8 Reasons Not to Make an Offer on a House Even If You like It

lighterside-staff-authorBy Lighter Side Staff  |  Read More

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Buying a home often requires looking past a thing or two about a house. No house is ever entirely perfect. Sure, you should totally have a wish list, and a list of must-haves. Just be prepared to give in on a thing or two on your list. Otherwise, you’ll always find yourself coming up with a reason to not make an offer on a house you like.

But, and this is a big but, there are some solid reasons for not making an offer on a house you like; here are 8 of them:

1. You’re buying with someone else and you’re unsure about the relationship

If you’re going to have somebody else in the home and on the deed with you, you need to be sure the relationship is solid and expected to continue. If you’re having doubts about where things are going, you’re taking a big risk buying real estate together. Be careful!

2. There’s a major change coming to the neighborhood

Taking a few minutes to research a neighborhood to find out whether it’s expected to undergo any dramatic changes is worth the small time investment. If, for instance, a giant shopping mall is scheduled to be built down the street, you should be aware of it before you buy since that will probably mean a lot more traffic for you to deal with.

3. There are pending litigation issues

If you find out there are current lawsuits that involve the house, you might want to take a pass. Of course, not all lawsuits are deal-breakers, but they will complicate the process — so be sure you understand all of the implications before putting in your bid. When in doubt, consult a lawyer.

4. You’re unsure about your finances

A home is a major financial commitment, so if you’re unsure about your job stability or your savings, you might want to take a step back and reassess. There are, of course, plenty of excellent programs that can help buyers become homeowners, but be sure you’re comfortable with where you’re at before hitting the signature button on that offer.

5. It’s way out of your price range

Buying at the top of your price range, and maybe a little bit beyond it is fairly common in real estate. But if a home is priced significantly higher than you can afford, do the responsible thing and take a pass. While it’s painful, you shouldn’t look at it as losing a dream as much as temporarily putting it on hold.

6. There are structural problems

If you find out the home you want to buy needs significant work, then you should make sure you understand what you’re getting yourself into. If the seller intends to fix the problems before closing, then it’s not a big deal. But, if you’re taking on the problems you need to make sure you get a better deal on the house and have the resources to pay for the work that needs to be done. If you know the answers to these questions and are comfortable making an offer, then go for it. If not, or if it seems like more risk than you’re comfortable with, move on.

7. You notice a major discrepancy

In real estate, like in all relationships, any red flag is cause for concern. A serious discrepancy between the listing and the reality should be questioned, and you should get an honest answer. For instance, if a home is listed as a four bedroom but you see that there are only two bedrooms and two small nooks, you need to ask more questions. If you’re not happy with the answers, then it’s perfectly okay to take your business somewhere else.

8. It doesn’t “feel” right

Sometimes our natural instincts can tell us more than our logical brains. Occasionally, you’ll find a home that is perfect on paper, but it just doesn’t feel right. Don’t ignore the feeling, and don’t try to reason it away. You’re the one who will have to live there, so trust yourself, put a smile on your face, and move onto the next one.