Purchasing a new home can be one of the most exciting experiences of a lifetime. All too often, individuals who are on the hunt for the perfect property in Virginia or another U.S. state fail to look out for some important real estate red flags. No matter how incredible a house may seem, here are a few red flags to watch for when house hunting.
When searching for your dream home, the most obvious real estate red flag to watch for is a price that seems too good to be true. A house that’s priced below market value could indicate that the seller is extremely motivated, which should definitely make you wonder why. Another thing to watch for is how long the seller has lived in the house. If the seller has lived there for less than two years, don’t be timid about asking the listing agent why he or she is moving out so soon.
Consider the location of the house, too. If the house is located on a busy street or close to a highway, the homeowner most likely has to deal with constant road noise and traffic. If you notice multiple homes for sale on the same street or within the same general area, a mass exodus from a neighborhood is definitely a red flag. Get to the bottom of it before committing to purchasing the house.
Finally, if you realize that the home is suddenly back on the market after recently being under contract, it may mean that something’s wrong with the house. Whether the problem is an issue with the roof or a termite infestation, the cost will most likely be significant to address.
If you’re in the market for a new home, there are several red flags to watch for to make the best decision in the long run. An experienced real estate attorney should understand the complexities of the house buying process and may be able to assist.