Despite the record low housing inventory and overpriced home prices, now is a good time to buy a home for one big reason. Mortgage loan rates very competitive these days, so if you block your mortgage, you can save in the form of lower monthly payments for years.
However, getting an offer accepted in today’s housing market is not easy given the current competition, so if you do get to this point, you may want to move forward with the trade. But not so fast. Just as it is important to find the right home to buy, it is just as important to find a good salesperson to work with. And if that applies to your salesperson, you might be better off leaving.
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1. It takes them a long time to respond to your proposal.
Some sellers respond to home bids within a few hours, while others may take 24 hours. If you make an offer to buy a home and don’t get a response from the seller for many days, it should immediately signal that something is wrong. Perhaps your salesperson is not at all sure what is moving forward with the sale of a home, or your salesperson is not good at communicating. Any scenario can make your life miserable when you are trying to buy a home.
2. They have strange contingencies.
Sellers have an edge in today’s housing market, which doesn’t mean they can demand higher prices for their homes… This also means that sellers can ask for some rather unusual things in their real estate contracts. If you come across a salesperson who has strange requirements, you may not want to close the deal.
For example, your salesperson might try to include contingencies in your sales contract, where you must agree to keep the current flower beds in your home in place indefinitely because the salesperson has worked hard to plant them and wants to keep it. function. Or your salesperson might add a clause that a homemade porch sign must last at least ten years. Either way, your seller shouldn’t dictate what your home will look like after you buy it, so beware of weird contractual features that limit you to things you don’t need to do.
3. They ask to rent the house for a long time.
Often, the seller asks to return the sold home for rent for a limited period of time. It may be that the house your seller is buying is not ready by the time you close, and your seller must remain in place for another 30 to 60 days. But if your seller is asking you to return the home you are buying for an unusually long period of time – say, four months or longer – then you might want to think twice before signing that contract. This could be a sign that your seller has not found a new home to buy, and may cause you problems vacating the property you are trying to buy.
Buying a home from an unreasonable seller can be a huge problem, so beware of those red flags when you are in the process of signing a contract.