Bad Deals are on the rise in UK Real Estate – Don’t Be Fooled

The sound of a good deal is hard to pass up. I’ve covered UK real estate and personal finance for a long time, and I am here to tell you: good deals come and go. There are some amazing savings to be had in the UK real estate world right now. Indeed, many sellers are looking for a way out. That’s not to say that you have to take advantage of people, but you’ll find some pretty good deals as long as you’re willing to dig around. It’s just a matter of making sure that you’re peering through all of your options and keeping a clear head.

That last part though, is why UK consumers could be in trouble. The rush to close on cheap real estate is spawning complains of very bad value properties across the country.

There are a few signs of a bad deal property in the air, and it’s important for you as the buyer to do your own due diligence, always. Nobody is going to protect you better than your own mind, so don’t forget that. Here we go.

First and foremost, you want to avoid properties that look like they’re being advertised by every agent in town. This is usually the sign of a property that just can’t be picked up by anyone due to the way it looks on the outside — or worse, on the inside. A house could have subtle damage that you don’t notice until you’ve already signed an agreement to buy the property. Getting into this type of bad deal never puts a smile on anyone’s face. Avoid these heavily advertised homes like the plague — because that’s what they’re going to be come if you aren’t careful.

Make sure that you’re also looking for plenty of pictures. You want to get pictures of all of the rooms, the front of the house, and the back of the house. You also want to see the listing agent give you a great view of the front of the property. If they aren’t doing that, that’s a sign that the house really isn’t as interesting as they’re trying to make it. Sometimes the desperation inherent in pawning off a bad deal means that people will literally do anything to get it done.

You also want to watch location in terms of price. Some people will price a property high in hopes that you’ll see how close it is to a more desirable location. This isn’t done all the time, but it’s done enough to give you a bit of hesitation. If you’re going to go for a property like this…negotiate! The worse thing that they can do is say no. if they’re really hot to sell it and get out from underneath it, they could consider your offer favorably.

Be wary of signs that indicate cash buyers only — even though this is the sign of a regular owner and not a property management company, the truth is that it could be a sign that mortgage lenders aren’t going to approve financing. This could leave you in the lurch when it comes to getting proper financing.

There are some great deals out there, but you really do need to know what you’re looking at. When in doubt, go to the property’s location and request the time to look around. The seller should also agree to an inspection before you would commit to buying any property. Go with a home inspector that you hire, not the seller. Good luck!