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Risks of buying an apartment — how to buy secondary real estate safely

 
 
As a rule, potential buyers of real estate are not aware of the possible risks and do not often suspect any troubles that may arise at every step, even where there are no reasons to bother. Therefore, we tried to count not only the reasons of risks related to documents, but also the general risks of an unsuccessful purchase.
 

Risks the buyers face by buying an apartment and their reasons: 

 

Risks that arise in case of lack of experience and knowledge.

Risks arise:
  • If you buy an apartment on your own, without enough experience and understanding of the intricacies of the purchasing process;
  • If buying an apartment takes place without competent verification of documents and history;
  • You risk to buy an apartment expensively or very expensively, if you do not have the understanding of the average price in the market and price environment;
  • Risks are high, if you buy real estate without understanding the purchasing procedure;
  • You risk, if you listen to or engage in decision-making any incompetent persons, friends, acquaintances;
 

Risks of a buyer, who wants to save money:

Sometimes, risks arise, when a buyer has a natural desire to pay less:
  • For example, when you re-issue documents with rather low expert evaluation;
  • Or, in case of buying an apartment for very low price, without enough information about the possible reasons of such price.
 

Risks a real estate buyer faces by giving the bargain money;

You risk being involved in an unpleasant situation in the following cases:
  • In case of incorrect formalizing of the bargain money or formalizing it not in a written form (contract of advance payment);
  • If a contract of advance payment is formalized without originals of the entitlement documents;
  • If a contract of advance payment is signed without attesters.

 

Risks arising due to emotions:

You may face the risks in the following cases:
  • When you give full rein to emotions in the purchasing process,especially when you re-issue documents in the notaries bureau and transfer the bargaining money;
  • If you interact with a seller in a negative way. The probability of compromise with the seller of real estate becomes more difficult because of emotions.

Sometimes, risks may arise from bias towards the intermediaries or agents of real estate.

 
Risks related with bias torealtors:
  • When working with realtors, some buyers intend to deceive a real estate broker and sometimes may turn their own realtor from an ally to an opponent, that may cause an unfavourable progress of actions to the buyer.
  • The risk of buying overestimaed real estate when looking for housing without intermediaries.
 
 
 

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