When Home Buyers Change Their Minds

Soon to be home buyers, and home sellers can face issues when buyers try to withdraw their offer on a home purchase. Robyn Friedman of the WSJ indicates that nearly half of homeowners say that they would do things differently if they were to buy a house again. Mistakes included loosing "earnest money" (deposits used to prevent buyers from backing out of a purchase), buying too big or small of a home, and not saving enough money before the home purchase. Going into the purchase of a home with knowledge regarding the consequences of backing out of a deal can prevent headache for all parties involved. When buying your next home, whether it be a cabin up north, or a home here in the metro, have a plan and consider all elements of a contract before you make any commitments.