Things That Can Go Wrong in a Real Estate Transaction
Posted: May 05, 2018 by Alan Tucker
Buying or selling a house can be stressful to say the least. There are many things that can go wrong during the course of the transaction. There are ways to avoid these real estate pitfalls if you know what to look for ahead of time. Here are some reasons real estate transactions go bad.
A seller’s inflexibility when it comes to the price of the house or negotiating is a big red flag. The seller may have unrealistic expectations regarding the actual value of the property. Even when offers are coming in at a lower than asking price, a seller may dig their feet in and refuse the offers or even make a counteroffer. If you make an offer and don’t receive a counteroffer, it’s probably a sign to move on.
People who are indecisive may take a lot of an agent’s time to no avail. They may look at endless properties but are still indecisive about what will actually make them make an offer. Sellers can also get cold feet, and decide after their house has been listed that they don’t want to sell after all.
During a real estate transaction, there are many documents that need to be completed. Sometimes things aren’t in order with the house’s title and that can impede the sale of the home. Many people who are in the process of buying or selling a home may feel like they are holding their breath until closing because of all the things that could go wrong in this area right up until the closing hour.
Financing can become an issue during a transaction especially if a buyer has not been pre-approved for a mortgage loan. It is important before making or accepting an offer that the person is financially able to support the loan. Also, keep in mind the costs of closing that both parties may be unaware of.
There are many things that can affect the sale of a home. Knowing what could possibly go wrong will help you to prepare ahead of time and hopefully avoid the unseen pitfalls of a real estate transaction.