You’ve made the decision to buy or sell a house. You’ve been thinking about it for a long time and you believe the time is finally right. You start telling your friends and family, only to get opposing opinions. Now, you’re not sure anymore. Buying or selling a home is exciting, especially when the market is right for it. While most transactions close without incident, there can be some issues.
I don’t want to scare you away from your decision…not at all. But, I thought I’d share 19 things that could go wrong with a real estate transaction:
- Listening to friends and family members who are not real estate professionals.
- Being inflexible or uncompromising in negotiations.
- The home inspection reveals major defects.
- The seller refuses or forgets to make repairs.
- The appraisal comes back significantly under value.
- The buyer doesn’t satisfy underwriting conditions in a timely manner.
- The buyer’s letter was a prequalification, not a full preapproval.
- The buyers can’t get out of their current lease without paying a large reletting fee.
- The buyer doesn’t lock their rate.
- Closing is delayed due to errors, contingencies, or missing documents.
- The title search reveals defects, liens, clouds…a.k.a. issues that prevent or delay closing.
- The termite inspection reveals major infestation.
- Buyer or Seller has to leave town and forgets to get a Power of Attorney.
- Buyer or Seller experiences a life changing event.
- Someone fails to disclose pertinent information relevant to the transaction.
- Buyer or Seller gets cold feet and wants to back out of the deal.
- The home is not insurable.
- The buyer makes major purchases on credit prior to closing.
#19 – Choosing the wrong real estate agent! There are several things that could make an agent the “wrong” agent that are not necessarily related to competence or capabilities. Certain situations require a certain level of expertise or specialization. The above listed challenges are common in a real estate transaction, but nothing a trained professional can’t handle. Having an experienced, knowledgeable agent can help you work through the above challenges and any others you may face. It’s important to get to know your agent.
I am confident that I can help you navigate successfully through your real estate transaction. If you have questions about buying or selling a home, or you’re ready to start the process give me a call today. I’ll gladly help you make the right decision regarding buying or selling in the Clear Lake City, League City, Friendswood, Pearland, Seabrook, Kemah, Dickinson or Houston Bay area.