A survey done by the National Association of REALTORS® found that one in 16 home deals fall through. However there are concrete ways to avoid this happening. Your Shorewest, REALTOR® will make sure that you aware of any changes and will guide you through the entire process. Here are six reasons why your home deal could fall through:
- 1. A change in your credit score can make a big difference. You want to make sure that your credit score stays nice and steady between the loan approval and closing. Make sure to pay your bills on time, do not make any large purchases or open a new credit line. Any major change to your FICO score can mean that a lender might pull out of the deal and leave you hanging.
- 2. Don’t let the home inspection scare you away. The home inspection report is going to come back with a long list of things that are “wrong” with the home. This could be anything from a small crack in the sidewalk to a boiler that needs to be replaced. The point is that they cover the smallest thing to the largest to make sure you are fully aware. This is not to scare you but to make sure you understand what condition the home is in. The inspection is usually a bargaining tool to see if the seller will fix anything before they leave.
- 3. Walking into a deal without being pre-approved. This should go without saying but if you walk into a deal with only a guess at how much house you can afford, this will not guarantee that you can buy the home you are looking at. It will be devastating to you and the seller if it turns out that you cannot fulfill the deal agreed upon. Many times your offer will be contingent on financing. Talk to a Wisconsin Mortgage Corporation Loan Officer today for a quote!
- 4. Not having sufficient funds for the entire transaction. Having saved up enough for your down payment and closing costs is a wonderful feeling; however you will need to have a back-up for unexpected repairs and unforeseen expenses. Talk to your Wisconsin Mortgage Corporation Loan Officer about the financial reserves you will need to have before making an offer.
- 5. Don’t blow small problems out of proportion. It is seen time and time again. There is a single tile cracked in the kitchen and the seller won’t fix it and the buyer won’t move past it. For an entire deal to fall through because of such a small thing won’t do. While it’s good to bring up problems, leave emotions at the door. Keeping calm and avoiding accusations will bring the best outcome for both parties
- 6. Don’t let cold feet stand in the way. There is such a thing as a honeymoon period with your potential home. You see it in the best light possible and are so excited with the possibilities of what it could become! Then the paperwork, details of closing and moving costs set in. Then the home inspection report comes to light and every little imperfection is laid out. Stay strong and remember why you fell in love with the home in the first place. It will all be worth it in the end!
Buying a home can be a stressful time with curveballs being thrown at you in different directions. This is why it is especially important that you have your Shorewest, REALTOR® there to help guide you and answer your questions and concerns. They are there to help and make sure the transaction goes as smooth as possible, now help them by following these six tips! #ShorewestRealtors #BuyersMarket #BuyingaHome