I have a client and good friend who is looking for a home. He is, unfortunately, looking in the price point where 1) homes are scarce, and 2) they sell like hotcakes! We found a home on Friday that he liked. It is a HUD home and had been on the market for all of one day. We went to look at it and while we were there another couple and their agent showed up to look as well.
Since my client liked the home, we immediately went back to my office and wrote a better than full price offer. Feeling really good, my friend and client asks me, what could go wrong. Well, I could finish up this year's blog posts discussing that one! There are many, many things that can keep someone from getting a home they have bid upon. The first being overbid by someone else. My business partner has made offers on HUD homes for $10,000 over list price and still lost out to someone bidding even higher!
My friend and client went back to the home on Saturday with his wife to show her the home. We were greeted in the driveway with a couple standing there awaiting their agent to show them the house. The front door and garage doors were both open. Breathlessly they explained that the copper pipes had been removed from the basement area and water was flooding the area. I went in to check and sure enough, the home we had made a good offer on the day before was spouting a water geyser in the basement!
So the moral of the story is that something can always go wrong. I have mentioned just two in this post, but there are as many issues that can come up as you can imagine. Until the keys are placed in your hand, you can never be too sure that your deal will come through.