Don't Get Your Hopes Up When You See These Types Of House Listings
Posted on: 14 December 2016
It's easy to quickly get your hopes up when you're in the market for a new home and you appear to find a listing that matches your search criteria. You might quickly start to picture yourself in the home, but it's important to retain some degree of neutrality so that you don't get too disappointed if the purchase doesn't work. Often, you'll be able to identify some warning signs that suggest you shouldn't get your hopes up — even if the price, location, or features of the listing seem initially pleasing. Here are some examples.
The Price Has Been Reduced Multiple Times
When you find a home for sale and ask your real estate agent for further information on the property, he or she will be able to let you know the home's pricing history. This history will include the home's original listing price, as well as any pricing changes. If your agent informs you that the home's price has been reduced multiple times, it's a good idea to avoid getting your hopes up. Repeated price reductions are often a sign that there's something wrong with the home. For example, it could require significant repairs that are keeping buyers from submitting offers.
There Are Few Photos In The Listing
A good online real estate listing should have several photos that show the exterior and interior of the home and clearly depict each room. If you come across a listing that has little to no photos, you should be skeptical. In many of these cases, the home is an eyesore and the listing agent knows that photos might scare away any interested buyers. While you might still wish to pursue learning more about the property from your real estate agent, you should avoid getting too focused on this particular listing.
The Home Is Being Sold By The Bank
While it's certainly possible to buy a home sold by a bank for a good price and be happy with your purchase, there are also some reasons to be concerned when your agent finds out that a bank, rather than the homeowner, is selling the property. This can often indicate that the home has gone into foreclosure because the homeowner could not afford to make mortgage payments. In this scenario, the home may require a lot of work. For example, if someone couldn't afford to pay the mortgage, he or she probably wouldn't be investing money into the roof, windows, and other elements of the home that require upkeep.
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