Every year many people go on trips or vacations. Some take cruises or just drive across the country. One thing you can count on is something unexpected happening. Anyone who goes on a trip will do a certain amount of planning in order to arrive on time and hopefully within budget. Obviously you can’t plan for everything but you can think about things in advance that might happen or go wrong. The same is true during the purchase of a home. These are a few things that might go wrong while buying a home.
Concerning the Buyer
- Can’t find a home in a suitable price range.
- Credit issues from the past might be a hindrance.
- Interest rate rises that preclude buyer from purchasing.
- Employment situation changes.
- Other financial setback that hinders the purchase.
Concerning the Seller
- Seller changes their mind.
- Does not have clear title to the property.
- Delays move-out date.
- Misrepresents the condition of the home.
- Did not complete repairs as agreed.
Concerning the Lender
- Does not properly prequalify the buyer.
- Documentation is lost.
- Lender requires a second appraisal at the last minute.
- Underwriting requires additional documentation late in processing.
Concerning the Appraiser
- Appraiser is not local and does not know the area.
- Insufficient comparable sales for the area.
- Not finishing the appraisal in a timely manner.
- Appraisal comes in too low to complete the transaction.