The goal is to always make sure your Windsor real estate experience is a good one. But like anything, life doesn’t go according to plan. There can be unexpected twists or turns that can cause your home purchase to stop dead in its tracks.
Yet many of these issues don’t necessarily mean the deal is over. Chances are, there is not a situation I haven’t seen in my over 20 years of being a real estate agent. Let’s take some of these unavoidable moments and see if there are ways to correct the problem so you can purchase your home on schedule.
1. Bad Inspection:
You find the home of your dreams. Everything is going well and then the inspection produces horrible results. Keep in mind, that this does not have to be an automatic deal buster. The first step is to gather more information if you still want to pursue the home. Talk to your realtor and see what steps are necessary to give yourself more time to evaluate the situation. In a nutshell, your realtor can ask the seller to pay for the repairs, give a credit at closing or reduce the price of the home. Again, a meeting with your real estate agent can allow you to carefully go over your options. But if the seller isn’t willing to budge, then you can always walk away.
2. Loan Falls Through:
Occasionally, loans will fall out during escrow. Why? Guidelines can change, a credit score can go down or income changes. If this happens, find out exactly what the problem is and see if there is anything you can do. If it is because of a low appraisal, then see if sellers will reduce their price. If your credit score dropped, then review to see if there are any mistakes bringing your score down. If guidelines have changed, see if other loan options are available. In the end, ask your realtor or personal banker for their recommendations. Finally, if it doesn’t work out, look at it that this home wasn’t meant to be and go back to looking at homes in a different price range.
3. Out Bid:
This is usually a heartbreak for a buyer when this happens. This can happen to anyone however, there are steps you can take: Don’t make lowball offers and reevaluate your house hunting strategy. For example, look at homes in lower price ranges if you are not willing to go above your current range. You need to be competitive in real estate with homes that are priced right and move in ready.
4. Your Realtor Quits:
During the recent downhill slide in the real estate market, several agents, particularly part-time agents, left the business, leaving several clients behind. Usually though, if you are in the middle of escrow, an agent will stay on through closing as they have worked for the commission. However, if your agent quits or “fires” you, then move quickly to secure another agent so you don’t lose any time. When an agent does not get along with his client, it’s usually always for the best that the relationship is over before any damage was done. Remember to choose a realtor carefully. Interview at least three and find someone who works full-time and has good recommendations.
5. Closing Costs Surprises:
No one likes surprises at closing. What happens when you discover, as you are about to close on your property, that you owe more money? Or that your mortgage is going to be higher that you thought? Needless to say, this is a huge upset to anyone. Receiving word that you owe more money can create all kinds of emotions and the thought that you can lose the home as well as your deposit is the icing on the cake.
First, gather your real estate agent and mortgage broker and go over the paperwork to see if there are any errors or typos. Then ask your representatives to figure out if these charges can be reduced or maybe waived. Once this is done, and you are certain that all rates, fees and costs are accurate and as low as they can be, then you will need to come up with the extra cash, but it may be less than you thought!
The point is there are always surprises when buying a home. And again, as real estate agents in the business for many years, we have seen it all. Chances are, “we have been there, done that,” so look for an experienced real estate agent who can help you through the more challenging and frustrating parts of the real estate process. It can save a lot of headaches.