Anyone who’s about to buy a piece of property is probably very excited. Whether it’s a first home, an investment property or some other piece of real estate, it’s always nice to sign those final papers at closing and know that the property really belongs to you. It’s a great feeling. Sometimes, though, that great feeling can turn into a bad one later, if you realize that you were cheated in some way when you made your purchase. If you overpaid, or if you agreed to terms that you shouldn’t have, you could really have a problem. That’s also true if you agreed to an interest rate that was too high, because you wouldn’t be able to make your payments very well.
In addition to those common kinds of problems, there are unscrupulous sellers that can come along occasionally. Most people are very honest, but the market is tough right now. Because of that, it?s possible that a seller will avoid disclosing something to a buyer. If the home inspector doesn’t catch the problem, the buyer could be stuck with it – and there would be very little recourse. It’s hard to prove that the seller knew about it, in some cases. Always get a home inspection, even if you’re paying cash or your lender doesn’t require it. If you don’t get one, you could end up with a very serious problem if there’s something big (and, therefore, expensive) wrong with the house.
With a tight market that’s difficult for a lot of people, there will be more problems than what would otherwise be expected. You can protect yourself by finding a good real estate agent and by doing research into what you really should be paying for what you’re buying. Always have the home or building inspected, and get a second opinion if you don’t feel comfortable.