The Real Estate Deal Killers are striking again. Even though you’ve accepted an offer on your home and you’ve found your new home. This happens more often than you would think. You think that your deal is solid but then something comes along. Here are some common causes of Real Estate Deal Killers.
The Home Didn’t Appraise
An under appraisal is usually the biggest obstacle in selling a home. Especially in these days of low inventory and bidding wars. What’s the solution? You should work with your Realtor and gather information about similar sales. Detail (if possible) the condition of the comparable sales and what sets your home above those, such as additions, updates and anything else that makes your property worth more. Once you have the necessary information gathered, request another appraisal and submit your info to the appraisal company.
Credit Issues
This is more on the buyer’s side. We’ve found that sometimes buyer goes out the week before closing and buys a new car or some other big purchase. This can change the buyer’s financial status enough that the buyer may no longer qualify for the mortgage. We had one client moving from out of state. She gave her employer 2 weeks notice before the closing, he fired her on the spot. When the lender did the final employment verification this caused a big problem.
A Bad Home Inspection
Issues almost always arise in the inspection stage. When the buyer says these issues need to be fixed, you can agree to let the sale continue. You can say no, but run the risk of the buyer cancelling. The best solution is to negotiate and find a solution that you can both live with.
Unpaid Taxes and Liens
Finding out about unpaid liens and taxes should be done long before the closing. Do you due diligence. Find out and don’t be surprised at the closing.
Delays from the Lender
These things happen. The solution is to keep the lines of communication open between the buyers and sellers and their attorneys.
Bottom Line
Hopefully you have hired an experienced Realtor. And the Realtor can help you avoid these issues. Be honest with your Realtor and keep your Realtor informed. And together you can usually work out these issues and have a successful closing.
Hey – if you need an experienced Realtor, call us – Bunny and Art Reiman. Or visit us online at www.BunnyandArt.com
