I highly recommend, for obvious reasons expressed throughout this blog, that you get that contract signed lickety split. Again, there is no real accepted offer until you do. And now you have spent good money on inspections, you are slightly more invested. This is the point, however, that many buyers get cold feet at the altar. Why? Because this is the point at which they have to put down a wad of cash as collateral to bind them to the contract, and this is where it gets real. They are buying a house! By this point in time, between inspections and lawyer negotiations, enough time has passed that the initial euphoria they felt when making the offer has sort of subsided. They are still excited, but the fear of home ownership starts to creep in. They are considering all those pesky home inspection items that seem individually trivial, but massed together make them realize that now they are moving into the role of landlord, janitor, grounds keeper! Such a role has not previously fit into their lifestyle, and there is a lot of uncertainty and uneasiness that accompanies this realization. The important thing to keep in mind is that this is an investment that you carefully planned and considered for a long time. You have likely been searching, either on the internet or in person, for a long time. Interest rates are climbing, and you realize that this is the time that you are ready to buy. This is the house you chose, and the decision to become a home owner is one that you made thoughtfully. The anxiety and jitters are normal and will pass, that excitement WILL return.
Many buyers don’t want to be rushed and want time to look over the contract. Ok, I get it. Look it over, make an appointment to go over it with your attorney line by line, but do it immediately. That contract has already been scrutinized, likely multiple times, by a professional that you hired that knows a lot more about real estate law than you. And remember, the sole purpose of this contract is to a) protect your down payment and b) protect the seller from losing your down payment in the event the deal falls through. Your attorney is playing defense, the seller’s attorney is offence, and you need to have faith and trust in your team. By all means, ask questions, only an idiot does not. It’s your down payment and you have a lot to lose if you are not protected, so you really need to feel comfortable. But understand that every minute you delay signing is another minute a higher offer can come in. So act thoughtfully, but act quickly. My advice – don’t waste time obsessing about minutae within the contract that you don’t really understand to begin with. Have trust in the competency of the professional that you hired to protect your interests. If you get a reasonable answer to your reasonable question about something that is likely a boiler plate item within the contract, move on. Don’t hang onto every word dissecting it’s meaning. Again, trust that the experienced attorney you hired knows what they are doing. And if you find yourself questioning their ability, fire them and hire someone you do trust.
As long as no one foisted this on you, you should not second guess yourself at this point. You’ve had long enough at this point to rethink things and to back out of the offer, but you’re still here. If that scary home inspection didn’t make you run, this shouldn’t either. You must face your fears with logic, trust and confidence in your decision.