KRISTIN BROWN-ORR ? Any real estate sale is fraught with intricacies too numerous to count. Every sale is different, with different buyers, different sellers, and different intermediaries. It?s no wonder people find the process so daunting, so full of legalities, documentation, and fine print.
As a home buyer, the more you know about what can go wrong with your real estate purchase, the more prepared you will be to protect your interests. Here are just a few of the problems you could encounter during a home purchase.
Failed home inspection. If the home you are buying does not pass muster in an inspection, due to health or safety concerns, the seller should fix these issues or extend you a credit or discount on the sale price so that you can have them fixed. If he or she refuses to do so, you have the right to cancel the sale and search for a new home.
Poorly motivated seller. If the seller?s heart is not in the sale, he or she might be prone to missing or canceling appraisals and inspections ? all of which could threaten your purchase.
Seller hasn?t found a new home to move into. If a seller has trouble finding a replacement property and refuses to consider temporary arrangements, you might find yourself in a tricky timing situation ? particularly if you have a closing date on the home you are leaving. Are you prepared to wait it out in temporary housing while you wait for the seller to move out?
Title Issues. If your seller owes money on the property you are buying, either for repayment of a debt, failure to pay taxes, or because money is owed for work completed on the property, creditors with an interest in that property may take out a lien, rendering the seller unable to sell until those debts are repaid. Meanwhile, the purchase is on hold.
Seller fails to make agreed upon repairs. If the seller has contractually promised to deliver the property to you in a certain condition and fails to deliver, you have the right to terminate the contract, if you are not prepared to accept the property ?as is.? An alternative to this situation is to talk to your attorney or real estate agent about either requesting a sum of money to complete the fixes yourself, or requesting a hold back ? cash set aside until the work is complete.
Most traditional real estate transactions proceed smoothly, but being aware of the potential pitfalls will give you a leg up on any problems that could arise. That means doing your homework to be aware of your risks.
During the transaction, stay informed to be on the lookout for red flags and keep a watchful eye on the process and you?ll be prepared to address problems immediately and enjoy the home of your dreams.
Tomorrow, also see Brown-Orr?s: ?Seller take care: Things that can go wrong with a real estate transaction?
Source: Kristin Brown-Orr has been a real estate agent with for Coldwell Banker Residential Brokerage in Lexington, MA for nearly a decade, working with buyers, sellers and developers. Brown-Orr is also a contributing writer with Lexington Patch?s House & Home section.
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