2 Reasons To Back Out Of A Sale

When you finally find the home that you sense is right for you, you start planning for the future. You imagine yourself in it celebrating holidays, bringing your relatives together in it, and even expanding your own family while living there. Because there is so much emotion tied up into the house, it can be a very difficult thing to walk away from—even if you feel that you should. 

To help you know that it’s time to walk, here are some reasons why you should. 

Value of the Home

After you have an accepted offer, you will have to conduct a home inspection and appraisal. This is where you get a chance to discover the things that weren’t as apparent when you toured the home.

A common hurdle you might encounter is that the home doesn’t appraise for what you offered. Is the deal over? Not at all. But you will have to see how much the bank is willing to give in light of the new appraisal. If they are only prepared to loan you 80% of the appraised value, then how much money are you going to need to put up to meet the price you offered.

Instead of paying more than what the house is worth and coming out-of-pocket to do so, let your real estate agent try to negotiate a new price. The sellers might not want to start the process all over again with a new buyer only to run into the same problem again during the next appraisal. But if they won’t budge on price, consider if this is the best financial decision for you.

Water and Mold

These two considerations are tied together. Not only is water capable of wreaking financial havoc on a home, but it can also lead to mold. With water specifically, your inspector may note the existence of water damage without knowing the source. If there was a leaking pipe, it could’ve been repaired without any last issues. 

If there is a groundwater issue, this could be catastrophic on the home’s foundation. And if that wasn’t bad enough, drainage issues can be very difficult to fix. 

This segues easily into mold issues. Where there is water or moisture, there is mold. Granted, there could be small amounts in the shower that can be remedied, but where there are large growth areas in the ceilings and walls, you may have a large issue.

Well, you might have two issues: removing the mold and ensuring it won’t come back. These could be serious financial undertakings that must be done to protect you and your family’s health. However, when you have attics, basements, or walls coated mold, it might be a time to walk away from the sale. Don’t pay to take on someone else’s problems.

Auricchio Law Offices

If you are considering buying or selling a commercial or residential property, contact Auricchio Law Offices to represent you and your interests. Schedule your free consultation to see how we can help you with your transactional and litigation relation real estate matters.

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Auricchio Law Offices

Auricchio Law Offices in Chicago provides a complete range of real estate services. We facilitate residential and commercial real estate transactions, advise and represent condominium associations, and represent property owners in real estate litigation. Whatever your real estate issue, we will work diligently to achieve your goals in a timely and efficient manner.

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