January 22, 2019

Common Buying and Selling Mishaps

Buying or selling a home is often a time of mixed emotions — optimism, stress, pride, joy, and anxiety, just to name a few.  Anyone whose already been through the process knows it can be prone to last-minute delays and unexpected problems.  Knowing the most common mishaps can help you prevent them, solve them, or at least not be blindsided by them.

1.  A buyer failing to be honest and forthcoming on the loan application can later result in a reduction or loss of the loan.  Be sure to disclose all pertinent information right from the start.

2.  Unexpected life changes, such as divorce, job loss, injury, or death can obviously derail a home sale.  There’s not much you can do to prevent these circumstances, but knowing it does happen and being prepared to continue the search for a home can save you a fair bit of stress.

3.  The buyer retracts an accepted bid for undisclosed reasons or the seller decides to take the home off the market.

4.  The home inspection reveals issues with the property that the buyer is unwilling to deal with.  If you’re the buyer, you simply can’t predict how an inspection will go.  If you’re the seller, taking the important step of having your home inspected before you list it can save time and headaches down the road.

5.  Delays in other transactions; in other words, if the seller is buying another home and that process is delayed, or building a home whose completion has been delayed, they may be unable to close when planned.

6.  The bank refuses to issue a loan based on the condition of the property.  To avoid this, know what restrictions your lender has if you’re the buyer and disclose any problems if you’re the seller.

You can’t control every aspect of home selling or buying, but it’s pretty clear that being honest and up-front with your realtor and your bank can prevent a lot of problems!  Those professionals are there to guide you through the entire process and can only do their best if they are well informed!