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Buyers Beware of Bargain Basement Blinders

It never fails to happen. Buyers who are seeing some of the great prices on homes posted on the internet call and say "we must see this house now." We go to check out the property and they fall in love. They figure that rates are low and the payments are well within their comfort range, we can do this they say.

We tour and then the buyer finds the perfect floor plan for their needs. The utilities are on and the property isn't winterized so you can flush toilets, run faucets and check the basic mechnaicals. The house is only a few years old, so chances are the roof will be okay and the electric panel should be sufficient to support a modern family. A little carpet, a little paint and it will be as good as new..

"WE WANT IT" they say in unison.

But....you had to figure there was one of those coming didn't you? Let's go outside and take a look around. Do you have any concerns about the power lines running right through the neighborhood? Oh we can live with that they say. But...yes another one, what about the huge electric substation you pass to drive into the community? Oh we hardly even noticed it. Okay how about that water tower in the backyard? Oh well maybe we should think about this a little more.

As a buyers agent our responsibility is to point out as many of the "buts and what about" that we can to protect our client. Sometimes it feels like being the wet blanket at the party BUT and this is the good one, pointing out concerns that can impact the future value of a property or be future financial nightmare to a buyer is a huge part of our responsibility.

Water Towner in Prince William County neighborhood

If you are a buyer looking for an agent who wants to make sure your interests are protected in today's turbulent Northern Virginia housing market give me a call. I'll make sure that I answer all your questions and point out all of the things you should consider before you finalize an offer on your new home. No hassle, no pressure, just straight talk about today's real estate market.

I'll make sure you don't end up with the bargain basement buyer's blues.

Posted by Cindy Jones-Northern Virginia Real Estate & Military Relocation Services on 01/14/2009 07:05 PM

Comments (24)

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Originally posted at: : Buyers Beware of Bargain Basement Blinders

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24 Comments on Buyers Beware of Bargain Basement Blinders

JAN

Oh my, I guess love really is blind if you can't see that huge water tower looming in the back yard! Of course, their water pressure should be quite good, right?

It is amazing what some buyers can 'miss' on the initial home searching process. Although there is a certain beauty about the view out the back windows overlooking a huge watertower. =)

Cindy, great post. I totaly agree with your line:

As a buyers agent our responsibility is to point out as many of the "buts and what about" that we can to protect our client.

I had somebody ask me before "so, did you sell a house today" and my response was, no I think I talked them out of it. Your post is right on!

Cindy, good post. I always put on my listing agent hat for a minute and think, "how hard will it be to sell this house in the future" with power lines, water tanks, etc., near that not so perfect, perfect house.

Hi Cindy~ Sometimes those bargain basement blinders are priced so low because of those exact things you wrote about that tend to be deal breakers! Another one I have been running into is that some homes back up to busy streets (noise problems)

Hi Cindy...Doing what we should do is the very best thing we can do for our clients. Sometimes that means taking off their blinders.

Good advice.

Kate

Hi Cindy

Buyers and sellers need the services of a professional today far more then in the last 30 years. Buying and selling real estate is serious business.

Good luck and success

Lou Ludwig

It's true, a lot of buyers just look at the home and block out any "negatives" that are in the neighborhood. Sometimes buyers won't see those power lines or water towers until after the purchase. It's always good to have the buyer's agent around for a professional second opinion...

JAN

Love the blue water tower in the back of the pic of the home.

Silvia-you would think it would but of course it is a reservoir tank and not connected directly to the house :-)

Jenn-you could consider it your own special space ship hovering to protect you!

Mike-I have no problem NOT selling a home if in my professional opinion it is one that a buyer should pass on. I try and give them as much information I can to help them make an informed decision.

Rich-we think alike in tht regard. I also give them ideas of things that will help their resale value in the future if they decide to go ahead with a purchase. Please don't over personalize!

Vickie-but the noise doesn't bother me they say. Yes but it will most likely bother the next buyer or if they have children they will have concerns about safety

Kate-sorry I can't hear you I have on my rose colored glasses :-)

Lou-perhaps if there had been more serious agents 4 years ago we wouldn't have so many buyers in trouble today.

Steve-everyone has an opinion on power lines but water towers and electric substations should always be a deal breaker. Though obviously they weren't for the current owners of the homes I showed!

Chris and Maria-and it is a photoshop trick either!

Cindy: We have to always be looking out for the best interests of our clients. In Gainesville there are some condos listed that make the phone ring. My first time buyers are soooo excited. There are railroad tracks running parallel to the community property line. You would never know they are there if you aren't familiar with the area, or if a train weren't passing by. I am always pleased to have the train passing when showing one of these below market condos. Makes the point LOUD and clear.

JAN

Chris-railroad tracks and major highways another biggie. In the winter buyers often forget that they want to spend time outdoors in the summer and they forget to stand on the deck or patio for a few minutes and listen for the noise levels.

There is a subdivision between Flagstaff and the Grand Canyon call Valle. People buy acreage here un-seen (usually on E-Bay) for around $10,000. It's nuts. Then they want to sell when they figure out they bought crap and can't sell. This gives me an idea for a blog post on this, thank you!

Johnathan-raw land sight unseen? Must be a great ad to lure them in. I'll keep an eye out for your post.

Oh look at that water tower - what a backdrop - NOT! I once sold a new construction subdivision that had high tension wires, railroad tracks and a water tower! Yikes, good thing the homes were for first time buyers, inexpensive and the market was good!

Cindy, good information to remember. My buyers agent goes thru everything to make sure the buyer is aware of any negative problems.

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