People who have to sell fast are more willing to negotiate. They may be settling an estate, transferring jobs, getting divorced or have already purchased a new home and paying for 2 houses. A seller who has lived in a home for only a few years may insist on his asking price because they have little equity. But a long-term homeowner whose house has appreciated for decades may not worry about a few thousand dollars. Require contingencies in the contract These are escape clauses that let you back out of the deal without incurring a penalty or losing your deposit if something goes wrong with the deal.
Financing can fall through for many reasons.
You don't want to lose your deposit if you aren't approved for a mortgage. Defects are detected in a home inspection. Do not rely on seller disclosure statements to evaluate property condition. Hire your own inspector to point out potential problems that require costly repairs down the road. Make sure that the home inspector is a member of the American Society of Home Inspectors .