We all are well versed with the fact that nothing is “guaranteed” in this mortal life. This reality holds true even in the Real Estate market. Especially when it comes to real estate transactions, one needs to be very alert and cautious. Many a times, many deals get cancelled at the last hour, pouring water to everyone’s expectations. So, let us today get into the details of why and what can go wrong with real estate sales.
The Things That Can Go Wrong With Real Estate Sales –
Selling a house does not limit only to the face to face discussion with the purchaser. Even after every negotiation and talks are over, you can be sure of whether your house will get sold off for real or not. This is so because the purchaser will be availing housing loans and if timings does not match with the requirements of the bank, his/her loan might either get delayed or cancelled. Thus, show some patience until every documentation is over.
There are buyers who will put up their own conditions before landing upon a conclusion to procure your offer. Now since you have already advertised your price, you can’t negotiate much on it. But also at the same time, you might have to spend extra bucks to get those conditions fulfilled. So, things might not turn out as smooth as you might have thought, previously.
Errors In Documentation:
It is a well known thing that during the process of real estate purchase and sale, a lot of documentation work is involved. And these paper works can either take a lot of time or can be done within few weeks. It all depends on contacts and approvals. Secondly, even if the documents are ready, sometimes, minute mistakes can create last minute havoc.
Deal Not Closing On Time:
Starting from slow bank processes, not getting clear property title, sluggish repairing work, homeowner association’s laid back attitude to monetary issues; there can be end number of problems that can delay your real estate deal. In such scenario, if anyone, either the buyer or the seller is an impatient person, the complete agreement can go for a real toss.
Before the final closing, any buyer will prefer inspecting the house. In this phase, if s/he finds out any flaw or something that was out of his/her knowledge, the deal can either be called off or postponed. Resulting in wastage of time and effort for both the parties. Thus, to stay clear of such complications and potential problems, conducting pre-listing inspection is suggested as a wise decision.
Confusion in Contact:
Though there are agents who take responsibility to explain all things clearly to both the parties involved in the real estate transaction; it is always imperative for the seller to mention all the property details clearly on the contract. If by chance, any miscommunication takes place regarding the properties sold along with the house, it will depend on the buyer whether s/he wants to continue with the agreement or not.
Change In Mind:
Though this is a rare case, it is not impossible for the seller to change his/her mind and cancel the contract. But if it happens then the purchaser have to either agree with the seller or to take legal actions for the loss. But whatever be the consequent, hell will obviously break loose.