Contingencies You Must Have When Buying A Home
Have a back up plan when buying a home.
By: House Detective
When buying a home, it is important to have a back up plan (contingencies) in the original contract. That way, if there are unresolvable flaws within the condition of the home, the home will not appraise for the purchase price, or your lender refuses a loan on the property for what ever reason, you are allowed to back out of the transaction without penalty. Your agent and attorney can advise you on the contingencies that best fit your situation. Remember, the people on your team are here to help you.
Contingencies = Right To Bail
Completing a home inspection will help you decide whether to bail on the property or not. The number one component overlooked when buying a home is not having a home inspection. Home Inspections can be fun and very educational. They can also be much less expensive than you may think. It is very important to have a home inspection, so never over look this one. Buying a home is a major investment and when you do not have a home inspection done you can run into major problems down the road. Besides, in most cases the ethical seller will be happy to work with you on repair costs.
Top Ten Red Flags When Buying A Home- Neighborhood warning signs
- Signs of poor maintenance
- Foundation problems
- Bad smells
- Old or faulty wiring
- Fresh paint on only one wall
- Locked doors or blocked areas
- Walls or floors removed
- Bugs
- Basically, always have a Home Inspection done.
