Buying a home, especially for the first time can be an exciting experience.
Finally, you won’t have a landlord to answer to, you can let your
dogs run free in the house without worrying about the consequences, and
you can look forward to paying off your mortgage and acquiring a valuable asset.
But in reality, buying a home is not always a piece of cake as buyers imagine
it to be. In fact, there are so many things that can go wrong in the process
that buying a home can quickly go from a joyous event to one that is anything
but. If you’re buying a home, it’s smart to be aware of these
common snags that can slow down the home buying process.
What Can Go Wrong?
For starters, I want to make it clear that some
real estate transactions are smooth and don’t run into any roadblocks, but others
encounter enough snags that the buyers ask themselves, “Oh no, will
this deal fall through?” Whether a buyer is buying their first or
second home, a hiccup can be stressful. After all, their home is probably
their largest investment, so it’s only normal for buyers to wonder
if they’re doing the right thing.
Here are some of the common snags that slow down the home buying process:
- One or more deadlines are missed.
- The home inspection comes back with a lot of issues.
The buyers have trouble qualifying for a mortgage. To avoid this embarrassing
issue, get prequalified and get a prequalification letter
before you start shopping.
- The appraisal comes back too low – this can make financing fall through.
title search uncovers a problem, such as an unpaid judgement or lien. Title
issues can be the biggest hurdle that can block a sale.
- The sellers get cold feet and decide not to sell.
- Buying a house while selling the old one at the same time: People do this
all the time, but it’s tricky, especially when it takes too long
to sell the old house. Sometimes, it’s less risky to sell your home
and rent while you look for a new one.
What Are My Responsibilities as a Renter?
I hope this article helped you become aware of what could go wrong in a
real estate transaction. If you’re looking for a real estate attorney
contact me today!