It's not unusual for homebuyers to fall in love with houses and then change their minds about purchasing them later. Depending on how far you are in the process, however, it can be difficult to extricate yourself from the purchase without incurring significant expense, legal problems, or looking like an inconsiderate person. If you want to provide yourself an out for when you may have second thoughts, here are two contingencies to build into your offer that may help.
- Receiving two, three, or even four offers in quick succession is one of the best things you can encounter when you're trying to sell your home. The submission of offers from multiple buyers shows that there's a high demand for your property and can help to reassure you that you'll likely be able to close the deal promptly. Before you do, however, you may wish to communicate with some of the prospective buyers whose offers you find intriguing.
- It's the American dream; owning a home of your very own. For many, it is just that; a dream. Financial difficulties can wreak havoc with your credit and saving up enough for a down payment can be downright impossible. You should know, however, that there is a way to get financing for your dream home. The Federal Housing Administration (FHA) provides government-backed mortgage loans for those who may have given up hope.
- When you're planning to move out of your home for any reason, your first instinct may be to sell the residence. However, unless you're in immediate need of a large sum of money, it may be better to rent the home out instead of sell it. You may wish to contact a real estate agent in your community and explain your situation. The agent can then suggest what may be the best course of action for you to pursue.
- If you are looking for a long-term way of making money in today's economy, real estate investing may be a great way to go about it. It is often a safe and profitable way to make money for the long-term. In many cases, you are safe from inflation, you will see a decent cash flow, and you will own your own asset that constantly remains in high demand. The key, though, is to ensure that you find the ideal investment property.