Buying a home is one of the most exciting purchases most people ever make. For many, it’s also the most expensive. Pennsylvania residents interested in buying a house are hoping to get the home of their dreams at a price they can afford. Unfortunately, whenever there’s a lot of money involved, there is always an opportunity for shady tactics, and the real estate market isn’t exempt from this rule.
What are some real estate strategies to watch out for?
There are various dubious real estate tactics employed by those who are less than scrupulous. It’s best to be conscious of them walking in.
Be careful of purchasing a home listed “as is.” This means that you’d be buying the home with no inspection, and you’d be responsible for any issues that pop up after the sale. The only people who should even be looking at this type of real estate contract are renovators with considerable experience. People interested in this sort of real estate deal because they think they’ll be getting a great price are in for a rude awakening. These homes often have major issues that require tons of cash to fix.
You should also keep an eye out for people who practice upselling. Upselling is when an agent shows you a house that’s just out of your financial comfort zone. If you buy a more expensive house, it will work out to more money for the realtor, but you could put yourself in a financial hole by doing so.
Be extremely skeptical of any real estate transaction where a residence suddenly has competitive offers. Competitive offers in a hot market make sense. A competitive offer on a house that hasn’t had any before you showed up is highly suspect.
What can people do to protect themselves during real estate transactions?
Do your own research regarding neighborhoods, pricing and the reputation of realtors. Don’t take any demands at face value, and don’t allow others to rush you. If you are in the process of buying a home, you may also benefit from working with an attorney who has extensive real estate experience.