When deciding on your next home, you want nothing short of perfection. While some may interpret your high standards as being challenging and overly particular, this home will not only be a financial sacrifice, but it is, hopefully, where you will be spending the foreseeable future with either your family or your spouse.
Since perfection is unattainable, you may need to adhere to the guidance of your loved ones and bend on some of the non-negotiable components you had originally placed on your “dream home” list. While it is important to be flexible and accommodating with some of your demands, there are certain circumstances where you should consider walking away from a home sale, no matter how right it may have felt while you were completing the tour of the home.
It is likely that you will experience hurdles during the homebuying process, but not all problems are created equal. Some, with a little problem solving, can be easily addressed and eradicated. Some problems, however, could be so significant that attempting to resolve them could be more detrimental than simply walking away.
How do you know when you should walk away from a home sale? If any of these 3 scenarios happens to you, protect yourself and continue looking elsewhere:
1. Major issues are revealed after the home inspection.
The individual selling the home is going to want to highlight only the positive aspects of the property. That is why you should never rely on their word alone. When purchasing a new home, it is imperative that you demand a home inspection. These inspections could bring to light underlying issues that were not mentioned during the tour of the home. If there are problems that need resolved, make sure to get quotes on what it would cost to have everything fixed.
2. The title search is not clear.
During any real estate transaction, there needs to be a title search done. This will reveal if there are any other claims on the property. If there are and they have not been brought to your attention, it could mean trouble for you in the future. You could end up having to deal with a boundary dispute or be forced to answer to someone else’s debt.
3. You offer more than what the house is appraised for.
If the home is appraised and it comes back being lower than what you offered, you will end up paying more both upfront and once everything is all paid off. If the seller is unwilling to lower the price to meet your offer, it is not going to be cost-efficient for you.