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What if I buy a house that is hiding major problems?

In some aspects, buying real estate is like trading stocks. Whether you're buying property for investment purposes or not, the purchase could be a gamble and it does require considerable expense. However, if all factors line up just right, the return on investment could be substantial. But what happens if your home purchase appears to be a good deal, but turns out to be anything but?

Sellers are bound by a seller?s disclosure which offers a semblance of protection to the buyer regarding any known issues with the property. However, this does not protect a buyer from any unknown problems and if you have an unscrupulous seller, they may still avoid disclosing certain issues if they think they can get away with masking the problems until after the sale. This, however, is illegal in the majority of the U.S..

So how do you protect yourself and minimize the risk of purchasing a money pit? A seasoned home inspector may provide invaluable insight. You may also benefit from the confidence a real estate attorney can impart. A real estate attorney can ensure contracts have correct wording to protect your investment and stipulate that the seller must disclose any known issues. A one-year home warranty is also something you may be able to ask your seller to pay for. That could help protect against specific issues that may arise, such as appliances breaking down or a plumbing leak.

If you are purchasing a house as an investment or otherwise, you may benefit from contacting a real estate attorney familiar with Florida laws. They can work with you from the beginning of negotiations and may be able to help you procure a deal that you can feel comfortable with.

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