When most people decide to buy a house, they are one hundred percent committed to that purchase. But are there some situations in which it would be better to walk away from the purchase, rather than stick with it? The excitement of buying a home can cloud some people’s judgment. Here are five signs that should be signals it’s time to walk away:
- You are purchasing with a partner and they aren’t as committed as you are. The only way a communal home purchase is going to work is if both parties are one hundred percent committed to that home and to spending the money that it takes to buy a home. It’s alright to have momentary doubts, but if those doubts are making one or both of you waffle when it comes to make the big decisions, it might not actually be time to buy.
- You are paying more than you originally planned. While you are only that truly knows the limits of your budget, there may be some situations in which you were encouraged to offer a price above the original limit of your range and you now find yourself paying far more than you intended. Even if you love the house, do you really have the funds to pay that higher price?
- You compromised during the purchase and you aren’t satisfied with the terms. You may have made a compromise with the seller in order to get the home for a lower price, but what happens if you aren’t actually completely satisfied with what you got out of the compromise? If this is the case, it might be time just to walk away.
- The appraiser comes back with a lower home value than you are paying. There are some instances in which you might want to pay more for a home than it is worth, but if the appraisal comes in far below what you thought the home would be worth, this could definitely be a deal breaker.
- The inspection shows there are serious issues to contend with. Unless you already knew this when you made an offer on the house, it might come as a surprise to learn that you will be living in a construction zone for six months while a mold situation is remediated. In some situations, it might just be better to not purchase that home.