When you’re searching for a new home, it’s natural and even a smart idea to see if you can envision your family there—what weekends would be like, sitting outside and watching the kids play or biking to a park or playground, gathering in the backyard with friends. When you can picture your future in a particular home, you know you may have a winner you want to put an offer on, but that also may mean you begin to fall in love with the memories that could be made there before the home is actually yours. It then can be painfully emotional if the deal doesn’t work out and it feels like the home is yanked out from under you.
Home buying and selling is rarely a clear cut path with zero bumps along the way, so if it’s your first time or you’ve been lucky enough not to have too many hurdles in the past, here are some of the more common hang ups and tips on how to get through the process.
Maybe one of the most common reasons a deal will fall through is because buyers frequently make an offer based on the sale of their own home. If a potential buyer wants to make this type of deal, you may want to consider if this is a risk you’re willing to take. Or you can utilize a kick-out clause in order to keep your house on the market and get other offers you can potentially consider.
If any red flags come up during the inspection, your deal may be done for. Generally, problems with the roof or foundation will slow or completely halt the home buying process. Avoid this issue by getting a pre-inspection done before you get deep into a deal.
If a property appraises for much lower than the sale price, the lender may decline the requested mortgage. Buyers who are unable to front the difference may be forced to use the financing contingency and leave the deal. If you are the seller in this situation, providing your own list of home updates since the last sale can help inform the appraisers decision.
It’s always difficult in life when things don’t go as planned, but it can be especially frustrating when your family’s comfort and peace of mind are in jeopardy. Being a savvy home buyer or seller isn’t only up to you; know that a realtor will be able to help you navigate the above hurdles. While no deal is fail proof, a knowledgeable, experienced realtor will see many potential issues before your deal grinds to a halt. And once your home finally is bought or sold, eliminate the problems moving can bring by hiring George, the best in the business.