In a world where home sales happen every day, there are often mishaps and oversights affecting both the buyer and the seller. After all, any real estate transaction involves humans who are prone to mistakes and blunders. In the midst of buying or selling a Loveland CO home, we may only think of all that could go right. We receive our asking price, our real estate agent or broker works with only the best intentions, and our first offer on our dream home is accepted right away.
All of these good things could and do happen. But what about all that could go wrong?
Before you stop reading for fear of pessimism and criticism, the following is only meant to be helpful, to make buyers and sellers more aware of the possibilities in order to prepare them for the unexpected.
So read on-and think about how prepared you are for any of the following “what-ifs.”
· You Choose the Wrong Real Estate Agent: This can happen. Instead of researching and choosing a professionally licensed agent or broker, you go with Uncle Buck because he once flipped a house or managed an apartment complex 20 years ago. Or you go with the first agent you find because the presentation sounds good, so you skip asking for references and just proceed with abandon. This is a recipe for disaster on many fronts.
· Bummer Home Inspections: Issues can and do arise during the home inspection process. As a buyer, you can request the seller to fix the issues, although he or she is under no obligation to do so. You may be able to reach a compromise, or the seller may choose to move onto another buyer.
· Bummer Appraisals: Appraisals can change as the housing market fluctuates. When a home does not appraise for as much as the buyer or seller had hoped, there are options available, such as reducing the price of the home or leaving the deal altogether.
· Frustrations at Closing: When it comes to closing, there are a myriad of things that could happen. If the buyer’s credit report comes back as less-than-perfect, he or she may no longer qualify for a mortgage. Paperwork and funding could be delayed.
· Buyer and seller issues: There may be verbal agreements all around, but in the end, there must be a closed deal and a completed payment before anything is final. Failing to comply with repairs, dishonesty, and the inability to complete paperwork are all issues that can get in the way of a closing.
No matter where you are on your home buying or home selling journey, you should be prepared to expect the unexpected. There are areas in which you can prepare ahead of time, such as partnering with a qualified (non-family member) real estate agent, following through on all of your commitments, and reading thoroughly all agreements and contracts. There may be frustrations and setbacks, but be patient-and in the meantime, remember all the good that is happening along the way.