It is easy to be enticed by advertising that promises a home that has been “completely remodeled,” “stripped down to the bare wall,” or “priced below comparable homes in the area.”
Overzealous sellers can exaggerate or make misleading claims about a property’s amenities in an effort to make a quick sale. Daren Blomquist, senior vice president of Realty Trac, a provider of housing data and analysis based in Irvine, Calif., said most flippers “want to turn a property in three to six months.” RealtyTrac considers any repeat home sale that takes place within a year as a flip.
Eye-catching claims like “safe neighborhood,” “growing area” or “easy commute to work” can be easily verified by city or state statistics. But other statements, such as “ample parking in the back of the property” may be more difficult to confirm — and a visual inspection of the property may not be enough.
Under normal circumstances — where the seller is not a real estate professional — the buyer may want to contact a real estate attorney to intervene and help to either initiate a claim or take the necessary steps to obtain title to the portion of the property that was not included in the deed.
However, when the seller is also a Realtor, buyers may want to try an alternative approach before they resort to legal action.
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