Just when you thought that you can finally sell your home and move in to your dream home, deal breakers just seem to find their way in every real estate deal.
"It's a problem that's more common than you'd think with home sales: a buyer has made an offer, the seller accepts, and it seems like the deal is done," said Fox News. "But then something comes along to ruin the sale and it's back to square one."
Fortunately, there are solutions you can run to should deal killers threaten your real estate deal. Here are 5 easy fixes for potential deal killers according to Realty Times:
Bad appraisals
"Industry professionals overwhelmingly named appraisals as the biggest obstacle they face in getting deals to the closing table," said The Real Deal.
To avoid falling for bad appraisals, make sure that you have done your homework to find out as much information as you can. Work together with your real estate agent in doing a comprehensive assessment of home sales in your area, recent homes that sold and at what price, as well as let your agent know of any renovation you have done in your home.
Credit mistakes
Avoid making any big purchases anytime close to your closing date.
"Your loan preapproval is based off your financial situation at the start of your escrow, and actual loan approval can be impeded by making large purchases (especially ones that cause more debt and monthly payments)," said REALTOR Steven Nottingham.
To avoid derailing your deal, it is wise to refrain from using your credit line for big purchases until you are done with your mortgage application.
Bad home inspections
When you discover a few issues after a home inspection, the buyer is most probably going to request the seller to have the problem fixed at your cost, especially when talking about major repairs such as with roofing problems. You have an option to say no, but you have to understand that the buyer might decide to cancel the deal at this point. To avoid losing the deal and having to find another buyer, negotiate with the buyer about sharing the repair cost.
Unpaid taxes
"So, the inspections looked great (aside from the water damage in the closet, which the seller agreed to replace) and the loan is all set to go," said Nottingham. "But then it turns out there was something else in that closet. Five years of unpaid property tax bills! And you're just finding out by running title a few days before closing."
Before making any deal, be sure that you have your interests protected. "If this had been addressed early enough in the process, there might have been time for a negotiation to save the deal," said Nottingham. "Make sure you educate yourself to be able to ask the right questions in the escrow process to avoid this kind of tragedy.
Bank delays
"One of the biggest killer of deals these days is time itself," said The Real Deal. "Many deals are falling through not because a buyer isn't qualified for a mortgage, but because it takes the bank too long to approve it."
There is nothing that an open line of communication cannot do. By making sure that both sides - buyer's and seller's - are able to get information and their message across can help save any impending complication that could potentially break your deal.
