After looking at countless Knoxville homes for sale, you finally found the right one.
If you’re like most buyers, you’re excited and want to see the sale through no matter what.
But, is there ever a point you should walk away from a transaction?
Unfortunately, in some cases, certain situations arise where buyers should walk away from a transaction. In this post, we’ll look at 3 signs it’s time to walk away from a Knoxville home for sale.
When you get a rising pit in your stomach that something doesn’t feel right about a transaction, it may be time to consider walking away.
Some buyers will get so caught up in their emotions, they’ll ignore what they’re instincts are telling them. This can be a dire mistake for many buyers. If you’re instincts feel something is wrong, it may be time the reevaluate a situation.
For example, if you get caught in a bidding war situation and the price has risen to a level that you don’t feel comfortable with, it may be time to bow out of the negotiations. There will be other houses, even if it takes sometime to find them.
It’s important to keep in mind, once you’re under contract, there are only certain situations where you can walk away unscathed. Things like a home not appraising or a bad home inspection are all situations where a buyer can walk away. In other situations, you’ll want to check with your realtor about what the consequences of walking away may be.
The good thing is that a majority of the situations where a buyer would be walking away would be for good reason and would most likely be covered by the contract, just be sure you cover this with your realtor before signing off on anything. And, if you have any qualms about a property, be sure you investigate them prior to signing off on a contract.
A home inspection is an essential part of the home buying process. They can reveal the truth about about a home.
Unfortunately, a home inspection can sometimes reveal issues about a home that can be dire to a transaction. Things like a faulty foundation or major electrical issues can cause a real estate transaction to crash and burn.
Depending on the situation, a seller may or may not be willing to cover the cost of repairs. If they are willing to cover the cost of the repairs, you’ll need to consider whether or not you still want to purchase the home, depending on what the issues are.
If the seller is unwilling to negotiate repairs, you may want to consider walking away altogether. Even if you love a home, you don’t want to buy a home that you’ll have to dump a ton of money into. It’s not worth the investment.
Some homes just come with a slew of problems and it’s better to walk away.
You put and offer in and it gets accepted, but the appraisal comes in $10,000 less than your offer. You try to renegotiate with the seller to come down in price, but they won’t budge.
So, what do you do?
In this situation, you’re best to walk away. Even if you love a house, $10,000 is a lot of money to overpay for a house. There is no use in paying more for a home than it is worth.
If you do opt to proceed forward, you’ll be putting yourself in a tough situation when you try and resell. It’s best to cut your losses and move on. There will be another house.
Are you thinking about buying a Knoxville this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected].
If you’re ready to start your home search today, be sure to our Knoxville Home Search Page.
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