Common Misrepresentations by Home Sellers

Common Misrepresentations by Home Sellers

Unfortunately, you cannot always truest sellers of a home. Here are some common things that sellers misrepresent when they are trying to get a buyer to purchase their home.

When you get ready to buy a home, it is up to you to do the homework and research to ensure that you are getting a quality property that is worth your money. You cannot depend or rely on the seller’s word because they often misrepresent the home in various ways and once you sign that bottom line, you are stuck with the building regardless of what the seller told you about it. Here are some common misrepresentations and outright falsehoods that you should watch out for as a home buyer.

The House Does Not Have Pests
The seller might say that the house does not have pests, but you cannot know for sure until you have a home inspection. Most inspections do not include looking for pests and other critters inside the walls so you may have to ask for the inspector to include this as part of the service. It will probably cost a little more, but it may be worth it if there are pests and bugs living inside your walls. Termites, mold, mice and other problems could be living in the home and the seller may not even know about it.

Maintenance Costs and Taxes are Inexpensive
A seller will say many things to entice a buyer into buying their home. As a result, they may try to downplay the cost of the utilities, taxes and maintenance costs of the home. One way to get around this is to ask the seller to see their last few bills so you can at least get an idea of how much extra you will be paying each month. Does it cost hundreds of dollars a month to heat the home? Are the property taxes reasonable or outrageous? These are just a few of the extra costs to consider when buying a new home.

Developers are Adding Golf Course and More
When considering buying a home in a new development, the seller might tell you about the builder’s plans to build a community pool, a golf course and many other features that are attractive to today’s home buyer. However, you should always ask neighbors and possibly even the builders if those plans are still on track. As a result of the economic downturn, many builders have run out of money and have abandoned their original plans to build many of these features in their developments. Many states have disclosure laws that state sellers must inform buyers of these abandoned plans, but that does not mean it always happens.

Remember, when you are buying a home, it is up to you to find out the information about it. The seller wants to make the home look like a better deal so they are going to dress it up and make it sound great. But you are the one that will be paying on a mortgage for the next 30 years so take it upon yourself to educate yourself so you can make the best financial decision possible.

Your code to embed this article on your website* :

*You are allowed to change only styles on the code of this iframe.

Comments

Add your Comment

Featured - 30 Year Fixed Mortgage Rates 2019

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
4.990% 4.990% 0.00 $0 $1,341 Learn More
Rocket Mortgage
NMLS ID: 3030
4.875% 4.875% 0.00 $0 $1,324 Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
3.523% 3.500% 0.25 $732 $1,123 Learn More