Things that can go wrong in Real Estate Sales

Part of what makes working in real estate so interesting is that it can be so unpredictable. In this industry, there is no such thing as mundane, and every transaction is different. Sometimes, transactions don’t go as smoothly as we’d like. Here are some of the top things that can go wrong in real estate sales, and how you can avoid them.

Unknown Issues with the Home

From mold to unknown structural damage, nothing causes buyers to jump ship faster than a home inspection that turns up issues with the house. If you are listing your home, avoid this massive headache entirely by getting a pre-inspection, and hire a reputable and insured contractor to fix things for you.

Buyer’s (or even Seller’s) Remorse

This is very uncommon, but it does happen: the buyer, usually after getting caught up in a bidding war, winds up agreeing to a much higher price than he or she was really willing to pay, and winds up canceling at the last minute. Alternatively, the seller may have last-minute regrets, and tries to cancel the contract, sometimes as late as the day of closing. In the latter case, the buyer does have the right to recoup damages involved in the contract process, and in some cases may even sue the seller.

Document Issues

All real estate transactions require A LOT of paperwork, and involve entities from banks to the HOA. With all that paperwork, it is no surprise that little issues come up from time to time. Usually, they are as simple as a typo, but they can cause serious delays if they aren’t identified and fixed in time. Make sure you double-check all your documents with your agent, and deal with any issues as soon as you find them.

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Hiccups with Money Matters

Hiccups with money right at closing are more common than you might think. Sometimes, there’s an issue in transferring your down payment to the closing agent. Other times, the loan documents might get lost in the mail. Any little hiccup like these can bring closing on your home to a screeching halt. For the most part, you can prevent these issues from interfering with the closing date by getting all money matters dealt with a few days early.

In the world of real estate, nothing is 100{22208a55700cbb7beaf8dde94ccfb5c623055f8fb5d593660fcb30af3ced07e7} guaranteed, and life can throw some curveballs your way. Doing your homework in advance, and tackling problems as soon as you see them, is the best defense against these last-minute surprises.