On its surface, purchasing a home seems like a pretty straight-forward task. Don’t you just find a house, put in an offer, get a loan and cozy up to your new fireplace by the end of the week? Unfortunately, this isn’t how homebuying in Wisconsin works, and for good reason. First time homebuyers in Wisconsin are often surprised to learn these seven facts (click to learn more):
- The appraiser needs a copy of your Offer to Purchase — Including the sales price!
- You might not get a say in how defects are fixed.
- It costs a lot to get out of an Offer to Purchase.
- Your student loans factor into your mortgage…but not how you’d think.
- Buyers are responsible for certain assessments before closing.
- Defaulting on a purchase puts thousands of dollars at risk (and maybe more)
- Buyers don’t get their earnest money back automatically if they terminate a contract
Learn more about being a first-time homebuyer in Wisconsin.
- Not giving the seller the right to cure defects (in which case the buyer can propose in an amendment how the defects will be cured.)
- By giving the seller the right to cure but also having their real estate agent insert additional language into their initial offer that specifically gives the buyer the right to participate in determining how any defects are cured.
- Home inspection with a radon test — $400 and $550
- Structural engineer’s report — $300 to $500
Are you buying your first home? Contact Accunet’s realty experts for step-by-step guidance and advice.
- A judge may order the buyer to follow through with the contract, and request the earnest money as a partial repayment of the purchase price.
- A seller may terminate the offer and have the option to request the earnest money as liquidated damages or sue for actual damages.
Don’t wait until it’s too late — Call (262) 781-1100 for help buying a home, defaulting on a purchase or finding the best mortgage for you.
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