It’s no surprise when things go wrong in life and selling in real estate is no different. Sometimes, it can all go wrong in the 11th hour. While you are selling or buying, you need to be aware of things that may go wrong. Accept mistakes can happen.
What could go wrong for sellers?
- One possibility is that your house sits on the market with no buyers. The longer a house sits on the market, the more money it costs you because you are still paying mortgage every month. You will find yourself reducing the price meaning after sale you will have lost money.
- Another thing is deals falling through. You may list your house and have a buyer lined up, but then something goes wrong. Even after signing a contract the buyer may find a way out of the deal if they don’t like something.
- A deal may fall through for completely legitimate reasons as well. A lot of buyers will have to sell their current home before they can purchase a new one.
- Sometimes it’s not the buyer so much, but the property itself that has problems. If you have mould, termites, a crack in your foundation, or any number of other problems, that can be more than enough to stop the deal from going through.
- Sometimes your property is perfect, you have a buyer eager to make a purchase, but there are other third parties involved in the deal.
- The buyer can cancel the purchase because he gets cold feet or he/she may have found a nicer real estate to purchase.
What could go wrong for buyers?
- As a buyer you didn’t do a proper inspection yourself and after purchase issues come up, such as: problems with foundation, roof, chimney, wiring or plumbing.
- Moreover, during the final showing you notice new defects or unfinished repairs.
- As a buyer you have difficulty qualifying for a loan.
- The seller tries to stop the progress of the deal and doesn’t want to enter into an agreement anymore with you, because another buyer offered a higher price.
- There could be a problem in the ownership title creating an issue to close the purchase in a timely manner or according to the agreement.
- A major personal issue between the real estate owner and you as a buyer may arise.
- You find yourself unable to pay the deposit on time due to delays and the seller moves to the next buyer.
- The property gets damaged by fire or natural disasters.
- Issues with the purchase contract, for example if the wrong location is mentioned
- The property has no potential of raising in value.
- The property’s appraisal comes in lower than the paid purchase price.
The bottom line:
However, the good news is that there are ways to avoid a lot of these potential problems. Besides, no one can foresee everything that could possibly go wrong. Therefore, do your research and team up with professionals. This gives you the flexibility to avoid unnecessary hassles.
Furthermore, as a seller make sure to get a professional property inspection done before listing. In case the inspector finds mold, structural issues, or other problems, you can address these problems and get them fixed before a buyer makes an offer.
An advantage work with a good real estate agency like Kenya Homes. A good agent has a lot of experience with problems. They will help you find solutions. Working with a good real estate agent is the best way to avoid potential problems because it is their job to put deals together and get them done.
See also: why you should hire us
