A Multi-Family Home

Exercise Caution When You Encounter These Types Of Homes For Sale

by Arnold Gomez

Anyone who is hunting for a new home should get into the habit of browsing online listings on his or her spare time. Even if you're working with a real estate agent who is sending listings to you, doing your own research can help you to become informed of what's available and at what price — and, sometimes, you might find something that your agent overlooked, and you can move forward with scheduling an appointment to see that home. As you browse online real estate listings, it's easy to get excited about what you see, but you shouldn't let this enthusiasm blind you. Here are some types of homes that should cause you to feel cautious.

A House That Is Back On The Market

Sometimes, you'll encounter a house that you like, only to later find out that it has been sold — perhaps the online listing has been removed, had its wording updated to reflect the sale, or maybe your agent has called and learned from the listing agent that the house has sold. It's possible that the listing will reappear several days or even weeks later, which can be exciting. However, this is evidence that the sale did not go through. While a buyer's inability to secure financing can prevent a sale from being completed, there's also a chance that a major issue with the home was discovered during the inspection. You'll want to get your agent to investigate what derailed the sale.

A House With A Repeatedly Reduced Price

It's not necessarily a problem if a house has its price reduced. Often, this will be because it was priced too high to start with. However, if you're checking an online listing and have found that the price has been reduced multiple times, it should make you wary. A house that has repeatedly been reduced in price will often have something wrong with it — and this is especially the case if the house seems to be priced below market value but still hasn't sold.

A House That The Bank Has For Sale

It's possible to get a favorable deal when you buy a house that the bank is selling, but there are also issues with this scenario. When a bank seizes a home, it's because the owner hasn't paid the mortgage. This inattention to detail by the owner can also mean that he or she likely hasn't maintained the residence adequately, so there could be major problems with it. Additionally, if it's been sitting vacant while waiting to be sold, which is often the case, it could be vandalized or suffer other issues.