Is It Time To Drop Your Offer On A Home And Keep Searching?
Posted on: 24 May 2017
After making an offer on a home, you might get the feeling that something is not quite right. Sometimes, it is simply cold feet kicking in. In other instances, it could be your instinct attempting to save you from making a bad decision. If you are thinking of walking away from an offer and continuing your search for a new home, here are some warning signs that could prove you are right to feel that way.
The Title Company Finds Problems
Part of the process of buying a home is having a title search conducted by a title company. During the course of the search, the company will look for issues, such as lost heirs to the property or liens. In most instances, the search does not turn up anything. In some cases though, there is cause for concern.
A problem discovered during the title search could signal future legal problems. For instance, if you want to continue buying a home that has a lien, you could be faced with paying to have it removed. You could also run into trouble with your lender. The lender might refuse to fund the mortgage since there are legal issues with it.
The Neighbors Are Problematic
One of the worst things that could happen to you is discovering that the neighbors are horrible people after you have closed on the home. However, there is a good chance that with research, you could uncover whether or not you are headed for issues with the neighbors.
A good place to start when researching the neighbors is with other neighbors. You can also contact the local police department to find out if there are any reports of incidents that involved the seller and the neighbors. In addition to these measures, you can drive through the neighborhood at various times of the day and week. If the neighbors are causing problems, there is a good chance you can uncover it before they become your problem.
The Home Inspection Unveils Major Problems
No home is perfect, but a home that has major problems might be a reason to keep looking. Some problems, such as the HVAC system being old, are easily fixed. You can likely negotiate with the seller to get a new one. However, some problems are so major they could leave to even bigger problems.
For instance, if there are cracks in the wall, you not only have to worry about repairing the cracks, but there is a good chance that there are structural issues with the foundation or roof. Both repairs can be expensive and you could be forced to make a major financial commitment to the repairs shortly after taking ownership.
Your real estate agent can help with further assessing whether or not a home is a good investment for you. Sit down with your real estate agent to discuss homes for sale in your area, and how to put in a strong offer.
Share