Are you thinking of dipping your toes into the Southern Maryland real estate market? Done with renting and looking to own a home of your own? Purchasing a property is likely the largest transaction you’ll ever make, so be sure to do ample research when checking out the current listings. The good news is, that by simply reviewing a listing, you can learn a lot about a home. Here are some listing red flags that will help you skip the properties that aren’t worth your while:

Photo Quality

There are some red flags to look out for when it comes to listing photos. The biggest of which would be if the listing doesn’t have any photos at all. This could mean one of two things—either the seller has zero motivation to sell the home, or the place needs major repair or clean-up. If the listing photos only depict the exterior of the house and surrounding neighborhood, this could indicate that there are problems with the interior. Occasionally, listings will include photos that are taken with a fisheye lens, causing them to look stretched out, which is typically done because the rooms are smaller than average and they’re trying to make the property appear spacious. Natural light is a big selling feature, and it improves the quality of any picture, but if all of the pictures are taken with the curtains drawn, you have to wonder what kind of horrors they’re hiding on the other side of that window.

Lower Priced Properties

If a seller lists their home with a well-below-market asking price, there’s probably a reason. There are circumstances where a homeowner may need to sell quickly, like money issues or job relocation, but it’s best to ask your Realtor to find out the motivation behind the reduced asking price. You’ll also want to find out how long the current owner has lived there—if they’ve only been there a short time, it may be an issue with the house itself, or a problem in the surrounding neighborhood.

Short Sale

A short sale happens when the current homeowner has defaulted on their mortgage payments and are on the cusp of foreclosure. Purchasing a short sale can sometimes allow you to purchase for a much lower price, but there are some factors you should be aware of prior to entering into such an agreement. The short-sale process can be long, as you’re not just negotiating with the seller, you’re also negotiating with the bank that owns their mortgage. Also, if the owner has not been able to pay their mortgage, they might not have had the cash to maintain the home and yard maintenance.

Multiple Listings

As a potential buyer, you’ve probably done your research to pin down the neighborhoods of Southern Maryland that you prefer. Just be sure to take a close look at the listings in those neighborhoods to see if there’s a pattern of many homes for sale. Multiple listings in the same neighborhood can sometimes mean that there are problems with the area. Is there a spike in crime? Have the schools lost funding? Are there plans to build a large development in the area? All of these things can alter the feel of the neighborhood and may be causing people to go elsewhere.

Renovations History

If the home was renovated in different stages, that could be problematic. For example, if the owners turned the garage into a family room in 1986, then added a bathroom and guest room to the family room in 2003, this could be a red flag that the renovations aren’t uniform or that they weren’t done to code. Be sure to pay attention to the square footage on the listing, because if they list a home as 1700 square feet but it’s obviously 3000 square feet, that means the additions were done without proper permits, which could be a problem for you in the future.

 

With hundreds of home listings at your fingertips, house hunting can be overwhelming. The key is to cull the ones you don’t want and focus on the listings that pique your interest. With this knowledge in mind, you should have an easier task ahead.

 

If you have any questions about a listing that you’re considering, a mortgage pre-approval, or if you need a recommendation for a local Realtor, please reach out. I’d be happy to help.