Many buyers, particularly first-time buyers, think that once their offer is accepted, it’s a done deal. In fact there are several things that can derail the purchase.
Inspection
Once the offer is accepted, the buyer has a short period of time to conduct any and all inspections they wish. They can bring a roofer or a plumber or whoever they wish to inspect the home. Usually, a more generalized inspection is the first step. This will point out the issues and if there is a need for a specialist such as a roofer, etc. This inspection results in a written report.
Repairs
Once the written report is in hand, the buyers and their realtor need to discuss the items that have been identified as concerns. The buyer needs to keep things in perspective. An older home will have items of concern. Also, not all items are of similar level of concern. The items that are health or safety issues need to be negotiated. Do not be afraid to ask for these repairs. Items of cosmetic or unrelated to health or safety can be accepted as the buyers’ responsibility as a trade-off for repairs of the health or safety issues.
Other Commitments
Another thing that derails a purchase is the use of credit while in escrow. That is, you’ve committed to certain level of debt and then you add to it by buying or leasing a car or other big ticket item. Delay all purchases and leases until after you hold the keys in your hands.
Documents
Yet another area that can derail your home purchase is failure to provide all documents upon request. Do not delay producing requested documents whether pas tax returns, W-2s, bank statements, pay stubs, IRAs, 401(k)s etc. The lender needs to verify that you have the financial capability to take on the home loan. Reassure them by delivering requested documents the same day if possible. If not, then the very next day.
You may have made a great deal on the price. Now do not let the deal fail because you are not ready.
Photo by Tierra Mallorca on Unsplash
Recent Comments