So you’ve found the home of your dreams, put an offer in on it, and had the seller accept the offer. What comes next? Although many people believe that the real estate process is just about signing paperwork and handing over keys to a home, it can be much more complex. It’s important to understand the many little things that can go wrong during a Littleton CO real estate sale so you can prepare yourself for all situations. Here are a few examples:
One Party Backs Out
Even when a buyer has taken the initiative to submit an offer and the seller has accepted, both parties may back out down the road. Buyers may fail to secure the funding that they assumed was a sure thing, or realize that they are spending far more than they can afford. In these situations, the buyer can back out of the deal and the home will have to go back on the market. Buyers, remember that if you decide to back out of a deal, you risk losing your escrow deposit on the home.
Some sellers may feel a sense of regret that settles in after accepting a buyer’s offer. Maybe the seller is sentimentally attached to the home, or begins to realize that the offer is not as valuable as he or she originally thought. Either way, sellers can back out of the deal before closing, and cause the entire sale to fall through.
Homebuyers on the Littleton CO real estate market who are securing funds through a lender must have a home appraisal done on the property before closing. During an appraisal, the professional appraiser examines the home to come up with a market value. Once this has been determined, the information is passed along to the lender who will then agree to give the homebuyer a loan in the amount of the fair market value of the home. If the appraisal is lower than the selling price, the buyer may not be able to obtain funding for the home. Learn more about the home appraisals process
and how it affects a real estate sale.
Issues With Inspection
Typically, a Littleton CO real estate property is inspected by a professional prior to closing to ensure that there are no issues beyond what the eye can see. Although it is usually the homebuyer’s choice whether or not to have an inspection, most lenders require one 24 hours before closing in order to go through with the deal. A professional inspection may uncover many issues that you could not detect on the walk-throughs including water damage, foundational issues or mold. Once these issues are discovered, the homebuyer may choose to delay the closing until repairs have been made, or completely abandon the offer altogether. When the homebuyer is securing funding through a lender, the lender may decide not to move forward based on the condition of the home.
To avoid as many of these issues as possible, work with a professional real estate from Colorado Home Sales. Contact us
to talk to our team of experienced real estate agents ready to guide you through the home buying and selling process.