One Hurdle After Another

sprints20and20hurdles20image

If you’ve never bought a home, this is what the playing field looks like. One hurdle after another. At least it feels alot like that! First you shop for a lender to get qualified and discover that you need more down payment or your credit requires some work. Then, when that gets all resolved you look and look…often for months. Then you find a place that works, one you really like and you decide to make an offer…only to discover that there are 3 other buyers who like it just as much. You write an offer, but it’s not good enough and you have to go back to the drawing board. You repeat this process…5 or 6 times! Finally, you ratify on a home…but you worry about how qualified you are because it’s sure been awhile since you had all those conversations with that lender! After navigating that river you have an inspection done…and discover a problem that you hadn’t been aware of previously with the property. While that’s going on your lender sends an appraiser out the the property (which you have to pay for) and you worry about what happens if the home doesn’t appraise.

You know what? There’s all kinds of other potential hurdles that could happen as well. The possibilities are infinite! When we’re talking about that inspection issue mentioned above however, that could clearly be to your advantage as a buyer in this market. When a new, and as of yet undiscovered problem comes up you can very well have a solid reason to continue negotiations with the seller. Even if you have taken the property in “As Is” condition, a significant and new issue that’s pertinent to the value of the property can and should be addressed. I’ve had multiple experiences with just this type of issue. Newly discovered foundation problems, drainage related problems, electrical issues…I’ve seen resolution in most cases inside of an escrow that favor the buyer. Even if a seller gets multiple offers on a home, will that seller get that kind of interest going forward if the buyer backs out and the seller needs to market the property again…this time with a big new report that he’s liable to disclose? Most the the time the answer is no!

If you enter into an escrow and find something unexpected…don’t be surprised if it turns out to be favorable to you as a buyer.

Speak Your Mind

*