*Current Owner Assumed Their Mortgage: While assumable mortgages can be a legitimate way to purchase a home, they can also be used by unscrupulous buyers who want to avoid going through a bank.
*Low Down Assumable Offered: If the terms of the mortgage seem too good to be true, they might be. Additionally, an overpriced home may have a low down payment option that could leave you with a mortgage that's higher than the home's value.
*Stained Basement Items: Water stains on any item in the basement should be questioned, as they could be a sign of past or ongoing water issues.
*Newly Finished Basement: This is a common way to hide past problems, especially concerning water penetration. Be sure to ask about any past water issues and request documentation of any repairs that were made.
*Odd Smell: Mold, mildew, water issues, or even a past drug operation could be the cause of an odd smell in the home.
*Exterior Cracking: Any unsealed opening on the exterior can cause water entry, which can lead to serious damage and costly repairs.
*Slope Toward the House: The grade of the yard should move water away from the house, not toward it. Poor drainage can cause water damage and other problems.
*Attached Homes Without Condo Fees: If you're considering an attached home without condo fees, be aware that you may be responsible for shared repairs and maintenance costs. It's important to know who is responsible for what before you buy.
*Hot Water Tank Damage: Any sign of wear and tear on a hot water tank should be addressed quickly, as it could be an indication of imminent failure.