In today’s real estate faq’s blog post you’ll learn about buying a buying a Boston condo and knowing when to walk away. Of course, you should absolutely be committed to following through and committed to the Boston condo you write an offer on. That being said, sometimes things pop up unexpectedly with the condominium during the closing process. (i.e. home inspection, low appraisal, etc…) So a great question to answer beforehand is how to know when to walk away from buying a Boston condo.
Know when to walk from a Boston condo negotiation now will actually help you look a bit closer at the homes you like best are considering making an offer on. By knowing what to look for and questions to consider prior to making an offer you’ll be able to know the answer to the question, “can you get out of a home purchase agreement.” Again, I’ll stress the importance of being committed to the offer and not looking for ways to get out of purchase agreement simply because someone becomes wishy washy. I’ve made for buyers from how to make an offer to what is escrow, etc… its not prudent to remove contingencies when buying a condo (i.e. home inspection, appraisal, financing, etc…) Here’s why… What happens if you need the inspection contingency walk away clause to get out of the contract if the home inspection uncovers nightmarish issues with the roof, foundation, or other major issues. We’re not talking about the obvious little things which normally comprises the majority of a home inspection report like: crack in stucco, needs paint, socket not working, leaky faucet, etc… All of that stuff is simply normal home maintenance issues and doesn’t cost a lot to fix. We’re talking when something really isn’t right and you may not be able to fix it even if you wanted to after closing.
Know when to walk away from a Boston condo after inspection will save you much drama later on in the closing process. We’re also talking about a low appraisal situation when you may want to come to the price or meet in the middle but simply may not have the financial wherewithal to do so if the seller either does not have the range to sell for the appraised value or is foolishly greedy and doesn’t budge off the price. Then what? Both cases highlight the importance of having an appraisal contingency in place.
Thank you. To get honest information the next time you’re buying a home or selling a Boston condo contact a great local trusted real estate adviser.
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