The home buying or selling process can often be a stressful time. Your home is likely the largest asset you will ever buy or sell, so you want to make sure everything is done correctly. If a deal falls through, it can significantly increase your stress and even discourage you from continuing the process! To best protect yourself from disappointing broken deals and added stressors, be on the lookout for the following red flags that can derail a home purchase or sale.
If you are selling a house, you should always ask for proof of finances from the potential buyer. Even if someone seems trustworthy and sincere, proof of finances helps you be secure in your decision. Otherwise, you may end up with a buyer who cannot meet the required payments and who has to drop out of the sale.
The Buyer or Seller Takes Too Long
If the buyer or seller is taking a long time to provide information, this may be a red flag. It may turn out that this person is not actually at liberty to buy or sell a property, which means your home sale cannot happen.
Someone who is buying or selling a house, yet reluctant to provide all requested information is a red flag. For instance, a buyer may ask about roofing or plumbing and find that the seller avoids answering the questions because they do not want to fix these issues before the sale.
The communication between the people buying a house and selling a house should always be consistent. If communication begins well, then abruptly begins to slow down, this could be a red flag. This slowdown in communication could indicate that someone on either side of the transaction has changed their mind.
One of the biggest red flags to take notice of right away is when one partner in a couple wants to buy or sell a property, and the other is less interested. When more than one person is involved in buying a house, it is best to be completely sure that everyone is on the same page before initiating a sale. Otherwise, there is a chance that the couple or family could back out of the sale or purchase.
By avoiding these red flags when buying or selling a home, you can guarantee that you experience a smooth and relatively stress-free experience for yourself and your family.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.