Things that Go Wrong with Real Estate Sales
By User Not Found
Feb 19, 2016
Things that Go Wrong with Real Estate Sales. Buying or selling a home is a costly, time-intensive process that has caused headaches to break out for many a homeowner. While there certainly are positive experiences (and our fingers are crossed that you have one), the potential for things to go wrong are manifold.
Buying or selling a home is a costly, time-intensive process that has caused headaches to break out for many a homeowner. While there certainly are positive experiences (and our fingers are crossed that you have one), the potential for things to go wrong are manifold.
By preparing ahead of time for any eventuality, you can enjoy a smoother, more streamlined sale. That’s why we’ve come up with this list of potential things that can go wrong during a real estate transaction.
> Buyers Falling Through: You’ve done the difficult part of selling a home—found a buyer, had an offer put on your home, and finally made that sale you’ve been waiting for. While this is a great first step, it’s no guarantee that your home sale will actually go through. Buyers often fall through for various reasons, including not getting approved for the full loan amount, being unable to come up with a deposit, or withdrawing their offer for personal reasons. Until the paperwork is signed, no home is considered fully sold.
> Buyer Conditions: Oftentimes, buyers will place stipulations on the sale before they’ll agree. A new roof, the front porch repaired, heat-saving windows put in along the side…these types of requests are common. However, performing these tasks might cost more money than you have to invest and/or you might put in the work only to have a buyer withdraw for the above mentioned reasons.
> Failure to Pass Inspection: For many buyers (especially those whose loan terms dictate it), the sale is hinged on your home passing an inspection. If this doesn’t happen, you may be required to put in quite a bit of work or lower your home price accordingly. Most real estate experts suggest you get a home inspection ahead of time so you aren’t blindsided by the results.
> Documentation Errors: There’s a lot of paperwork associated with buying and selling a home, which means there’s a lot of potential for errors to be made. Even something as small as a transposed number can cause delays and problems later on down the road (or even cause a sale to be canceled). Take your time with all documents and work with a professional who’s familiar with all the forms you’ll need to fill out.
> Red Tape: A home sale isn’t just a transaction between you and another family—it includes mortgage brokers, real estate agents, city/county property departments, ecological surveys, and insurance agents, just to name a few. Don’t be surprised if you have to wade through bureaucratic red tape to buy or sell a home, especially if there is a lien on the property or if you’re planning on developing the land.
Changes in your personal situation can also have an impact on the real estate process. A new job that falls through, an upcoming wedding that gets canceled at the last minute, a sudden pregnancy that puts a hitch in your plans…life has a way of intruding when we least expect it. Flexibility might not seem like your most important asset when buying or selling a home, but take it from us—it’s the one thing all homeowners can’t do without!