When you are in the process of purchasing a home, there are many emotions that get wrapped up in the process. Sometimes the excitement and prospects for the future can overshadow warning signs that should have you second guessing your decision to buy. It is important that you keep your emotions out of it as much as possible so you know when to walk away if red flags start showing up. Lifeline Inspection Services is here to talk about some of the biggest red flags that should have you walking away from a sale.
What if Appraisal Comes in Low?
No one wants to purchase a home for more than it’s worth. It isn’t unheard of that the appraisal comes in lower than the offer price. For the buyers, this doesn’t only mean you are getting ready to spend more than the house is worth, but you have to come up with a bigger down payment as well. Most lenders are more than willing to give you 80% of the cost of the home to pay for it. If you need more than that, you will need to come up with it; that, or walk away from the deal.
Negotiating Home Inspection Issues
While a home can look completely normal on the outside, it can have serious issues when an inspector walks through there with a fine toothed comb looking for them. Serious issues that come up in a home inspection could be deal breakers. If you are facing things like mold, water damage or structural damage, it could end up costing you thousands of dollars in repairs to solve them. Some buyers choose to negotiate the cost of repair into the final purchase price, while others will decide it isn’t worth it and walk away.
Problems with the Title Search
Anytime a property is up for sale, there will be a title search run to ensure there are any unexpected claims on it. If there are issues with the title of the property you are trying to buy like boundary disputes or a third party with a claim on the property, you are probably better off walking away from the deal.
High Homeowners Insurance Premiums
There are many things that play a role in the amount of money it takes to insure a property. You should start getting quotes as soon as you put an offer down on a home. This will give you a better idea of what you will be spending each month. High-risk areas like a flood plain will yield higher insurance premiums. You have to remember things like natural disasters play a big role in your insurance premiums and you may not want to purchase a high risk home.
Buyers & Sellers Home Inspections & More in Fulton, Spalding, Coweta, Douglas, Pike, Upson & Fayette County, Georgia
Before you settle on a home, you will need to know you are getting a good one. At Lifeline Inspection Services, we know this is key and that’s why we work so diligently to provide you with an inspection that is as thorough as possible. Call us today!