Select A Department:

Courses in this Department

How Ready Are You to Buy a Home?

Determining Your Dream Home and Finding It!

Factory Built Homes Are Worth a Look

Purchase Manufactured Homes with FHA Loan

How to Buy a Foreclosed Home

Pros and Cons of Corner Lots

Know the Neighborhood Before You Buy

Tune in to an Open House on the Radio

Finding a Qualified Broker or Agent

Shopping for a Loan and Choosing a Lender

How to Improve Your Credit

How to Survive the Loan Application Process

Making an Offer and Signing Contracts

Cancel Your Contract in 3 Days

Understanding the Closing/Settlement Process

Choosing Home Inspection and Settlement Professionals

Double Check Your New Home - The Walkthrough

Know Your Consumer Rights

Seniors Have Many Housing Opportunities

Preparing for the Big Day -- Relocating Moving

Make Your Home Your Castle - Cost Effective Redecorating Ideas


The Right to Walk Away

You can change your some cases!

Before the Contract Is Signed

The key word is "before"!

This right is always available to you before the contract is signed by both parties. If you can't negotiate on a price that is acceptable to both parties, walk away. Just because you put an offer on a home, doesn't mean you have to purchase that home. There are ways to walk away. Sometimes deals just don't seem to come together. If this is the case, just accept defeat and know that there is another house out there for you.

What About AFTER?

Get professional help. If you have signed a contract, turn to your attorney.

There may be a way to break the contract without penalty should things start to go sour. At the very least, your attorney should be able to handle any messy dealings with intolerable brokers or sellers.

You don't have to deal with it yourself. You can get help from people who know all the games and all the tricks. Don't get involved if you don't have to.

Now let's look at some Pitfalls to avoid:

  1. Not realizing you have rights in the first place. You do and you should be very familiar with them.

  2. Not finding out about your warranties. Read them carefully and know the terms of how they work. Be sure they cover everything you need them to cover.

  3. Taking a non-specific warranty. These are hard to use and enforce because there is nothing of substance to make the manufacturer or builder jump. Be sure your warranties are for specific services during a specific time period. The more specific the better.

  4. Not considering taking out home warranty insurance. While this won't cover everything (like any pre-existing condition), it will help out if something big breaks.

  5. Not doing a pre-closing inspection 24 to 48 hours before closing to make sure the house is still in good shape and that it is how it should be according to the contract. The closer you can do this to time of settlement, the better.

  6. Not walking away when a negotiation stalls. You have the right to walk away without penalty if you and the seller cannot agree on a price and repairs. Use it.

  7. Not calling your attorney immediately if a problem occurs after the contract is signed. This is the only way you can find remedy.

Be a Short List... But your rights are extremely important. Know them. Let's test how well you learned in the quick quiz on the next page. Be sure to review the sections of the course related to your WRONG answers!

Page 7 of 8