7 Red Flags for Home Buyers

Castaneda & Co. Blog

From Pat Mertz Esswein, Associate Editor, Kiplinger’s Personal Finance Dec 7th, 2009

Before you bid on a home, check for potentially dicey, and pricey, problems.New home

In most states, home sellers must disclose any defect they know about that could affect how desirable — and marketable — their home is before they sign a purchase contract. Even in the six states that lack a “mandatory seller’s property condition disclosure” (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state’s licensing agency may require real estate agents to tell buyers what they know. In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.

But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made. You should always make your purchase contract contingent on…

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