You found your dream home, made an offer and the buyer accepted, so congratulations are definitely in order. Now, you’re just waiting on your closing date, right? What can go wrong?
Plenty. Here are some of the potential problems you can encounter:
- Financing will be delayed or fall through. Have you checked your credit? What’s your relationship with your bank? Mortgage loans get denied all the time because of small things that many people don’t realize can be a problem. Unless you’re pre-approved (and “pre-qualified” doesn’t mean the same thing) for a loan, you can encounter some unpleasant surprises.
- The seller wants out of the deal. While buyers are more likely to get cold feet than sellers, there are occasions where a seller decides that they’re too emotionally attached to a home to sell it — or they have a better offer waiting somewhere, so they want to back out.
- There’s a problem with the appraisal or home inspection. Sometimes, a seller inflates the price on a property and the bank’s appraisal comes back far too low to make the deal workable. Other times, a home inspection will reveal serious defects that make you have second thoughts. While this won’t necessarily kill the deal, it does usually call for renegotiations — which means anything can happen.
- There’s an encumbrance on the property’s title. When a title search doesn’t come back “clean,” that can hold up a sale indefinitely. The issue with the title may need to be clearly resolved before you can proceed with the deal.
Working with a real estate attorney on your closing ensures that all your documents will be reviewed, the title will be carefully examined and all the other important details will be managed both efficiently and responsibly. Find out more today about our services by reviewing our website further.