The Mendosa Balboni Team knows that purchasing real estate is a very large transaction with many moving parts. There oftentimes can be a lot of excitement while envisioning your new life in this property so it is important to keep your emotions in check while you stay on track with the steps of the sale. The truth is that home sales can fall through at times and according to the National Association of Realtors, 1 in 16 deals do not close. So why do these deals fall apart? Here are some of the common reasons so that you can avoid them.
Changes in your credit
Your credit score can vary through the course of your real estate deal. A missed payment, opening up a new credit card or making a larger purchase all can have an affect on your score. Be sure to make payments timely and avoid making any significant purchases so you don’t risk your eligibility for a home loan.
Al home inspection is always a good thing to do, but bear in mind that no house is perfect and most will have something come up even if it is just an older water heater. Try not to panic should there be necessary repairs as it is fairly typical. For more substantial repairs, try negotiating with the sellers to see if they will accommodate you on the issue.
Failure to get pre-approved
Every buyer should connect with a reputable mortgage agent before they even begin their home search. A mortgage broker will be provide you with a pre-approval letter stating the amount that you can afford. These letters are sometimes accompanied with the offer when submitted.
Running out of funds
Your downpayment is not the only thing that you will need to have money on hand for. There are various moving expenses and closing costs that you will need to be sure you have cash for. Your lender can provide you with a good faith estimate for what you will need regarding funds that are directly related to the deal and closing.
Loss of perspective
Sometimes the smallest thing can get blown out of proportion when emotions are running high. Keeping in regular communication with your real estate agent can help dodge many of these issues. When you keep the big picture in mind sometimes the smaller issues really don’t even matter so much in the end.
Buyers can sometimes get very excited during the home search and offer process. Once the inspection report is complete followed by paperwork and writing checks the purchase becomes a reality. In the end don’t worry, homeownership is worth it as you build equity in the home that you will begin making new memories in.