| Tip #14 in our series of 70 ways to save | | | | Without this clause, if for some reason you |
| money when buying a house is use a weasel | | | | had to back out of the deal, you would end up |
| clause to protect yourself. | | | | losing your escrow money. |
| | | | |
| Even if your lender does not require a pest | | | | Another way to get the deal canceled is to |
| (termite) inspection and the seller says he | | | | say that you did not qualify for the loan. |
| has never had a problem with insects you | | | | Every offer to purchase should have the |
| should get one done for yourself anyway. | | | | clause that if the buyer does not qualify for |
| | | | the loan, the deal is dead. But if you |
| If the house has a pest problem, and you do | | | | followed our earlier tip about having a |
| not discover it, it could cost you thousands | | | | pre-approval letter it will not be possible |
| in repairs and months of agony. Spend a | | | | to use the mortgage clause as a weasel |
| little money now to avoid spending a lot | | | | clause. So we use the pest inspection as the |
| later. | | | | weasel clause. |
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| A pest inspection is easy to do and | | | | Just make sure to leave yourself a backdoor |
| relatively cheap. Just make sure you add a | | | | in case you need to get away from the deal. |
| contingency in your offer that the offer is | | | | Maybe another house you like better just went |
| only good if you approve of the findings of | | | | up for sale, or you decide you do not like |
| the pest inspection. | | | | the neighborhood after all. Whatever the |
| | | | reason, it is always a good thing to have an |
| Notice the wording of the previous paragraph. | | | | out, incase you need it. |
| It says that you will buy the house only if | | | | |
| you approve of the findings. It does not say | | | | The pest inspection makes a great weasel |
| you will buy the house if there are no | | | | clause. But even if you do not use it as |
| termites. This is what we in the business | | | | such, make sure to get one done before you |
| call a weasel clause. It lets you get out of | | | | buy. Getting rid of termites is a very |
| the contract for a stupid reason. | | | | annoying and expensive proposition. And not |
| | | | something you want to do for your new house. |
| Even if the pest inspection comes back | | | | |
| negative, you can still say you do not | | | | Spend the couple hundreds dollars and get it |
| approve of the findings, and walk away from | | | | done. And add it to the offer that you want |
| the deal. And there is nothing the seller can | | | | to have it done, otherwise the seller does |
| do about it. | | | | not have to allow you to do it. |
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