For anyone buying a condominium, townhome or even a single family home in a home owner association, you need to have an understanding of the financial status of the association, or you are taking a huge financial risk.
(PRWEB) January 31, 2012
Homes.org recently surveyed real estate professionals around the United States to gain insight on what buyers need to know about the home viewing process. Those surveyed revealed that many buyers, especially first-time home buyers, overlook serious issues during their time in a house or simply aren't aware of what they should be looking for in the first place.
The buyer's agent should be a resource for a buyer to rely upon during the home viewing, however, many buyers fail to find representation until they've already found a home they would like to make an offer on. Not identifying possible issues before a contract is finalized can cost buyers hundreds or even thousands of dollars that could have otherwise been saved.
Problems to Look Out for During a Home Viewing
Real estate experts identified 4 main areas of concern that buyers should be considering as they tour a home:
- Structural Problems
- Community Concerns
- Signs of Serious Repair Needs
- Potential Health Concerns
Some of the warning signs, such as water stains on the ceiling, are more obvious than others. Patrick Hohman was a condo association volunteer president for 24 years, and during that time he traveled the country gathering information for his book Condos, Townhomes and Home Owner Associations: How to Make Your Investment Safer . Hohman pointed out a financial concern that many buyers overlook. "For anyone buying a condominium, townhome or even a single family home in a home owner association, you need to have an understanding of the financial status of the association, or you are taking a huge financial risk," advises Hohman. "The financial strength and management strength of associations is never immediately apparent."
To view more information on warning signs for each of the areas listed above, tips on how to move forward if a home you're interested in shows warning signs or to contact a local real estate agent for advice please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.
# # #