Ways to Save Money

In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...

Five Practical Ways to Save Money for Students

It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...

Six Simple Ways to Save Money

No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...

Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...

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70 Ways for Home Buyers to Save Money When Buying a Home: Tip #14

Tip #14 in our series of 70 ways to save money when buying a house is use a weasel clause to protect yourself.

Even if your lender does not require a pest (termite) inspection and the seller says he has never had a problem with insects you should get one done for yourself anyway.

If the house has a pest problem, and you do not discover it, it could cost you thousands in repairs and months of agony. Spend a little money now to avoid spending a lot later.

A pest inspection is easy to do and relatively cheap. Just make sure you add a contingency in your offer that the offer is only good if you approve of the findings of the pest inspection.

Notice the wording of the previous paragraph. It says that you will buy the house only if you approve of the findings. It does not say you will buy the house if there are no termites. This is what we in the business call a weasel clause. It lets you get out of the contract for a stupid reason.

Even if the pest inspection comes back negative, you can still say you do not approve of the findings, and walk away from the deal. And there is nothing the seller can do about it.

Without this clause, if for some reason you had to back out of the deal, you would end up losing your escrow money.

Another way to get the deal canceled is to say that you did not qualify for the loan. Every offer to purchase should have the clause that if the buyer does not qualify for the loan, the deal is dead. But if you followed our earlier tip about having a pre-approval letter it will not be possible to use the mortgage clause as a weasel clause. So we use the pest inspection as the weasel clause.

Just make sure to leave yourself a backdoor in case you need to get away from the deal. Maybe another house you like better just went up for sale, or you decide you do not like the neighborhood after all. Whatever the reason, it is always a good thing to have an out, incase you need it.

The pest inspection makes a great weasel clause. But even if you do not use it as such, make sure to get one done before you buy. Getting rid of termites is a very annoying and expensive proposition. And not something you want to do for your new house.

Spend the couple hundreds dollars and get it done. And add it to the offer that you want to have it done, otherwise the seller does not have to allow you to do it.
About The Author

Abby Kamadia, is a mortgage consultant, and real estate broker in Houston Texas. For the 69 other free articles on saving money when you buy a house visit Abby's Houston Texas Real Estate website.