Even in a hot real estate market which has been a seller’s market for such a long time, there are certain things that a buyer should not forgo or overlook.
According to Realtor.com there are 5 contingencies that a buyer should never pass over.
You should always have a home inspection done by a trusted source, preferably one that is not chosen by the seller. Even if you are ok with buying a home that needs work, an inspection is important because you need to know how much work needs to be done to the home and if there are any immediate dangers in the home.
If there is even the smallest indication that the house has mold, you should never forgo the mold remediation. Mold is not something you should ignore, especially if you have children.
Make sure the well water/septic system is fully inspected. There can be many hidden issues with older homes that can cost as much as a full home renovation to fix.
Do not waive an appraisal, even during a seller’s market. You can still choose to enter a bidding war, but at least you know what exactly you are paying for.
Never waive the financing contingency on any home you plan to buy, if for whatever reason (life happens) you are not approved for a loan, you could lose your deposit and be out thousands of dollars.
If you have more questions about the above points or if there are other areas you are concerned about when it comes to buying your next home, you can always talk to us at Amin Vali Real Estate Investment.