You’ve been searching for your next dream home for some time now, and a place has come up that ticks all the right boxes. You’ve viewed the property, taking steps to secure finances and an offer has been put in place.
Is this the end of the deal? Do you still have the option to back out? Some real estate deals fall through and here are a few reasons why:
Detailed property inspections
You may view the property yourself and everything seems above board. The seller has also given the indication that the property is structurally sound. Part of the purchasing process generally involves a detailed home survey. If the home report points out structural defects or the presence of undisclosed harmful substances, then this could put the entire deal on ice.
Problems with financing
Generally, mortgages are awarded on a preliminary basis. The broker will analyze your financial circumstances and make a decision from there. If something comes up that indicates you no longer qualify for the mortgage, this could result in the deal breaking down. For instance, if there has been an error with reporting your income and your true earnings are actually lower than initially thought, this could place the deal in jeopardy.
Purchasing real estate is a legal transaction. For this reason, it is best for you to seek some guidance when making an offer on a house. This will help you to avoid some of the more common pitfalls and uphold your rights as a consumer.