It is a common misperception among first time homebuyers that once you start dealing on a home, you cannot walk away from the deal. It may seem intimidating to say yes and sign an offer if you have never done so before.
For many people, it seems so difficult to stop the process. Yet, the deal is not done until the process is totally complete. There are times you will want to look closer, and there are other times you will want to turn away and run.
1. It seems too good to be true.
Perhaps it is too good to be true. Perhaps you are being sold a bill of goods. If so, then go ahead and walk away. However, you will not know this to be the case unless you find out more. Find out more about the issues that seem too fantastic to you. Find out about the owner. There may be some perfectly good reason she wants to sell her beautiful home at a reasonable rate. Give it a chance before you write off the deal.
2. The real estate agent seems unreliable.
An unreliable real estate agent can make you feel very nervous. It may seem like he is trying to hide something, or that he is not proud of the home in his listing. Step back and consider the entire situation. The real estate agent may not be a good indication of the value of the home. If you are extremely unhappy with the agent, but you like the home, ask the agent if you may work with someone else on the home. He may send in one of his associates. It is not always possible, but it might be worth a try.
3. The loan documents have been misrepresented.
Often, when people take out a real estate loan, the documents are misrepresented to them before the signing day. There is an easy solution to this. You have a right to have a copy of the papers and to have your lawyer look them over before you sign. Do it.
1. The foundation is cracked.
It is a monumental task to repair a foundation adequately. The best policy is to avoid any home with a cracked foundation. Look the home over personally to satisfy your own mind. Then, have a professional home inspector do his job. Make it a point to ask her about the foundation. She will make sure your prospective home is intact.
2. There is major and unresolved termite damage.
Why buy a home with termites roaming the structure and causing damage day by day? There are plenty of homes for sale that are termite-free. Look at that inspection report yourself, and walk away if there is any sign of runaway termite infestation.
3. The seller has not met your agreed upon demands by closing time.
Whatever you have agreed upon is what the seller has to do for the sale to be completed. The only way around that is for you to settle on a new agreement. If the seller does not meet your demands and you want out, walk away.Â