Buyer's remorse happens to a lot of people. The fear of signing a long term commitment for a mortgage at the closing of a Beavercreek real estate deal--be it for a family home or investment property can be daunting. It's important to not let your fear get the best of you for many reasons. Not only can you miss out on the property you've looked so long for, you can lose a lot more than that.
Walking away from a deal before closing can mean losing any earnest money you have put down when you made an offer on the property. Unless you made a no earnest money offer; which is highly unusual, you will lose it by deciding not to go through with the closing.
There are a few contingencies that may allow you to get all or some of your earnest money back when you walk away, but only if you have listed those possibilities in your offer such as:
· Financing. If you don't list that possibility as a contingency for buying a home, even if you can't get financed, you will lose your earnest money deposit.
· Selling an existing piece of Beavercreek real estate. Again, this only works if you included this information in your offer. If you must sell your home first before Closing on the new home this contingency must be communicated.
· Appraisal, title, or inspection contingencies are also good clauses to have in your offer to protect you in case the information comes back undesirable and would like to use that to back out of the deal. These provisions allow you to change your mind if the appraisal value of the Beavercreek real estate doesn't come back matching the price you are paying, inspections turn up problem areas, or the title has issues.
Don't be fooled into thinking that you can back out of a signed contract bid because of those items if you do not list them as contingencies.
Let me help you prepare a proper real estate contract, including all contingencies. As an accredited buyers representative I can help protect your interest in the purchase of your new home. Contact me today at 937-287-7523 or email me at Gene@TheGeneGroup.com.