It seems like the process always takes longer than you expected and then the day finally comes, the sale of your home is coming to an end. You are done with the open houses, the uncertainty of knowing if your home will sell or not and you can now relax a little. Well, that’s the scenario in an ideal world anyway. Unfortunately real life doesn’t always happen that way. Just when you thought you’re in the clear, something can come up that can cause you to go right back to square one. Some of these events can be prevented while others will simply test your patience and sense of humor.
Failure to disclose financial past. It has happened, on occasion, a potential buyer will conveniently fail to mention something in their past that will significantly affect the status of their home loan. These incidents aren’t always discovered the first time through but it can pop up when you are about to close the sale of a home and as a result you don’t get your money. While there isn’t much that you can do in these situations, it’s a good idea to keep other potential buyers close by in case you want to give them a second offer.
A bank rejects an offer. Sometimes a buyer can wait months for an answer from a bank, especially if it’s a short sale. They might think that they have everything in order and there would be no problem with a bank accepting an offer. Then one day a buyer gets an answer and the answer is no.
Home inspection goes wrong. Not wrong as in something bad happens, wrong as in the home inspector finds something you didn’t know was wrong with the home. This can cause a seller to back out and could end up costing you significantly in an effort to fix the situation. This one you can prevent. Have a home inspector take a look at your home before you put it on the market or soon after. This will help prevent any surprises down the road.
Disasters. Whether they are natural or man made, these things tend to happen. It could be in the form of a hurricane if you live in a danger zone or a tornado or a massive hailstorm. Or what about a fire? It has happened before. A home in the process of closing is suddenly completely destroyed. It’s also possible that vandals could attack the house significantly affecting its appeal and value. There’s not much you can do here to control these types of situations. All you can do is be patient, have a sense of humor and make sure all of your insurance policies are in line.
Sudden death or illness. This falls under one of those unpredictable events. While these traumatic events unfortunately happen to us all, it can put a hiccup in a home sale. If you’ve done all of the necessary paperwork and your buyer is unable to complete the transaction due to no fault of their own, you might be forced to take a look at your contingency plans.
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