What are the reasons NOT to get your hopes up too high in the beginning of the escrow?
- Many transactions “fall out” of escrow and you may be disappointed
- So you can make a good business decision to cancel your contract if needed
- Keep a backup plan for the other houses you liked
Many transactions “fall out” of escrow.
Okay, we are now in escrow. We hope to be closing on our new house in about 2 weeks so we are packing and preparing, and we are starting to get excited. However, we do not want to get our hopes up too high. At this point, many transactions still cancel for various reasons. We don’t want you to be disappointed if, for some reason, you do not get this house.
Be prepared to back out if needed.
Do not become so emotionally attached to this house that you cannot make a good business decision to back out if you find out that it has major problems.
If the house has major problems revealed by a home inspection, you may have to make the decision to cancel the purchase and back out. So do not become emotionally attached to this particular house.
Keep a backup plan for the other houses you liked.
At this point, you probably stopped looking at other houses for sale. However, you still need to make a note of other houses you liked, just in case. Remember what we advised about having plans B, C, and D.
Throughout my many years of experience helping first-time homebuyers, I have seen plans change at a moment’s notice. That is why it is always best to be prepared. You have heard the saying: Plan for the worst, but hope for the best. That is great advice to heed.
Read more in our book, "Buy Your First Home", http://tinyurl.com/nrvmgc7.
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
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