Buying Your First Home? Be Vigilant for These Red Flags

 Posted on October 10, 2022 in Real Estate

Buying a home for the first time can be both exhilarating and overwhelming. There are seemingly countless factors to consider when selecting a home, and the home-buying process itself can be complicated and confusing. Unfortunately, some first-time buyers are so eager to move into the house of their dreams that they overlook major problems. They find themselves trapped in a situation that has turned from a dream into a nightmare. 

If you are planning to buy a home for the first time, the importance of doing your homework cannot be overstated. Do not rush into anything. Remain vigilant for potential red flags that could indicate serious problems with the property or the home-buying process. 

Red Flag #1: The Owner is Hesitant to Allow an Inspection 

Having a home examined by an experienced professional home inspector is one of the most vital steps in the home-buying process.  A qualified inspector will look for any and all potential problems with the property. If the owner of the property is hesitant to allow an inspection or insists you use an inspector of their own choosing, this is a major red flag. 

Red Flag #2:  The Price Dropped Quickly and Dramatically 

Everyone wants to get a good deal on their home. However, if a home's price has dropped more than $20,000 very suddenly, this could be a sign that something major is wrong with the house. If a price seems too good to be true, it probably is. 

Red Flag #3:  More People Are Moving Out of the Neighborhood Than Moving In

When considering a particular neighborhood, pay attention to the turnover rate. If more people seem to be moving out of the neighborhood than moving in, this could indicate that it is not a desirable place to live. Do some research on the crime rate and local schools in the area before making an offer on a home. 

Red Flag #4: There is Pending Litigation on the Home

Make sure you find out if there are any liens or encumbrances on the property before deciding to buy it.  If there is pending litigation against the property, this could end up costing you a lot of money down the road. 

Red Flag #5: The Seller is Pressuring You to Make a Decision Right Away 

In a seller's market, it is not uncommon for buyers to feel pressure to make a decision quickly. However, if the seller is pressuring you to sign on the dotted line without allowing you time to fully inspect the property or consult with an attorney, this is a major red flag. 

Contact a Fairfield County Residential Real Estate Lawyer

Buying a home is likely one of the most significant financial decisions you will ever make.  Do not go through the process alone. An experienced Greenwich residential real estate lawyer with Ivey, Barnum & O'Mara, LLC can protect your interests and help you avoid potential pitfalls. Schedule a consultation today by calling 203-661-6000 to get started.  

Source:

https://www.forbes.com/sites/learnvest/2014/06/20/6-home-buying-warning-signs-you-shouldnt-ignore-and-what-to-do-about-them/