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2 compelling reasons to consider backing out of a home purchase

On Behalf of | Sep 8, 2022 | Real Estate Law

Buying a house is a major life event, especially for those making their first home purchase. Frayed nerves or “cold feet” are common as closing day approaches, but they typically do not interfere with the purchase.

While you probably should not abandon the transaction due to second thoughts, there are valid reasons to walk away. Below are two examples for you to consider.

An inspection uncovers significant issues

it is generally wise to avoid buying a property with substantial problems such as faults in the electrical system or a deteriorating foundation. If the price of the home is ridiculously low, you might feel you can afford the costs of repairs. However, it may be wiser to abandon the purchase and look elsewhere for your new home.

Unpermitted work on the structure

If the current owners made structural changes (room or deck additions, for example) without permission, you could get stuck paying for permits after your purchase. You could also face costly fines even though you were not the one that made any changes. Further, the work performed may be substandard, which could seriously impact the property’s structural integrity and value.

Of course, these are not the only reasons you might want to reconsider a home purchase. Other examples include low property appraisals, undue pressure from real estate agents and lack of full disclosure from the seller.

Before you complete a home purchase, research the property in-depth to ensure it is sound and free of defects. It may also help to study the Connecticut residential real estate laws and seek a qualified legal opinion.