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What are my next steps to successfully finalize the home purchase after making an offer on a property and just finding out that the inspection revealed some unexpected issues?
In real estate, material facts that affect the value or desirability of a property must be disclosed to potential buyers.
If a seller intentionally withholds material facts, it could be considered fraud, and the buyer may have the right to sue for damages.
A home inspection is a crucial step in the home buying process, as it can reveal hidden issues that may not be visible during a showing or open house.
Common issues found during a home inspection include electrical problems, plumbing issues, roof leaks, and HVAC problems.
If a home inspection reveals issues, the buyer can negotiate with the seller to have the issues fixed or to lower the purchase price.
A real estate attorney can provide legal guidance and help negotiate on behalf of the buyer.
Contingencies in a purchase agreement, such as a home inspection contingency, allow the buyer to back out of the deal if certain conditions are not met.
If a buyer backs out of a deal without a valid reason, they may forfeit their earnest money deposit.
Earnest money is a deposit made by the buyer to show their good faith intention to purchase the property.
The amount of earnest money required can vary, but it is typically around 1-2% of the purchase price.
Before making an offer on a house, it is important to get pre-approved for a mortgage and have a clear understanding of your budget.
A pre-approval letter from a lender can make a buyer's offer more attractive to a seller.
When making an offer, it is important to consider the asking price, market conditions, and the condition of the property.
A real estate agent can provide valuable guidance and help negotiate on behalf of the buyer.
It is important to read and understand all documents related to the purchase, including the purchase agreement, disclosures, and inspection reports.
If a buyer discovers issues with the property after closing, they may have limited legal options, so it is crucial to conduct thorough due diligence before closing.
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