I want to know of any strategies that may work if I find out that a deal was a bad choice at the last moment. Any info would be greatly appreciated.
Thanks
Yasmine
You need to provide more info for specific suggestions. In a general sense, even if you got coal instead of lemons--to abuse a common metaphor, well, there are lots of uses for coal. Many gurus on this site and in books write about various ways of "saving" a deal that went bad, for whatever reason.
The real problem is finding a way out after you have signed and own the property.
If you haven't signed off, you might get away with having an escape clause, however, if there is realtor involved or someone who is on his/her toes, they may not accept the offer. You can put in something like "subject to the approval of my financial advisors". Most of the time you will have a limited time to remove all contingencies. The contingency that has the most elasticity is terms associated with obtaining institutional financing. I usually have a clause that reads "subject to obtaining satisfactory financing". Usually, the long pole in the tent is financing which may allow some additional discovery time. Also, I have gone in looking for one type of loan and it may be unavailable to me so I must find alternatives.
Be sure that you have something of substance as a reason for backing out. You will not have many people who will deal with you if you don't follow through on your offers.
You need to provide more info for specific suggestions. In a general sense, even if you got coal instead of lemons--to abuse a common metaphor, well, there are lots of uses for coal. Many gurus on this site and in books write about various ways of "saving" a deal that went bad, for whatever reason.
You need always to include in the contract , contengency clauses that will let you escape at the last moment, u get be creative.
Yasmine,
The real problem is finding a way out after you have signed and own the property.
If you haven't signed off, you might get away with having an escape clause, however, if there is realtor involved or someone who is on his/her toes, they may not accept the offer. You can put in something like "subject to the approval of my financial advisors". Most of the time you will have a limited time to remove all contingencies. The contingency that has the most elasticity is terms associated with obtaining institutional financing. I usually have a clause that reads "subject to obtaining satisfactory financing". Usually, the long pole in the tent is financing which may allow some additional discovery time. Also, I have gone in looking for one type of loan and it may be unavailable to me so I must find alternatives.
Be sure that you have something of substance as a reason for backing out. You will not have many people who will deal with you if you don't follow through on your offers.