Lorraine Jordan, a highly experienced real estate agent who has successfully sold over 10,000 homes, has decided to share her invaluable knowledge by revealing the red flags that buyers need to be aware of when purchasing a house.
Lorraine, a self-made millionaire who built her real estate empire while raising four children, started her journey in the industry at the age of 18. Now, at 52 years old, she aims to pass on her expertise to the world.
Drawing from her extensive experience, Lorraine emphasizes the importance of paying attention to small details that may indicate hidden problems or attempts to cover them up. For example, missing features like backsplashes or tiling near the cooker in the kitchen could signify shortcuts taken during renovations, prompting a closer inspection of the property. Lorraine advises buyers to examine the quality of the woodworking and to be on the lookout for water signs, especially in areas with carpeting.
One key tip Lorraine offers is to avoid letting emotions dictate the purchasing decision. She notes that people often get caught up in the emotional appeal of a home, focusing on its aesthetics rather than practical considerations. Lorraine suggests looking beyond the surface to evaluate the property as a sound investment.
Freshly painted areas, particularly in basements, can raise suspicion as they might be an attempt to conceal issues. Lorraine advises buyers to inspect such areas carefully, using a flashlight if necessary, to detect any potential water damage or stains.
Lorraine warns against being deceived by appearances, even in homes that have been extensively renovated. She cites examples where decks were built without proper permits, highlighting the importance of ensuring compliance with building codes.
Regarding the best time to sell a property, Lorraine challenges the conventional wisdom that suggests avoiding autumn or winter months. She argues that selling during less competitive times of the year can yield advantages. Lorraine also suggests scheduling viewings at 8pm, as serious prospects are more likely to attend during evening hours, increasing the chances of a swift and successful sale.
Lorraine emphasizes the significance of staging a property with furniture, as it helps potential buyers visualize the spatial layout and creates a warm and inviting atmosphere. While decluttering and clean windows are essential, a completely empty room can make it appear smaller.
To succeed in real estate, Lorraine believes in prioritizing people’s emotions and respecting their connection to their homes. She emphasizes the importance of understanding that homes hold sentimental value and that the buying and selling process can evoke various emotions.
Lorraine’s expertise is documented in her books, ‘Truly Winning in Real Estate’ and ‘Freedom to Live,’ which provide valuable insights gained from her decades of experience in the industry. She shares stories of successful negotiations, where flexibility and creative solutions helped bring deals together, resulting in long-lasting and happy homeowners.
While Lorraine acknowledges the allure of material possessions, she advises individuals to focus on their financial plan and to view real estate as an investment vehicle that can provide financial freedom. By acquiring properties strategically and building a real estate portfolio, individuals can create a source of income that eventually replaces their daily job, offering the freedom to choose their path.
Lorraine Jordan’s experience and advice serve as a valuable resource for buyers and sellers alike, helping them navigate the real estate market with confidence and make informed decisions.