Dodging Deal Breakers for Buyers

By
Real Estate Agent with Keller Williams Preferred Properties

 

 

 

There’s nothing worse than a deal falling apart because of overlooked or misunderstood details of the home buying process. Learn about the hidden pitfalls which can end up killing a happy closing day.

 

When you finally find your dream home, the worst thing that can happen is the deal falling through at the last minute. It’s more common than you might think, and the reasons are often surprisingly small. Fortunately, a little attention to detail and thorough planning can save you from the heartbreak of a buy gone bad. Here are some pitfalls for buyers:

 

1. Last-minute shopping sprees. Until your home loan has been funded, big purchases are flat out dangerous to closing the deal. Your credit matters and so does your bank balance.

Every time they take a hit (say for new furniture, appliances, or even a big pickup truck for moving day), you risk skewing your financial picture in a foul direction. Lay off the buying until you’re in the clear.

 

2. Not drilling down deep on seller disclosures. Nobody likes surprises, so ask all the questions you have about condition issues in the home or on the lot. Sellers must disclose, so you’re well within your rights to ask after anything which seems unreasonably unexplained. Finding out late can sour the deal or stick you with costly repairs post-closing.

 

 

3. Failing to clarify which “fixtures” are included with the house. Fixture can be one of those words open to interpretation. Get clarity on what is an appliance, what is a part of the home, and what remains the seller’s personal property. An early understanding of what’s excluded will prevent sour feelings later on.

 

 

 

 4. Not securing a preliminary title report ASAP. Great surprises lurk in the title search, so you’ll want to know in advance if there’s anything which might complicate the deal. You never know when someone might have an interest in the property (like an ex-husband), and you can't be 100% sure about the property boundaries until you've defined them, can you? A misplaced fence or disputed driveway can foul things up in a hurry.

 

5. Insurance surprises. Is the home in a flood plain? Will your rates be through the roof for hurricane or earthquake risks? It’s worth investigating early on in the process. You may still decide to buy the home, but you’ll at least be able to budget accordingly.

 

I like to help buyers navigate the home buying process smoothly, armed with all of the knowledge they need in order to find the right home at the right price.

Let me guide you to a smooth closing this year!

 

 

Posted by

Tonya Coffey, Realtor

Keller Williams Preferred Properties

301.455.5561; CoffeyClosings.com; TonyaCoffey@kw.com

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Comments (4)

Francine Viola
Coldwell Banker Evergreen Olympic Realty, Olympia WA - Olympia, WA
REALTOR®, In Tune with your Real Estate Needs

These are absolutely key, and buyers need a strong agent on their side.

Apr 05, 2016 09:49 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

#4 is often overlooked by Listing Agents. 

     Many Title companies and Title attorneys will provide a preliminary title search at no charge.  Have it done before putting the For Sale sign in the yard!

Apr 05, 2016 10:10 AM
Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Great list of things for buyers to be very attentive to so there are no surprise deal breakers awaiting in the future!  I also like to look at previous sale disclosures if the home has sold before in the MLS.  Many sellers in our area are not very truthful when it comes to disclosing moisture/water in their basements!

Apr 05, 2016 10:26 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tonya, great post for all buyers to read, and they can be obstacles along the way to the closing table, and they need their eyes wide open!  

Apr 10, 2016 01:04 AM