Uh Oh. Something You Don't Want To Hear Yourself Thinking After Closing.

Listening to a conversation last night, the "wife" was so thrilled their offer on a home was accepted: foreclosure, they offered $25k over ask price, decided against a home inspection and haven't seen the house yet.

I hear this still happens.  Happened more years ago - not so much today!

Wife goes on: heard the home has some "minor" issues but according to their agent "nothing to worry about".  So, when I hear words like "no permit" and "we're sure it was done right" - you know - I'd be a little concerned.

Why did they do it?  Their agent told them several offers were coming in, this was the deal of the year, no other property like it will come up again, etc. Then they let emotion make their decision.

At the point you are letting emotion make your decision - go ahead and make an offer but at least write it inside the home so you see it and don't give up your rights and protections!  Because when emotions subside you could be left standing thinking: Uh Oh.

Just a few things to keep in mind when buying a home - if you:

• Hear you have nothing to worry about - make sure. Get second opinions and do your research.
• Haven't seen the home, seriously, go look at it before you decide on your price.
• Are going to offer over ask price... research, review comps and make sure you are not going to get yourself into the same situation people did years ago.
• Think that taking a property AS IS means you can't or don't need a home inspection - think again.  Do a home inspection. It's money and time well spent.
• Know a home has no permits - get educated on as much as you can about how that house was built, what parts were permitted, and even better, why parts weren't permitted, the cost to get things up to code, etc.  It's really important to do your research especially if a listing discloses "no permits on part of the home". 
• Don't already know this: read the contract banks send for your signature.  I mean, really read it and ask questions because this is the contract that counts over the initial one.

Be happy, get a great deal on a home, write the offer - but protect yourself and if you can't - make sure you have someone covering your back who will while your emotions are keeping you walking on air!