Top 10 Home Buying Mistakes – #2

Mistake #2:  Having a house under contract without contingencies

Having a back-out plan is a must for smart home buying.  Consider a home inspection that  uncovers a roof that needs to be replaced for $15,000, floor joists that are rotted under a house or mold inside the walls will probably cause you and your family major health issues.  If the defect is something the Seller refuses to pay for, will cost more than you ever dreamed or something that makes the house unlivable, unless you have contingencies written into your contract you could have problems getting your deposit returned without incurring large legal fees.

Working with a licensed real estate professional who can guide you through the transaction is your best insurance policy.  Your agent will not know these conditions exist but will protect you with a properly executed purchase and sale contract.

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