Everyone wants to avoid a bad deal. However, when you consider the sizeable transaction of investing in real estate, it’s easy to understand why it’s so important to spot those red flags before you sign a contract and close the deal in a money pit or find yourself entangled in legal battles with the sellers.
So read on as we explore four signs of a bad deal when you’re looking for real estate in Metro Detroit .
FSBO
When the owner handles their property sale, it may be a glaring sign of a bad deal when looking for real estate in Metro Detroit . You’ll have more work to do without the assistance of an experienced real estate pro to handle the transaction. There may be trouble ahead if the sellers haven’t done any market research and set an unrealistic value on the property, something you may not realize until you are deep into negotiations and their temper flares. At Pinnell Enterprises, LLC, our professional buyers have a vast network of connections providing a steady stream of investment opportunities in the Metro Detroit real estate market.
Short Sales or Foreclosures
With short sales, likely, the lender won’t negotiate with you for a lower sales price, and the seller owes more on the mortgage than the property is worth, which is another sign of a bad deal when you’re looking for real estate in Metro Detroit . With foreclosures, you’ll likely be taking on a great deal of work as they typically need repair. At Pinnell Enterprises, LLC, we can help you learn the ropes of this investment property sector, sign up for a free 15 minute zoom consultation with Bill Pinnell at https://www.wildbillpinnell.com/to explore your options.
Market Days
The amount of time a listing has been for sale can signal a bad deal when looking for real estate in Metro Detroit . When the days on the market begin to build over weeks and months, there’s a problem. It could be the price is set too high or too low; both ward off most buyers. There could be an issue with the marketing presentation; today’s knowledgeable buyers typically scroll past poor-quality images, or there are apparent issues with the property showing signs of disrepair. Professional buyers like those at Pinnell Enterprises, LLC are highly seasoned negotiators who’ve handled the most extreme situations and are skilled at coming out on top. At Pinnell Enterprises, LLC, our professional buyers can help make great deals happen to help you increase your returns.
As-Is
When a property is sold as-is, this is a glaring sign of a bad deal when looking for real estate in Metro Detroit . Contingency clauses allow for inspections and for corrective action to be taken before the sale closes or to provide financial reimbursement for the costs associated with any issues that the inspector may discover. Unfortunately, buyers have little recourse when a property is sold as-is and may lose money on the investment.
If you want to avoid running your real estate investment business aground, the pros at Pinnell Enterprises, LLC can help you navigate the waters. Talk to one of the professional investors at Pinnell Enterprises, LLC for smooth sailing when looking for investment real estate in Metro Detroit . Call Pinnell Enterprises, LLC at (734) 245-9654 or sign up for a free 15 minute zoom consultation with Bill Pinnell at https://www.wildbillpinnell.com/to explore your options.