Need Mortgage Help?
Fast Mortgage Rate Quotes

Buyer Beware Of The 5 Things Sellers Try To Hide

Comments Off on Buyer Beware Of The 5 Things Sellers Try To Hide
Bookmark and Share

purchase-homeworkYour dream home may not be what you expected it to be after signing the dotted line. Okay so you’ve found your dream home, placed the offer and are excited to sign the dotted line, but wait!

What if the seller failed to declare the negative aspects of the property such as pest infestation or cracked foundation. Here are a few common things that sellers try to hide during the sales process, and questions you can ask to have them spill the beans.

Leaks

Leaky roofs, ceilings, radiators and faucets – brokers, real estate agents and sellers may try to temporarily fix them in an effort to attract offers. But sometimes it is best to be honest, which proves that the property is well cared for.

Fact is that leaks are a common issue, and good news is that they can be fixed easily before closing day. So it’s not worth masking something that really isn’t a very big problem.

Pests

The entire house looks great, but believe it or not, termites may be chewing away at the walls while you’re admiring the expensive dining room. Laws regarding disclosure of pests vary across states, where Michigan, Texas and North Carolina require that sellers inform buyers about possible infestations during the sales process.

Emotional Defects

In most cases, sellers are not required to disclose if the property is rumored to be haunted or if a murder or death occurred there. But as a buyer you can easily get hands on this information from the Internet.

Roof And Foundation Issues

Major cracks in the foundations can cost several thousand dollars to fix so try to locate them when looking through a house. If you smell moisture in the basement, you can always ask the seller if you can cut out a piece of sheetrock and see if any cracks are present underneath.

Age Of Systems

Real estate experts claim that there are several sellers that do not reveal the age of home systems such as HVAC systems and water heaters but a home inspector will easily and quickly reveal this information.

Questions To Ask

When asking questions, don’t just limit them to real estate agents and sellers, but speak to the neighbors as well. Ask the neighbors any questions you might have about the home such as why are the sellers moving? Have you witnessed any construction problems in the area? And have you seen any repair trucks at the home lately?

Another important document to get your hands on is a CLUE report or Comprehensive Loss Underwriting Exchange, which is an information report and is available from your insurance agent. If you as a buyer still have questions, but really want to make an offer, you can actually state that as a condition in the offer and your questions will be answered at a later date, but before closing day.

Tags: , , ,

Related Information:
  1. 6 Signs This Home Is The One
  2. A Short Checklist Of Home Buying Rules
  3. All Cash Or Small Home Loan, Pros And Cons Of Each
  4. Applying for a Mortgage: How Much Can You Afford?
  5. Arizona Mortgage: How Much Money Do You Need to Buy a Home?

Trace Richardson has written 638 articles on BankChirp.com

I'm Trace Richardson and am the founder of LeadPress. I’m a licensed California Real Estate broker and a former equities trader previously holding the Series 7, 63, 55 and 24 securities licenses.

Contact the author

0 Responses to “Buyer Beware Of The 5 Things Sellers Try To Hide”


Comments are currently closed.
Mortgage Rates