When to Walk Away from Home Purchase - Oro Valley Real Estate
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Here are signs you should step back from the deal, if it doesn't feel right.
The appraisal comes in below the contract price:
In active markets where there can be multiple interested parties for any one home, it’s not uncommon for the bank’s appraisal to be below the contract price. In this case, the buyer might have to bring additional funds to the table, which might not be an option. Or you can try to negotiate with the seller for a lower price. But with multiple offers, the seller might be unwilling to take less — and why should they, if another buyer is ready to go?
The inspection report shows too many issues:
As they navigate the market, buyers realize where their money takes them, and what they get in return. A great deal in the best neighborhood is probably a deal for a reason. Most likely, it needs work. While many buyers do change their tune and are open to this, many are not. Consider living through six months of construction.
You’ve made a compromise that doesn’t sit right with you:
As you get pre-approved for a mortgage and move through the process, you’ll find yourself making compromises. You might have to give up the spa-like master bathroom, a renovated or open kitchen, or your desired neighborhood or school district. But if you give up on your top criteria just to make a deal work, you might find yourself with a problem. Take a step back, and listen to your gut.
You’ve pushed to the very top of your original price range:
After meeting with a mortgage pro, you tell yourself you’re comfortable with $400,000 as the top of your range. Fast forward three months, and you’re in a multiple-offer situation on an underpriced house at $389,000, and you offer $425,000. If you don’t feel like you can swing it financially, pull back. Do you want to live in an empty home because you maxed out your budget and can’t afford to purchase furniture or window coverings?
You’re purchasing with another person, and you aren’t both 100% on board:
Buying a home is a joint decision for many people. Both parties must be on the same page, or you absolutely can’t move ahead. If one party feels the tiniest bit uncomfortable with a real estate deal, it’s time to jump ship. Don’t feel pressure from yourself, spouse, partner or anyone involved in the real estate transaction. You should be happy and excited for the purchase.