3 Red Flags Home Buyers Should Watch Out ForPosted: February 15, 2018
Home buyers should keep their eyes peeled for structural failures, document issues, and neighborhood situations, Jen A. Miller at The New York Times reports, as these can be costly and even deal-breaking.
Underground problems, bowed foundations, litigious homeowner associations and flips that are actually flops: A lot of things could put the brakes on a home purchase, and they might not be the things you notice while you’re at the open house.
Once they’ve made an offer, home buyers are encouraged to seek out an inspector and pay extra for the most comprehensive evaluation possible. Cracks and water intrusion can signal serious structural failures, and drainage and sewage lines should also be inspected for hidden problems.
Documents such as title reports and sellers’ disclosures can indicate any red flags in the home’s past. For example, sellers sometimes have not lived in the home for years, or ever, if the previous occupant is deceased.
If applicable, potential buyers should also seek out a record of the home owners’ association maintenance costs and fee increases, the article continues, and be wary of associations that either sue or are sued relatively often.