What Can Go Wrong?
There are several things that can go wrong with a real estate sale, both from a buyer’s perspective and a seller’s.
As a buyer, there are several additional things that can go wrong with a real estate sale. These problems include the following:
- You’re not pre-approved for a mortgage. Once you’ve made an offer on a home, it can be devastating to find out that you weren’t pre-approved for the amount of the mortgage and you can’t get a loan for the total amount that you. For this reason, it is crucial to work with a mortgage specialist, who can help you make an informed decision when it comes to getting pre-approved for a mortgage.
- Interest rates are fluctuating constantly, and sometimes even a small increase in interest rates can mean that you suddenly don’t qualify for the mortgage you need. Again, this is why it is important to work closely with a mortgage specialist, who can help you keep an eye on the market and will let you know of any foreseen increase in interest rates.
- New government legislations. Sometimes, the government will make decisions about mortgages, such as the amount of time a mortgage can be amortized, which would make your monthly mortgage payments higher – and therefore, out of reach for some homebuyers.
- At closing, you may be short on the cash you need for a down payment or closing costs. It is often helpful to try to negotiate low to no closing costs, or even roll the amount of your closing costs into your mortgage amount, if possible.
- Sometimes, your life events, as a buyer, may change. For instance, you may have lost your job, or recently experienced an unexpected separation or divorce, or even an illness or death. There are so many factors that can be life changing, and could affect your desire and also your ability to purchase a home.
- Other times, buyers simply change their minds about a property. Perhaps one of your family members doesn’t like the house. Perhaps you didn’t remember the driveway being quite as steep as it is. You could be unhappy with the home’s inspection report, or notice damage to the house’s structure that you had not previously noticed. There are plenty of reasons buyers change their minds about a home.
What to Expect When Selling Your Home
When selling your home, it is often best to expect the unexpected. So many unplanned events can come up, and so it is important to be as flexible and adaptive as possible. Although they aren’t common, there are several things that can go wrong with a real estate sale as a seller, including the following:
- You may have changed your mind about selling your home. Many things could contribute to this change in mind – a job transfer didn’t go through as planned, a suitable replacement home couldn’t be found, etc.
- Financial concerns. You may realize that proceeds from the sale won’t be what you were expecting or anticipating, or that you owe more on the home than you will make from the sale.
- You cannot meet the contractual terms of the agreement, such as move out date.
- Other problems with the property. There are several other problems that could spring up in the sale, including a title that is not free and clear, being short on cash and unable to clear up current liens on the property, inability to complete agreed upon repairs, or undisclosed damage to the home that comes to light.
While it is rare, there are sometimes other, more severe problems that a seller will face in a home sale, such as finding out your property is uninsurable or even unsaleable, due to extenuating circumstances such as being structurally unsound, infested with dangerous mold, and such.
How to prepare for selling your home
Working with the right real estate professional can help alleviate stress and any potential roadblocks in your transaction, whether you are buying or selling a home. I am Vickie Jennings, and I would love the opportunity to earn your business – and your trust. I provide each of my clients with the highest level of service, and their satisfaction is my ultimate goal. If you are interested in Pierce County real estate, then please feel free to browse through my website for more information on the area, and read through the testimonials of my satisfied clients. Call or connect with me to get started today!
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