Not every contract that is written for a real estate purchase culminates in a happy new homeowner receiving the keys to that property. Below are four reasons that a deal may fall apart, and how to avoid them.
Buyer’s Remorse – The “home of your dreams” is now becoming the home of your Nightmares and you are waking up in a cold sweat. Did you settle for a home you really don’t like? SOLUTION: Be clear on your needs/wants, budget, and pros/cons of each property you view. Let this be your guide when deciding whether or not a property is offer-worthy.
Home Inspection Report looks Ominous. SOLUTION: Unless you are purchasing an As-Is property, some repairs are required to be completed by the seller. For the others, get bids from a handyman or contractor to get real numbers on what it will take to make those repairs. Often it’s not as scary a dollar figure as you had imagined. Consult your Realtor regarding asking the seller to make these repairs or whether you can take care of them after the sale is complete.
You Bought a New Car !?!? Increasing your debt while home shopping will change your debt-to-income ratio, and possibly your credit score, which is something your lender will pay very close attention to until you. As late as the-day-before closing, your lender will check these numbers to assure that you are still credit-worth. Even if you are paying cash, a large reduction in the available funds in your bank account could be an issue. SOLUTION: Save the furniture and appliance shopping until after you receive the keys to your new home.
Low Appraisal Value. You and your lender want to know that you are not paying TOO MUCH for the home of your dreams. SOLUTION: Don’t panic! Ask your Realtor to negotiate with the seller to lower the sale price to match the appraisal. If the seller is unwilling to do so, then you can cancel your purchase offer.
Author:Sharon Rodgers Phone: 480-420-6657 Dated: May 25th 2016 Views: 274 About Sharon: ...
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The factors that go into purchasing a home are as varied and dive
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