As a Florida realtor, you want to help your clients find the most favorable home that suits their needs. Do you know which red flags to bring to a client’s attention that may spell disaster later on?
Forbes explores warning signs for residential real estate transactions. Learn when a property may harbor hidden risks.
You may feel a price drop represents a boon rather than a burden, but look deeper before encouraging a client to make a quick offer. Sellers who drop a home price by more than $20,000 or $30,000 within a quarter or month may have a reason to want to unload the property as quickly as possible. Do some digging to determine whether the home sustained structural damage or has other concealed issues.
No home inspection
Encourage all your clients to have a professional inspect a home before making an offer. That way, they do not have to worry about inheriting termite issues, faulty wiring, leaking pipes or other complications that could cost a small fortune to remedy.
Existing lawsuits or other legal action on a specific residential property could give your clients negotiating power, or they may decide to look elsewhere. Reach out to the local county office, homeowners association or court databases to check the house’s legal history.
Zoning and Structural Complications
While investigating the home’s legal history, check to see if it has structural or zoning issues in its background. Clean-ups, repairs and changes may create issues for you and your clients. Residences with such issues may throw a wrench in a hopeful homeowner’s plans, delay their move-in date or result in extra expenses.
Listen to your instincts if you feel something amiss with a house. Due diligence may save you and your clients a lot of grief.