The housing market is usually most active towards the end of the year, as many people tend to look for houses with the mindset of "buy land at the beginning of the year, buy a house at the end of the year".
With plans to buy a house by the end of the year to provide stable housing for her family and celebrate a complete Lunar New Year, Ms. Nguyen Thu Hien in Hanoi said she is urgently searching for a new house that she can move into this month. Her current rented apartment also expires at the beginning of January.
"With the financial resources of over 3 billion VND that we managed to secure at the end of the year, my husband and I are trying to finalize the purchase of a house quickly so we can celebrate Tet," Ms. Hien shared.
Like Ms. Hien, homebuyers at the end of the year often have a "quick purchase" or "hasty purchase" mentality. This mindset can lead to financial losses and legal risks.
Many homebuyers at the end of the year often have a mindset of making a quick purchase (Illustrative image: Ha Phong).
According to Mr. Do Ngoc Thang, Regional Sales Director of a real estate company, the risks of buying a house are not limited to the end of the year. The perennial issues for real estate buyers are, firstly, legal matters; secondly, valuation; and thirdly, the advice of the real estate agent.
Legally, customers may face risks when transacting on houses that do not have a title deed, are sold without a title deed, are bought and sold with handwritten documents or notarized agreements, have a shared title deed, have a title deed held by an illegal lender, or where the homeowner has already used the title deed as collateral for a loan from 2-3 people… The most common risk is when the homeowner uses the title deed as collateral for a loan from a financial institution – requiring a written sales agreement or a deposit contract.
"If brokers don't thoroughly check the properties for their clients, it can lead to many risks for buyers and unforeseen consequences, because most real estate properties are worth billions of dong," Mr. Thang said.
Secondly, regarding price. According to Mr. Thang, at the end of the year, there will be a lot of advertisements: "Bankruptcy requires selling house, urgent sale, shocking price at the end of the year…" It is very likely that these are advertisements designed to exploit greed for profit.
"If brokers offer you a price lower than the market rate, I would definitely advise you to be suspicious and be wary of surprisingly cheap deals," Mr. Thang emphasized.
According to Mr. Thang, for real estate agents, the initial "bait" tactic of offering bargain properties with drastic price reductions, which are actually not real but rather a trick to attract buyers' attention and then lead them to other properties, is no longer new and has even become a common practice in many markets. Similarly, agents exploiting buyers' desire to "close the deal quickly" to inflate prices and pocket the difference is also not uncommon.
With decades of experience in real estate brokerage, Mr. Thang believes that transactions in residential real estate remain vibrant daily. The most important thing for buyers entering the market is to thoroughly research and identify potential risks.
Regarding the legal aspects of real estate, Mr. Thang's experience indicates that buyers need to carefully check the land title deed and ensure the information on it is accurate before making a deposit. And of course, transactions should be conducted through reputable real estate agencies, as they possess the best expertise to guarantee the legal status of the property.
Regarding pricing, Mr. Thang analyzed that if buyers go to see apartments A, B, and C today, with similar layouts, locations, and alleyways, they can estimate the average price in this area.
Furthermore, Mr. Thang emphasized that the professionalism of the real estate agent is extremely important. Besides legal aspects and price, as I mentioned above, the agent is present throughout the entire process for the client, from searching and viewing properties to completing the purchase and sale procedures.
According to this expert, from the very first meeting and interaction, through a few questions, you can check whether they are professional, ethical, and knowledgeable about the area. Therefore, meeting a professional broker can help clients minimize all risks.
Source
Comment (0)