Home Buying Deal Breakers

Home Buying Deal breakers

Shopping for a home can be stressful, especially when you are under the pressure of having to move because of work or school.? When buying in a competitive market such as Phoenix, you have to jump on properties right away or the opportunity could be lost. ?After a few missed attempts, you may feel desperate and willing to take anything which remotely resembles what you started out looking for in the first place.? When you hit this point, you may be tempted to ignore glaring problems or significant red flags just to be done.? However, even in dire circumstances, there are certain home buying deal breakers which should be non-negotiable.

It Does not Meet Your Basic Needs

It is one thing to see potential in a property and to have the willingness to work on cosmetic issues.? It?s quite another if the home is missing a feature which is critical to your comfort and happiness.? For example, you may have a family of 4 and need a three-bedroom home when the perfect two-bedroom home hits the market for sale in your desired neighborhood.? Unless you have the means to start construction and the patience to wait for an addition, this property is probably not worth the investment.? You need to take the time to determine which features matter the most to you and keep looking until you find a property which meets your needs.

You Don?t Feel Safe

Where you reside must feel relatively safe and secure.? If there is asbestos in the insulation, lead paint caked and flaking off of the walls, rotten wood on the stair steps, or black mold creeping up around the air ducts, it is possible this home has so many health hazards that you and your family will not be able to feel safe.? While you may not suffer adverse health problems, you probably won?t be able to stop worrying long enough to enjoy your home.? Another factor is the crime rate in the area.? If the idea of coming in and out of the door of a prospective property at night makes you fearful of being a victim of a crime, the home may not be the ideal choice.

Your Home Inspection Shows Costly Problems

?Your home inspection is one of the most critical? your real estate buying experience.? If your inspector finds issues such as corroding plumbing, expensive electrical wiring problems, or foundation damage, it may be so costly to repair these issues that you are better off walking away.? Additionally, even if you had the funds to pay for the repairs there are no guarantees they will be done well or quickly.

Your Appraisal and Price are Worlds Apart

?When a home appraiser assesses your property, he or she is going to estimate its value.? If you are asking your lender for an amount which far exceeds the appraisal, there are going to be problems with your loan being approved. This may be a giant red flag that you are paying too much for the property. Depending on what can be done to lower the price, this may or may not end the deal.? However, seeing a vast difference between a home’s value and selling price should, at a minimum, give you pause.

Attorney Laura B. Bramnick is an Arizona real estate attorney with the expertise you need to evaluate a potential real estate purchase, identify the risks, and protect you legally along the way. If you are seeking an exceptional, client-driven real estate lawyer and agent in Scottsdale, Phoenix, Sedona and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.


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