Everyone wants to avoid a bad deal. However, when you consider the sizeable transaction of investing in real estate, it’s easy to understand why it’s so important to spot those red flags before you sign a contract and close the deal in a money pit or find yourself entangled in legal battles with the sellers.
So read on as we explore three signs of a bad deal when you’re looking for real estate in Madison, WI.
When the owner handles their property sale, it may be a glaring sign of a bad deal when looking for real estate in Madison, WI. You’ll have more work to do without the assistance of an experienced Realtor® to handle the transaction. There may be trouble ahead if the sellers haven’t done any market research and set an unrealistic value on the property, something you may not realize until you are deep into negotiations and their temper flares.
With short sales, the seller owes more on the mortgage than the property is worth. So they need the lender to approve the sale. This can often be an arduous process, and does not always conclude with the lender approval that you are looking for. So only get involved with Short Sales if you have time and patience – and an experienced Realtor® who has dealt with Short Sales before.
The amount of time a listing has been for sale can signal a bad deal when looking for real estate in Madison, WI. When the days on the market begin to build over weeks and months, there’s a problem. It could be the price is set too high. There could be an issue with the marketing presentation; today’s knowledgeable buyers typically scroll past poor-quality images. Or perhaps there are issues with the property showing signs of disrepair.
Get Some Help
The best thing you can do to avoid a bad deal is to align yourself with an experienced Realtor® who is investment minded. On the buying side you don’t even pay any commission typically, so it’s a no-brainer to get help from a professional. A good Realtor® can help turn these red flag situations into great buying opportunities, or encourage you to walk away if it’s just a bad deal.