Finally, after months of looking and making offers, you've found a house and are in contract. But even when you are in contract, there are things that could pop up and make the house seem less appealing.
Below are 5 things that should serve as red flags, warning you that maybe you should reconsider.
1. The appraisal comes in below contract price
Though this is not uncommon in active markets, some buyers won't have any additional funds to make up the difference. You can try getting a second appraisal from another lender or renegotiating with the sellers for a lower price (though if there were multiple offers, that's probably not realistic.) But, if you've talked it over with your agent and it doesn't feel right, you might be wise to let this house go.
2. The inspections discover a multitude of issues
Inspections often uncover serious repairs, like foundation issues, major plumbing or electrical problems. If the list is longer than you expected or want to deal with, or if the repairs will cost much more time and money than you have, talk to your Realtor. They may counsel your to renegotiate with the sellers or even to walk away.
3. You feel like you're settling
Before you began your home search, you created a list of the things you need and those you want. But in this crazy market, buyers can lose sight of their requirements just to make a deal work. So, you'll have a house but it doesn't meet any of your criteria. If you don't think you'll be happy, it's time to break ties and keep looking.
4. You're at the very top of your price range
It's a seller's market and often buyers are faced with bidding wars. This can quickly get you to the peak of your price range. This can leave you feeling financially strapped, especially when you factor in property taxes, homeowner's insurance and all the other things a new home brings. If the cost is making you lose sleep for fear of overextending yourself financially, it might be time to walk away.
5. You're buying with another person who isn't 100% on board
Purchasing a home is a major financial decision and all parties involved must agree. Discuss your requirements in advance and prioritize them. If one or the other of you feels uncomfortable with a specific house, move on.
If you have a need for a real estate professional, please contact me. I would also appreciate your vote of confidence by passing my name to anyone you may know who would benefit from my services.
408.687.2026 | Julie@JulieWyss.com | www.JulieWyss.com
Below are 5 things that should serve as red flags, warning you that maybe you should reconsider.
1. The appraisal comes in below contract price
Though this is not uncommon in active markets, some buyers won't have any additional funds to make up the difference. You can try getting a second appraisal from another lender or renegotiating with the sellers for a lower price (though if there were multiple offers, that's probably not realistic.) But, if you've talked it over with your agent and it doesn't feel right, you might be wise to let this house go.
2. The inspections discover a multitude of issues
Inspections often uncover serious repairs, like foundation issues, major plumbing or electrical problems. If the list is longer than you expected or want to deal with, or if the repairs will cost much more time and money than you have, talk to your Realtor. They may counsel your to renegotiate with the sellers or even to walk away.
3. You feel like you're settling
Before you began your home search, you created a list of the things you need and those you want. But in this crazy market, buyers can lose sight of their requirements just to make a deal work. So, you'll have a house but it doesn't meet any of your criteria. If you don't think you'll be happy, it's time to break ties and keep looking.
4. You're at the very top of your price range
It's a seller's market and often buyers are faced with bidding wars. This can quickly get you to the peak of your price range. This can leave you feeling financially strapped, especially when you factor in property taxes, homeowner's insurance and all the other things a new home brings. If the cost is making you lose sleep for fear of overextending yourself financially, it might be time to walk away.
5. You're buying with another person who isn't 100% on board
Purchasing a home is a major financial decision and all parties involved must agree. Discuss your requirements in advance and prioritize them. If one or the other of you feels uncomfortable with a specific house, move on.
If you have a need for a real estate professional, please contact me. I would also appreciate your vote of confidence by passing my name to anyone you may know who would benefit from my services.
408.687.2026 | Julie@JulieWyss.com | www.JulieWyss.com
Ranked #21 out of over 16,000 Realtors in Santa Clara County-2016
