Do you have ability to identify and tackle home seller’s misrepresentations while buying your desired home? The real estate market experiences fluctuations with the changing time. As a result, various elements in the market struggle to find their way to make money despite the market variations this is why Seller representation is so important.
Sellers’ dishonesty tends to rise with the fall in real estate market. They make use of various tactics to cheat the potential home buyers.
This is why buyers find it difficult to carry out fair property transactions while dealing with such dishonest sellers. Home sellers try their level best to convince the buyers to purchase their home at an unreasonable rate. Hence, home buyers need to be aware of decisive tricks played by the sellers and they should even have knowledge of right measures that will prevent them from falling prey to the market deceptions. Here are some of the seller’s misrepresentations that you need to identify and tackle properly while purchasing your dream home.
Financial frauds: Common misrepresentations are often financial. Sellers play tricks to mislead the potential buyers with respect to the cost of their annual taxes or monthly utilities. They make home buyers believe that their desired home is more affordable. You can easily deal with such a tricky situation by following right measures. Ask for utility bills of past few months from sellers in order to verify the costs. Pay a visit to the tax assessor’s office to verify all by yourself the prevailing tax situation. Doing so, you won’t fall to the tricks played by home sellers.
Dimension misrepresentations: Some sellers try to exaggerate the dimensions of the home that they intend to sell. Most of the times, they are not even aware of the exact dimensions and just to make it appear more appealing they wrongly represent exaggerated values. This is when the buyers need assistance of an efficient appraiser. By employing some reputed real estate valuations, home buyers can get right dimensions that were previously quoted wrong by the sellers to hike their home rates.
Unbearable neighborhood: Another important fact that sellers can try to hide or even omit while convincing you to buy their home is the unbearable neighborhood. If the seller is trying to sell home due to some intolerable neighbor residing next to him, he won’t attempt to inform you about it. The best solution for this kind of lie is to take a walk in the same locality and try to inquire about the people residing nearby to get an idea about the prevailing atmosphere in the community. If a particular neighbor is genuinely troublesome then you will get to know about it as the rest of the members of same locality will complain regarding the same, if you have a chat with them. Avoid purchasing house if the neighbors are the real nuisance.
Imperceptible problems of foreclosed homes: Most of the times, the bank-owned homes do not come with a full disclosure. So, it is advisable to be watchful while purchasing some foreclosure home. While most of the states have introduced laws about disclosure, some of the states in the USA lack them. Hence, at times the buyer won’t be aware of a particular issue that prevails in the house that is listed by seller for sale. Without any physical evidence, a seller might not attempt to inform you an issue that can matter you a lot in future. For an instance, a leakage that is about to form or any hidden termite problem while developing the home. The best way to deal with such issues is to hire some renowned real estate appraisal services to carry out an extensive home inspection and appraisal that properly cover problems due to mold, pest and leakage. Experienced appraisers will give you fair value of the home by deducting the cost due to prevailing faults inside the house.
Unfair market value and nasty surprises: A home seller may hire a seller’s agent that convinces you to buy home only keeping in mind the interests of the seller. Seller can quote a high house rate that is actually unreasonable and inaccurate. A home buyer should not fall victim to such a kind of deception. To protect yourself from such a kind of seller’s misrepresentation, you should hire a buyer’s agent and appraiser that can offer you fair and accurate market value of the desired home. An efficient appraiser can even make you aware of the nasty surprises that you may come across after purchasing the specific house.
If you learn to identify all these seller’s misrepresentations along with the right measures to tackle them, you can get your dream home at a fair market rate and without being duped by any decisive tricks of home seller.