Top 3 Real Estate Deal Killers
The way some people talk, it would take a miracle to make it from a
signed purchase agreement to the closing table. But in reality, most
real estate transactions go through with nary a hitch. Those that do hit
snags, however, run the very real danger of completely falling apart.
The problems are sometimes out of the control of all parties. More
often than not, though, there are ways to handle them that won't result
in killing the deal. Whether you are the buyer or the seller, read on to
learn how to keep the deal alive.
1. Messing Up the Mortgage Approval
The number one reason deals fall apart is because the buyer
unknowingly sabotages the loan. A good real estate agent or loan officer
will warn the homebuyer about this pitfall. Sadly, many don't, which is
why this is such a common deal killer.
Here's the scenario: Mary is approved for a mortgage and the
transaction is sailing along toward closing. One day, she sees an ad for
an appliance package with reasonable monthly payments. She'll need to
purchase these items when she becomes a homeowner, so she goes on a
shopping spree to equip her new kitchen and laundry room.
What she hasn't been told is that the lender will most likely do what
is known as a "soft pull" of her credit report prior to closing.
Lenders do this to ensure that nothing has changed, and that the buyer
still qualifies for the loan. Mary's shopping spree changes her
debt-to-income ratio enough that she no longer qualifies for the loan.
Unfortunately, fixing this problem will take time and money.
Another way to mess up your mortgage approval is by changing jobs.
Don't make any major purchases or life changes until the loan closes.
2. HOA Headaches
If you are purchasing a home managed by a homeowners association,
it's important to get the HOA docs as soon as possible after the
purchase agreement is accepted. You are entitled to a slew of
informative documents about the association and the community, including
meeting minutes, the budget, the CC&Rs (covenants, conditions and
restrictions), and more.
Items that can potentially derail the deal include a lien against the
property, current litigation against the association or the builder,
too many tenant-occupied units, or problems with the association's
budget. The more time you have to peruse the documents – or have your
attorney go over them – the sooner the problems will become apparent. If
a deal is going to fall apart, it's better to have it happen at the
beginning, rather than just before closing.
3. Unrealistic Expectations
It's safe to say that if you're purchasing an existing home, it will
have problems – maybe big ones, maybe small ones. To expect otherwise is
unrealistic. The ideal situation is to find a home in which the
problems are small and common, relative to the property's age. You won't
know everything that's going on with the house, however, until you have
it professionally inspected.
The inspector has a duty to report anything he or she finds, from a
loose doorknob to major water damage. The former is a function of normal
wear and tear, while the latter is a deal killer, if the seller won't
repair it or offer a credit so the buyer can have it repaired. Be
realistic in your repair or replacement requests, otherwise the deal may
fall apart.
Both parties in a real estate deal dread its possible derailment. The
biggest reasons a deal falls apart, however, can be avoided by slowing
down, thinking clearly, and having realistic expectations. Heed the
advice of your real estate agent or attorney, and all should go
smoothly.
TODAY'S CURRENT MARKET TRENDS BY ALASKAN CITY:
USE WHAT THE PROS USE AND KNOW WHAT THE PROS KNOW:
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are a husband and wife team who have been married to each other for
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Why we are worthy of hire: We’re honest, energetic, fun, outgoing, serious, motivated, disciplined, and have extensive expertise in customer service. Aside of this, we know how to get the job done and are honored with the opportunity to serve. You know, all of these seem like buzz words, except for the fact that we really put our heart into what we do and it shows. Play the short video above to learn a little more about us and what we offer.
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ABOUT US & WHAT WE OFFER:
We
are a husband and wife team who have been married to each other for
over 16 years. We have 9 amazing children (yes, all ours). We have
become successful business owners for more than 17 years and have found
what we love in life -
We are absolutely pleased
to work in the realm of real estate! Throughout our years of
experience, we have attained people skills: Communication,
Communication, Communication - And if we missed it, it's because of
communication.
Managing,
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actions that sum up a lot of mini tasks/jobs that produce and accomplish
becoming successful in the line of work we are in.
Why we are worthy of hire: We’re honest, energetic, fun, outgoing, serious, motivated, disciplined, and have extensive expertise in customer service. Aside of this, we know how to get the job done and are honored with the opportunity to serve. You know, all of these seem like buzz words, except for the fact that we really put our heart into what we do and it shows. Play the short video above to learn a little more about us and what we offer.
Try us and you’ll love us!
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CONTACT US:
Have a question?
Interested in Buying/Selling a home?
Inquire here or call/text us at 907-841-2380.
Have a question?
Interested in Buying/Selling a home?
Inquire here or call/text us at 907-841-2380.
_________________________________________________________________________________
Keller Williams Realty Alaska Group Of Wasilla
1981 E Palmer-Wasilla Hwy, #202, Wasilla, AK 99654
COPYRIGHT 2014 MALCUIT DUO, LLC
18550,18340
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