Real estate is, was, and will always be high risk. Each potential homeowner knows that, while hopefully unlikely, it’s possible that their deal could quickly go sideways. Knowing how to spot red flags and potential complications will aid you, but there are occasions that all the foresight in the world can’t help a buyer avoid a bad deal. When you find yourself in a position as such, it’s crucial to know how to proceed. These tips can help you make a bad situation into a learning experience.
Know Your Rights
First and foremost, know your rights. Part of your pre-purchase due diligence is learning about your buyer rights. Make learning the bare essentials of real estate laws in your area a priority before you sign anything.
Burden of Proof
Know that the burden of proof is on you. If your new property is a lemon, you’ll have to prove that the seller had previous knowledge of any home issues that may result in major damage. Collect plumbing, heating and repair records from the buyer in case an untreated issue becomes a catastrophe. In the case of a court date, these documents could ensure the court sides with you.
Call Your Agent
Contact your agent before your contact a lawyer. See if there is an amicable resolution you and the seller can agree to before considering a court case.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.