3 purchase conditions to consider when buying a home
Buying a home is one of the biggest investments you ’ ll ever make . Therefore , it ’ s important to include specific conditions in your purchase offer to protect your interests . Here are three you may want to consider .
Appraisal . An appraisal condition protects you from overpaying for your home . In short , it ensures you don ’ t lose money if there ’ s a large discrepancy between what the home is worth and what you agreed to pay for it .
Financing . Including a financing condition in your purchase offer gives you adequate time to get approved for a mortgage . It gives you a way out of the contract if you ’ re unable to secure financing and prevents you from losing your deposit if your application is denied .
Home inspection . This condition allows you to hire a professional to inspect the home for structural , electrical , plumbing or superficial issues . This enables you to decide whether you want to proceed with the purchase , negotiate a lower price or ask the seller to complete repairs before moving in .
Finally , it ’ s crucial to work closely with a realtor and lawyer when preparing an offer to purchase a property to ensure you don ’ t get blindsided by unforeseen circumstances . n
36 Summer 2023 | Thomasville Scene