They say that when something is too good to be true, it probably is. When buying property, you’d want to ensure you’re getting what you’ve paid for, nothing more and nothing less. Some sellers are so desperate to let go that they’re not above telling a few untruths just for the sale to push through. One red flag is if the occupants of a house haven’t lived there for long and the house is now in the market.
So what are these red flags you should look for?
A flood-prone area
Before looking at a property in an area, do your research. The house or condominium unit may be in a flood-prone area. Many cities in Metro Manila are prone to floods, while real estate prices remain the same. Ask people who live on the street where you’re eyeing to buy property. Neighbors are usually honest and will tell you if your suspicions are correct.
Street with many unoccupied houses
If you see this, it could mean many things, and one of these is that there could be safety and security issues in the area. Again, do your research. Google news articles about the street and ask the people who live there.
The price is too low
Everyone knows the prices of real estate continue to increase every year. If it’s too low, you should do further research.
The seller can’t show a title or an authority to sell and is making excuses
Make sure you’re being sold a property with a clean title and not just “rights” to live there. Also, make sure the property is not under litigation. You can check this by looking at databases, online or offline. If you’re a serious buyer, the seller or their agent or broker are obligated to show documents that you’re indeed purchasing something legitimate and legal.
Defects in the house or condominium unit
Nothing you purchase will be perfect, but if you find a small property defect and the seller dismisses it very casually, that’s usually a red flag.
A seller who uses too many flowery words when describing a property
Be careful when something being sold to you is described in words that are too flowery. That usually means they’re hiding something.
When the seller is dismissive of your concerns
If you’re concerned about the availability of public transport in your area, that’s not a small matter to be dismissed. You’re going to invest your money in a place where you’re going to live in.
So what do you do when there are red flags? You get to the bottom of them but move on if these are things that can’t be resolved.
Look for a reputable agent or broker with your best interests at heart. RE/MAX Philippines agents are empowered with resources that enable them to help clients buy and sell property. The RE/MAX advantage is that a personal RE/MAX estate agent represents you from start to finish for total customer satisfaction.
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