Buying or selling a property can be pretty exciting. From the moment you make the decision to the time you find your dream property and are ready to seal the deal the entire experience usually goes off without incident for most.
With that said there are those times when your joy and excitement is turned to nervous tension because something has gone wrong. In this three-part blog we look at 9 things that can go wrong in real estate transactions.
One of the biggest challenges with closing on real estate transactions occurs when either the buyer or seller is inflexible and unwilling to compromise. This could refer to anything from an agreement on price to who will cover repair costs. If both parties cannot come to an amicable agreement the deal is likely to fall through.
Home inspection reveals major defects
Sometimes there is more to a property than what meets the eye which is why a home inspection is so vital. When your potential dream home inspection reveals major defects such as those that are structural chances are you are less likely to carry on with the deal. These sort of issues have an implication for insurance which means that not many people are willing to take on properties that could potentially be hazardous and expensive in the long run.
Missing or incomplete paper work
One of the biggest hindrances to closing on property deals is incomplete or missing paper work. This is why it’s essential to work closely with all parties to ensure that you have signed, seen and included all documents and copies pertinent to the transaction.
Lookout for part 2 of our post where we look at three more things that can go wrong with real estate transactions.
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