10 Real Estate Red Flags That Are Big WARNING Signs For Buyers
If you’re in the homebuying market, you’ve probably come to realize that the grass is always greener in the listing description—both literally and figuratively. Real estate agents sometimes get creative with Photoshop edits on listing photos, often brightening up the grass and editing out unsightly objects, like a neighbor’s clunker car or wires cluttering a bedroom. They also use some descriptive language that can be, well, deceptive. Adjectives like cozy and charming may evoke good feelings in potential buyers, but they’re high on the list of frequently used adjectives that probably don’t mean what you think they do. Photos and descriptions give you a teaser, but nothing beats an in-person tour for catching any potential sneaky details. Still, there are certain phrases to keep an eye out for as you're browsing for your next dream home online. Below, we're rounding up 10 common words or phrases often found in real estate listings should raise red flags, according to real estate pros. Related Stories“Charming”DreamPictures//Getty ImagesOr, similarly, unique. “Often, this means the property has some quirks that might not appeal to everyone,” real estate expert Yawar Charlie, director of the luxury estates division at Aaron Kirman Group, says. “It could be anything from a funky floor plan to unconventional finishes.” Think about resale value and whether any of these quirks might be a dealbreaker for future buyers, should you choose to sell“Cozy”Cozy is most likely a code word for lacking square footage, Charlie says. “When they call it cozy, they’re hinting that it might be a bit cramped,” he says. “Check for square footage and layout specifics.”“Home Being Sold As Is”"As is" is perhaps one of the biggest red flags in real estate. “It often signals that the property may have significant issues the seller is trying to offload,” says Nikki Bernstein, a global real estate advisor with Engel & Völkers Scottsdale.According to Bernstein, an "as is" condition indicates that the seller is likely emotionally detached and unwilling to negotiate on price or concessions. It also suggests they may be withholding information, indicating there could be hidden problems waiting to be uncovered during inspection, she says. “As is might as well be a warning: ‘Buyer beware,’” Bernstein says. “Fixer Upper”Mableen//Getty ImagesIf you’ve got a design-build background or are looking for homes that are worth renovating, a property advertised as a fixer-upper might make for a fun challenge. But this phrase usually means the property has seen better days and needs some TLC, which is not what most buyers are looking for. Charlie's advice? Bring a contractor or a handyman to the home inspection with you. “You’re not just checking for cosmetic issues; you want to get the lowdown on structural problems, electrical updates, and plumbing repairs,” Charlie says. “A fixer-upper can quickly turn into a money pit.”If you choose to pursue a home that needs a fair amount of love, make sure you’ve got the right loan, Virginia Realtor and real estate broker Michelle Brown cautions. For example, a FHA 203K loan lets buyers roll home improvement costs into their mortgage.“Investors’ Dream”This phrase typically signals the property is in poor condition but priced low for potential profit through renovations or redevelopment, Brown says. This is another instance where you’ll want to have a contractor with you to get a full picture of all the repairs that may be needed.“Make This Home Your Own”This phrase signals the home is likely outdated and in need of cosmetic updates at the very least, New Jersey Realtor Larry Devardo says. Listings that advertise “potential” or say “home has endless possibilities” are also indicators that repairs and updates are needed, he says. “Great Bones”DreamPictures//Getty ImagesOn the upside, “great bones” means the home is structurally sound with strong infrastructure, Maryland Realtor Ellie Hitt says. On the downside, it likely needs a lot of cosmetic updates to bring it up to date with modern conveniences and aesthetics.“Needs TLC”Often, when a home requires cosmetic work, “TLC” is noted, indicating the property needs someone who is willing to put in a little bit of elbow grease, agent Karen Kostiw of Coldwell Banker Warburg says. You may be thinking of new carpet, updated cabinets, and a few other touch-ups, but in some cases, TLC could actually mean the property requires a gut renovation.“Motivated Seller”Translation: The seller is eager to sell, possibly due to financial issues, a pending foreclosure, or a property that has been on the market for a while, says Jeffrey Borham, owner of Tampa Bay, Florida Team Borham. “This could be an opportunity for negotiation,” he adds. “However, investigate why the seller is motivated; there could be hidden issues that have deterred other buyers.”Similarly, “priced to sell” could mean a whole host of things, ranging from the property needs some work or the seller wants to start a bidding war, New York City Broker Sean Adu-Gyamfi of Coldwell Banker Warburg says.“Hot Listing”Some agents advertise “hot listings” on the MLS to create urgency, even if there are no other offers, Misty Spittler, a licensed public insurance adjuster and certified roof inspector, says. Don’t feel pressured, though. She recently had a client bid over asking on a listing advertised as hot. Spittler’s inspection found of necessary repairs, so the client was able to renegotiate.Follow House Beautiful on Instagram and TikTok.
#real #estate #red #flags #that10 Real Estate Red Flags That Are Big WARNING Signs For Buyers
If you’re in the homebuying market, you’ve probably come to realize that the grass is always greener in the listing description—both literally and figuratively. Real estate agents sometimes get creative with Photoshop edits on listing photos, often brightening up the grass and editing out unsightly objects, like a neighbor’s clunker car or wires cluttering a bedroom. They also use some descriptive language that can be, well, deceptive. Adjectives like cozy and charming may evoke good feelings in potential buyers, but they’re high on the list of frequently used adjectives that probably don’t mean what you think they do. Photos and descriptions give you a teaser, but nothing beats an in-person tour for catching any potential sneaky details. Still, there are certain phrases to keep an eye out for as you're browsing for your next dream home online. Below, we're rounding up 10 common words or phrases often found in real estate listings should raise red flags, according to real estate pros. Related Stories“Charming”DreamPictures//Getty ImagesOr, similarly, unique. “Often, this means the property has some quirks that might not appeal to everyone,” real estate expert Yawar Charlie, director of the luxury estates division at Aaron Kirman Group, says. “It could be anything from a funky floor plan to unconventional finishes.” Think about resale value and whether any of these quirks might be a dealbreaker for future buyers, should you choose to sell“Cozy”Cozy is most likely a code word for lacking square footage, Charlie says. “When they call it cozy, they’re hinting that it might be a bit cramped,” he says. “Check for square footage and layout specifics.”“Home Being Sold As Is”"As is" is perhaps one of the biggest red flags in real estate. “It often signals that the property may have significant issues the seller is trying to offload,” says Nikki Bernstein, a global real estate advisor with Engel & Völkers Scottsdale.According to Bernstein, an "as is" condition indicates that the seller is likely emotionally detached and unwilling to negotiate on price or concessions. It also suggests they may be withholding information, indicating there could be hidden problems waiting to be uncovered during inspection, she says. “As is might as well be a warning: ‘Buyer beware,’” Bernstein says. “Fixer Upper”Mableen//Getty ImagesIf you’ve got a design-build background or are looking for homes that are worth renovating, a property advertised as a fixer-upper might make for a fun challenge. But this phrase usually means the property has seen better days and needs some TLC, which is not what most buyers are looking for. Charlie's advice? Bring a contractor or a handyman to the home inspection with you. “You’re not just checking for cosmetic issues; you want to get the lowdown on structural problems, electrical updates, and plumbing repairs,” Charlie says. “A fixer-upper can quickly turn into a money pit.”If you choose to pursue a home that needs a fair amount of love, make sure you’ve got the right loan, Virginia Realtor and real estate broker Michelle Brown cautions. For example, a FHA 203K loan lets buyers roll home improvement costs into their mortgage.“Investors’ Dream”This phrase typically signals the property is in poor condition but priced low for potential profit through renovations or redevelopment, Brown says. This is another instance where you’ll want to have a contractor with you to get a full picture of all the repairs that may be needed.“Make This Home Your Own”This phrase signals the home is likely outdated and in need of cosmetic updates at the very least, New Jersey Realtor Larry Devardo says. Listings that advertise “potential” or say “home has endless possibilities” are also indicators that repairs and updates are needed, he says. “Great Bones”DreamPictures//Getty ImagesOn the upside, “great bones” means the home is structurally sound with strong infrastructure, Maryland Realtor Ellie Hitt says. On the downside, it likely needs a lot of cosmetic updates to bring it up to date with modern conveniences and aesthetics.“Needs TLC”Often, when a home requires cosmetic work, “TLC” is noted, indicating the property needs someone who is willing to put in a little bit of elbow grease, agent Karen Kostiw of Coldwell Banker Warburg says. You may be thinking of new carpet, updated cabinets, and a few other touch-ups, but in some cases, TLC could actually mean the property requires a gut renovation.“Motivated Seller”Translation: The seller is eager to sell, possibly due to financial issues, a pending foreclosure, or a property that has been on the market for a while, says Jeffrey Borham, owner of Tampa Bay, Florida Team Borham. “This could be an opportunity for negotiation,” he adds. “However, investigate why the seller is motivated; there could be hidden issues that have deterred other buyers.”Similarly, “priced to sell” could mean a whole host of things, ranging from the property needs some work or the seller wants to start a bidding war, New York City Broker Sean Adu-Gyamfi of Coldwell Banker Warburg says.“Hot Listing”Some agents advertise “hot listings” on the MLS to create urgency, even if there are no other offers, Misty Spittler, a licensed public insurance adjuster and certified roof inspector, says. Don’t feel pressured, though. She recently had a client bid over asking on a listing advertised as hot. Spittler’s inspection found of necessary repairs, so the client was able to renegotiate.Follow House Beautiful on Instagram and TikTok.
#real #estate #red #flags #that
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