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What red flags should I look for when buying a home?

When buying a home in Rhode Island, it’s important to do your research to ensure you're getting what you expect. Even if a property looks great, there could be lurking repair issues or lawsuits connected to the home. Forbes explains the following home buying red flags and how you can determine a property’s true value.

Hidden lawsuits

A home could be involved in litigation without the buyer ever being aware. You can check for litigation by contacting your local county office, or by searching the address online. If you decide to move forward with the sale, this information could be used as leverage during price negotiations. However, many buyers choose to forgo the purchase altogether, since they could become the subject of legal issues as the new owner.

Decreases in price

A significant decrease in price, sometimes as much as $30,000, could signal a serious issue with the property. While minor price drops are common when a home has been on the market for a length of time, major decreases may indicate structural issues or another serious problem that will go on to impact any future owners. You can ask for an explanation for the price drop, as well as properly researching the home. You can also have a home inspection performed.

No home inspection

Home inspections will look for less obvious defects, such as problems with the foundation or plumbing system. When a home inspection is not performed a buyer is deprived of important information, and in many cases, sellers are not obligated to disclose these issues. If a defect is found, you can request that the seller fix it or take money off the asking price. If the defect is severe, you can also choose to set your sights elsewhere.

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