KNOXVILLE, Tenn.–(BUSINESS WIRE)–The ugly truth in real estate is that deals don’t always go smoothly. Sometimes, buying and selling snags can even turn into true terrors, resulting in frustration – and possibly panic – for all involved. HGTV’s FrontDoor.com has identified ten hair-raising real estate horror stories and offers tips on how to avoid such nightmares. (http://www.frontdoor.com/top10)
#10: Spooky surprises at closing. When it comes down to the wire, sometimes interest rates, closing costs, and even mortgage payments turn out to be higher than expected. Consulting an agent or broker to review closing documents line-by-line can help figure out the problem.
#9: Awful agents. Most realtors are true professionals but some don’t live up to their potential. Be sure to research and interview multiple agent candidates and get recommendations from friends and family before hiring a realtor to represent your best interests.
#8: Unwelcome guests. Homes vacated by foreclosure or uninhabited investment properties may just have uninvited guests, as “squatting” is on the rise around the country. A property management company can check on an empty house and take care of routine maintenance issues.
#7: Scary short sale buying. Buying a short sale – a property purchased for less than the owner owes – is anything but a short process. Even under ideal circumstances, short sales take a long time and are always uncertain. Make sure the participating agent has lots of patience and experience with the procedure.
#6: Formidable financing issues. Everyone is jumping through more hoops to get a loan these days. It’s a good idea to get more than one good faith estimate and stay on top of the mortgage application, working closely with the financing company to keep it on a timely track until completion.
#5: Neighbor nuisances. Problem neighbors can quickly turn a dream home into a nightmare. Before buying, talk to neighboring residents to get a feel of who lives closeby. Be sure to be neighborly after the sale too, so any problems can be addressed quickly and courteously.
#4: HOA horrors. Homeowners associations certainly have their perks, but sometimes the rules and restrictions can be a bit much. When considering the purchase of a home governed by association covenants, review them closely and shy away from anything that seems outlandish.
#3: Showing shockers. Besides some bad taste in décor, there might be even worse horrors inside today’s homes for sale. With many distressed properties on the market, it’s not surprising that some of them have not been properly prepped for the sale.
#2: Frightening home flaws. Many people buy seemingly well-maintained homes only to uncover huge flaws later. Never purchase a house without first having an inspection (even for a new construction) and check things out just prior to closing to make sure the seller has taken care of the place since the contract was signed.
#1: Ghastly pasts. A “stigmatized property” is a home with a shady past (think crack house or murder scene). Sometimes there are good deals to be found on this type of property, provided potential buyers can overlook a grisly background.
About FrontDoor.com
FrontDoor.com (http://www.frontdoor.com) is an online real estate information service powered by HGTV, the No.1 source for home-related media content. The site currently offers more than 4 million listings of homes for sale. In addition to providing users with the latest real estate listings, FrontDoor.com houses expert HGTV advice and videos along with original Web series and a comprehensive library of features, tools, guides and information. Users can also interact with FrontDoor through Facebook and Twitter.
FrontDoor.com is run by Scripps Networks Digital, a diversified multi-platform programmer that delights millions daily with award-winning content in the home, food and living categories. Scripps Networks Digital’s Web sites — HGTV.com, FoodNetwork.com, DIYnetwork.com, FineLiving.com, GACTV.com, Recipezaar.com, HGTVPro.com, FrontDoor.com; and the newest Food2.com — are powered by engaging content, interactive tools and social spaces that take fans of Scripps Networks cable brands further into the story and offer online users information and inspiration to fuel their passions. SN Digital also distributes content to mobile and online partners, providing lifestyle solutions virtually anywhere, anytime.
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