be about the noise levels there, or how much traffic there is going to-and-fro, as well as high crime rates, among others.
How Do I Sell My House Fast?
Consider these tips as a guide on how to sell your house fast as well.
If you want a potential homebuyer to trust you and buy your property with little to no financial investments on your part, always be honest. Do your due diligence and make sure that every little detail you put in the description of your property on your listing is true.
This way, even if a potential homebuyer skips the deal, they may recommend your property to someone who might find value out of it.