You've researched neighborhoods, gone to open houses, toured homes, and finally found the right one. All the hard work finally pays off, and you make an offer. But, then the smooth waters turn rough, is it time to walk away? Maybe. We have six signs there's a better home for you.
 
Stating the obvious, the best time to walk away from a real estate contract is before you sign it. Most buyer's and seller's agreements have expiration dates, so if your love starts to fade, let the contract expire with no harm done. 
 
For those further on in the process when the seas turn stormy, certain scenarios warrant abandoning ship.
 
1. Negotiations regarding sale price reach a stalemate before the offer is accepted. There seems to be an assumption in real estate that sellers price high and buyers should bid low. Of course, this isn't always true, but when these two parties do meet, it's price negotiation central. Often, agents will cooperate to reach a middle ground on behalf of their clients. But when you come to an impasse on the price and the final amount on the table is out of your budget or comfort zone, say "Thanks, but no thanks."
 
2. The inspection report is waving giant red flags. Structural issues like cracks in the foundation or poor construction will lead to further headaches as the years pass, and gravity takes effect. Address minor issues at this stage, but if the report shows problems of a grander scope, leave them for someone else.
 
3. Legal trouble with the development or the builder that does not show a clear path to resolution is a sign to keep your Realtor on notice for another property. Research the situation, and if all the information points to an ethical issue, keep walking. Cloudy titles, safety concerns, and reduced future resale possibilities are usually aftershocks of a faulty real estate situation.
 
4. A bidding war ensues between interested buyers, pushing the selling price above your funding cap. Overpaying for a home is stressful and rarely pays off when it's time to sell. Plus your bank will only mortgage the appraised amount.
 
5. The appraised value is lower than the listing price, and the seller won't come down to match it. Unless you have a cash reserve to make up the difference, there is a gap in the perceived and actual value of the property.
 
6. Your house is still on the market. Frequently, sales contracts include a contingency clause that allows for the sale of the buyer's home to provide money to close on the new home. Timing is critical in this instance, so if your current house isn't moving, you may need to wait.
 
Need help making your next move? Connect with me today to start discussing your options. 210-478-8555