Finding a home you like and can afford can be tough. Therefore you might be tempted to rush ahead and sign on the line before someone else can snap it up.
That could turn out to be a costly mistake. While you can try to speed up closing on a home, you should not skip the essential steps:
1. Check the title is clean
Some ownership issues are simple to resolve. Others are such a mess that it’s likely better to walk away.
2. Get a thorough survey
A property with problems could end up costing far more than you thought. Spotting issues now enables you to make an informed decision and potentially negotiate the price down to compensate.
3. Get a final price on a mortgage
Interest rate rises or other factors could lead a lender to change their original offer. Changes in your circumstances could also cause them to rethink.
4. Check you can sell your own house
Typically your ability to buy will depend on having someone agree to purchase your current home. These chains rely on a lot of stars aligning, so it’s not surprising they often break.
5. Do a final walkthrough
Give yourself one last chance to check everything is as you believed it was. If you suddenly find the owners have ripped out the kitchen or that the sofa pushed up against the wall was hiding as a serious issue, you may want to back out.
Getting legal help to put contingency clauses in place should allow you to back out if you find problems at any of the above points when buying a house.