What Went Wrong? Real Problems On Real Estate Sales
Being part in the tedious and roller-coaster ride of real estate industry has never been a piece of cake. Moments before closing a real deal, terrible problems arise when you least expect them. Terrible is an understatement. It can become worse than that what you can think.
The sudden twists and turns of almost formally ending a transaction can probably come from the buyer’s last minute decision of backing out. It can also come from the seller’s party who has second thoughts of signing the contract. Or perhaps, it can come from the object that started the relationship between the buyer and the seller – the property itself is the problem.
The probable cause of the dispute does end there. It goes further to the third party organizations and/or companies. These may include the banks, escrow companies, appraisers, loan lenders, home inspectors, government, and among others that are not directly in your control.
Problems in real estate sales are inevitable most especially when you are not scrupulous enough to check everything before making the decision. However, before anything gets worse, you can prevent them from happening.
So, for the information of everyone, here are some of the most common yet unexpected problems for the parties who are directly involved in real estate sales.
For the buyer:
* Health problems; suddenly deceased
* Changes his or her decision about the property
* Suddenly becomes unemployed; transferred to another location
* Not able to produce the required documents
* Not able to pay the closing costs or down payments
* Disqualifies for the low interest rates
* Finds out major problems in the property at the last minute
For the seller:
* Breaches the contract’s terms and conditions
* Secretly takes away a part of the property
* Unreasonably does not show up for the contract signing
* Delays or refuses to sign the contract
* Goes out-of-town without leaving a lawyer to represent in his or her behalf for the contract signing
* Does not identify certain property information like house or construction problems
* Does not keep his or her word when it comes to the repair list
For the property:
* Property’s title has irrevocable problems
* Has improper boundaries
* Encumbered, has liens, or foreclosed
* Destroyed by fire, other unnatural, or natural calamities
* Problems of the property’s structure
* Pest infestation
* Fails the property inspection
* Unable to issue a homeowner insurance
* Issues on property taxes
For the third party:
* Bank’s or lender’s loan disapproval
* Appraiser does not find a similar property for comparison
* Appraiser’s inability to comprehend the property’s market
* Unprofessionalism
* Delaying tactics
These are just few of the unexpected challenges that can put you to the test when dealing with real estate sales. Even though the list seems a bit discouraging, real estate has more good points than bad points. It’s just a matter of being well-informed and being aware of all the details.
Require yourself to know the buyer, seller, property, and other parties involved in the transaction. Trust plays a significant role, therefore, know who and what to trust.
If everything gets a little out of hand, you can always have the option of getting a real estate agent to work for you and with you. So, breathe and keep calm.
