- Shopping Bag ( 0 items )
Associated PressThe New York Post
IF you’re a home buyer, contracts can be one of the most difficult things understand. One source to understand.
One source of great tips is actually an investment book, John Schaub’s "Building Wealth One House at a Time," coming out this month from McGraw-Hill.
Here are five of our favorite tips from the book:
1. Offer to close quickly.
You can cut your down payment this way, Schuab notes. While this won’t work on a New York City co-op, it might on a house. "The only reason to make a large down payment is to convince the seller that you are a serious buyer," Schaub writes. "You can get the seller’s attention with less money by making an offer that closes in a week."
2. Take whatever time you need to read the contract.
If you’ve spent dozens of hours finding a good deal, why blow it by skipping a potentially important clause in the contract?
3. If an inspection reveals problems, the buyer can make repairs; but it will be faster for the seller to give the buyer a financial credit toward those repairs.
4. Keep the contract the sellers filled out.
If you have a choice of copies, you want the one they’ve written on. Schaub notes "it would be hard for them to claim that they did not understand the contract if they actually filled it out."
5. Never go to court to enforce a contract.
If the sellers back out, you can stick it to them, but you shouldn’t, Schaub says. "It is easier and more profitable," he writes "to find another good deal."