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Beware buyer’s desperation in a tight housing market

Southern California is a fabulous place to live. Warm weather, gorgeous sunsets over the pacific, prestigious corporations and proximity to amusements call people across the nation to move to Orange County. You might also be one of the many prospective buyers looking for a place to call home.

Many of these buyers will not even be able to purchase a property, however, due to the area’s current housing market. The demand for life in Orange County is significantly higher than the number of sellers, which has motivated some buyers to take great risks just to win the bid. Regardless, this does not mean that sellers can forego their legal obligations.

Frustration of losing bid after bid

According to the Orange County Register, buyers might have to make between 5 and 25 offers on different homes before they finally succeed. During that time, they might find the perfect home – only to lose it to a higher bidder.

The anxiety and frustration of watching homes pass to other people can be so overwhelming that buyers have begun to take risks that could haunt them later. Many buyers have decided to bid contingency-free, meaning that they would secure first dibs on the property, warts and all, before knowing its potential flaws.

Your legal rights in a competitive market

Even if you agree to place an offer on a home that isn’t subject to an appraisal or inspection, you still have legal rights to protect you from unfair sales. California requires sellers to complete disclosure forms after accepting your offer. This form should include all known defects, such as mold or building code violations.

Once you receive this form, you can decide to withdraw your offer and cancel the sale or to move forward with the transaction. If the seller does not disclose all of the necessary information, you could find yourself stuck with an expensive issue that you weren’t expecting to fix.

Buyers who suffer from this kind of dishonest sale can still take legal action to collect compensation or even reverse the sale. California law may not be able to decrease the competition in the current housing market, but it can make sure that sellers do not take unjust advantage of their position.

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