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What happens if you're under contract with a home, but you end up finding big problems with it? What are your options?
It's not always easy to spot problems yourself, and often big problems aren't known right away. This can be frustrating for home buyers. Luckily, the Arkansas Real Estate Association (ARA) writes contracts up to protect the buyer. They feel, as I do, that buyers shouldn't have to worry about buying a $400,000 home that has major defects.
The ARA gives the buyer 10 days to have the property inspected in any way they see fit and allows for the buyer to request a property disclosure from the seller. This disclosure, which 99% of sellers will share with the buyer, lists any and all issues the seller has had with their home during their ownership of it. During that 10-day period, if you find something that you can't live with, there is no harm in walking away. Your earnest money will be safe and you will not be penalized for backing out at this time.
Now, if the appraiser finds something wrong with the property, the bank is typically not going to loan the money on the house until the problem has been addressed. We call that a third-party repair because you didn't request it, but the bank did and will not move forward until any defects have been addressed.
These are just a few of the ways you're protected when you're buying a home. If you have any questions about this topic, or if you would like a team of experts to lead you through the buying or selling process, don't hesitate to reach out to us at any time. We would love to hear from you!
