You’ve been looking for a new home for some time now and a house has finally caught your attention. You’ve viewed it more than once and are contemplating making an offer.
During negotiations with the seller, there are several things that you’ll need to pay attention to. You need to know when you have a good deal on your hands and when the opposite might be the case.
When should you walk away from a real estate deal?
Extensive repairs are needed
Unless you are viewing a brand-new property, then it’s only natural that there may be some cosmetic scratches to the walls and perhaps one of two stains on the carpets. However, major flaws are a completely different issue.
Are there cracks on both the interior and exterior walls? Do some of the doors not close properly? If there are issues with the foundations and structure of the building then you could be getting in over your head. This is why it’s so important to have a home inspection carried out before making a formal purchase. Unless you want a fixer-upper, a bad report from a home inspector may indicate it is wiser to move on.
When the price isn’t right
You are really taken by this house and would be willing to part with the top end of your budget. Nonetheless, you have done some research and this house is many thousands of dollars over the asking price of other properties in the area. It has the same number of rooms, garden space and zip code as the other properties, so why would it be more expensive? At the end of the day, the price has to be right. It’s important to try and avoid paying well over the odds.
As you search for a new home you should definitely consider your legal rights. Having guidance behind you at each step of the process will help ensure that these are upheld.