Some real estate sales run smoothly, but buying and selling a home is rarely easy. Things can go wrong with a home sale, and no two real estate transactions are the same. The way to avoid these pitfalls is by using a seasoned home broker and real estate agent (your Door agent). Nonetheless, there are always issues that are out of everyone's control.
Last minute issues can catch you off guard. The problems range from the buyer or seller having a change of heart to lenders being deceptive or evasive. Keep your cool by becoming educated and prepared.
Here is our list of some things that can go wrong with a real estate sale.
Whether it is a deal negotiation or a bidding war, it is within human nature to want to win. Once the dust settles and passions subside, some start to second guess their decisions. In the most extreme cases, some may even terminate the sales agreement.
There are many potential problems with sales agreements. These include everything from misspellings to incorrect data. It can sometimes take days to correct these issues.
Most buyers want to complete a home inspection as a contingency of a sales agreement. Completing repairs can cause major delays. Buyers, especially first-time buyers, are fearful of any property with inspection issues. You should ask your real estate advisor these 7 questions to avoid conflict.
Banks and mortgage companies are difficult to deal with even in the best cases. Even so, last-minute requests for paperwork or delays in final approval can cause stress and anxiety.
There is sometimes confusion about what must stay with a property and what a seller can take. A seller should not remove a permanent fixture, like a chandelier. Moreover, some buyers are not aware appliances are not always included.
A buyer and seller may agree on certain repairs or improvements. Some buyers decide a failure to fulfill a promise is not a deal breaker, but buyers may hold their ground or walk away.
At the end of the day, a home's value is what a person is willing to pay for it. However, a bad home appraisal can kill a deal. There are many factors professional appraisers use to determine market value, and sometimes parties are surprised.
Floods, house fires, illnesses, and death cause major home sale problems. What happens if a buyer becomes unemployed? These are often no one's fault but they can kill a real estate deal.
If you would like to talk more about things that can go wrong with a real estate sale, or need more information, please contact your local home broker and real estate agent team, Door.