When you are in the market for a single-family home, simple problems with the deal could derail the entire agreement. Problems could make you think twice about moving ahead with investing in the property, and sometimes issues can be enough of a problem that they make it impossible to move forward. Here are three issues that could interfere with a single-family home deal, and what you can do to prevent problems.
1. Unfavorable Inspection
The purpose of a home inspection is to carefully check the home for issues. From damaged plumbing to issues with improperly conducted construction projects, home inspections can uncover a long list of problems that could be expensive for new homeowners to deal with.
If you have put in an offer on a new home and you experience a difficult home inspection, you might be worried about what it will mean for your deal. When you get the results for the home inspection, don't panic. Instead, talk with a general contractor about how much it would cost to fix the issues listed. That way, you can gain more understanding of the financial obligations involved with the deal, giving you more negotiating power when you start working with the other agent.
2. Financing Issues
When you start looking at houses, it is always a good idea to get an approval letter from your mortgage broker. Otherwise, if you head into a home offer without this information, you could find out that financing won't be available for you, which could sideline the deal. Likewise, issues with the seller's financing could become an issue, especially if they are on a tight timeline.
To prevent problems, take care of your financing as early as possible. Work with a mortgage broker to make sure that you have everything you need in place, and ask them to contact you if anything comes up with your paperwork.
3. Problems Selling Your Old Place
If you are relying on funds from your last home to provide you with a down payment on your new place, things could become complicated if the deal on your old house falls through. You may not have the amount of money you need to solidify the deal, or you may have an interrupted timeline because of the hiccup. To protect yourself, try to sell your home well before you shop for a property. Have the money you earned from the deal in the bank, so you aren't worried about timing.
Remember, if your first or second real estate deal falls through because of problems with the home, don't give up. These things happen all the time, and a diligent house hunt will help you to find exactly what you need. Work with an experienced real estate agent, know what you are looking for, and be patient as the situation unfolds. Before you know it, you will be in a home you can call your own — and love for years.
For more information about single-family real estate in your area, contact a real estate agent.