It's in every homebuyers wish list - securing a home deal and eventually winning their hard-earned property. But along with the journey of finally owning your dream home is the possibility of also losing it in the process. What are the ways that this could happen? How can a homebuyer secure her home deal?
Realtor details three possible unexpected scenarios that the home of your dreams may not land in your hopes.
Reason No. 1: A change in credit score
As a homebuyer, you're responsible to get your credit score higher and not lower. One reason to avoid is "not paying your loan on time." Secure your payment beforehand and do not let it near its paying deadline. Paying earlier will keep you get out of the later consequences and can secure your FICO score.
How to prevent: Avoid applying for new credits and other avenues that will increase your debt especially if you are nearing your closing.
Reason No. 2: Getting spooked by the inspection
The greatest scare for home sellers is an unexpected inspection especially if they are hiding some nasty secrets in their homes- outdated plumbing, chipped wooden floors, deteriorating wall, etc. This instance could not be helped upfront especially if the big mess was already discovered by an inspector.
How to prevent: "While this situation suggests that the sellers were hiding an issue from the buyers, usually 'if you find a deficiency in the home, the home inspection report becomes a negotiation tool for the buyer,' says New Jersey home inspector Hector Garcia. So if a surprise pops up during the home inspection, don't run until you've brought the issue up with the sellers. They could have a logical explanation-and you could get a concession," as advised in the article.
Reason No. 3: Running out of money
Before settling into your home deal, as a homebuyer you must take note of all the expenses that your future abode will cost. The repairs, the upgrades, and the renovations of your newly-bought house must be considered. It is important to have a suffice budget for these especially if it is already needed. Check with your agent or developer about these possibilities so that you'll have a figure in your mind how much money to put behind. This will also help you determine if you are ready to take this bold step to buy a new home.
