When You Should Walk Away From Purchasing Sarasota Real Estate
Buying Sarasota real estate is an exciting and stressful process.
Even when you’re about to make an offer on a home you love, several situations can occur to make the deal seem less attractive. This can put you in a tough spot.
If this happens, you’ll have to seriously consider whether you want to move forward. Here are five red-flags that should make you think twice about purchasing a home.
The appraisal comes in below the contract price.
In busy markets where there can be multiple interested buyers for any Sarasota real estate, it’s not unusual for the bank’s appraisal to be below the contract price. In this case, the buyer might have to bring additional cash to the table. You can always try to negotiate with the seller for a lower price, but if there are other interested buyers, they might be willing to pay more.
There are other options, like going to another bank and getting a new appraisal. But if you’re new to the process and it feels uncomfortable or risky, you should walk away.
The inspection report shows too many issues.
Sometimes buyers who stated they wouldn’t even look at a fixer-upper home change their minds and decide they’re willing to renovate the house of their dreams.
As buyers browse the market, they realize what they can get for their money. A great deal in the best neighborhood is probably a deal for a reason. Most likely, it needs significant work done.
Some buyers are up for this kind of project, but some are not. If you’re not interested, walk away.
You’ve made a compromise that doesn’t sit right with you.
Your home search starts off with a long list of must-haves and nice-to-haves. But price often determines what you can actually purchase.
As you get pre-approved for a mortgage, you’ll find yourself making compromises. But if you have to give up several must-haves just to make a deal work, you might want to take a step back and listen to your gut.
You’ve pushed to the very top of your original price range.
After meeting with a mortgage professional, you decide you’re comfortable with $500,000 as the maximum price. Fast forward three months, and you’re in a multiple-offer situation on an underpriced house at $489,000, and you offer $525,000.
It’s a personal decision, and only you know if you can actually afford the offer or not. If you don’t feel like you can swing it financially, walk away.
You’re purchasing with another person, and you aren’t both 100% on board.
Buying a home is a joint decision for many people. Both parties absolutely must be on the same page.
Before you start shopping for Sarasota real estate, talk through your must-haves, wants, desires and needs. Know what you both are willing to compromise on.
You can’t control which houses appear on the market, but you can control your reaction to them. If one party feels even a little bit uncomfortable with a property deal, it’s time to walk away.