Be aware of signs to walk away from real estate purchase
On behalf of Vergara & Favia LTD, Attorneys At Law posted in real estate on Monday, January 21, 2019.
Purchasing a new home often requires a great deal of trust. The buyer may have only a few brief chances to examine the property for defects or shortcomings, and the excitement and nervousness of the event may make it easier to miss important details. Certainly, an Illinois homebuyer can benefit from a thorough inspection, but some real estate experts suggest there are other indicators that the buyer should walk away and look for another deal. If the seller or the seller's agent seems too eager to make the deal quickly, the buyer has cause to be suspicious. Rushing a sale or encouraging a potential buyer to skip the inspection may be a sign of serious damage. A seller should be forthcoming about any repairs or improvements as well as any defects or problems. If the seller is hesitant or unwilling to produce the appropriate paperwork, such as title and permits, the deal may be too good to be true. Hasty cosmetic fixes, an unusually low price and high ownership turnover are other signs to a buyer that something may be wrong with the house. Cosmetic fixes, including curb appeal, may be used to hide or distract from serious flaws or defects that could be costly to a new owner. The problem may not be with the house alone. Frequent turnovers could indicate issues with neighbors, high crime in the area or a flood zone, to name a few. Illinois house hunters who are looking for a bargain would do well to seek advice regarding every aspect of their home purchase. It is important to know that the seller is not hiding information and that the property has a clean title. An attorney can be of great assistance during the purchase or sale of real estate.