Everyone wants a great deal no matter what they are buying. However, if the price of a home seems too good to be true, ask yourself: what’s the catch?
Sometimes, sellers need to act quickly and may offer a sound home for much less than its market value. Unfortunately, this is rare because most wouldn’t dream of losing money unnecessarily.
Here is what to consider if you find a property for a ridiculously low price.
Is the location a problem?
Consider whether the owners are selling merely to escape the neighborhood. Perhaps the community is suffering an economic decline, or the crime rate increased over the last few years.
Check into the neighborhood before you decide to buy the home.
Does it have hidden problems?
Sometimes, physical problems or defects in a property are buried so deep you won’t notice them right away. Although disclosing structural and other property issues is legally mandated, it does not mean some won’t try to get around this requirement.
Look closely during your walk through to spot signs of potential problems (sagging floors or walls, etc.).
How is the foundation?
Maybe the owners want to get out from under the house because of a hopelessly damaged foundation. Problems with a foundation are expensive to repair (when repairs are possible) and hard to spot in a casual viewing.
Having someone inspect the property is typically the most effective way of identifying foundational defects.
These are just a few reasons homeowners should practice caution when considering an underpriced home. Someone familiar with Illinois real estate laws and local trends can help you avoid these and other possible pitfalls when purchasing a new home.