Let’s say you’ve been looking for a house to buy, and you’ve finally found one that seems perfect. It’s in a nice neighborhood in the middle of the city, and the price is too good to let it go. The estate sellers say it’s in perfect condition, that all the required repairs and renovations were already done by the previous owners, and that they have a lot of people interested in the property.
Sounds good, right? What could possibly be wrong? The fact that “the seller says” these things, that’s what.
Is the Seller Telling You the Truth?
Most estate sellers are nice, honest people. But every now and then, people run into a scam.
If you’re in the real estate business, you already know what caveat emptor is: buyer beware. This principle entails that the buyer alone is responsible for checking out the property before buying it. The onus is on you, so don’t take any chances.
Here’s a great way to avoid this: when inspecting a house, ask the seller how much every repair will cost—don’t let them distract you when you do this.
Ask for an Inspection Report
Always ask the seller for a home inspection report as well. If they haven’t gotten the property inspected yet, make them do it. An inspection report will alert you of the repairs that need to be done and the extent of the damage (or lack thereof). Based on this initial sketch, you can then decide whether or not to proceed.
And once you’re there…
Get a Repair Cost Estimate
The next step is to send a reliable repair cost estimate provider the inspection reports. We, at Repair Pricer, use regularly updated data and market prices to deduce an accurate estimate of the money it will take you to repair the house.