11/10/2021
The reality of buying a home is this: the path to homeownership is never a straight line...and it can be a bumpy road, too!
Here are three of the most common real estate pitfalls...and what to do if they happen.
FINANCING FALLS THROUGH
If your mortgage loan application is denied, the first thing we'll do is determine the reason so we can find a path forward. That may include increasing the down payment amount or shopping for a different type of loan option.
HOME INSPECTION PROBLEMS
Every home inspection will uncover issues with a property. Most of the time, they are minor issues, like loose hardware or faulty window seals, but when a home inspector does find a major plumbing, electrical, HVAC or mold issue, the buyer and seller will typically negotiate repairs or credits.
TITLE ISSUES
Any mark on a home's title can negatively affect the process and even impact a property's ability to be sold. One of the first steps after you make an offer on a property is to run a title report when listing the house or obtaining a loan against property. At the first sight of a potential issue, you should discuss next steps with your attorney.
No matter how much we prepare, there are a lot of things in any real estate transaction that are completely beyond our control. Financing issues, appraisal problems and inspection issues are going to come up -- it's all part of the process and I'm going to stick with you every step of the way!
915.241.5747