Avoiding Real Estate Rip Offs

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I have found an interesting article where HomeVestors of America is offering a free report on “The Top Eight Tips To Avoid Real Estate Rip-Offs”

This is all well and good for the home owner, but how about the home buyer? It’s not fair that they should be left out so I am going to offer some tips for the home buyer so that they do not get ripped off.

  • The most important tip I can offer is to research the house you are buying.
  • Is it in the right neighborhood? What are your neighbors like? The last thing you want is to move next to the neighbor from hell.
  • Spend a couple of extra dollars by getting a pest and building inspection report organized. If you are scared that then house might sell beforehand sign the contract with a ‘subject to clause’ stating that the sale can go through once a satisfactory pest and building inspection report has been obtained.
  • If you don’t want to spend the money right off you should really take the time to check the property out. Certain things to look for are cracks in external walls which would point to excessive soil movement, and newly painted walls which could also be hiding cracks and other problems such as salt damp.
  • Don’t be afraid to make a lower offer as you could save thousands of dollars, especially if the house needs some minor repairs.
  • Whatever you do, don’t borrow above your means. The last thing you want is to lose your home because of some interest rate rise or some other unforeseen expense. Borrowing less is always best as it will also allow you to make extra payments cutting your loan time and saving you thousands.
  • I hope that you find some of these ideas advantageous and welcome any other ideas you may put forward.


    This Post Has 2 Comments

    1. Rich

      Good Post…I totally agree with you! Especially regarding the point about not being afraid to submit a low offer on a house. My motto is – if I haven’t been thrown out of the seller’s house then I’ve offered too much..:) Remember, the seller can always just say “NO” and you can renegotiate to a higher amount. I usually like to follow up my low ball offers with…”Ok…fine…If I can pay you all cash and close quickly, what’s the least that you’re willing to accept?” and then no matter how low they’ve decided to go…ALWAYS follow up with..”Is that the best you can do?”…you’ll get a few more grand out of the deal. If it is what you consider a fair price then go for it…if not move on. Remember after all, they have ONE house that they must sell…you have THOUSANDS of houses that you can choose from.

      Rich’s last blog post..Success Tips From Real Estate God – Donald Trump

    2. BS Artist

      Thanks Rich for those extra tips, I may use them when I move next. I especially like

      Remember after all, they have ONE house that they must sell…you have THOUSANDS of houses that you can choose from.

      Keeping that in mind may stop people from jumping in when there are better deals in the market.

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