With fewer homes on the market, buyers will often find themselves bidding against several other bidders. Without cash or the ability to offer a much higher price — for fear that a property won't appraise — buyers have to focus on terms that make life easier for the seller.
- Can you get a home inspection and other due diligence done right away?
- Can you close in two weeks?
- Can you put a larger amount of earnest money down to show your commitment to closing the deal?
Lastly, just as you don't want to settle when you're dating, you don't want to settle when buying a home. Here are a few of the things that could make a home less of a sound investment:
- A "uniquely weird" layout or design.
- A very busy street.
- Safety issues or structural problems.
What do you lose by passing on a home inspection?
We've all heard that having a home inspection is a critical step for buyers before they close a deal. But occasionally a reader will ask what these inspections can turn up, and what you could miss by bypassing one to close quickly.
The three things you risk are your money, your safety and knowledge of that home's features — including its inefficiencies. It's one of the few services that will save you more money than you spend.