There are many things that can go wrong during a Real Estate Sale. But knowing beforehand can help eliminate the wrong and make the transaction as smooth as possible. Here are 3 things that can go wrong:
1. Inspections: It is very important that you request a home inspected before the final closing. The home may appear perfect on the inside and outside but it’s what’s underneath and above that matters most. If you have a home inspection done, and something is found to be wrong you as the buyer have time to back out of the sale. Many underlining things can be found during a home inspection, and it’s better to be safe than sorry. Try not to let emotions take over the thing to remember is if it is meant to be it will be!
2. Financing: The biggest thing is to get PRE-APPROVED before you go searching for a new home. Why you might ask? Well here is the scoop. If you go and look at a home and really like the home, the next step is to put an offer in. HOORAY! The offer is submitted and you are anxiously waiting to hear some good news. In the meantime, your lender is running all you information: pulling your credit score etc. When you get that phone call that says, “sorry but we cannot finance you for the amount you are requesting”. Those words are gut wrenching, which is why it is so important to seek a pre-approval letter before going on a house hunt! Keep in mind the approval is influenced on a number of different factors; source size and income stability, debt to income ratio, credit history and so on. Financing can be a very stressful thing to go through during the buying process. However, it doesn’t have to be. With the right lender and Real Estate agent your transaction can run smoothly.
3. Organization: It is crucial that everything during the buying process (paperwork wise) stay organized. If paperwork does go missing, this can cause HUGE delays that will force an alteration in the deadlines. I recommend creating a file for all of the paperwork that you receive. If you receive documents online, create a folder online and store those files in that folder.
While it is true that many things can go wrong during a real estate sale, majority which is out of your control. The best advice I can give you is to make sure you choose your Real Estate agent carefully and make sure communication is open on both ends. When everyone is involved with good faith, patience, and good will that is usually when a transaction is most successful.