On This Page
- 1 THE INSPECTION REVEALS A MAJOR PROBLEM
- 2 THE SELLER WILL NOT ADDRESS THE ISSUE
- 3 THE APPRAISAL CHANGES THE ECONOMICS
- 4 THE HOA DOES NOT ALLOW WHAT YOU NEED
- 5 THE LOCATION PROBLEM CANNOT BE FIXED
- 6 THE PAYMENT NO LONGER FEELS RIGHT
- 7 SUNK COSTS ARE NOT A REASON TO BUY
- 8 YOU DON'T HAVE TO WIN EVERY HOUSE
Lisa wants clients excited about buying a home.
She also wants them capable of saying:
No.
That is harder than it sounds once you have emotionally moved into the house.
THE INSPECTION REVEALS A MAJOR PROBLEM
The house may have a serious condition you did not anticipate.
Now ask:
- Can it be fixed?
- What does it cost?
- Will seller participate?
- Can you afford the risk?
If the answer no longer works, reconsider.
Review what should actually scare you in the report.
THE SELLER WILL NOT ADDRESS THE ISSUE
You do not have to prove a moral point.
Maybe seller says:
Take it or leave it.
Fine.
Now you decide.
Sometimes leaving is correct.
THE APPRAISAL CHANGES THE ECONOMICS
If the appraisal is materially below the contract price, you may face a decision about whether to bring additional cash, renegotiate or use any applicable contractual options.
Do not automatically throw more money into the deal because you're afraid to lose the house.
See what happens when the appraisal is low.
THE HOA DOES NOT ALLOW WHAT YOU NEED
You planned to rent the house later.
Association rules create a problem.
You own an RV.
Parking rules do not work.
You expected to build something the HOA prohibits.
Those are not tiny details.
Research the HOA before you discover the conflict too late.
THE LOCATION PROBLEM CANNOT BE FIXED
You suddenly realize the road noise drives you crazy.
Or the proposed development behind the house changes how you feel about the property.
You can remodel a kitchen.
You cannot relocate the lot.
THE PAYMENT NO LONGER FEELS RIGHT
Maybe rates moved.
Insurance is higher than expected.
HOA costs were misunderstood.
Your finances changed.
A home you technically can buy can still be a bad financial decision.
SUNK COSTS ARE NOT A REASON TO BUY
You paid for:
- Inspection
- Appraisal
- Maybe other due diligence
Those costs hurt.
They are still much smaller than purchasing a property you know is wrong.
YOU DON'T HAVE TO WIN EVERY HOUSE
Lisa would much rather have a buyer say:
“I'm still annoyed we lost that one.”
than:
“I wish you had talked me out of this house.”
There will be another property.
