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(#11) The Red Flags Are Red So You'll See Them
From Redditor /u/BrainTroubles:
I work for a regulatory agency in California: first and foremost, find out if the state you live in has a "buyer of the property buys into the problems" type of laws. Potential buyers of any property whatsoever - do your godd*mn due diligence. Does your purchase agreement have an indemnification clause? That's a huge red flag. Is there an environmental hazard in existence at the property address (check your regulatory agencies public websites and search your address - it's not hard at all)? That's a huge red flag.
It blows my mind how frequently we contact property owners who bought a property and had no idea it used to be a dry cleaner, and they have a gigantic PCE plume that's impacted a quarter-mile of groundwater, and the sketch person who sold it to them has vanished into the wind. Do your due diligence. If the seller won't agree to or won't perform an environmental site assessment, or agree to be liable if a hazard is found? HUGE. RED. FLAG.
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(#18) Don't Ignore Straight-Up Signs Of Exterior Or Interior Damage
From Redditor /u/gmspen01:
Exterior:
Look for efflorescence (white ring from water) on any concrete, stone, or brick. Also look for any cracks that are larger than 1/4 of an inch. Look for lifted shingles, popped nails, or any damage to the roof. You can make a good guess at the age of a shingled roof by looking at the space between the tabs or on architectural shingles - the amount of grit left on the shingles. Also on a brick or stone house, push on the exterior walls hard. A lot more houses than you think have a wall that will move. And look for small holes that have been filled spaced evenly around the house (evidence of termite treatment).
Interior:
Check all your windows - if there is any condensation buildup or evidence of previous condensation they have probably lost their seal. If there are air fresheners anywhere, be suspicious, look for them in the vents if the vents are in the ceiling. If they are present they have possibly had water issues in the ductwork. Also if the house is on a slab, look in the ducts in the slab to see if there is water or any evidence of water. Look for rust on the water heater and the breaker box.
Lift up on countertops to make sure they are secured (really frequently not). Pull on shower heads and faucets because often they are not secured properly. Check all your light switches and appliances. Most people don't think to refinish above the doorframe on the inside of closets, so it's a good place to check for settlement cracks.
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(#19) Ask The Right Questions
From a former Redditor:
-"How has the market performed in this area over the past year? Past three?"
An agent can easily pull a year-over-year analysis for the market you are interested in to see how it has held up over the years.
-"What is the foreclosure rate for this market area?"
Also easy to pull. This is a pretty good market indicator as well. If the rate is high, this means the market is undergoing a significant change. Coupled with the market data above, this gives you a good picture of where your market is headed for better or worse.
-"Can I have a copy of the appraisal?"
Most people don't know that they can request a copy of their home appraisal if they are getting one for a transaction. Even though you are paying for it, YOU ARE NOT THE CLIENT FOR THE APPRAISAL (the bank is), so no one is just going to hand it to you unless you ask for it normally.
-"What are the estimated closing costs?"
There's sticker shock at the closing table quite often. Closing costs for your average home can run into the $10,000 range or more for a financed deal, which is out of pocket normally. You can get seller's assist for some of this if your lender will allow for it, it's usually a percentage like 3% or more.
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(#8) Check The Appliances
From Redditor /u/abbeymb:
Be sure to test all appliances that are staying with the house. Icemaker, dishwasher, microwave, garbage disposal, stove, washer/dryer, etc. Nothing worse than spending so much money to get into a house only to realize half the appliances don't work properly.
Also, be sure to visit the house multiple times from the time you are under contract until closing day. Check out the house and yard when it's raining, scope out the neighborhood in the evening when all the neighbors are home, try to drop by on Saturday or Sunday mornings to see which neighbor is mowing their grass at 8 am.
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(#10) Scan The Outside Perimeter
From Redditor /u/Jtizzzle:
Realtor here. Grading. Hands down. Or, the angle at which the ground slopes at the foundation of the house. If the ground slopes towards the house, then that means any rain is just going to be funneled right up to your foundation, and [it] can cause some big problems. Extra caution if it is sloped concrete, like a driveway, 'cause that means either mudjacking or jackhammering, both labor and cost-intensive.
Seriously, when you're looking at a house, do a walk around the perimeter first. Could save you tens of thousands and future foundation problems.
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About This Tool
Both buying and renting a house requires many major decisions to be made, which can be both exciting and frightening. Some red flags that are easily overlooked may make you regret your wrong decision in the future. To buy or rent a house, it is not only necessary to understand the costs and procedures in the process, but also to inspect the house on site is also an important link.
During the field visit, some key elements related to the house must be carefully investigated to avoid various problems after moving in. The random tool lists 20 important red flags you should watch out for that are shared by real estate agents and homeowners.
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