Signs of a Bad Home Deal in Illinois

 Posted on February 27, 2024 in Real Estate

Buying a house can be a challenging process filled with potential pitfalls. While the perfect home and the perfect real estate deal may not exist, there are some warning signs of a bad deal that you and your Chicago, IL, real estate attorney can look out for. From questionable sellers to outright scams and mortgage companies committing fraud, the residential real estate market can be a minefield. This is why it is so important to have legal representation. An experienced attorney will know what to look for to make sure that you are getting a fair deal when you set out to buy a home. If something about your real estate transaction feels wrong or “too good to be true,” it probably is. Always seek the advice of an attorney before committing to buying a house.

Warning Signs of a Real Estate Deal You Do Not Want to Take 

Taking a bad deal can leave you at best, with costly repairs to cover, and at worst, out of money and with no home to show for it. Warning signs that usually mean you should walk away from a sale include: 

• Undisclosed defects - The seller says their home is in excellent shape and they are unaware of any major issues. When the home inspector comes, they tell you otherwise. You find out the seller “did not know” their water heater had given out, the roof needs urgent replacement, the basement contains crumbling asbestos tile, or the bathroom vents are venting into the attic causing mold. In all likelihood, the seller was well aware of the issues and trying to take advantage of you. 
• Commitment before showing - Never make any legal commitment before you have physically seen the home in person. If a seller is demanding or heavily pressuring you to sign a contract or pay earnest money before you have actually been inside the home, there is a very strong likelihood that they are attempting to scam you. They may have shown you photographs of what the house looked like inside before their last tenant moved in with eleven untrained dogs, or they may not even legally own the property. 
• Will not work with your lawyer - If your seller has a strong negative reaction upon learning that you are represented by a real estate lawyer, odds are, they are afraid your lawyer will find out something they do not want you to know. 

Working with an attorney is the best way to protect yourself from serious home-buying pitfalls.

Contact a Cook County, IL, Real Estate Attorney

Whitacre & Stefanczuk LTD is committed to protecting home-buyers from questionable real-estate sellers Our experienced, Polish-speaking Chicago, IL, real estate lawyers will protect you like we would our own family members. Contact us at 773-622-6100 to start with a free consultation.