When to Walk Away from an Offer

If you have found the house of your dreams, it is tempting to just pull the trigger and sign the offer. As a homebuyer, there are a lot of problems that can arise in the process of a home sale. 

It can be difficult to decide whether it is time to walk away from an offer, but here are a few tips to help you recognize when the offer is not serving you well:

 The Home Inspection Reveals Major Problems 

There are minor problems that can be discovered during a home inspection that are not often a big deal in the long run. Some repairs are fast and easy, but others are a never-ending headache. If the home inspection reveals a major issue like mold or an unstable foundation, it is time to let go of the offer.

The House Will Cost Too Much to Insure

Before you make an offer, it can be in your best interest to look at your total monthly housing costs. This includes insurance quotes for your home! You’ll be paying those the entire time you are a homeowner, so be on the lookout for reasonable insurance costs.

Work Was Done on the Home Without a Permit

During the open house, take a look at any new additions that may be present. If that addition or upgrade was done without a permit, it can be a major problem in the long run. Let’s say you want to make changes to the addition in the future. When you go to file those permits, the local government could cite and fine you for property code violations even if you are not the original builder of the home. Talk with your realtor and find out if the addition was cleared with the local government before making an offer on the house!